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Segment Reporting | 9 Months Ended
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Sep. 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 September 30 |  | Nine Months Ended September 30
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
EES | $ | 2,151.2 |  |  | $ | 2,190.7 |  |  | $ | 6,423.1 |  |  | $ | 6,526.1 |
CSS | 1,955.1 |  |  | 1,778.0 |  |  | 5,491.1 |  |  | 5,360.9 |
UBS | 1,383.1 |  |  | 1,675.7 |  |  | 4,404.9 |  |  | 5,024.8 |
Total | $ | 5,489.4 |  |  | $ | 5,644.4 |  |  | $ | 16,319.1 |  |  | $ | 16,911.8 |
The following table sets forth adjusted EBITDA and adjusted EBITDA margin % by reportable segment for the periods presented:
| Three Months Ended September 30 |  | Nine Months Ended September 30
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
EES | $ | 186.3 |  | $ | 191.5 |  | $ | 547.0 |  | $ | 563.5
Adjusted EBITDA Margin | 8.7 | % |  | 8.7 | % |  | 8.5 | % |  | 8.6 | %
CSS | $ | 175.2 |  | $ | 175.5 |  | $ | 453.2 |  | $ | 510.5
Adjusted EBITDA Margin | 9.0 | % |  | 9.9 | % |  | 8.3 | % |  | 9.5 | %
UBS | $ | 156.5 |  | $ | 196.4 |  | $ | 499.4 |  | $ | 572.7
Adjusted EBITDA Margin | 11.3 | % |  | 11.7 | % |  | 11.3 | % |  | 11.4 | %
The following table sets forth depreciation and amortization by reportable segment for the periods presented:
| Three Months Ended September 30 |  | Nine Months Ended September 30
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
EES | $ | 12.2 |  | $ | 10.9 |  | $ | 34.8 |  | $ | 32.3
CSS | 17.6 |  | 18.0 |  | 53.9 |  | 53.9
UBS | 6.9 |  | 6.3 |  | 21.3 |  | 18.7
Corporate | 9.3 |  | 9.9 |  | 27.6 |  | 31.5
Total | $ | 46.0 |  | $ | 45.1 |  | $ | 137.6 |  | $ | 136.4
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 and the gain on the divestiture of the WIS business:
| Three Months Ended September 30 |  | Nine Months Ended September 30
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
EES | $ | 5.6 |  | $ | 1.7 |  | $ | 14.3 |  | $ | 12.0
CSS | 4.7 |  | 9.7 |  | 39.4 |  | 38.2
UBS | (19.7) |  | 0.6 |  | (122.1) |  | (0.5)
Corporate | (15.5) |  | (8.3) |  | (30.9) |  | (35.1)
Total | $ | (24.9) |  | $ | 3.7 |  | $ | (99.3) |  | $ | 14.6
The following table sets forth total assets by reportable segment for the periods presented:
| As of
(In millions) | September 30, 2024 |  | December 31, 2023
EES | $ | 4,648.2 |  |  | $ | 4,553.6 |
CSS | 5,830.7 |  |  | 5,626.6 |
UBS | 3,671.1 |  |  | 3,908.5 |
Corporate(1) | 1,125.0 |  |  | 972.2 |
Total | $ | 15,275.0 |  |  | $ | 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 table reconciles adjusted EBITDA by segment to income before income taxes, for the periods presented:
| Three Months Ended September 30 |  | Nine Months Ended September 30
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Adjusted EBITDA by segment |  |  |  |  |  |  |
EES | $ | 186.3 |  |  | $ | 191.5 |  |  | $ | 547.0 |  |  | $ | 563.5 |
CSS | 175.2 |  |  | 175.5 |  |  | 453.2 |  |  | 510.5 |
UBS | 156.5 |  |  | 196.4 |  |  | 499.4 |  |  | 572.7 |
Total segment adjusted EBITDA | 518.0 |  |  | 563.4 |  |  | 1,499.6 |  |  | 1,646.7 |
Less: |  |  |  |  |  |  |
Corporate expenses not allocated to segments | 132.9 |  |  | 134.9 |  |  | 429.3 |  |  | 409.6 |
Interest expense, net | 86.5 |  |  | 98.5 |  |  | 279.8 |  |  | 292.3 |
Depreciation and amortization | 46.0 |  |  | 45.1 |  |  | 137.6 |  |  | 136.4 |
Other (income) expense, net | (24.9) |  |  | 3.7 |  |  | (99.3) |  |  | 14.6 |
Stock-based compensation expense allocated to segments | 3.5 |  |  | 2.9 |  |  | 10.6 |  |  | 10.0 |
Income before income taxes | $ | 274.0 |  |  | $ | 278.3 |  |  | $ | 741.6 |  |  | $ | 783.8 |
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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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