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Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Disclosure
14. 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 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 certain 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 table sets forth net sales by reportable segment for the periods presented:
Three Months Ended June 30Six Months Ended June 30
(In millions)2024202320242023
EES$2,172.9 $2,200.3 $4,271.9 $4,335.4 
CSS1,865.9 1,850.9 3,536.0 3,582.9 
UBS1,440.9 1,694.3 3,021.8 3,349.1 
Total$5,479.7 $5,745.5 $10,829.7 $11,267.4 
The following table sets forth adjusted EBITDA and adjusted EBITDA margin % by reportable segment for the periods presented:
Three Months Ended June 30Six Months Ended June 30
(In millions)2024202320242023
EES$194.9$189.0$360.7$372.0
Adjusted EBITDA Margin
9.0 %8.6 %8.4 %8.6 %
CSS$150.8$179.5$278.0$335.0
Adjusted EBITDA Margin
8.1 %9.7 %7.9 %9.3 %
UBS$173.5$188.6$342.9$376.3
Adjusted EBITDA Margin12.0 %11.1 %11.3 %11.2 %
The following table sets forth depreciation and amortization by reportable segment for the periods presented:
Three Months Ended June 30Six Months Ended June 30
(In millions)2024202320242023
EES$11.4$11.5$22.7$21.4
CSS18.217.936.235.9
UBS7.46.414.412.4
Corporate
9.111.118.321.6
Total$46.1$46.9$91.6$91.3
The following table sets forth other (income) expense, net by reportable segment for the periods presented, which primarily consists of net foreign currency exchange (gains) losses:
Three Months Ended June 30Six Months Ended June 30
(In millions)2024202320242023
EES$3.0$9.8$8.7$10.3
CSS16.027.734.828.5
UBS(1)
(103.2)(1.7)(102.4)(1.1)
Corporate
(11.7)(35.0)(15.4)(26.8)
Total$(95.9)$0.8$(74.3)$10.9
(1)    Other income for the three and six months ended June 30, 2024 also includes the gain on the divestiture of the WIS business as disclosed in Note 4, “Acquisitions and Divestitures”.
The following table sets forth total assets by reportable segment for the periods presented:
As of
(In millions)June 30,
2024		December 31,
2023
EES$4,629.2 $4,553.6 
CSS5,659.8 5,626.6 
UBS3,684.9 3,908.5 
Corporate(1)
1,134.6 972.2 
Total$15,108.5 $15,060.9 
(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 adjusted EBITDA by segment to income before income taxes, for the periods presented:
Three Months Ended June 30,
(In millions)20242023
Adjusted EBITDA by segment
EES$194.9 $189.0 
CSS150.8 179.5 
UBS173.5 188.6 
Total segment adjusted EBITDA519.2 557.1 
Less:
Corporate expenses not allocated to segments146.1 142.6 
Interest expense, net98.8 98.8 
Depreciation and amortization46.1 46.9 
Other (income) expense, net
(95.9)0.8 
Stock-based compensation expense allocated to segments3.5 3.8 
Income before income taxes$320.6 $264.2 
Note: Adjusted EBITDA and Adjusted EBITDA margin % 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) and non-cash stock-based compensation expense. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.
Six Months Ended June 30,
(In millions)20242023
Adjusted EBITDA by segment
EES$360.7 $372.0 
CSS278.0 335.0 
UBS342.9 376.3 
Total segment adjusted EBITDA981.6 1,083.3 
Less:
Corporate expenses not allocated to segments296.5 274.7 
Interest expense, net193.2 193.8 
Depreciation and amortization91.6 91.3 
Other (income) expense, net
(74.3)10.9 
Stock-based compensation expense allocated to segments7.0 7.1 
Income before income taxes$467.6 $505.5 

Note: Adjusted EBITDA and Adjusted EBITDA margin % 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) and non-cash stock-based compensation expense. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.