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v3.23.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables set forth financial information by reportable segment for the periods presented:
(In millions) | Three Months Ended June 30, 2023
EES |  | CSS |  | UBS |  | Total
Net sales | $ | 2,200.3 |  |  | $ | 1,850.9 |  |  | $ | 1,694.3 |  |  | $ | 5,745.5 |
| Three Months Ended June 30, 2022
(In millions) | EES |  | CSS |  | UBS |  | Total
Net sales | $ | 2,330.1 |  |  | $ | 1,602.0 |  |  | $ | 1,551.4 |  |  | $ | 5,483.5 |
(In millions) | Six Months Ended June 30, 2023
EES |  | CSS |  | UBS |  | Total
Net sales | $ | 4,335.4 |  |  | $ | 3,582.9 |  |  | $ | 3,349.1 |  |  | $ | 11,267.4 |
| Six Months Ended June 30, 2022
(In millions) | EES |  | CSS |  | UBS |  | Total
Net sales | $ | 4,420.1 |  |  | $ | 3,036.2 |  |  | $ | 2,959.4 |  |  | $ | 10,415.7 |
(In millions) | Three Months Ended June 30, 2023
EES |  | CSS |  | UBS
Adjusted EBITDA | $ | 189.0 |  | $ | 179.5 |  | $ | 188.6
Adjusted EBITDA Margin % | 8.6 | % |  | 9.7 | % |  | 11.1 | %
| Three Months Ended June 30, 2022
(In millions) | EES |  | CSS |  | UBS
Adjusted EBITDA | $ | 235.4 |  | $ | 150.0 |  | $ | 169.0
Adjusted EBITDA Margin % | 10.1 | % |  | 9.4 | % |  | 10.9 | %
(In millions) | Six Months Ended June 30, 2023
EES |  | CSS |  | UBS
Adjusted EBITDA | $ | 372.0 |  | $ | 335.0 |  | $ | 376.3
Adjusted EBITDA Margin % | 8.6 | % |  | 9.3 | % |  | 11.2 | %
| Six Months Ended June 30, 2022
(In millions) | EES |  | CSS |  | UBS
Adjusted EBITDA | $ | 427.9 |  | $ | 273.1 |  | $ | 305.4
Adjusted EBITDA Margin % | 9.7 | % |  | 9.0 | % |  | 10.3 | %
The following table sets forth total assets by reportable segment for the periods presented:
| As of
| June 30, 2023
(In millions) | EES |  | CSS |  | UBS |  | Corporate(1) |  | Total
Total assets | $ | 4,555.9 |  |  | $ | 5,680.6 |  |  | $ | 3,942.1 |  |  | $ | 984.1 |  |  | $ | 15,162.7 |
| 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. 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 June 30, 2023
(In millions) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 167.0 |  | $ | 132.2 |  | $ | 183.1 |  | $ | (303.6) |  | $ | 178.7
Net (loss) income attributable to noncontrolling interests |  | (0.7) |  | 0.1 |  | — |  | (0.1) |  | (0.7)
Preferred stock dividends |  | — |  | — |  | — |  | 14.4 |  | 14.4
Provision for income taxes(1) |  | — |  | — |  | — |  | 71.8 |  | 71.8
Interest expense, net(1) |  | — |  | — |  | — |  | 98.8 |  | 98.8
Depreciation and amortization |  | 11.5 |  | 17.9 |  | 6.4 |  | 11.1 |  | 46.9
Other expense (income), net |  | 9.8 |  | 27.7 |  | (1.7) |  | (35.0) |  | 0.8
Stock-based compensation expense(2) |  | 1.4 |  | 1.6 |  | 0.8 |  | 7.1 |  | 10.9
Merger-related and integration costs(3) |  | — |  | — |  | — |  | 10.9 |  | 10.9
Restructuring costs(4) |  | — |  | — |  | — |  | 9.8 |  | 9.8
Adjusted EBITDA |  | $ | 189.0 |  | $ | 179.5 |  | $ | 188.6 |  | $ | (114.8) |  | $ | 442.3
Adjusted EBITDA margin % |  | 8.6 | % |  | 9.7 | % |  | 11.1 | % |  |  |  |
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended June 30, 2023 excludes $1.3 million that is included in merger-related and integration costs.
(3) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, including digital transformation costs, as well as advisory, legal, and separation costs associated with the merger between the two companies.
(4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
|  | Three Months Ended June 30, 2022
(In millions) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 222.8 |  | $ | 130.6 |  | $ | 161.8 |  | $ | (308.9) |  | $ | 206.3
Net income attributable to noncontrolling interests |  | 0.1 |  | — |  | — |  | 0.3 |  | 0.4
Preferred stock dividends |  | — |  | — |  | — |  | 14.4 |  | 14.4
Provision for income taxes(1) |  | — |  | — |  | — |  | 79.9 |  | 79.9
Interest expense, net(1) |  | — |  | — |  | — |  | 68.5 |  | 68.5
Depreciation and amortization |  | 11.2 |  | 17.9 |  | 5.7 |  | 11.0 |  | 45.8
Other (income) expense, net |  | (1.4) |  | 0.1 |  | 0.6 |  | 1.9 |  | 1.2
Stock-based compensation expense(2) |  | 2.7 |  | 1.4 |  | 0.9 |  | 9.5 |  | 14.5
Merger-related and integration costs(3) |  | — |  | — |  | — |  | 13.4 |  | 13.4
Adjusted EBITDA |  | $ | 235.4 |  | $ | 150.0 |  | $ | 169.0 |  | $ | (110.0) |  | $ | 444.4
Adjusted EBITDA margin % |  | 10.1 | % |  | 9.4 | % |  | 10.9 | % |  |  |  |
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Stock-based compensation expense in the calculation of adjusted EBITDA for the three months ended June 30, 2022 excludes $1.4 million that is included in merger-related and integration costs.
(3) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, including digital transformation costs, as well as advisory, legal, and separation costs associated with the merger between the two companies.
|  | Six Months Ended June 30, 2023
(In millions) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 338.3 |  | $ | 267.6 |  | $ | 363.4 |  | $ | (607.8) |  | $ | 361.5
Net (loss) income attributable to noncontrolling interests |  | (0.8) |  | 0.3 |  | — |  | (0.1) |  | (0.6)
Preferred stock dividends |  | — |  | — |  | — |  | 28.7 |  | 28.7
Provision for income taxes(1) |  | — |  | — |  | — |  | 115.9 |  | 115.9
Interest expense, net(1) |  | — |  | — |  | — |  | 193.8 |  | 193.8
Depreciation and amortization |  | 21.4 |  | 35.9 |  | 12.4 |  | 21.6 |  | 91.3
Other expense (income), net |  | 10.3 |  | 28.5 |  | (1.1) |  | (26.8) |  | 10.9
Stock-based compensation expense(2) |  | 2.8 |  | 2.7 |  | 1.6 |  | 14.2 |  | 21.3
Merger-related and integration costs(3) |  | — |  | — |  | — |  | 30.4 |  | 30.4
Restructuring costs(4) |  | — |  | — |  | — |  | 9.8 |  | 9.8
Adjusted EBITDA |  | $ | 372.0 |  | $ | 335.0 |  | $ | 376.3 |  | $ | (220.3) |  | $ | 863.0
Adjusted EBITDA margin % |  | 8.6 | % |  | 9.3 | % |  | 11.2 | % |  |  |  |
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Stock-based compensation expense in the calculation of adjusted EBITDA for the six months ended June 30, 2023 excludes $2.6 million that is included in merger-related and integration costs.
(3) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, including digital transformation costs, as well as advisory, legal, and separation costs associated with the merger between the two companies.
(4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
|  | Six Months Ended June 30, 2022
(In millions) |  | EES |  | CSS |  | UBS |  | Corporate |  | Total
Net income attributable to common stockholders |  | $ | 401.5 |  | $ | 234.3 |  | $ | 291.8 |  | $ | (554.4) |  | $ | 373.2
Net income attributable to noncontrolling interests |  | 0.4 |  | — |  | — |  | 0.4 |  | 0.8
Preferred stock dividends |  | — |  | — |  | — |  | 28.7 |  | 28.7
Provision for income taxes(1) |  | — |  | — |  | — |  | 117.6 |  | 117.6
Interest expense, net(1) |  | — |  | — |  | — |  | 132.1 |  | 132.1
Depreciation and amortization |  | 23.2 |  | 36.0 |  | 11.5 |  | 22.1 |  | 92.8
Other (income) expense, net |  | (1.6) |  | 0.5 |  | 0.6 |  | 2.8 |  | 2.3
Stock-based compensation expense(2) |  | 4.4 |  | 2.3 |  | 1.5 |  | 13.8 |  | 22.0
Merger-related and integration costs(3) |  | — |  | — |  | — |  | 39.0 |  | 39.0
Adjusted EBITDA |  | $ | 427.9 |  | $ | 273.1 |  | $ | 305.4 |  | $ | (197.9) |  | $ | 808.5
Adjusted EBITDA margin % |  | 9.7 | % |  | 9.0 | % |  | 10.3 | % |  |  |  |
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Stock-based compensation expense in the calculation of adjusted EBITDA for the six months ended June 30, 2022 excludes $2.7 million that is included in merger-related and integration costs.
(3) Merger-related and integration costs include integration and professional fees associated with the integration of Wesco and Anixter, including digital transformation costs, as well as advisory, legal, and separation costs associated with the merger between the two companies.

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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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