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Segment Reporting
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Disclosure
13. BUSINESS SEGMENTS
The Company has operating segments comprising 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.
The Company incurs corporate costs primarily related to treasury, tax, information technology, legal and other centralized functions. The Company also has various corporate assets. 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 millions)Three Months Ended March 31, 2023
EESCSSUBSTotal
Net sales$2,135.1 $1,732.0 $1,654.8 $5,521.9 
Three Months Ended March 31, 2022
(In millions)EESCSSUBSTotal
Net sales$2,090.0 $1,434.2 $1,408.0 $4,932.2 
(In millions)Three Months Ended March 31, 2023
EESCSSUBS
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)EESCSSUBS
Adjusted EBITDA$192.4 $123.0 $136.3 
Adjusted EBITDA Margin %9.2 %8.6 %9.7 %
The following table sets forth total assets by reportable segment for the periods presented:
As of
March 31, 2023
(In millions)EESCSSUBS
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)EESCSSUBS
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.
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)EESCSSUBSCorporateTotal
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———14.414.4
Provision for income taxes———44.144.1
Interest expense, net———95.095.0
Depreciation and amortization9.918.06.010.544.4
Other expense, net0.50.80.68.210.1
Stock-based compensation expense(1)
1.41.10.87.110.4
Merger-related and integration costs———19.519.5
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)EESCSSUBSCorporateTotal
Net income attributable to common stockholders$178.7$103.7$129.9$(245.5)$166.8
Net income attributable to noncontrolling interests0.2——0.20.4
Preferred stock dividends———14.414.4
Provision for income taxes———37.737.7
Interest expense, net———63.663.6
Depreciation and amortization12.018.15.811.147.0
Other (income) expense, net(0.1)0.3—0.91.1
Stock-based compensation expense(1)
1.60.90.64.47.5
Merger-related and integration costs———25.625.6
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.
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 earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, and merger-related and integration costs. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.