v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure
14. BUSINESS SEGMENTS
The Company has operating segments comprising three strategic business units: EES, CSS and UBS. These operating segments are equivalent to the Company’s reportable segments. The President and Chief Executive Officer serves as the Company’s Chief Operating Decision Maker (“CODM”). The CODM evaluates the performance of the Company’s reportable segments based on adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), which is the Company’s measure of segment profit or loss.
The Company incurs corporate costs primarily related to treasury, tax, information technology, legal and other centralized functions. The Company also has various corporate assets. Segment assets may not include jointly used assets, but segment results include depreciation expense or other allocations related to those assets. Interest expense and other non-operating items are either not allocated to the segments or reviewed on a segment basis. Corporate expenses and assets not directly identifiable with a reportable segment are reported in the tables below to reconcile the reportable segments to the consolidated financial statements.
As previously described in Note 2, “Accounting Policies,” the reportable segment information for the three and six months ended June 30, 2024 for the EES and CSS reportable segments has been recast to conform to the current year presentation.
The following tables present information about the Company’s reportable segments and reconcile adjusted EBITDA by segment to income before income taxes on a consolidated basis for the periods presented:
Three Months Ended June 30, 2025
(In millions)EESCSSUBSReportable Segments Total
Net sales$2,257.8$2,265.2$1,376.6$5,899.6
Less:
Cost of goods sold (excluding depreciation and amortization)1,739.31,791.21,126.44,656.9
Selling, general and administrative payroll expenses(1)(3)
219.0168.658.9446.5
Other segment items(2)
116.6106.547.6270.7
Adjusted EBITDA$182.9$198.9$143.7$525.5
Adjusted EBITDA margin %8.1 %8.8 %10.4 %
Reconciliation of adjusted EBITDA
Depreciation and amortization39.1
Other expense, net
20.8
Stock-based compensation expense(3)
2.9
Unallocated amounts (Corporate):
Selling, general and administrative expenses152.1
Interest expense, net(4)
92.9
Depreciation and amortization9.2
Other income, net(28.1)
Income before income taxes$236.6
(1) Selling, general and administrative payroll expenses includes salaries, benefits, commissions, incentives, temporary labor, and other payroll expenses.
(2) Other segment items primarily includes allocated expenses (which includes employee-related allocations), transportation costs, facility costs (including rent and utilities), employee expenses (including travel and entertainment), credit losses, professional and consulting fees, supplies, real estate and personal property taxes, sales promotion expenses, and gains (losses) on the sale, disposal, or abandonment of property and equipment.
(3) Stock-based compensation expense is excluded from selling, general and administrative payroll expenses, as this is an adjustment to calculate adjusted EBITDA.
(4) The reportable segments do not incur interest expense as these costs are centrally controlled through the Corporate treasury function.
Three Months Ended June 30, 2024
(In millions)EESCSSUBSReportable Segments Total
Net sales$2,134.5$1,904.3$1,440.9$5,479.7
Less:
Cost of goods sold (excluding depreciation and amortization)1,623.11,492.01,166.64,281.7
Selling, general and administrative payroll expenses(1)(3)
212.6157.058.2427.8
Other segment items(2)
108.699.842.6251.0
Adjusted EBITDA$190.2$155.5$173.5$519.2
Adjusted EBITDA margin %8.9 %8.2 %12.0 %
Reconciliation of adjusted EBITDA
Depreciation and amortization37.0
Other income, net
(84.2)
Stock-based compensation expense(3)
3.5
Unallocated amounts (Corporate):
Selling, general and administrative expenses146.1
Interest expense, net(4)
98.8
Depreciation and amortization9.1
Other income, net(11.7)
Income before income taxes$320.6
(1) Selling, general and administrative payroll expenses includes salaries, benefits, commissions, incentives, temporary labor, and other payroll expenses.
(2) Other segment items primarily includes allocated expenses (which includes employee-related allocations), transportation costs, facility costs (including rent and utilities), employee expenses (including travel and entertainment), credit losses, professional and consulting fees, supplies, real estate and personal property taxes, sales promotion expenses, and gains (losses) on the sale, disposal, or abandonment of property and equipment.
(3) Stock-based compensation expense is excluded from selling, general and administrative payroll expenses, as this is an adjustment to calculate adjusted EBITDA.
(4) The reportable segments do not incur interest expense as these costs are centrally controlled through the Corporate treasury function.
Six Months Ended June 30, 2025
(In millions)EESCSSUBSReportable Segments Total
Net sales$4,323.1$4,265.5$2,654.7$11,243.3
Less:
Cost of goods sold (excluding depreciation and amortization)3,333.43,372.02,169.68,875.0
Selling, general and administrative payroll expenses(1)(3)
431.1329.1115.1875.3
Other segment items(2)
233.1207.088.0528.1
Adjusted EBITDA$325.5$357.4$282.0$964.9
Adjusted EBITDA margin %7.5 %8.4 %10.6 %
Reconciliation of adjusted EBITDA
Depreciation and amortization78.1
Other expense, net
35.9
Stock-based compensation expense(3)
5.6
Unallocated amounts (Corporate):
Selling, general and administrative expenses299.5
Interest expense, net(4)
179.2
Depreciation and amortization18.6
Other income, net(43.0)
Income before income taxes$391.0
(1) Selling, general and administrative payroll expenses includes salaries, benefits, commissions, incentives, temporary labor, and other payroll expenses.
(2) Other segment items primarily includes allocated expenses (which includes employee-related allocations), transportation costs, facility costs (including rent and utilities), employee expenses (including travel and entertainment), credit losses, professional and consulting fees, supplies, real estate and personal property taxes, sales promotion expenses, and gains (losses) on the sale, disposal, or abandonment of property and equipment.
(3) Stock-based compensation expense is excluded from selling, general and administrative payroll expenses, as this is an adjustment to calculate adjusted EBITDA.
(4) The reportable segments do not incur interest expense as these costs are centrally controlled through the Corporate treasury function.
Six Months Ended June 30, 2024
(In millions)EESCSSUBSReportable Segments Total
Net sales$4,198.8$3,609.1$3,021.8$10,829.7
Less:
Cost of goods sold (excluding depreciation and amortization)3,204.02,825.62,464.28,493.8
Selling, general and administrative payroll expenses(1)(3)
425.3306.6126.2858.1
Other segment items(2)
217.6190.188.5496.2
Adjusted EBITDA$351.9$286.8$342.9$981.6
Adjusted EBITDA margin %8.4 %7.9 %11.3 %
Reconciliation of adjusted EBITDA
Depreciation and amortization73.2
Other income, net
(58.9)
Stock-based compensation expense(3)
7.0
Unallocated amounts (Corporate):
Selling, general and administrative expenses296.5
Interest expense, net(4)
193.2
Depreciation and amortization18.4
Other income, net(15.4)
Income before income taxes$467.6
(1) Selling, general and administrative payroll expenses includes salaries, benefits, commissions, incentives, temporary labor, and other payroll expenses.
(2) Other segment items primarily includes allocated expenses (which includes employee-related allocations), transportation costs, facility costs (including rent and utilities), employee expenses (including travel and entertainment), credit losses, professional and consulting fees, supplies, real estate and personal property taxes, sales promotion expenses, and gains (losses) on the sale, disposal, or abandonment of property and equipment.
(3) Stock-based compensation expense is excluded from selling, general and administrative payroll expenses, as this is an adjustment to calculate adjusted EBITDA.
(4) The reportable segments do not incur interest expense as these costs are centrally controlled through the Corporate treasury function.

The following table sets forth depreciation and amortization by reportable segment for the periods presented:
Three Months Ended June 30Six Months Ended June 30
(In millions)2025202420252024
EES$12.4$11.3$24.6$22.4
CSS19.118.338.136.4
UBS7.67.415.414.4
Reportable segments total39.137.078.173.2
Corporate9.29.118.618.4
Total$48.3$46.1$96.7$91.6
The following table sets forth other expense (income), net by reportable segment for the periods presented, which primarily consists of net foreign currency exchange (gains) losses and the gain on the divestiture of the WIS business:
Three Months Ended June 30Six Months Ended June 30
(In millions)2025202420252024
EES$7.3$3.3$11.7$8.3
CSS15.715.726.635.2
UBS
(2.2)(103.2)(2.4)(102.4)
Reportable segments total20.8(84.2)35.9(58.9)
Corporate(28.1)(11.7)(43.0)(15.4)
Total$(7.3)$(95.9)$(7.1)$(74.3)
The following table sets forth capital expenditures by reportable segment for the periods presented:
Three Months Ended June 30Six Months Ended June 30
(In millions)2025202420252024
EES$1.8$1.3$3.0$2.6
CSS1.73.33.37.2
UBS4.03.29.44.6
Reportable segments total
7.57.815.714.4
Corporate14.313.026.526.8
Total$21.8$20.8$42.2$41.2
The following table sets forth total assets by reportable segment for the periods presented:
As of
(In millions)June 30,
2025		December 31,
2024
EES$4,876.7 $4,431.8 
CSS6,468.2 6,034.7 
UBS3,755.4 3,497.5 
Reportable segments total
15,100.3 13,964.0 
Corporate(1)
1,102.2 1,097.4 
Total$16,202.5 $15,061.4 
(1)    Total assets for Corporate primarily consist of cash and cash equivalents, deferred income taxes, property, buildings and equipment, capitalized cloud computing arrangement costs, operating lease assets, and pension assets.