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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Results by Reportable Segments

Segment results for the years ended December 31, 2023, 2022 and 2021 based on the Company’s reportable segments are as follows (in millions):

Years Ended December 31,						North America						South America						Europe/Middle East						Asia/Pacific/Africa						Total Segments
2023
Net sales						$	3,752.7					$	2,234.2					$	7,540.5					$	885.0					$	14,412.4
Income from operations						459.3						386.4						1,100.6						77.3						2,023.6
Depreciation						62.3						35.5						115.6						17.0						230.4
Assets						1,883.2						1,394.9						3,017.4						875.2						7,170.7
Capital expenditures						122.6						75.8						315.4						4.3						518.1
2022
Net sales						$	3,175.1					$	2,121.6					$	6,447.3					$	907.4					$	12,651.4
Income from operations						278.8						373.9						784.1						116.9						1,553.7
Depreciation						60.5						29.4						104.7						14.9						209.5
Assets						1,790.3						1,259.8						2,475.6						650.5						6,176.2
Capital expenditures						119.6						54.4						207.4						6.9						388.3
2021
Net sales						$	2,659.2					$	1,307.7					$	6,221.7					$	949.7					$	11,138.3
Income from operations						238.1						132.2						755.4						113.9						1,239.6
Depreciation						60.8						26.5						116.5						16.9						220.7
Assets						1,328.1						922.7						2,348.7						610.6						5,210.1
Capital expenditures						41.2						32.5						184.6						11.5						269.8

Reconciliation of Income From Operations from Segment to Consolidated

A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):

			2023						2022						2021
Segment income from operations			$	2,023.6					$	1,553.7					$	1,239.6
Corporate expenses			(204.9)						(153.4)						(135.2)
Amortization of intangibles			(57.7)						(60.1)						(61.1)
Stock compensation expense			(44.6)						(32.7)						(26.6)
Impairment charges			(4.1)						(36.0)						—
Restructuring expenses			(11.9)						(6.1)						(15.3)
Consolidated income from operations			$	1,700.4					$	1,265.4					$	1,001.4
Segment assets			$	7,170.7					$	6,176.2					$	5,210.1
Cash and cash equivalents			595.5						789.5						889.1
Investments in affiliates			512.7						436.9						413.5
Deferred tax assets, other current and noncurrent assets			1,500.1						1,025.9						996.4
Intangible assets, net			308.8						364.4						392.2
Goodwill			1,333.4						1,310.8						1,280.8
Consolidated total assets			$	11,421.2					$	10,103.7					$	9,182.1

Reconciliation of Assets from Segment to Consolidated

A reconciliation from the segment information to the consolidated balances for income from operations and total assets is set forth below (in millions):

			2023						2022						2021
Segment income from operations			$	2,023.6					$	1,553.7					$	1,239.6
Corporate expenses			(204.9)						(153.4)						(135.2)
Amortization of intangibles			(57.7)						(60.1)						(61.1)
Stock compensation expense			(44.6)						(32.7)						(26.6)
Impairment charges			(4.1)						(36.0)						—
Restructuring expenses			(11.9)						(6.1)						(15.3)
Consolidated income from operations			$	1,700.4					$	1,265.4					$	1,001.4
Segment assets			$	7,170.7					$	6,176.2					$	5,210.1
Cash and cash equivalents			595.5						789.5						889.1
Investments in affiliates			512.7						436.9						413.5
Deferred tax assets, other current and noncurrent assets			1,500.1						1,025.9						996.4
Intangible assets, net			308.8						364.4						392.2
Goodwill			1,333.4						1,310.8						1,280.8
Consolidated total assets			$	11,421.2					$	10,103.7					$	9,182.1

Schedule of Property, Plant and Equipment, Right-of-use Lease Assets and Amortizable Intangible Assets by Country

Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2023 and 2022 was as follows (in millions):

			2023						2022
United States			$	587.3					$	571.0
Germany			587.7						475.8
Brazil			271.2						206.0
Finland			232.3						192.6
France			143.2						125.8
Italy			109.4						102.7
China			68.8						77.5
Denmark			66.2						71.4
Other			253.9						211.9
			$	2,320.0					$	2,034.7

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- Definition

Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.

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