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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | 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 |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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