BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment

The following tables present information about the Company’s reportable segments and reconcile adjusted EBITDA by segment, which is the Company’s measure of segment profit or loss, to income before income taxes on a consolidated basis for the periods presented:


	Year Ended December 31, 2024
(In millions)	EES			CSS			UBS			Reportable Segments Total
Net sales	$	8,546.8		$	7,537.0		$	5,735.0		$	21,818.8
Less:
Cost of goods sold (excluding depreciation and amortization)	6,517.8			5,918.4			4,670.0			17,106.2
Selling, general and administrative payroll expenses(1)(3)	854.6			614.1			244.9			1,713.6
Other segment items(2)	456.9			383.4			176.7			1,017.0
Adjusted EBITDA	$	717.5		$	621.1		$	643.4		$	1,982.0
Adjusted EBITDA margin %	8.4		%	8.2		%	11.2		%

Reconciliation of adjusted EBITDA
Depreciation and amortization										146.8
Other income, net										(50.9)
Stock-based compensation expense(3)										14.1
Unallocated amounts (Corporate):
Depreciation and amortization										36.4
Selling, general and administrative expenses										561.5
Interest expense, net(4)										364.9
Other income, net										(41.8)
Income before income taxes										$	951.0
(1) Selling, general and administrative payroll expenses includes salaries, benefits, commissions, incentives, temporary labor, and other payroll expenses.
(2) Other segment items primarily includes allocated expenses (which includes employee-related allocations), transportation costs, facility costs (including rent and utilities), employee expenses (including travel and entertainment), credit losses, professional and consulting fees, supplies, real estate and personal property taxes, sales promotion expenses, and gains (losses) on the sale, disposal, or abandonment of property and equipment.
(3) Stock-based compensation expense is excluded from selling, general and administrative payroll expenses, as this is an adjustment to calculate adjusted EBITDA.
(4) The reportable segments do not incur interest expense as these costs are centrally controlled through the Corporate treasury function.


	Year Ended December 31, 2023
(In millions)	EES			CSS			UBS			Reportable Segments Total
Net sales	$	8,610.3		$	7,152.2		$	6,622.7		$	22,385.2
Less:
Cost of goods sold (excluding depreciation and amortization)	6,576.2			5,524.6			5,440.7			17,541.5
Selling, general and administrative payroll expenses(1)(3)	872.2			594.0			275.5			1,741.7
Other segment items(2)	434.5			349.8			167.2			951.5
Adjusted EBITDA	$	727.4		$	683.8		$	739.3		$	2,150.5
Adjusted EBITDA margin %	8.4		%	9.6		%	11.2		%

Reconciliation of adjusted EBITDA
Depreciation and amortization										140.0
Other expense, net										82.9
Stock-based compensation expense(3)										14.2
Unallocated amounts (Corporate):
Depreciation and amortization										41.3
Selling, general and administrative expenses										548.6
Interest expense, net(4)										389.3
Other income, net										(57.8)
Income before income taxes										$	992.0
(1) Selling, general and administrative payroll expenses includes salaries, benefits, commissions, incentives, temporary labor, and other payroll expenses.
(2) Other segment items primarily includes allocated expenses (which includes employee-related allocations), transportation costs, facility costs (including rent and utilities), employee expenses (including travel and entertainment), credit losses, professional and consulting fees, supplies, real estate and personal property taxes, sales promotion expenses, and gains (losses) on the sale, disposal, or abandonment of property and equipment.
(3) Stock-based compensation expense is excluded from selling, general and administrative payroll expenses, as this is an adjustment to calculate adjusted EBITDA.
(4) The reportable segments do not incur interest expense as these costs are centrally controlled through the Corporate treasury function.


	Year Ended December 31, 2022
(In millions)	EES			CSS			UBS			Reportable Segments Total
Net sales	$	8,823.3		$	6,401.5		$	6,195.3		$	21,420.1
Less:
Cost of goods sold (excluding depreciation and amortization)	6,708.0			4,944.5			5,106.3			16,758.8
Selling, general and administrative payroll expenses(1)(3)	822.1			516.7			264.0			1,602.8
Other segment items(2)	441.9			341.3			147.7			930.9
Adjusted EBITDA	$	851.3		$	599.0		$	677.3		$	2,127.6
Adjusted EBITDA margin %	9.6		%	9.4		%	10.9		%

Reconciliation of adjusted EBITDA
Depreciation and amortization										134.3
Other income, net										(1.3)
Stock-based compensation expense(3)										17.6
Unallocated amounts (Corporate):
Depreciation and amortization										44.7
Selling, general and administrative expenses										492.9
Interest expense, net(4)										294.4
Other expense, net										8.3
Income before income taxes										$	1,136.7
(1) Selling, general and administrative payroll expenses includes salaries, benefits, commissions, incentives, temporary labor, and other payroll expenses.
(2) Other segment items primarily includes allocated expenses (which includes employee-related allocations), transportation costs, facility costs (including rent and utilities), employee expenses (including travel and entertainment), credit losses, professional and consulting fees, supplies, real estate and personal property taxes, sales promotion expenses, and gains (losses) on the sale, disposal, or abandonment of property and equipment.
(3) Stock-based compensation expense is excluded from selling, general and administrative payroll expenses, as this is an adjustment to calculate adjusted EBITDA.
(4) The reportable segments do not incur interest expense as these costs are centrally controlled through the Corporate treasury function.