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Segment financial information (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of segment financial information | The following table presents information by reportable segment:
(in millions) | Three months ended March 31, |  |
2023 |  | 2022 |  |  |  |
Net sales: |  |  |  |  |  |  |
Americas | $ | 1,032.0 |  |  | $ | 1,143.4 |  |  |  |  |
Europe | 630.2 |  |  | 680.4 |  |  |  |  |
AMEA | 118.1 |  |  | 126.6 |  |  |  |  |
Total | $ | 1,780.3 |  |  | $ | 1,950.4 |  |  |  |  |
Adjusted EBITDA: |  |  |  |  |  |  |
Americas | $ | 240.4 |  |  | $ | 294.2 |  |  |  |  |
Europe | 121.7 |  |  | 143.4 |  |  |  |  |
AMEA | 33.5 |  |  | 29.3 |  |  |  |  |
Corporate | (49.4) |  |  | (43.8) |  |  |  |  |
Total | $ | 346.2 |  |  | $ | 423.1 |  |  |  |  |
The amounts above exclude inter-segment activity because it is not material. All of the net sales for each segment are from external customers.
Reconciliation of segment profitability to consolidated earnings | The following table presents the reconciliation of Adjusted EBITDA from net income, the nearest measurement under GAAP:
(in millions) | Three months ended March 31, |  |
2023 |  | 2022 |  |  |  |
Net income | $ | 121.5 |  |  | $ | 190.4 |  |  |  |  |
Interest expense | 73.7 |  |  | 64.8 |  |  |  |  |
Income tax expense | 34.3 |  |  | 51.4 |  |  |  |  |
Depreciation and amortization | 101.1 |  |  | 114.5 |  |  |  |  |
Loss on extinguishment of debt | 2.3 |  |  | 1.8 |  |  |  |  |
Net foreign currency (gain) loss from financing activities | (0.2) |  |  | 0.1 |  |  |  |  |
Other stock-based compensation expense (benefit) | 0.1 |  |  | (1.3) |  |  |  |  |
Integration-related expenses 1 | 8.7 |  |  | 3.9 |  |  |  |  |
Purchase accounting adjustments 2 | — |  |  | (4.4) |  |  |  |  |
Restructuring and severance charges 3 | 4.7 |  |  | 1.9 |  |  |  |  |
Adjusted EBITDA | $ | 346.2 |  |  | $ | 423.1 |  |  |  |  |
━━━━━━━━━ 1. Represents non-recurring direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition. 2. Represents the non-cash reduction of contingent consideration related to the Ritter acquisition. 3. Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs.
Schedule of net sales by product line | The following table presents net sales by product line:
(in millions) | Three months ended March 31, |  |
2023 |  | 2022 |  |  |  |
Proprietary materials & consumables | $ | 669.1 |  |  | $ | 748.0 |  |  |  |  |
Third party materials & consumables | 648.0 |  |  | 724.7 |  |  |  |  |
Services & specialty procurement | 231.8 |  |  | 235.0 |  |  |  |  |
Equipment & instrumentation | 231.4 |  |  | 242.7 |  |  |  |  |
Total | $ | 1,780.3 |  |  | $ | 1,950.4 |  |  |  |  |

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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 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: 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 3: 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 4: 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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