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Segment Reporting
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting Disclosure
12. BUSINESS SEGMENTS
The Company has operating segments that are comprised of three strategic business units consisting of EES, CSS and UBS. These operating segments are equivalent to the Company's reportable segments. The Company's chief operating decision maker evaluates the performance of its operating segments based primarily on net sales, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), and adjusted EBITDA margin percentage.
Corporate primarily incurs costs related to treasury, tax, information technology, legal and other centralized functions. The Company also has various corporate assets which are reported in corporate. Segment assets may not include jointly used assets, but segment results include depreciation expense or other allocations related to those assets. Interest expense and other non-operating items are either not allocated to the segments or reviewed on a segment basis. Corporate expenses and assets not directly identifiable with a reportable segment are reported in the tables below to reconcile the reportable segments to the consolidated financial statements.
The following tables set forth financial information by reportable segment for the periods presented:
(In thousands)Three Months Ended March 31, 2022
EESCSSUBSCorporateTotal
Net sales$2,089,959 $1,434,175 $1,408,047 $— $4,932,181 
Adjusted EBITDA192,417 123,040 136,360 (87,695)364,122 
Adjusted EBITDA Margin %9.2 %8.6 %9.7 %7.4 %
Three Months Ended March 31, 2021
(In thousands)EESCSSUBSCorporateTotal
Net sales$1,720,813 $1,250,615 $1,070,049 $— $4,041,477 
Adjusted EBITDA112,025 90,682 83,653 (69,812)216,548 
Adjusted EBITDA Margin %6.5 %7.3 %7.8 %5.4 %
The following table sets forth total assets by reportable segment for the periods presented:
As of
March 31, 2022
(In thousands)EESCSSUBS
Corporate(1)
Total
Total assets$4,336,938 $4,650,849 $3,513,628 $683,618 $13,185,033 
As of
December 31, 2021
(In thousands)EESCSSUBS
Corporate(1)
Total
Total assets$4,098,335 $4,601,132 $3,266,231 $652,001 $12,617,699 
(1)    Total assets for Corporate primarily consist of cash and cash equivalents, deferred income taxes, fixed assets and right-of-use assets associated with operating leases.
The following tables reconcile net income attributable to common stockholders to adjusted EBITDA and adjusted EBITDA margin % by segment, which are non-GAAP financial measures, for the periods presented:
Three Months Ended March 31, 2022
(In thousands)EESCSSUBSCorporateTotal
Net income attributable to common stockholders$178,735$103,687$129,981$(245,512)$166,891
Net income attributable to noncontrolling interests210——178 388
Preferred stock dividends———14,352 14,352
Provision for income taxes———37,654 37,654
Interest expense, net———63,620 63,620
Depreciation and amortization12,02418,1325,78611,038 46,980
Other (income) expense, net(174)344(33)9871,124
Stock-based compensation expense(1)
1,6228776264,4257,550
Merger-related and integration costs———25,56325,563
Adjusted EBITDA$192,417$123,040$136,360$(87,695)$364,122
Adjusted EBITDA margin %9.2 %8.6 %9.7 %7.4 %
(1) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended March 31, 2022 excludes $1.4 million as such amount is included in merger-related and integration costs.
Three Months Ended March 31, 2021
(In thousands)EESCSSUBSCorporateTotal
Net income attributable to common stockholders$100,629$73,594$87,013$(216,410)$44,826
Net loss attributable to noncontrolling interests(75)——51 (24)
Preferred stock dividends———14,352 14,352
Provision for income taxes———6,531 6,531
Interest expense, net———70,373 70,373
Depreciation and amortization10,56316,2935,2109,143 41,209
Other (income) expense, net(443)37017(2,751)(2,807)
Stock-based compensation expense(2)
1,3514253402,577 4,693
Merger-related and integration costs———46,32246,322
Net gain on divestitures——(8,927)— (8,927)
Adjusted EBITDA$112,025$90,682$83,653$(69,812)$216,548
Adjusted EBITDA margin %6.5 %7.3 %7.8 %5.4 %
(2) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended March 31, 2021 excludes $1.3 million as such amount is included in merger-related and integration costs.
Note: Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company's performance and its ability to meet debt service requirements. Adjusted EBITDA is defined as EBITDA before foreign exchange and other non-operating expenses (income), non-cash stock-based compensation expense, merger-related and integration costs, and net gain on the divestiture of Wesco's legacy utility and data communications businesses in Canada. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.