| Summary of Operations by Reportable Segments |
A summary of results by reportable segment for the three and nine months ended September 30 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | In millions | 2025 | | 2024 | | 2025 | | 2024 | | Americas | | | | | | | | | Segment revenues | $ | 4,663.3 | | | $ | 4,474.9 | | | $ | 13,156.3 | | | $ | 12,100.7 | | | Segment cost of goods sold | (2,927.2) | | | (2,859.6) | | | (8,273.9) | | | (7,782.9) | | | Segment selling and administrative expenses | (718.1) | | | (694.6) | | | (2135.1) | | | (1,948.0) | | | Segment Adjusted Operating Income | $ | 1,018.0 | | | $ | 920.7 | | | $ | 2,747.3 | | | $ | 2,369.8 | | | Segment depreciation and amortization | 69.0 | | | 75.1 | | | 224.4 | | | 223.8 | | | Segment other income/(expense), net | (9.6) | | | (1.9) | | | (15.6) | | | (16.7) | | | Segment Adjusted EBITDA | $ | 1,077.4 | | | $ | 993.9 | | | $ | 2,956.1 | | | $ | 2,576.9 | | | | | | | | | | | EMEA | | | | | | | | | Segment revenues | $ | 749.6 | | | $ | 667.8 | | | $ | 2,031.0 | | | $ | 1,866.5 | | | Segment cost of goods sold | (485.3) | | | (418.0) | | | (1,321.3) | | | (1,183.2) | | | Segment selling and administrative expenses | (116.4) | | | (112.7) | | | (355.8) | | | (329.5) | | | Segment Adjusted Operating Income | $ | 147.9 | | | $ | 137.1 | | | $ | 353.9 | | | $ | 353.8 | | | Segment depreciation and amortization | 10.5 | | | 10.8 | | | 33.1 | | | 32.4 | | | Segment other income/(expense), net | (1.0) | | | (3.6) | | | (8.2) | | | (11.5) | | | Segment Adjusted EBITDA | $ | 157.4 | | | $ | 144.3 | | | $ | 378.8 | | | $ | 374.7 | | | | | | | | | | | Asia Pacific | | | | | | | | | Segment revenues | $ | 329.6 | | | $ | 298.5 | | | $ | 990.1 | | | $ | 997.0 | | | Segment cost of goods sold | (198.6) | | | (184.5) | | | (601.2) | | | (612.2) | | | Segment selling and administrative expenses | (56.8) | | | (57.1) | | | (173.5) | | | (172.1) | | | Segment Adjusted Operating Income | $ | 74.2 | | | $ | 56.9 | | | $ | 215.4 | | | $ | 212.7 | | | Segment depreciation and amortization | 3.5 | | | 4.4 | | | 12.2 | | | 13.3 | | | Segment other income/(expense), net | (0.9) | | | 1.4 | | | 1.0 | | | 2.4 | | | Segment Adjusted EBITDA | $ | 76.8 | | | $ | 62.7 | | | $ | 228.6 | | | $ | 228.4 | | | | | | | | | | A reconciliation of Segment Adjusted EBITDA and Segment Adjusted Operating Income to earnings before income taxes for the three and nine months ended September 30 was as follows: | | Three months ended | | Nine months ended | | In millions | 2025 | | 2024 | | 2025 | | 2024 | | Total Segment Adjusted EBITDA | $ | 1,311.6 | | | $ | 1,200.9 | | | $ | 3,563.5 | | | $ | 3,180.0 | | | Total Segment depreciation and amortization | (83.0) | | | (90.3) | | | (269.7) | | | (269.5) | | | Total Segment other income/(expense), net | 11.5 | | | 4.1 | | | 22.8 | | | 25.8 | | | Total Segment Adjusted Operating Income | 1,240.1 | | | 1,114.7 | | | 3,316.6 | | | 2,936.3 | | | Restructuring costs | (16.3) | | | 1.9 | | | (17.6) | | | (3.6) | | | Non-cash adjustment for contingent consideration | — | | | — | | | 61.2 | | | 8.9 | | | Unallocated corporate expenses | (58.5) | | | (92.0) | | | (211.8) | | | (248.6) | | | Interest expense | (55.6) | | | (63.0) | | | (171.1) | | | (178.5) | | | Other income/(expense), net | (18.0) | | | 6.3 | | | (40.0) | | | (23.3) | | | Earnings before income taxes | $ | 1,091.7 | | | $ | 967.9 | | | $ | 2,937.3 | | | $ | 2,491.2 | |
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