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v3.23.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
(In millions) | Three Months Ended March 31, 2023
EES |  | CSS |  | UBS |  | Total
Net sales | $ | 2,135.1 |  |  | $ | 1,732.0 |  |  | $ | 1,654.8 |  |  | $ | 5,521.9 |
| Three Months Ended March 31, 2022
(In millions) | EES |  | CSS |  | UBS |  | Total
Net sales | $ | 2,090.0 |  |  | $ | 1,434.2 |  |  | $ | 1,408.0 |  |  | $ | 4,932.2 |
(In millions) | Three Months Ended March 31, 2023
EES |  | CSS |  | UBS
Adjusted EBITDA | $ | 183.0 |  |  | $ | 155.5 |  |  | $ | 187.7 |
Adjusted EBITDA Margin % | 8.6 | % |  | 9.0 | % |  | 11.3 | %
| Three Months Ended March 31, 2022
(In millions) | EES |  | CSS |  | UBS
Adjusted EBITDA | $ | 192.4 |  |  | $ | 123.0 |  |  | $ | 136.3 |
Adjusted EBITDA Margin % | 9.2 | % |  | 8.6 | % |  | 9.7 | %
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, 2023
(In millions) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 171.3 |  | $ | 135.4 |  | $ | 180.3 |  | $ | (304.3) |  | $ | 182.7
Net (loss) income attributable to noncontrolling interests |  | (0.1) |  | 0.2 |  | — |  | — |  | 0.1
Preferred stock dividends |  | — |  | — |  | — |  | 14.4 |  | 14.4
Provision for income taxes |  | — |  | — |  | — |  | 44.1 |  | 44.1
Interest expense, net |  | — |  | — |  | — |  | 95.0 |  | 95.0
Depreciation and amortization |  | 9.9 |  | 18.0 |  | 6.0 |  | 10.5 |  | 44.4
Other expense, net |  | 0.5 |  | 0.8 |  | 0.6 |  | 8.2 |  | 10.1
Stock-based compensation expense(1) |  | 1.4 |  | 1.1 |  | 0.8 |  | 7.1 |  | 10.4
Merger-related and integration costs |  | — |  | — |  | — |  | 19.5 |  | 19.5
Adjusted EBITDA |  | $ | 183.0 |  | $ | 155.5 |  | $ | 187.7 |  | $ | (105.5) |  | $ | 420.7
Adjusted EBITDA margin % |  | 8.6 | % |  | 9.0 | % |  | 11.3 | % |  |  |  |
(1) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended March 31, 2023 excludes $1.3 million that is included in merger-related and integration costs.
|  | Three Months Ended March 31, 2022
(In millions) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 178.7 |  | $ | 103.7 |  | $ | 129.9 |  | $ | (245.5) |  | $ | 166.8
Net income attributable to noncontrolling interests |  | 0.2 |  | — |  | — |  | 0.2 |  | 0.4
Preferred stock dividends |  | — |  | — |  | — |  | 14.4 |  | 14.4
Provision for income taxes |  | — |  | — |  | — |  | 37.7 |  | 37.7
Interest expense, net |  | — |  | — |  | — |  | 63.6 |  | 63.6
Depreciation and amortization |  | 12.0 |  | 18.1 |  | 5.8 |  | 11.1 |  | 47.0
Other (income) expense, net |  | (0.1) |  | 0.3 |  | — |  | 0.9 |  | 1.1
Stock-based compensation expense(1) |  | 1.6 |  | 0.9 |  | 0.6 |  | 4.4 |  | 7.5
Merger-related and integration costs |  | — |  | — |  | — |  | 25.6 |  | 25.6
Adjusted EBITDA |  | $ | 192.4 |  | $ | 123.0 |  | $ | 136.3 |  | $ | (87.6) |  | $ | 364.1
Adjusted EBITDA margin % |  | 9.2 | % |  | 8.6 | % |  | 9.7 | % |  |  |  |
(1) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended March 31, 2022 excludes $1.4 million that is included in merger-related and integration costs.
Reconciliation of Assets from Segment to Consolidated | The following table sets forth total assets by reportable segment for the periods presented:
| As of
| March 31, 2023
(In millions) | EES |  | CSS |  | UBS |  | Corporate(1) |  | Total
Total assets | $ | 4,490.9 |  |  | $ | 5,586.0 |  |  | $ | 4,038.1 |  |  | $ | 856.2 |  |  | $ | 14,971.2 |
| As of
| December 31, 2022
(In millions) | EES |  | CSS |  | UBS |  | Corporate(1) |  | Total
Total assets | $ | 4,480.4 |  |  | $ | 5,504.0 |  |  | $ | 3,827.4 |  |  | $ | 999.9 |  |  | $ | 14,811.7 |
(1) Total assets for Corporate primarily consist of cash and cash equivalents, deferred income taxes, property, buildings and equipment, capitalized cloud computing arrangement costs, operating lease assets, and pension assets.

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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