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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Sales Information By Reportable Segments | Segment results for the three and six months ended June 30, 2024 and 2023 and assets as of June 30, 2024 and December 31, 2023 based on the Company’s reportable segments are as follows (in millions):
Three Months Ended June 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments
2024 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 837.8 |  |  | $ | 348.9 |  |  | $ | 1,902.9 |  |  | $ | 157.0 |  |  | $ | 3,246.6 |
Income from operations |  | 76.7 |  |  | 12.6 |  |  | 288.5 |  |  | 12.4 |  |  | 390.2 |
Depreciation |  | 17.4 |  |  | 9.6 |  |  | 33.5 |  |  | 4.7 |  |  | 65.2 |
Capital expenditures |  | 18.3 |  |  | 8.2 |  |  | 70.2 |  |  | 1.3 |  |  | 98.0 |
2023 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 996.8 |  |  | $ | 598.6 |  |  | $ | 1,990.8 |  |  | $ | 236.5 |  |  | $ | 3,822.7 |
Income from operations |  | 136.9 |  |  | 121.4 |  |  | 295.2 |  |  | 20.9 |  |  | 574.4 |
Depreciation |  | 15.2 |  |  | 8.9 |  |  | 27.7 |  |  | 4.7 |  |  | 56.5 |
Capital expenditures |  | 34.4 |  |  | 13.5 |  |  | 62.8 |  |  | 1.0 |  |  | 111.7 |
Six Months Ended June 30, |  | North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Total Segments
2024 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,567.4 |  |  | $ | 652.3 |  |  | $ | 3,631.9 |  |  | $ | 323.7 |  |  | $ | 6,175.3 |
Income from operations |  | 119.1 |  |  | 28.8 |  |  | 571.4 |  |  | 20.4 |  |  | 739.7 |
Depreciation |  | 34.6 |  |  | 19.0 |  |  | 66.1 |  |  | 8.8 |  |  | 128.5 |
Capital expenditures |  | 35.9 |  |  | 23.5 |  |  | 131.6 |  |  | 2.0 |  |  | 193.0 |
2023 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,919.9 |  |  | $ | 1,102.4 |  |  | $ | 3,694.6 |  |  | $ | 439.3 |  |  | $ | 7,156.2 |
Income from operations |  | 239.0 |  |  | 220.9 |  |  | 534.6 |  |  | 39.0 |  |  | 1,033.5 |
Depreciation |  | 30.1 |  |  | 16.7 |  |  | 54.5 |  |  | 8.8 |  |  | 110.1 |
Capital expenditures |  | 71.7 |  |  | 33.8 |  |  | 129.8 |  |  | 1.7 |  |  | 237.0 |
Assets |  |  |  |  |  |  |  |  |  |
As of June 30, 2024 |  | $ | 1,973.2 |  |  | $ | 1,266.9 |  |  | $ | 3,314.5 |  |  | $ | 903.5 |  |  | $ | 7,458.1 |
As of December 31, 2023 |  | 1,883.2 |  |  | 1,394.9 |  |  | 3,017.4 |  |  | 875.2 |  |  | 7,170.7 |
Reconciliation of Income from Operations from Segment to Consolidated | A reconciliation from the segment information to the consolidated balances for income (loss) from operations and total assets is set forth below (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Segment income from operations | $ | 390.2 |  |  | $ | 574.4 |  |  | $ | 739.7 |  |  | $ | 1,033.5 |
Impairment charges | (5.1) |  |  | — |  |  | (5.1) |  |  | — |
Loss on business held for sale | (494.6) |  |  | — |  |  | (494.6) |  |  | — |
Corporate expenses | (62.9) |  |  | (45.0) |  |  | (115.9) |  |  | (87.1) |
Amortization of intangibles | (31.7) |  |  | (14.1) |  |  | (45.6) |  |  | (28.9) |
Stock compensation expense | (7.4) |  |  | (12.8) |  |  | (15.4) |  |  | (26.3) |
Restructuring expenses | (30.2) |  |  | (6.1) |  |  | (31.2) |  |  | (7.5) |
Consolidated income (loss) from operations | $ | (241.7) |  |  | $ | 496.4 |  |  | $ | 31.9 |  |  | $ | 883.7 |
Reconciliation of Assets from Segment to Consolidated |
| June 30, 2024 |  | December 31, 2023
Segment assets | $ | 7,458.1 |  |  | $ | 7,170.7 |
Cash and cash equivalents | 657.3 |  |  | 595.5 |
Investments in affiliates | 518.3 |  |  | 512.7 |
Deferred tax assets, other current and noncurrent assets | 1,506.9 |  |  | 1,500.1 |
Assets held for sale(1) | 376.5 |  |  | — |
Intangible assets, net | 689.9 |  |  | 308.8 |
Goodwill | 2,407.8 |  |  | 1,333.4 |
Consolidated total assets | $ | 13,614.8 |  |  | $ | 11,421.2 |
____________________________________ (1) Represents non-segment assets related to the Company's G&P business, which the Company has classified as held for sale as of June 30, 2024. Segment assets include the G&P assets held for sale. Refer to Note 3 for additional information.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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