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Segment Reporting
 9 Months Ended
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 30Nine Months Ended September 30
(In millions)2024202320242023
EES$2,151.2 $2,190.7 $6,423.1 $6,526.1 
CSS1,955.1 1,778.0 5,491.1 5,360.9 
UBS1,383.1 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 30Nine Months Ended September 30
(In millions)2024202320242023
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 30Nine Months Ended September 30
(In millions)2024202320242023
EES$12.2$10.9$34.8$32.3
CSS17.618.053.953.9
UBS6.96.321.318.7
Corporate9.39.927.631.5
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 30Nine Months Ended September 30
(In millions)2024202320242023
EES$5.6$1.7$14.3$12.0
CSS4.79.739.438.2
UBS
(19.7)0.6(122.1)(0.5)
Corporate(15.5)(8.3)(30.9)(35.1)
Total$(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 
CSS5,830.7 5,626.6 
UBS3,671.1 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)2024202320242023
Adjusted EBITDA by segment
EES$186.3 $191.5 $547.0 $563.5 
CSS175.2 175.5 453.2 510.5 
UBS156.5 196.4 499.4 572.7 
Total segment adjusted EBITDA518.0 563.4 1,499.6 1,646.7 
Less:
Corporate expenses not allocated to segments132.9 134.9 429.3 409.6 
Interest expense, net86.5 98.5 279.8 292.3 
Depreciation and amortization46.0 45.1 137.6 136.4 
Other (income) expense, net
(24.9)3.7 (99.3)14.6 
Stock-based compensation expense allocated to segments3.5 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.