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Segment financial information | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Segment financial information | 3. Segment financial information We report three geographic segments based on customer location: Americas, Europe and AMEA. Each segment manufactures and distributes solutions for the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Corporate costs are managed on a standalone basis and not allocated to segments. 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. 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. 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 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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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