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Segment financial information (Tables)

3 Months Ended

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 expenses1			8.7						3.9
Purchase accounting adjustments2			—						(4.4)
Restructuring and severance charges3			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

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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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.

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