0000814453-26-000017 | 10-Q | XBRL Viewer

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Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Other debt	$ 2	$ 2
Total debt	4,965	4,673
Short-term debt and current portion of long-term debt	(425)	(130)
Long-term debt	$ 4,540	4,543
6.375% senior notes due 2027
Debt Instrument [Line Items]
Interest rate	6.375%
Long-term debt	$ 495	497
8.500% senior notes due 2028
Debt Instrument [Line Items]
Interest rate	8.50%
Long-term debt	$ 1,240	1,239
6.625% senior notes due 2029
Debt Instrument [Line Items]
Interest rate	6.625%
Long-term debt	$ 490	492
6.375% senior notes due 2030
Debt Instrument [Line Items]
Interest rate	6.375%
Long-term debt	$ 743	743
6.625% senior notes due 2032
Debt Instrument [Line Items]
Interest rate	6.625%
Long-term debt	$ 495	495
5.375% senior notes due 2036
Debt Instrument [Line Items]
Interest rate	5.375%
Long-term debt	$ 417	417
5.500% senior notes due 2046
Debt Instrument [Line Items]
Interest rate	5.50%
Long-term debt	$ 658	658
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 425	$ 130

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the three months ended March 31, 2026 (in millions):


	Cumulative Translation Adjustment		Pension and Postretirement Costs		Derivative Financial Instruments		AOCL
Balance at December 31, 2025	$	(783)	$	(195)	$	(12)	$	(990)
Other comprehensive income before reclassifications (a)	9		3		1		13
Amounts reclassified to earnings (b)	—		—		3		3
Net current period other comprehensive income	9		3		4		16
Balance at March 31, 2026	$	(774)	$	(192)	$	(8)	$	(974)

(a)Includes income tax provision (benefit) allocated to AOCL as follows $9 million, $(3) million, $1 million and $7 million, respectively.

(b)Income tax provision (benefit) for both the three months ended March 31, 2026 and 2025 were not material. Pension and postretirement costs presented are primarily classified in other expense, net within the Condensed Consolidated Statements of Operations. Refer to Footnote 9 for the statements of operations classifications of the Company’s various types of derivative financial instruments.

Reclassifications from AOCL to the results of operations on a before and after-tax basis for the three months ended March 31, 2026 and 2025 were not material for any of the periods presented.

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies

Description of Business

Newell Brands Inc. is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer’s, Oster, NUK, Spontex and Campingaz. Newell Brands is focused on delighting consumers by lighting up everyday moments. The Company sells its products in over 150 countries around the world and has operations on the ground in more than 45 of these countries, excluding third-party distributors. The Company has three operating segments: Home and Commercial Solutions (“H&CS”), Learning and Development (“L&D”) and Outdoor and Recreation (“O&R”).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair statement of the financial position and the results of operations of the Company. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited financial statements as of that date, but it does not include all the information and footnotes required by U.S. GAAP for a complete financial statement. Certain prior year amounts have been reclassified to conform to the current presentation.

Use of Estimates and Risks

Management’s application of U.S. GAAP in preparing the Company’s condensed consolidated financial statements requires the pervasive use of estimates and assumptions. The Company continues to be impacted by inflationary pressures, soft global demand, major retailers’ focus on tight control over their inventory levels, fluctuating interest rates and indirect macroeconomic impacts from geopolitical conflicts as well as the effects of existing and potential changes in global trade policies, including tariffs and related retaliatory measures.

Despite the U.S. Supreme Court ruling that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) tariffs were unconstitutional, the Company continues to deploy a mitigation strategy designed to offset the impact of tariff exposure through a number of actions, including pricing, productivity and in some cases relocation of manufacturing. More recently, the Company has experienced an increase in resin and transportation costs largely as a result of higher cost of oil in light of the conflict in the Middle East. These collective macroeconomic trends, the duration or severity of which are highly uncertain and some of which, such as cost of oil, are more volatile than others, are still changing the retail and consumer landscape and continue to negatively impact the Company’s operating results, cash flows and financial condition and are to some degree expected to persist into the remainder of the year.

As consumers continue to face widespread increases in prices and fluctuating interest rates, their discretionary spending and purchase patterns may continue to be unfavorably impacted. The Company will continue to monitor these macroeconomic trends and assess whether any of them become more permanent in nature. The high level of uncertainty of these factors has resulted in estimates and assumptions that have the potential for more variability and are more subjective. In addition, some of the other inherent estimates and assumptions used in the Company’s forecasted results of operations and cash flows that form the basis of the determination of the fair value of the reporting units for goodwill and indefinite-lived intangible asset impairment testing are outside the control of management, including interest rates, cost of capital, tax rates, trade policies and tariffs, industry growth, credit ratings, foreign exchange rates, labor inflation and cost of oil. Although management has made its best estimates and assumptions based upon current information, actual results could materially differ given the uncertainty of these factors especially if some of the recent inflationary pressures surrounding higher oil costs experience a sustained

duration which may require future changes to such estimates and assumptions, including reserves, and which may result in future expense or impairment charges.

In addition, during the fourth quarter of fiscal year 2025, the Company concluded it had experienced a significant sustained decline in its market capitalization as a result of a decrease in its stock price, resulting in the Company’s market capitalization being less than its consolidated stockholders’ equity. The Company's stock price has increased since its most recent annual impairment test, but the Company's market capitalization still remains less than its consolidated stockholders' equity. As previously disclosed by the Company, the goodwill related to the Company’s Commercial reporting unit and certain indefinite-lived tradenames in its H&CS and L&D segments have fair values within 10% of their associated carrying values based on the most recent annual impairment test performed in the fourth quarter of fiscal year 2025. If there are further declines in the Company’s stock price, macroeconomic conditions, or industry and market conditions that may impact the current and forecasted financial performance of each reporting unit, the Company may need to record non-cash impairment charges, which could be material, in future periods.

Seasonal Variations

Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. Also, the Company typically tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. In addition, uncertainty still remains over the volatility and direction of future consumer and customer demand patterns, as well as inflationary pressures inclusive of the impact of tariffs. Accordingly, the Company’s results of operations and cash flows for the three months ended March 31, 2026 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2026.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of recently issued and proposed ASUs.

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software.” This ASU establishes targeted enhancements to Subtopic 350-40 improving the operability of the recognition guidance considering different methods of software development. The update is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently evaluating the effects this guidance will have on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606).” The amendments in the ASU exclude from derivative accounting non-exchange-traded contracts with underlying components that are based on operations or activities specific to one of the parties to the contract. This update is effective for annual reporting periods beginning after December 15, 2026. Early adoption is permitted. Management is currently evaluating the effects this guidance will have on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” This ASU requires that each interim and annual reporting period, an entity disclose more information about the components of certain expense captions that are currently disclosed in the financial statements. This update is effective for annual reporting periods beginning after December 15, 2026. Early adoption is permitted. Management is currently evaluating the effects this guidance will have on its consolidated financial statements.

Sales of Accounts Receivable

The Company maintains a factoring agreement with a financial institution to sell certain customer receivables (the “Customer Receivables Purchase Agreement”) up to $700 million, of eligible accounts receivable. During the three months ended March 31, 2026 and 2025, the Company factored receivables pursuant to the Customer Receivables Purchase Agreement and received proceeds of $566 million and $587 million, respectively and collected from customers and remitted to the financial institution approximately $540 million in each period. Outstanding receivables sold under the Customer Receivables Purchase Agreement were approximately $270 million at both March 31, 2026 and December 31, 2025.

In addition, the Company, through a wholly-owned special purpose entity (“SPE”), has a three-year factoring agreement with a financial institution to sell certain customer receivables up to $225 million, between February and April of each year, and up to $275 million at all other times, of eligible accounts receivable without recourse on a revolving basis (the “Receivables Facility”). Under the Receivables Facility, certain of the Company’s subsidiaries continuously sell their accounts receivables, originated in the U.S., to the SPE, which then sells the receivables to the financial institution. The SPE is a variable interest entity for which the Company is considered to be the primary beneficiary. The SPE’s sole business consists of the purchase of receivables from certain subsidiaries of the Company and the subsequent transfer of such receivables to the financial institution. Although the SPE is included in the Company’s condensed consolidated financial statements, it is a separate legal entity with separate creditors. The assets of the SPE are not available to pay creditors of the Company or its subsidiaries. The fair value of these servicing arrangements as well as the fees earned was immaterial. During the three months ended March 31, 2026 and 2025, the Company factored receivables pursuant to the Receivables Facility and received proceeds of $233 million and $248 million, respectively, and collected from customers and remitted $250 million and $280 million, respectively to the financial institution. Outstanding receivables sold under the Receivables Facility at March 31, 2026 and December 31, 2025 were approximately $110 million and $125 million, respectively.

Generally, for a receivable to be eligible under either program, the Company must have fulfilled its performance obligations and be contractually entitled to payment for such, based on a valid receivable that is not past due at the time of factoring the underlying receivable. The Company accounts for receivables sold to the financial institutions under both factoring agreements as a sale of financial assets and derecognizes the trade receivables from the Company’s Condensed Consolidated Balance Sheets. The Company classifies the proceeds received from the sales of accounts receivable to the financial institutions as an operating cash flow and collections of accounts receivables not yet remitted to the financial institutions as financing cash flow in the Condensed Consolidated Statements of Cash Flows, and such collections are classified as restricted cash (included in prepaid expenses and other current assets) on the Company’s Condensed Consolidated Balance Sheets. Restricted cash related to both programs was $42 million and $17 million at March 31, 2026 and December 31, 2025, respectively. The Company records the discounts as other expense, net in the Condensed Consolidated Statements of Operations.

Supplier Finance Program Obligations

The Company has an arrangement with a third-party vendor which provides a service for the Company’s suppliers, at their sole discretion, to sell their receivables due from the Company to various financial institutions, who at their sole discretion, contract with the third-party vendor to participate in the supplier finance program (the “SF Program”).

The Company and its suppliers agree on contractual terms for the goods and services procured, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SF Program. The suppliers sell goods or services, as applicable, to the Company and issue the associated invoices to the Company based on the agreed-upon contractual terms. Suppliers that participate in the SF Program, at their sole discretion, determine which invoices, if any, they want to sell to the third-party vendor. The suppliers’ voluntary inclusion of invoices in the SF Program does not change the Company’s existing contractual terms with its suppliers. The Company does not provide any guarantees or collateral under the SF Program, nor does it have any economic interest in a supplier’s decision to participate in the SF Program. Amounts due to suppliers participating in the SF Program are included in accounts payable in the Condensed Consolidated Balance Sheets and amounts paid to suppliers participating in the SF Program are classified as operating cash flows in the Condensed Consolidated Statement of Cash Flows. Supplier payment terms for those participating in the SFP averaged approximately 118 days.

The following table sets forth the outstanding payment obligations due to the third-party vendor and activities related to the suppliers who participated in the SF Program (in millions):


Balance at December 31, 2025	$	11
Invoices participating in the SF Program	13
Invoices paid to the third-party vendor	(14)
Balance at March 31, 2026	$	10

Fair Value Measurements

The Company’s financial instruments include cash and cash equivalents, accounts receivable, investment securities, accounts payable, derivative instruments and short and long-term debt. The carrying values for current financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value due to the short maturity of such instruments. For publicly traded investment securities, including mutual funds, fair value is determined on the basis of quoted market prices and, accordingly, such investments are classified as Level 1 of the fair value hierarchy. The fair value of such investments was $58 million and $81 million at March 31, 2026 and December 31, 2025. The fair values of the Company’s long-term debt and derivative instruments are disclosed in Footnote 8 and Footnote 9, respectively. The Company’s nonfinancial assets, which are measured at fair value on a nonrecurring basis, include property, plant and equipment, goodwill, intangible assets and certain other assets. In addition, the Company adjusts its pension asset values to fair value on an annual basis.

Debt - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($)
8.500% senior notes due 2028
Debt Instrument [Line Items]
Stated interest rate percentage	8.50%
6.375% senior notes due 2030
Debt Instrument [Line Items]
Stated interest rate percentage	6.375%
6.625% senior notes due 2032
Debt Instrument [Line Items]
Stated interest rate percentage	6.625%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000
Current borrowing capacity	789
Outstanding borrowings	425
Remaining borrowing capacity	327
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	150
Outstanding borrowings	$ 37

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Liabilities, Current [Abstract]

Other Accrued Liabilities

Other accrued liabilities are comprised of the following (in millions):


	March 31, 2026		December 31, 2025
Customer accruals	$	485	$	616
Accrued compensation	120		168

Operating lease liabilities	115		113



Other	605		567
	$	1,325	$	1,464

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The following table displays the changes in Accumulated Other Comprehensive Income (Loss) (“AOCL”) by component, net of tax, for the three months ended March 31, 2026 (in millions):


	Cumulative Translation Adjustment		Pension and Postretirement Costs		Derivative Financial Instruments		AOCL
Balance at December 31, 2025	$	(783)	$	(195)	$	(12)	$	(990)
Other comprehensive income before reclassifications (a)	9		3		1		13
Amounts reclassified to earnings (b)	—		—		3		3
Net current period other comprehensive income	9		3		4		16
Balance at March 31, 2026	$	(774)	$	(192)	$	(8)	$	(974)

(a)Includes income tax provision (benefit) allocated to AOCL as follows $9 million, $(3) million, $1 million and $7 million, respectively.

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities, Current [Abstract]

Schedule of Other Accrued Liabilities

Other accrued liabilities are comprised of the following (in millions):


	March 31, 2026		December 31, 2025
Customer accruals	$	485	$	616
Accrued compensation	120		168

Operating lease liabilities	115		113



Other	605		567
	$	1,325	$	1,464

Goodwill and Other Intangible Assets, Net - Schedule of Changes in Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Net Book Value, Beginning balance	$ 3,101
Foreign Exchange	(9)
Net Book Value, Ending balance	3,092
Gross Carrying Amount	8,272
Accumulated Impairment Charges	(5,180)
Home and Commercial Solutions
Goodwill [Roll Forward]
Net Book Value, Beginning balance	747
Foreign Exchange	0
Net Book Value, Ending balance	747
Gross Carrying Amount	4,052
Accumulated Impairment Charges	(3,305)
Learning and Development
Goodwill [Roll Forward]
Net Book Value, Beginning balance	2,354
Foreign Exchange	(9)
Net Book Value, Ending balance	2,345
Gross Carrying Amount	3,432
Accumulated Impairment Charges	(1,087)
Outdoor and Recreation
Goodwill [Roll Forward]
Net Book Value, Beginning balance	0
Foreign Exchange	0
Net Book Value, Ending balance	0
Gross Carrying Amount	788
Accumulated Impairment Charges	$ (788)

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,391	$ 2,751
Other comprehensive income before reclassifications	13
Amounts reclassified to earnings	3
Total other comprehensive income (loss), net of tax	16	(3)
Ending balance	2,342	2,690
Income tax provision (benefit) allocated to AOCL	7
AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(990)	(981)
Ending balance	(974)	$ (984)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(783)
Other comprehensive income before reclassifications	9
Amounts reclassified to earnings	0
Total other comprehensive income (loss), net of tax	9
Ending balance	(774)
Income tax provision (benefit) allocated to AOCL	9
Pension and Postretirement Costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(195)
Other comprehensive income before reclassifications	3
Amounts reclassified to earnings	0
Total other comprehensive income (loss), net of tax	3
Ending balance	(192)
Income tax provision (benefit) allocated to AOCL	(3)
Derivative Financial Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(12)
Other comprehensive income before reclassifications	1
Amounts reclassified to earnings	3
Total other comprehensive income (loss), net of tax	4
Ending balance	(8)
Income tax provision (benefit) allocated to AOCL	$ 1

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 193	$ 165
Work-in-process	155	159
Finished products	1,145	957
Total inventories	$ 1,493	$ 1,281

Restructuring - Schedule of Restructuring and Restructuring-Related Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 7	$ 11
Other Restructuring and Restructuring-Related Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1	11
Restructuring-related costs	1	14
Total	$ 2	$ 25

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2026 store	Dec. 31, 2025 employee	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 7	$ 11
Global Productivity Plan
Restructuring Cost and Reserve [Line Items]
Expected reduction of employees (over) \| employee		900
Restructuring costs			6
Restructuring-related costs			0
Restructuring costs, incurred since inception			41
Restructuring-related costs, incurred since inception			5
Global Productivity Plan \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and restructuring-related charges, expected cost			75
Global Productivity Plan \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and restructuring-related charges, expected cost			$ 90
Global Productivity Plan \| Yankee Candle
Restructuring Cost and Reserve [Line Items]
Number of store closings \| store	20

Restructuring

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring

To better align its resources with its strategy and operating model and to reduce the cost structure of its global operations, the Company commits to restructuring plans as necessary and as follows:

Global Productivity Plan

Building on the Company’s turnaround strategy, the Company announced a global productivity plan (the “Productivity Plan”) in December 2025 to further simplify processes, streamline overhead and redirect resources to the higher-value activities. As part of the Productivity Plan the Company will reduce its global workforce by over 900 employees primarily within professional and clerical functions, with limited impact on manufacturing or supply chain operations. Professional and clerical employee separations in the U.S. were mostly executed by the end of 2025, with international actions expected to occur in 2026, subject to applicable local law and consultation requirements. In addition, the Company closed approximately 20 Yankee Candle stores in the U.S. and Canada in January 2026 as

part of a retail optimization initiative aligned with modern consumer shopping behaviors and the Company's multi-channel strategy. The Company expects to record $75 million to $90 million of restructuring and restructuring-related charges in connection with the Productivity Plan, primarily for severance and associated costs, with most of the charges to be recognized by the end of 2026.

In connection with the Productivity Plan, the Company recorded restructuring costs of $6 million and a nominal amount of restructuring-related costs for the three months ended March 31, 2026. Since inception of the Productivity Plan, the Company has incurred $41 million and $5 million of restructuring and restructuring-related costs, respectively.

Other Restructuring and Restructuring-Related Costs

The Company also incurs other restructuring and restructuring-related costs in connection with various discrete initiatives as well as previously announced but substantially completed restructuring activities. Restructuring-related costs are recorded in cost of products sold and selling, general and administrative expenses (“SG&A”) in the Condensed Consolidated Statements of Operations based on the nature of the underlying charges incurred.

The Company recorded restructuring costs, net and restructuring-related costs in connection with various discrete initiatives as well as previously announced but substantially completed restructuring activities for the periods indicated as follows (in millions):


	Three Months Ended March 31,
		2026		2025
Restructuring costs		$	1	$	11
Restructuring-related costs		1		14
Total		$	2	$	25

Restructuring costs, net incurred by reportable business segments for all restructuring activities for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2026		2025
Home and Commercial Solutions		$	2	$	1
Learning and Development		1		1
Outdoor and Recreation		—		1
Corporate		4		8
		$	7	$	11

Accrued restructuring costs related to all restructuring activities for the three months ended March 31, 2026 were as follows (in millions):


Balance at December 31, 2025	$	34
Restructuring costs, net	7
Payments	(23)

Balance at March 31, 2026	$	18

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Information by Segment

The Company’s three reportable segments are:

Segment

Key Brands

Description of Primary Products

Home and Commercial Solutions

Ball(a), Calphalon, Chesapeake Bay, Crock-Pot, FoodSaver, Mapa, Mr. Coffee, Oster, Rubbermaid, Rubbermaid Commercial Products, Sistema, Spontex, Sunbeam, WoodWick and Yankee Candle

Commercial cleaning and maintenance solutions; closet and garage organization; hygiene systems and material handling solutions; household products, including kitchen appliances; food and home storage products; fresh preserving products; vacuum sealing products; gourmet cookware, bakeware and cutlery and home fragrance products

Learning and Development

Aprica, Dymo, Elmer’s, EXPO, Graco, NUK, Paper Mate, Parker, Prismacolor and Sharpie

Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based products and labeling solutions

Outdoor and Recreation

Bubba, Campingaz, Coleman, Contigo and Marmot

Active lifestyle products for outdoor and outdoor-related activities; technical apparel and on-the-go beverageware

(a)

and Ball®, TMs of Ball Corporation, used under license.

The Company’s results by segment are as follows (in millions):


	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Consolidated		Home and Commercial Solutions		Learning and Development		Outdoor and Recreation		Consolidated		Home and Commercial Solutions		Learning and Development		Outdoor and Recreation
Net sales (a)	$	1,549	$	780	$	594	$	175	$	1,566	$	812	$	572	$	182
Cost of products sold	1,036		564		345		127		1,063		591		334		138
Segment SG&A	412		217		140		55		409		222		139		48
Other segment costs (b)	3		2		1		—		3		1		1		1
Segment operating income (loss)	$	98	$	(3)	$	108	$	(7)	$	91	$	(2)	$	98	$	(5)
Corporate expenses (c)	64								70
Operating income	$	34							$	21
Interest expense, net	84								72

Other expense, net	11								4
Loss before income taxes	$	(61)							$	(55)

(a)All intercompany transactions have been eliminated.

(b)Other segment costs primarily include segment restructuring costs, net (see Footnote 3 for further information).

(c)Corporate expenses primarily include costs of operating as a public company, including retained costs of center-led corporate functions and corporate restructuring and restructuring-related costs (see Footnote 3 for further information). In addition, corporate expense includes all share-based compensation and all adjustments, favorable or unfavorable, between the actual bonus achieved versus the bonus at target for center-led corporate functions, as well as all adjustments, favorable or unfavorable, between the actual share-based compensation achieved versus the share-based compensation at target for operating segment employees.

Depreciation and amortization by segment are as follows (in millions):


	Three Months Ended March 31,
		2026		2025
Home and Commercial Solutions		$	37	$	33
Learning and Development		16		16
Outdoor and Recreation		7		7
Corporate		19		19
		$	79	$	75

Capital expenditures by segment are as follows (in millions):


	Three Months Ended March 31,
		2026		2025
Home and Commercial Solutions		$	16	$	14
Learning and Development		6		10
Outdoor and Recreation		4		3
Corporate		11		32
		$	37	$	59

Assets by segment are as follows at (in millions):


	March 31, 2026		December 31, 2025
Home and Commercial Solutions	$	3,753	$	3,771
Learning and Development	3,848		3,797
Outdoor and Recreation	563		495
Corporate	2,695		2,652
	$	10,859	$	10,715

Schedule of Disaggregation of Revenue

The following table disaggregates net sales(a) by major product grouping for the periods indicated (in millions):


	Three Months Ended March 31,
		2026		2025
Commercial		$	297	$	313
Kitchen		370		376
Home Fragrance		113		123

Home and Commercial Solutions		780		812

Baby		252		238
Writing		342		334
Learning and Development		594		572

Outdoor and Recreation		175		182

		$	1,549	$	1,566

The following table disaggregates net sales(a) by geography(b) for the periods indicated (in millions):









	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	North America		International		TOTAL		North America		International		TOTAL
Home and Commercial Solutions	$	481	$	299	$	780	$	510	$	302	$	812
Learning and Development	431		163		594		418		154		572
Outdoor and Recreation	83		92		175		92		90		182
	$	995	$	554	$	1,549	$	1,020	$	546	$	1,566

(a)All intercompany transactions have been eliminated.

(b)Geographic sales information is based on the region from which the products are shipped and invoiced.

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,266	$ 2,253
Less: Accumulated depreciation	(1,072)	(1,044)
Total property, plant and equipment	1,194	1,209
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	68	68
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	547	543
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,651	$ 1,642

Other Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Customer accruals	$ 485	$ 616
Accrued compensation	120	168
Operating lease liabilities	115	113
Other	605	567
Other accrued liabilities	$ 1,325	$ 1,464

Goodwill and Other Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

Goodwill activity for the three months ended March 31, 2026 is as follows (in millions):


					March 31, 2026
Segments	Net Book Value at December 31, 2025		Foreign Exchange		Net Book Value		Gross Carrying Amount		Accumulated Impairment Charges
Home and Commercial Solutions	$	747	$	—	$	747	$	4,052	$	(3,305)
Learning and Development	2,354		(9)		2,345		3,432		(1,087)
Outdoor and Recreation	—		—		—		788		(788)
	$	3,101	$	(9)	$	3,092	$	8,272	$	(5,180)

Schedule of Other Intangible Assets, Net

Other intangible assets, net, are comprised of the following (in millions):


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Tradenames — indefinite life (a)	$	443	$	—	$	443	$	553	$	—	$	553
Tradenames — other (a)	646		(202)		444		537		(186)		351
Capitalized software	220		(103)		117		212		(95)		117
Customer relationships and distributor channels	1,014		(411)		603		1,013		(400)		613
	$	2,323	$	(716)	$	1,607	$	2,315	$	(681)	$	1,634

(a)During the first quarter of 2026, the Company concluded that certain tradenames with aggregate carrying values of $107 million no longer qualified as indefinite‑lived intangibles. The tradenames were assigned estimated useful lives of 15 years. The financial statement impact associated to such change will not be material to the Company’s Condensed Consolidated Statement of Operations.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplier Finance Program

The following table sets forth the outstanding payment obligations due to the third-party vendor and activities related to the suppliers who participated in the SF Program (in millions):


Balance at December 31, 2025	$	11
Invoices participating in the SF Program	13
Invoices paid to the third-party vendor	(14)
Balance at March 31, 2026	$	10

Restructuring - Schedule of Accrued Restructuring Costs Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Reserve [Roll Forward]
Beginning balance	$ 34
Restructuring costs, net	7	$ 11
Payments	(23)
Ending balance	$ 18

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Debt - Schedule of Fair Value of Debt (Details) - Senior notes - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Fair Value	$ 4,423	$ 4,493
Book Value	$ 4,538	$ 4,541

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rates were a benefit of 45.9% and 32.7% for the three months ended March 31, 2026 and 2025, respectively, reflecting a year-over-year decrease in forecasted pretax book income combined with an increase in income tax benefits. The differences between the U.S. federal statutory income tax rate of 21.0% and the Company’s effective income tax rate for the three months ended March 31, 2026 and 2025 were impacted by a variety of factors, primarily resulting from the geographic mix of where the income was earned, as well as certain taxable income inclusion items in the U.S. based on foreign earnings. For the period ended March 31, 2026, these items increased the tax rates more than the prior period due to the lower forecasted pretax book income for 2026 combined with the increase in income tax deductions based on foreign derived earnings resulting from tax law changes associated with the One Big Beautiful Act. In periods where forecasted pretax income is relatively low, the proportional impact of these items on the effective rate may be significant. During the three months ended March 31, 2025, the Company finalized its amended 2023 U.S. federal income tax return and updated its estimate of the 2024 U.S. federal income tax return. This resulted in an aggregate reduction in current income taxes payable and an increase in deferred tax liabilities of $31 million. The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2011 and for 2016. With few exceptions, the Company is no longer subject to other income tax examinations for years before 2016. Other Matters In July 2024, the Company filed a petition in the U.S. Tax Court disputing a proposed assessment by the Internal Revenue Service (“IRS”) of $80 million in additional taxes and approximately $34 million in penalties plus additional interest to be calculated upon final settlement, related to the transfer pricing of services performed by certain of the Company’s foreign affiliates for the tax years 2011 through 2015. The Company believes it has recorded adequate reserves for any adjustments that may ultimately result. However, if the IRS were to prevail and the final assessment of additional tax, interest and penalties exceeds the Company's current reserves, such outcome could have a material adverse effect on the Company’s financial position and results of operations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets
Accumulated Amortization	$ (716)	$ (681)
Total Intangible Assets
Gross Carrying Amount	2,323	2,315
Accumulated Amortization	(716)	(681)
Net Book Value	1,607	1,634
Tradenames
Finite-Lived Intangible Assets
Gross Carrying Amount	646	537
Accumulated Amortization	(202)	(186)
Net Book Value	444	351
Total Intangible Assets
Accumulated Amortization	(202)	(186)
Tradenames \| Reclassification, Indefinite-Lived Intangible Assets to Finite-Lived Intangible Assets
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 107
Useful life	15 years
Capitalized software
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 220	212
Accumulated Amortization	(103)	(95)
Net Book Value	117	117
Total Intangible Assets
Accumulated Amortization	(103)	(95)
Customer relationships and distributor channels
Finite-Lived Intangible Assets
Gross Carrying Amount	1,014	1,013
Accumulated Amortization	(411)	(400)
Net Book Value	603	613
Total Intangible Assets
Accumulated Amortization	(411)	(400)
Tradenames
Indefinite-Lived Intangible Assets
Net Book Value	443	$ 553
Tradenames \| Reclassification, Indefinite-Lived Intangible Assets to Finite-Lived Intangible Assets
Indefinite-Lived Intangible Assets
Net Book Value	$ (107)

Share-Based Compensation (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Performance-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grants in period (in shares) \| shares	3.2
Aggregate grant date fair value of stock-based compensation award \| $	$ 14
Share-based awards vesting period	3 years
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grants in period (in shares) \| shares	9.0
Aggregate grant date fair value of stock-based compensation award \| $	$ 41
Share-based awards vesting period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Litigation and Contingencies (Details) $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
Litigation and Contingencies (Details) $ in Millions	Feb. 06, 2026 claim	Jun. 30, 2018 party defendant	Sep. 30, 2017 recipient	Mar. 31, 2026 USD ($) claim state entity unit	Dec. 31, 2025 USD ($)	Sep. 30, 2025 entity
Loss Contingencies [Line Items]
Environmental remediation costs, estimate				$ 32
Number of general notice letter recipients (over) \| entity				100
Number of operable units \| unit				4
Number of parties sued (over) \| party		100
Number of defendants \| defendant		42
Number of new claims filed \| claim	35
IEEPA tariffs paid					$ 120
Standby letters of credit outstanding				$ 49
Class Action, Baby Business
Loss Contingencies [Line Items]
Number of pending claims \| claim				2
Class Action, Baby Business, United States District Court for the Northern District of Illinois
Loss Contingencies [Line Items]
Number of states in which classes were certified \| state				10
Class Action, Baby Business, United States District Court for the Northern District of Georgia
Loss Contingencies [Line Items]
Number of states in which classes were certified \| state				3
Occidental Chemical Company, LLC
Loss Contingencies [Line Items]
Number of entities created in divisional merger \| entity						2
Lower Passaic River Matter - Selected Remedy for the Preferred Alternative
Loss Contingencies [Line Items]
Settlement amount				$ 1,800
Lower Passaic River Matter
Loss Contingencies [Line Items]
Number of general notice letter recipients involved in remedial investigation and feasibility study \| recipient			80

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jul. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Income Tax Examination [Line Items]
Effective income tax rate		45.90%	32.70%
Federal statutory income tax rate		21.00%	21.00%
Decrease in income taxes payable			$ 31
Increase in deferred tax liabilities			$ 31
Transfer Pricing, Additional Taxes
Income Tax Examination [Line Items]
Income tax examination, estimate of possible loss	$ 80
Transfer Pricing, Penalties
Income Tax Examination [Line Items]
Income tax examination, estimate of possible loss	$ 34

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes. The Company is not a party to any derivative agreements that require collateral to be posted prior to settlement. Interest Rate Contracts The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company may use fixed and floating rate swaps to alter its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. Floating rate swaps would be used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps would be used to reduce the Company’s risk of the possibility of increased interest costs. The settlement of interest rate swaps is included in interest expense, net in the Condensed Consolidated Statements of Operations. At March 31, 2026, the Company had approximately $1.00 billion notional amount of interest rate swaps due September 2027 and September 2029 that exchange a fixed rate of interest for a variable rate of interest plus a weighted average spread. These floating rate swaps are designated as fair value hedges against the principal of the 6.375% senior notes due 2027 and the 6.625% senior notes due 2029 for the remaining life of the notes. The effective portion of the fair value gains or losses on these swaps is offset by fair value adjustments in the underlying debt. Cross-Currency Contracts The Company uses cross-currency swaps to hedge foreign currency risk on certain financing arrangements. These swaps mature on dates ranging from November 2026 to September 2029, with an aggregate notional amount of $2.16 billion. Cross-currency swaps totaling $2.01 billion were designated as net investment hedges of the Company’s foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. Under the terms of the swaps, the Company pays fixed or floating interest in Euros and receives fixed or floating interest in U.S. dollar. The Company has elected the spot method to assess hedge effectiveness. During the first quarter of 2026, the Company partially undesignated one cross-currency swap prior to its September 2027 maturity, which had a notional amount of $112 million. Also, during the first quarter of 2026, the Company entered into two cross-currency swap agreements with an aggregate notional amount of $145 million, which mature in February 2027. These swaps are designated as net investment hedges of the Company’s foreign currency exposure related to its net investment in certain Hong Kong dollar- and New Zealand dollar-functional currency subsidiaries. Under the terms of these swaps, the Company pays fixed interest in the respective local currencies and receives fixed interest in U.S. dollars. The Company recognized income of $7 million and $9 million during the three months ended March 31, 2026 and 2025, respectively, in interest expense, net, related to the portion of cross-currency swaps excluded from hedge effectiveness testing. Foreign Currency Contracts The Company uses forward foreign currency contracts to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales with maturity dates through December 2026. The derivatives used to hedge these forecasted transactions that meet the criteria for hedge accounting are accounted for as cash flow hedges. The effective portion of the gains or losses on these derivatives is deferred as a component of AOCL until it is recognized in earnings at the same time that the hedged item affects earnings and is included in the same caption (net sales and cost of products sold) in the Company’s Condensed Consolidated Statement of Operations as the underlying hedged item. At March 31, 2026, the Company had approximately $162 million notional amount outstanding of forward foreign currency contracts that are designated as cash flow hedges of forecasted inventory purchases and sales. The Company also uses foreign currency contracts, primarily forward foreign currency contracts, to mitigate the foreign currency exposure of certain other foreign currency transactions. At March 31, 2026, the Company had approximately $1.05 billion notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through March 2027. Fair market value gains or losses are included in the results of operations and are classified in other expense, net in the Company’s Condensed Consolidated Statement of Operations. Fair Value Measurements of Derivative Instruments The Company determines the fair value of its derivative instruments using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. Accordingly, the Company’s derivative instruments are classified as Level 2 of the fair value hierarchy. At March 31, 2026 and December 31, 2025, the fair value of the Company’s derivative financial instruments designated as effective hedges were not material by type of instrument, with the exception of cross-currency swaps included in other noncurrent liabilities. At March 31, 2026, the fair value of the derivatives, designated as effective hedges, were recorded in prepaid expenses and other current assets, other accrued liabilities, and other noncurrent liabilities of $16 million, $59 million and $171 million (including cross-currency swaps of $165 million), respectively. At December 31, 2025, the fair value of the derivatives, designated as effective hedges, were recorded in prepaid expenses and other current assets, other accrued liabilities, and other noncurrent liabilities of $13 million, $68 million, and $196 million (including cross-currency swaps of $192 million), respectively. The fair value of the Company’s derivative financial instruments not designated as effective hedges were not material at March 31, 2026 and December 31, 2025. The gain or loss activity related to the Company’s interest rate swaps and foreign currency contract derivative financial instruments, designated or previously designated as effective hedges, recognized in other comprehensive income (effective portion) were not material to any of the periods presented, except for its cross-currency swaps. The Company recognized gain of $40 million and loss of $88 million for the three months ended March 31, 2026 and 2025, respectively. The amount reclassified from AOCL to income has been presented in Footnote 2. The gain or loss activity recognized related to derivatives that are not designated as hedging instruments were not material for the periods presented. Gains and losses on these derivatives are mostly offset by foreign currency movement in the underlying exposure. At March 31, 2026, net deferred losses to be reclassified to earnings over the next twelve months are not expected to be material.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Cover Page - shares shares in Millions	3 Months Ended
Cover Page - shares shares in Millions	Mar. 31, 2026	Apr. 27, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Entity File Number	1-9608
Entity Registrant Name	NEWELL BRANDS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3514169
Entity Address, Address Line One	5 Concourse Parkway NE, 8th Floor,
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	770
Local Phone Number	418-7000
Title of 12(b) Security	Common stock, $1 par value per share
Trading Symbol	NWL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		424.9
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000814453
Current Fiscal Year End Date	--12-31
Document Transition Report	false

Debt - Schedule of Weighted Average Interest Rates (Details) - Weighted Average	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Weighted average interest rate	6.90%	6.00%
Short-term debt
Debt Instrument [Line Items]
Weighted average interest rate	6.10%	7.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the three months ended March 31, 2026, primarily in connection with its annual grant, the Company granted 3.2 million performance-based restricted stock units (“RSUs”), with an aggregate grant date fair value of $14 million. These performance-based RSUs entitle the recipients to shares of the Company’s common stock and vest approximately at the end of a three-year period, subject to continued employment. The actual number of shares that will ultimately be paid upon vesting is dependent on the level of achievement of the specified performance conditions. During the three months ended March 31, 2026, primarily in connection with its annual grant, the Company also granted 9.0 million time-based RSUs with an aggregate grant date fair value of $41 million. These time-based RSUs entitle recipients to shares of the Company’s common stock and generally vest in annual installments approximately over a three-year period, subject to continued employment.

Derivatives (Details) $ in Millions	3 Months Ended
Derivatives (Details) $ in Millions	Mar. 31, 2026 USD ($) instrument	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Fair value of derivative assets	$ 16		$ 13
Designated as Hedging Instrument \| Other Accrued Liabilities
Derivative [Line Items]
Fair value of derivative liabilities	59		68
Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Fair value of derivative liabilities	$ 171		196
6.375% senior notes due 2027
Derivative [Line Items]
Stated interest rate percentage	6.375%
6.625% senior notes due 2029
Derivative [Line Items]
Stated interest rate percentage	6.625%
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 1,000
Cross Currency Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	2,160
Income recognized on derivative	7	$ 9
Gain (loss) recognized in other comprehensive income	40	$ (88)
Cross Currency Interest Rate Swap \| Designated as Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Fair value of derivative liabilities	165		$ 192
Cross Currency Interest Rate Swap \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	2,010
Cross Currency Interest Rate Swap Maturing September 2027
Derivative [Line Items]
Derivative, notional amount	$ 112
Number of derivative instruments partially undesignated \| instrument	1
Cross Currency Interest Rate Swap Maturing February 2027
Derivative [Line Items]
Derivative, notional amount	$ 145
Number of derivative instruments held \| instrument	2
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 1,050
Foreign Exchange Contract \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 162

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair statement of the financial position and the results of operations of the Company. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited financial statements as of that date, but it does not include all the information and footnotes required by U.S. GAAP for a complete financial statement. Certain prior year amounts have been reclassified to conform to the current presentation.
Use of Estimates and Risks	Use of Estimates and Risks Management’s application of U.S. GAAP in preparing the Company’s condensed consolidated financial statements requires the pervasive use of estimates and assumptions. The Company continues to be impacted by inflationary pressures, soft global demand, major retailers’ focus on tight control over their inventory levels, fluctuating interest rates and indirect macroeconomic impacts from geopolitical conflicts as well as the effects of existing and potential changes in global trade policies, including tariffs and related retaliatory measures. Despite the U.S. Supreme Court ruling that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) tariffs were unconstitutional, the Company continues to deploy a mitigation strategy designed to offset the impact of tariff exposure through a number of actions, including pricing, productivity and in some cases relocation of manufacturing. More recently, the Company has experienced an increase in resin and transportation costs largely as a result of higher cost of oil in light of the conflict in the Middle East. These collective macroeconomic trends, the duration or severity of which are highly uncertain and some of which, such as cost of oil, are more volatile than others, are still changing the retail and consumer landscape and continue to negatively impact the Company’s operating results, cash flows and financial condition and are to some degree expected to persist into the remainder of the year. As consumers continue to face widespread increases in prices and fluctuating interest rates, their discretionary spending and purchase patterns may continue to be unfavorably impacted. The Company will continue to monitor these macroeconomic trends and assess whether any of them become more permanent in nature. The high level of uncertainty of these factors has resulted in estimates and assumptions that have the potential for more variability and are more subjective. In addition, some of the other inherent estimates and assumptions used in the Company’s forecasted results of operations and cash flows that form the basis of the determination of the fair value of the reporting units for goodwill and indefinite-lived intangible asset impairment testing are outside the control of management, including interest rates, cost of capital, tax rates, trade policies and tariffs, industry growth, credit ratings, foreign exchange rates, labor inflation and cost of oil. Although management has made its best estimates and assumptions based upon current information, actual results could materially differ given the uncertainty of these factors especially if some of the recent inflationary pressures surrounding higher oil costs experience a sustained duration which may require future changes to such estimates and assumptions, including reserves, and which may result in future expense or impairment charges. In addition, during the fourth quarter of fiscal year 2025, the Company concluded it had experienced a significant sustained decline in its market capitalization as a result of a decrease in its stock price, resulting in the Company’s market capitalization being less than its consolidated stockholders’ equity. The Company's stock price has increased since its most recent annual impairment test, but the Company's market capitalization still remains less than its consolidated stockholders' equity. As previously disclosed by the Company, the goodwill related to the Company’s Commercial reporting unit and certain indefinite-lived tradenames in its H&CS and L&D segments have fair values within 10% of their associated carrying values based on the most recent annual impairment test performed in the fourth quarter of fiscal year 2025. If there are further declines in the Company’s stock price, macroeconomic conditions, or industry and market conditions that may impact the current and forecasted financial performance of each reporting unit, the Company may need to record non-cash impairment charges, which could be material, in future periods.
Seasonal Variations	Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. Also, the Company typically tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. In addition, uncertainty still remains over the volatility and direction of future consumer and customer demand patterns, as well as inflationary pressures inclusive of the impact of tariffs. Accordingly, the Company’s results of operations and cash flows for the three months ended March 31, 2026 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2026.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of recently issued and proposed ASUs. In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software.” This ASU establishes targeted enhancements to Subtopic 350-40 improving the operability of the recognition guidance considering different methods of software development. The update is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently evaluating the effects this guidance will have on its consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606).” The amendments in the ASU exclude from derivative accounting non-exchange-traded contracts with underlying components that are based on operations or activities specific to one of the parties to the contract. This update is effective for annual reporting periods beginning after December 15, 2026. Early adoption is permitted. Management is currently evaluating the effects this guidance will have on its consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” This ASU requires that each interim and annual reporting period, an entity disclose more information about the components of certain expense captions that are currently disclosed in the financial statements. This update is effective for annual reporting periods beginning after December 15, 2026. Early adoption is permitted. Management is currently evaluating the effects this guidance will have on its consolidated financial statements.
Sales of Accounts Receivable	Generally, for a receivable to be eligible under either program, the Company must have fulfilled its performance obligations and be contractually entitled to payment for such, based on a valid receivable that is not past due at the time of factoring the underlying receivable. The Company accounts for receivables sold to the financial institutions under both factoring agreements as a sale of financial assets and derecognizes the trade receivables from the Company’s Condensed Consolidated Balance Sheets. The Company classifies the proceeds received from the sales of accounts receivable to the financial institutions as an operating cash flow and collections of accounts receivables not yet remitted to the financial institutions as financing cash flow in the Condensed Consolidated Statements of Cash Flows, and such collections are classified as restricted cash (included in prepaid expenses and other current assets) on the Company’s Condensed Consolidated Balance Sheets.
Supplier Finance Program Obligations	Supplier Finance Program Obligations The Company has an arrangement with a third-party vendor which provides a service for the Company’s suppliers, at their sole discretion, to sell their receivables due from the Company to various financial institutions, who at their sole discretion, contract with the third-party vendor to participate in the supplier finance program (the “SF Program”). The Company and its suppliers agree on contractual terms for the goods and services procured, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SF Program. The suppliers sell goods or services, as applicable, to the Company and issue the associated invoices to the Company based on the agreed-upon contractual terms. Suppliers that participate in the SF Program, at their sole discretion, determine which invoices, if any, they want to sell to the third-party vendor. The suppliers’ voluntary inclusion of invoices in the SF Program does not change the Company’s existing contractual terms with its suppliers. The Company does not provide any guarantees or collateral under the SF Program, nor does it have any economic interest in a supplier’s decision to participate in the SF Program. Amounts due to suppliers participating in the SF Program are included in accounts payable in the Condensed Consolidated Balance Sheets and amounts paid to suppliers participating in the SF Program are classified as operating cash flows in the Condensed Consolidated Statement of Cash Flows.
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments include cash and cash equivalents, accounts receivable, investment securities, accounts payable, derivative instruments and short and long-term debt. The carrying values for current financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value due to the short maturity of such instruments. For publicly traded investment securities, including mutual funds, fair value is determined on the basis of quoted market prices and, accordingly, such investments are classified as Level 1 of the fair value hierarchy. The fair value of such investments was $58 million and $81 million at March 31, 2026 and December 31, 2025. The fair values of the Company’s long-term debt and derivative instruments are disclosed in Footnote 8 and Footnote 9, respectively. The Company’s nonfinancial assets, which are measured at fair value on a nonrecurring basis, include property, plant and equipment, goodwill, intangible assets and certain other assets. In addition, the Company adjusts its pension asset values to fair value on an annual basis.
Derivatives and Interest Rate Contracts	From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes. The Company is not a party to any derivative agreements that require collateral to be posted prior to settlement. Interest Rate Contracts The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company may use fixed and floating rate swaps to alter its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. Floating rate swaps would be used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps would be used to reduce the Company’s risk of the possibility of increased interest costs. The settlement of interest rate swaps is included in interest expense, net in the Condensed Consolidated Statements of Operations.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 46	$ 43

Goodwill and Other Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 33	$ 32

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

The Company’s three reportable segments are:

Segment

Key Brands

Description of Primary Products

Home and Commercial Solutions

Ball(a), Calphalon, Chesapeake Bay, Crock-Pot, FoodSaver, Mapa, Mr. Coffee, Oster, Rubbermaid, Rubbermaid Commercial Products, Sistema, Spontex, Sunbeam, WoodWick and Yankee Candle

Learning and Development

Aprica, Dymo, Elmer’s, EXPO, Graco, NUK, Paper Mate, Parker, Prismacolor and Sharpie

Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based products and labeling solutions

Outdoor and Recreation

Bubba, Campingaz, Coleman, Contigo and Marmot

Active lifestyle products for outdoor and outdoor-related activities; technical apparel and on-the-go beverageware

(a)

and Ball®, TMs of Ball Corporation, used under license.

The President and Chief Executive Officer of the Company, who is the Chief Operating Decision Maker (the “CODM”) reviews the businesses as three operating segments: Home and Commercial Solutions, Learning and Development and Outdoor and Recreation. This structure reflects the manner in which the CODM regularly assesses information for decision-making purposes, including the allocation of resources. The Company also provides general corporate services to its segments which is reported as a non-operating segment, Corporate.

The CODM evaluates the segments’ operating performance based on segment operating income, defined as net sales minus cost of products sold, segment SG&A (including share-based compensation at target for operating segment employees) and other segment costs. Segment SG&A includes an allocation of center-led corporate functions including the bonus for such corporate functions based on achieving 100% of the respective target. However, any variability in expense from such targets, favorable or unfavorable, is retained at corporate, and would be reflected as a corporate expense. Segment SG&A also does not include any allocation of share-based compensation related to such center-led corporate functions or any adjustments, favorable or unfavorable, between the actual share-based compensation achieved versus the share-based compensation at target for operating segment employees, which items are also reflected in corporate expense. The CODM considers budget-to-current forecast and prior actuals-to-current forecast variances for segment operating income on a periodic basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.

The Company’s results by segment are as follows (in millions):


	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Consolidated		Home and Commercial Solutions		Learning and Development		Outdoor and Recreation		Consolidated		Home and Commercial Solutions		Learning and Development		Outdoor and Recreation
Net sales (a)	$	1,549	$	780	$	594	$	175	$	1,566	$	812	$	572	$	182
Cost of products sold	1,036		564		345		127		1,063		591		334		138
Segment SG&A	412		217		140		55		409		222		139		48
Other segment costs (b)	3		2		1		—		3		1		1		1
Segment operating income (loss)	$	98	$	(3)	$	108	$	(7)	$	91	$	(2)	$	98	$	(5)
Corporate expenses (c)	64								70
Operating income	$	34							$	21
Interest expense, net	84								72

Other expense, net	11								4
Loss before income taxes	$	(61)							$	(55)

(a)All intercompany transactions have been eliminated.

(b)Other segment costs primarily include segment restructuring costs, net (see Footnote 3 for further information).

Depreciation and amortization by segment are as follows (in millions):


	Three Months Ended March 31,
		2026		2025
Home and Commercial Solutions		$	37	$	33
Learning and Development		16		16
Outdoor and Recreation		7		7
Corporate		19		19
		$	79	$	75

Capital expenditures by segment are as follows (in millions):


	Three Months Ended March 31,
		2026		2025
Home and Commercial Solutions		$	16	$	14
Learning and Development		6		10
Outdoor and Recreation		4		3
Corporate		11		32
		$	37	$	59

Assets by segment are as follows at (in millions):


	March 31, 2026		December 31, 2025
Home and Commercial Solutions	$	3,753	$	3,771
Learning and Development	3,848		3,797
Outdoor and Recreation	563		495
Corporate	2,695		2,652
	$	10,859	$	10,715

The following table disaggregates net sales(a) by major product grouping for the periods indicated (in millions):


	Three Months Ended March 31,
		2026		2025
Commercial		$	297	$	313
Kitchen		370		376
Home Fragrance		113		123

Home and Commercial Solutions		780		812

Baby		252		238
Writing		342		334
Learning and Development		594		572

Outdoor and Recreation		175		182

		$	1,549	$	1,566

The following table disaggregates net sales(a) by geography(b) for the periods indicated (in millions):









	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	North America		International		TOTAL		North America		International		TOTAL
Home and Commercial Solutions	$	481	$	299	$	780	$	510	$	302	$	812
Learning and Development	431		163		594		418		154		572
Outdoor and Recreation	83		92		175		92		90		182
	$	995	$	554	$	1,549	$	1,020	$	546	$	1,566

(a)All intercompany transactions have been eliminated.

(b)Geographic sales information is based on the region from which the products are shipped and invoiced.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt is comprised of the following at the dates indicated (in millions):


	March 31, 2026		December 31, 2025
6.375% senior notes due 2027	$	495	$	497
8.500% senior notes due 2028	1,240		1,239
6.625% senior notes due 2029	490		492
6.375% senior notes due 2030	743		743
6.625% senior notes due 2032	495		495
5.375% senior notes due 2036	417		417
5.500% senior notes due 2046	658		658
Revolving credit facility (a)	425		130
Other debt	2		2
Total debt	4,965		4,673
Short-term debt and current portion of long-term debt	(425)		(130)
Long-term debt	$	4,540	$	4,543

(a)Included in short-term debt and current portion of long-term debt at March 31, 2026 and December 31, 2025.

Weighted average interest rates are as follows:


	Three Months Ended March 31,
		2026		2025
Total debt		6.9	%	6.0	%
Short-term debt		6.1	%	7.1	%

Schedule of Fair Value of Debt

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):


	March 31, 2026				December 31, 2025
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	4,423	$	4,538	$	4,493	$	4,541

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, plant and equipment, net, is comprised of the following (in millions):


	March 31, 2026		December 31, 2025
Land	$	68	$	68
Buildings and improvements	547		543
Machinery and equipment	1,651		1,642
	2,266		2,253
Less: Accumulated depreciation	(1,072)		(1,044)
	$	1,194	$	1,209

Depreciation expense was $46 million and $43 million for the three months ended March 31, 2026 and 2025, respectively.

Weighted Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding (in shares)	421.6	416.8
Diluted weighted-average shares outstanding (in shares)	421.6	416.8
Potentially dilutive share-based awards excluded from computation (in shares)	8.2	5.9
Performance-Based Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive share-based awards excluded from computation (in shares)	0.0	0.0

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3
Bonus target percentage	100.00%

Segment Information - Schedule of Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Net sales	$ 1,549	$ 1,566
Cost of products sold	1,036	1,063
Segment SG&A	472	471
Operating income	34	21
Interest expense, net	84	72
Other expense, net	11	4
Loss before income taxes	(61)	(55)
Segment Reporting Information, Additional Information
Depreciation and amortization	79	75
Capital expenditures	37	59
Assets	10,859		$ 10,715
Home and Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	780	812
Learning and Development
Segment Reporting Information [Line Items]
Net sales	594	572
Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	175	182
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,549	1,566
Cost of products sold	1,036	1,063
Segment SG&A	412	409
Other segment costs	3	3
Operating income	98	91
Operating Segments \| Home and Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	780	812
Cost of products sold	564	591
Segment SG&A	217	222
Other segment costs	2	1
Operating income	(3)	(2)
Segment Reporting Information, Additional Information
Depreciation and amortization	37	33
Capital expenditures	16	14
Assets	3,753		3,771
Operating Segments \| Learning and Development
Segment Reporting Information [Line Items]
Net sales	594	572
Cost of products sold	345	334
Segment SG&A	140	139
Other segment costs	1	1
Operating income	108	98
Segment Reporting Information, Additional Information
Depreciation and amortization	16	16
Capital expenditures	6	10
Assets	3,848		3,797
Operating Segments \| Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	175	182
Cost of products sold	127	138
Segment SG&A	55	48
Other segment costs	0	1
Operating income	(7)	(5)
Segment Reporting Information, Additional Information
Depreciation and amortization	7	7
Capital expenditures	4	3
Assets	563		495
Corporate
Segment Reporting Information [Line Items]
Operating income	64	70
Segment Reporting Information, Additional Information
Depreciation and amortization	19	19
Capital expenditures	11	$ 32
Assets	$ 2,695		$ 2,652

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net sales	$ 1,549	$ 1,566
Cost of products sold	1,036	1,063
Gross profit	513	503
Selling, general and administrative expenses	472	471
Restructuring costs, net	7	11
Operating income	34	21
Non-operating expenses:
Interest expense, net	84	72
Other expense, net	11	4
Loss before income taxes	(61)	(55)
Income tax benefit	(28)	(18)
Net loss	$ (33)	$ (37)
Weighted average common shares outstanding:
Basic (in shares)	421.6	416.8
Diluted (in shares)	421.6	416.8
Loss per share:
Basic (in USD per share)	$ (0.08)	$ (0.09)
Diluted (in USD per share)	$ (0.08)	$ (0.09)
COMPREHENSIVE INCOME (LOSS)
Net loss	$ (33)	$ (37)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9	(1)
Pension and postretirement costs	3	3
Derivative financial instruments	4	(5)
Total other comprehensive income (loss), net of tax	16	(3)
Total comprehensive loss	$ (17)	$ (40)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, authorized shares (in shares)	10,000,000.0	10,000,000.0
Preferred stock, par value (in USD per share)	$ 1.00	$ 1.00
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	800,000,000.0	800,000,000.0
Common stock, par value (in USD per share)	$ 1.00	$ 1.00
Common stock, shares issued (in shares)	456,600,000	447,100,000
Treasury stock, shares (in shares)	31,700,000	27,900,000

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt is comprised of the following at the dates indicated (in millions):


	March 31, 2026		December 31, 2025
6.375% senior notes due 2027	$	495	$	497
8.500% senior notes due 2028	1,240		1,239
6.625% senior notes due 2029	490		492
6.375% senior notes due 2030	743		743
6.625% senior notes due 2032	495		495
5.375% senior notes due 2036	417		417
5.500% senior notes due 2046	658		658
Revolving credit facility (a)	425		130
Other debt	2		2
Total debt	4,965		4,673
Short-term debt and current portion of long-term debt	(425)		(130)
Long-term debt	$	4,540	$	4,543

(a)Included in short-term debt and current portion of long-term debt at March 31, 2026 and December 31, 2025.

Revolving Credit Facility

The Company maintains a $1.00 billion senior secured revolving credit facility (the “Credit Revolver”) maturing in August 2027. Under the Credit Revolver, the Company may borrow funds on a variety of interest terms. The Credit Revolver agreement (i) requires the Company to satisfy financial covenants testing the Company’s Collateral Coverage Ratio and Total Net Leverage Ratio (each further defined in the Credit Revolver, as amended), (ii) requires the Company and certain of its domestic and foreign subsidiaries (the “Guarantors”) to guaranty Company obligations under the Credit Revolver and (iii) requires the Company and other Guarantors to grant a lien and security interest in certain assets consisting of eligible accounts receivables, eligible inventory, eligible equipment and eligible intellectual property, and all products and proceeds of the foregoing, subject to certain limitations.

Other than outstanding borrowings under the Credit Revolver, availability under the Credit Revolver is subject to change in accordance with the terms of the agreement, including in response to changes in the Company’s pledged collateral value or outstanding letters of credit under the Credit Revolver. At March 31, 2026, there was $789 million of availability under the Credit Revolver, based on the value of the pledged collateral and prior to giving effect to outstanding borrowings and letters of credit.

The Credit Revolver provides for the issuance of up to $150 million of letters of credit, so long as there is sufficient availability for borrowing under the Credit Revolver. At March 31, 2026, the Company had approximately $37 million of outstanding standby letters of credit issued against the Credit Revolver and $425 million of outstanding borrowings under the Credit Revolver resulting in a net availability of approximately $327 million.

Other

The indentures governing the Company’s senior notes contain usual and customary nonfinancial covenants, with the 8.500% notes due 2028, 6.375% notes due 2030 and 6.625% notes due 2032 containing additional covenants as described in Footnote 8 of the Notes to the Consolidated Financial Statements in the Company’s most recent Annual Report on Form 10-K, filed on February 13, 2026.

Weighted average interest rates are as follows:


	Three Months Ended March 31,
		2026		2025
Total debt		6.9	%	6.0	%
Short-term debt		6.1	%	7.1	%

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):


	March 31, 2026				December 31, 2025
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	4,423	$	4,538	$	4,493	$	4,541

The carrying amounts of all other debt approximates fair value.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill activity for the three months ended March 31, 2026 is as follows (in millions):


					March 31, 2026
Segments	Net Book Value at December 31, 2025		Foreign Exchange		Net Book Value		Gross Carrying Amount		Accumulated Impairment Charges
Home and Commercial Solutions	$	747	$	—	$	747	$	4,052	$	(3,305)
Learning and Development	2,354		(9)		2,345		3,432		(1,087)
Outdoor and Recreation	—		—		—		788		(788)
	$	3,101	$	(9)	$	3,092	$	8,272	$	(5,180)

Other intangible assets, net, are comprised of the following (in millions):


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Tradenames — indefinite life (a)	$	443	$	—	$	443	$	553	$	—	$	553
Tradenames — other (a)	646		(202)		444		537		(186)		351
Capitalized software	220		(103)		117		212		(95)		117
Customer relationships and distributor channels	1,014		(411)		603		1,013		(400)		613
	$	2,323	$	(716)	$	1,607	$	2,315	$	(681)	$	1,634

Amortization expense for intangible assets was $33 million and $32 million for the three months ended March 31, 2026 and 2025, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Restructuring - Schedule of Restructuring Costs Incurred by Reportable Business Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 7	$ 11
Operating Segments \| Home and Commercial Solutions
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2	1
Operating Segments \| Learning and Development
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1	1
Operating Segments \| Outdoor and Recreation
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	1
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4	$ 8

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation and Significant Accounting Policies - Schedule of Supplier Finance Program (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Beginning balance	$ 11
Invoices participating in the SF Program	13
Invoices paid to the third-party vendor	(14)
Ending balance	$ 10

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following (in millions):


	March 31, 2026		December 31, 2025
Raw materials and supplies	$	193	$	165
Work-in-process	155		159
Finished products	1,145		957
	$	1,493	$	1,281

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in USD per share)	$ 0.07	$ 0.07

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2024	$ 2,751	$ 442	$ (634)	$ 6,866	$ (2,942)	$ (981)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(40)				(37)	(3)
Dividends declared on common stock	(32)			(32)
Equity compensation, net of tax	11	3	(5)	13
Ending balance at Mar. 31, 2025	2,690	445	(639)	6,847	(2,979)	(984)
Beginning balance at Dec. 31, 2025	2,391	447	(644)	6,805	(3,227)	(990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(17)				(33)	16
Dividends declared on common stock	(31)			(31)
Equity compensation, net of tax	(1)	10	(18)	7
Ending balance at Mar. 31, 2026	$ 2,342	$ 457	$ (662)	$ 6,781	$ (3,260)	$ (974)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents	$ 201	$ 203
Accounts receivable, net	893	987
Inventories	1,493	1,281
Prepaid expenses and other current assets	326	237
Total current assets	2,913	2,708
Property, plant and equipment, net	1,194	1,209
Operating lease assets	467	453
Goodwill	3,092	3,101
Other intangible assets, net	1,607	1,634
Deferred income taxes	814	825
Other assets	772	785
Total assets	10,859	10,715
Liabilities:
Accounts payable	1,045	931
Other accrued liabilities	1,325	1,464
Short-term debt and current portion of long-term debt	425	130
Total current liabilities	2,795	2,525
Long-term debt	4,540	4,543
Deferred income taxes	5	50
Operating lease liabilities	443	433
Other noncurrent liabilities	734	773
Total liabilities	8,517	8,324
Commitments and contingencies (Footnote 14)
Stockholders’ equity:
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at March 31, 2026 and December 31, 2025)	0	0
Common stock (800.0 authorized shares, $1.00 par value, 456.6 shares and 447.1 shares issued at March 31, 2026 and December 31, 2025, respectively)	457	447
Treasury stock, at cost (31.7 shares and 27.9 shares at March 31, 2026 and December 31, 2025, respectively)	(662)	(644)
Additional paid-in capital	6,781	6,805
Retained deficit	(3,260)	(3,227)
Accumulated other comprehensive loss	(974)	(990)
Total stockholders’ equity	2,342	2,391
Total liabilities and stockholders’ equity	$ 10,859	$ 10,715

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net, is comprised of the following (in millions):


	March 31, 2026		December 31, 2025
Land	$	68	$	68
Buildings and improvements	547		543
Machinery and equipment	1,651		1,642
	2,266		2,253
Less: Accumulated depreciation	(1,072)		(1,044)
	$	1,194	$	1,209

Restructuring (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Restructuring-Related Costs


	Three Months Ended March 31,
		2026		2025
Restructuring costs		$	1	$	11
Restructuring-related costs		1		14
Total		$	2	$	25

Restructuring costs, net incurred by reportable business segments for all restructuring activities for the periods indicated are as follows (in millions):


	Three Months Ended March 31,
		2026		2025
Home and Commercial Solutions		$	2	$	1
Learning and Development		1		1
Outdoor and Recreation		—		1
Corporate		4		8
		$	7	$	11

Schedule of Accrued Restructuring Costs Activity

Accrued restructuring costs related to all restructuring activities for the three months ended March 31, 2026 were as follows (in millions):


Balance at December 31, 2025	$	34
Restructuring costs, net	7
Payments	(23)

Balance at March 31, 2026	$	18

Weighted Average Shares Outstanding	3 Months Ended
Weighted Average Shares Outstanding	Mar. 31, 2026
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding	Weighted Average Shares Outstanding The basic and diluted weighted average shares outstanding for the three months ended March 31, 2026 and 2025 were 421.6 million and 416.8 million, respectively. For the three months ended March 31, 2026 and 2025, 8.2 million and 5.9 million, respectively, potentially dilutive share-based awards were excluded as their effect would be anti-dilutive. At March 31, 2026 and 2025, there were no potentially dilutive share awards with performance-based targets that were not met.

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are comprised of the following (in millions):


	March 31, 2026		December 31, 2025
Raw materials and supplies	$	193	$	165
Work-in-process	155		159
Finished products	1,145		957
	$	1,493	$	1,281

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (33)	$ (37)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	79	75
Deferred income taxes	(44)	46
Stock based compensation expense	17	16
Other, net	(5)	(5)
Changes in operating accounts:
Accounts receivable	93	3
Inventories	(213)	(168)
Accounts payable	122	147
Accrued liabilities and other, net	(249)	(290)
Net cash used in operating activities	(233)	(213)
Cash flows from investing activities:
Capital expenditures	(37)	(59)
Proceeds from settlement of swaps	9	9
Other investing activities, net	(1)	23
Net cash used in investing activities	(29)	(27)
Cash flows from financing activities:
Proceeds from short-term debt, net	295	310
Cash dividends	(36)	(31)
Other financing activities, net	27	(9)
Net cash provided by financing activities	286	270
Exchange rate effect on cash, cash equivalents and restricted cash	(1)	3
Increase in cash, cash equivalents and restricted cash	23	33
Cash, cash equivalents and restricted cash at beginning of period	220	219
Cash, cash equivalents and restricted cash at end of period	243	252
Supplemental disclosures:
Restricted cash at beginning of period	17	21
Restricted cash at end of period	$ 42	$ 19

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) country segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of countries In which entity products are sold (over) \| country	150
Number of countries in which entity operates (more than) \| country	45
Number of operating segments \| segment	3
Percentage of fair value in excess of carrying amount, threshold			10.00%
Restricted cash	$ 42	$ 19	$ 17	$ 21
Supplier finance program payments terms	118 days
Fair Value, Inputs, Level 1 \| Fair Value Measurements on Recurring Basis
Basis Of Presentation And Significant Accounting Policies [Line Items]
Fair value of investments	$ 58		81
Financial Institution One
Basis Of Presentation And Significant Accounting Policies [Line Items]
Maximum receivables to be sold under factoring agreement	700
Proceeds received from factored receivables	566	587
Collected from customers and remitted to financial institution for factored receivables	540	540
Outstanding receivables sold	270		270
Financial Institution Two
Basis Of Presentation And Significant Accounting Policies [Line Items]
Maximum receivables to be sold under factoring agreement	225
Proceeds received from factored receivables	233	248
Collected from customers and remitted to financial institution for factored receivables	250	$ 280
Outstanding receivables sold	$ 110		$ 125
Factoring agreement term	3 years
Increase in factored receivables allowed under agreement	$ 275

Segment Information - Schedule of Disaggregation of Revenue by Major Product Grouping and Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net sales	$ 1,549	$ 1,566
North America
Segment Reporting Information [Line Items]
Net sales	995	1,020
International
Segment Reporting Information [Line Items]
Net sales	554	546
Home and Commercial Solutions
Segment Reporting Information [Line Items]
Net sales	780	812
Home and Commercial Solutions \| North America
Segment Reporting Information [Line Items]
Net sales	481	510
Home and Commercial Solutions \| International
Segment Reporting Information [Line Items]
Net sales	299	302
Home and Commercial Solutions \| Commercial
Segment Reporting Information [Line Items]
Net sales	297	313
Home and Commercial Solutions \| Kitchen
Segment Reporting Information [Line Items]
Net sales	370	376
Home and Commercial Solutions \| Home Fragrance
Segment Reporting Information [Line Items]
Net sales	113	123
Learning and Development
Segment Reporting Information [Line Items]
Net sales	594	572
Learning and Development \| North America
Segment Reporting Information [Line Items]
Net sales	431	418
Learning and Development \| International
Segment Reporting Information [Line Items]
Net sales	163	154
Learning and Development \| Baby
Segment Reporting Information [Line Items]
Net sales	252	238
Learning and Development \| Writing
Segment Reporting Information [Line Items]
Net sales	342	334
Outdoor and Recreation
Segment Reporting Information [Line Items]
Net sales	175	182
Outdoor and Recreation \| North America
Segment Reporting Information [Line Items]
Net sales	83	92
Outdoor and Recreation \| International
Segment Reporting Information [Line Items]
Net sales	$ 92	$ 90

Litigation and Contingencies	3 Months Ended
Litigation and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and Contingencies The Company is subject to various claims and lawsuits in the ordinary course of business, including from time to time, contractual disputes, employment and environmental matters, product and general liability claims, claims that the Company has infringed on the intellectual property rights of others, and consumer and employment class actions. Some of the legal proceedings include claims for punitive as well as compensatory damages. In the ordinary course of business, the Company is also subject to legislative requests, regulatory and governmental examinations, information requests and subpoenas, inquiries, investigations, and threatened legal actions and proceedings. In connection with such formal and informal inquiries, the Company receives numerous requests, subpoenas, and orders for documents, testimony and information in connection with various aspects of its activities. The Company is party to two certified class actions that relate to the Baby business in its L&D segment, alleging that the Company made misrepresentations in advertising claims with respect to certain products and seeking damages based on a price premium and statutory damages, where applicable, for each product sold. The first case is pending in United States District Court for the Northern District of Illinois. In that case, the district court certified classes for ten states. The second case is pending in the United States District Court for the Northern District of Georgia. In that case, the district court certified classes for three states. For these matters, the Company has determined that a loss is reasonably possible; however, the Company is unable to estimate a range of possible loss due to unresolved questions of fact and law. As the Company does not believe that any loss is probable in either case, the Company has not recorded a reserve for either of these matters. The Company intends to vigorously defend these matters; however, it is possible that an adverse outcome in either matter could be material to the Company’s financial results. As a manufacturer and distributor of consumer products, the Company is subject to product liability claims, in particular with respect to its Baby business in the L&D segment and its Kitchen business in H&CS segment. Although the Company maintains product liability insurance in amounts that it believes are reasonable, that insurance is, in most cases, subject to significant self-insured retentions for which the Company is responsible, and the Company cannot assure that it will be able to maintain such insurance on acceptable terms, if at all, in the future, that product liability claims will not exceed the amount of insurance coverage or that any such losses will not be material. Environmental Matters The Company is involved in various matters concerning federal, state and foreign environmental laws and regulations, including matters in which the Company has been identified by the U.S. Environmental Protection Agency (“U.S. EPA”) and certain state environmental agencies as a potentially responsible party (“PRP”) at contaminated sites under the Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”) and equivalent state laws. In assessing its environmental response costs, the Company has considered several factors, including the extent of the Company’s volumetric contribution at each site relative to that of other PRPs; the kind of waste; the terms of existing cost sharing and other applicable agreements; the financial ability of other PRPs to share in the payment of requisite costs; the Company’s prior experience with similar sites; environmental studies and cost estimates available to the Company; the effects of inflation on cost estimates; and the extent to which the Company’s, and other parties’ status as PRPs is disputed. The Company’s estimate of environmental remediation costs associated with these matters at March 31, 2026 was $32 million which is included in other accrued liabilities and other noncurrent liabilities in the Consolidated Balance Sheets. No insurance recovery was taken into account in determining the Company’s cost estimates or reserves, nor do the Company’s cost estimates or reserves reflect any discounting for present value purposes, except with respect to certain long-term operations and maintenance CERCLA matters. Because of the uncertainties associated with environmental investigations and response activities, the possibility that the Company could be identified as a PRP at sites identified in the future that require the incurrence of environmental response costs and the possibility that sites acquired in business combinations may require environmental response costs, actual costs to be incurred by the Company may vary from the Company’s estimates. Lower Passaic River Matter Over 100 entities, including the Company and its subsidiary, Berol Corporation (together, the “Company Parties”), have been identified as PRPs at the Diamond Alkali Superfund Site (the “Site”) pursuant to CERCLA. The Site is divided into four “operable units,” and the Company Parties have received notice letters in connection with Operable Unit 4 and Operable Unit 2 (which is geographically subsumed within Operable Unit 4). The U.S. EPA has issued records of decision for Operable Units 2 and 4 with selected remedies that it has estimated to cost approximately $1.80 billion in the aggregate. In September 2017, the U.S. EPA announced an allocation process involving roughly 80 PRPs, with the intent of offering cash-out settlements to a number of parties. The allocation process has concluded, and the Company Parties were placed in the lowest tier of relative responsibility among allocation parties. On January 31, 2024, U.S. EPA filed a motion to enter a modified consent decree to resolve the liability of the Company Parties and other settlement parties for past and future CERCLA response costs at Operable Unit 2 and Operable Unit 4 (“Consent Decree”), which the court granted on December 18, 2024 (the "Consent Decree Litigation"). The Court’s order entering the Consent Decree has been appealed. As of the date of this filing, the Company does not expect that its share of payments toward the Consent Decree, if the Consent Decree is upheld following appellate review, will be material to the Company. In June 2018, Occidental Chemical Corporation (“OCC”), a New York corporation, sued over 100 parties, including the Company Parties, in the U.S. District Court in New Jersey pursuant to CERCLA, requesting cost recovery, including past and future costs for investigation, design and remediation of Units 2 and 4, as well as contribution and a declaratory judgment (the “OCC Litigation”). The defendants, in turn, filed claims against 42 third-party defendants and counterclaims against OCC. OCC has also stated that it anticipates asserting claims against defendants regarding Newark Bay, which is also part of the Site, after the U.S. EPA has selected the Newark Bay remedy. The OCC Litigation is stayed pending the Court’s adjudication of the entry of the Consent Decree. At this time, the Company cannot predict the eventual outcome of the OCC Litigation. In September 2025, OCC merged with and into an affiliated Texas limited liability company, and the surviving entity changed its name to Occidental Chemical Company, LLC. That entity then executed a divisional merger, splitting into two entities: Environmental Resource Holdings, LLC (“ERH”), and Occidental Chemical Corporation, a Texas corporation (“OCC TX”). Counsel for OCC in the Consent Decree Litigation filed an updated corporate disclosure, asserting that OCC “is now known as Environmental Resource Holdings LLC.” On February 6, 2026, 35 companies filed a complaint against OCC TX in the U.S. District Court in New Jersey, alleging that OCC’s valuable assets were transferred to OCC TX, not ERH, and requesting a declaratory judgment that OCC TX is jointly and severally liable for OCC’s CERCLA liabilities. In addition, federal trustees, including the U.S. Department of Commerce and Department of the Interior, continue to undertake a Natural Resource Damage Assessment with respect to the Site, having previously identified the Company Parties, along with numerous other entities, as PRPs. Based on currently known facts and circumstances, the Company does not believe that the Lower Passaic River matter is reasonably likely to have a material impact on the Company’s results of operations. However, in the event of one or more adverse determinations related to this matter, including the OCC Litigation and Natural Resource Damage Assessment noted above (for which the Company cannot currently estimate the range of possible losses), it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. Because of the uncertainties associated with environmental investigations and response activities, the possibility that the Company could be identified as a PRP at sites identified in the future that require the incurrence of environmental response costs and the possibility that sites acquired in business combinations may require environmental response costs, actual costs to be incurred by the Company may vary from the Company’s estimates. Tariff Matters On February 20, 2026, the U.S. Supreme Court ruled that the IEEPA does not authorize the President to impose tariffs, invalidating tariffs imposed in 2025 under that statute (“IEEPA Tariffs”). The ruling did not address the availability, timing or mechanics of any potential refunds related to tariffs previously collected, and the outcome of any related administrative or legal processes remains uncertain. Following the ruling, the U.S. administration implemented new tariffs under alternative statutory authority, including Section 122 of the Trade Act of 1974, which permits temporary import surcharges subject to statutory limits and duration requirements. In April 2026, the U.S. Court of International Trade (“CIT”) issued an order for the U.S. Customs and Border Protection (“CBP”) to treat the IEEPA Tariffs as unlawful and administer affected import entries accordingly. As a result of the order, the CBP must recalculate duties without the IEEPA tariffs and ensure that importers of record receive the benefit of the Supreme Court ruling in the form of refunds for such amounts paid and interest. The U.S. administration has until June 2026 to appeal that order. During the year 2025, the Company paid approximately $120 million of IEEPA Tariffs. The Company is evaluating the impact of the Supreme Court ruling and the subsequent order issued by the CIT, and is monitoring related developments from the CBP regarding its plan to process refunds to importers of record, including the launch on April 20, 2026 of the CBP's Consolidated Administration and Processing of Entries (“CAPE”) system for submitting refund claims, as well as the administration’s decision on whether or not to appeal the CIT’s order. As of March 31, 2026, the Company has not recorded a receivable related to potential refunds for IEEPA Tariffs paid by the Company. The ultimate resolution of this matter, including the administration’s decision to appeal the CIT’s order, the extent and manner in which costs previously incurred and paid may be recoverable through the CBP, and the timing of any potential recovery remains uncertain. Other Matters In the normal course of business and as part of its acquisition and divestiture strategy, the Company may provide certain representations and indemnifications related to legal, environmental, product liability, tax or other types of issues. Based on the nature of these representations and indemnifications, it is not possible to predict the maximum potential payments under all of these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements did not have a material effect on the Company’s business, financial condition or results of operations. In connection with the Company’s sale of The United States Playing Card Company (“USPC”), Cartamundi, Inc. and Cartamundi España, S.L., (the “Buyers”) have notified the Company of their contention that certain representations and warranties in the Stock Purchase Agreement, dated June 4, 2019, were inaccurate and/or breached, and have sought indemnification to the extent that the Buyers are required to pay related damages arising out of a third party lawsuit that was recently filed against USPC. Although the Company cannot predict the ultimate outcome of other proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s Consolidated Financial Statements, except as otherwise described in this Footnote 14. At March 31, 2026, the Company had approximately $49 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’ compensation, product liability and medical expenses. See Footnote 10 for information concerning certain proceedings currently pending in the U.S. Tax Court.