Industry Segments, Major Customers, Related Party Transactions and Geographic Information (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Segment Reporting [Abstract] |
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| Summary of Financial Information by Reportable Segment |
The following table provides summary financial information by reportable segment:
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December 31, |
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2023 |
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2022 |
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Identifiable segment-related assets: |
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|
|
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|
CCS |
|
$ |
3,608.2 |
|
|
$ |
4,263.8 |
|
OWN |
|
|
993.8 |
|
|
|
1,166.8 |
|
NICS |
|
|
1,271.5 |
|
|
|
1,338.1 |
|
ANS |
|
|
1,946.7 |
|
|
|
2,632.6 |
|
Corporate and other |
|
|
113.7 |
|
|
|
194.0 |
|
Total identifiable segment-related assets |
|
|
7,933.9 |
|
|
|
9,595.3 |
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Reconciliation to total assets: |
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|
|
|
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Cash and cash equivalents |
|
|
543.8 |
|
|
|
373.0 |
|
Deferred income tax assets |
|
|
615.6 |
|
|
|
494.5 |
|
Assets held for sale |
|
|
278.6 |
|
|
|
1,222.6 |
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Total assets |
|
$ |
9,371.9 |
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|
$ |
11,685.4 |
|
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| Summary of Net Sales, Adjusted EBITDA, Depreciation Expense and Additions to PP&E by Reportable Segment |
The following table provides net sales, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment:
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Year Ended December 31, |
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2023 |
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2022 |
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|
2021 |
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Net sales: |
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|
CCS |
|
$ |
2,710.2 |
|
|
$ |
3,789.6 |
|
|
$ |
3,053.8 |
|
OWN |
|
|
880.0 |
|
|
|
1,467.9 |
|
|
|
1,417.1 |
|
NICS |
|
|
1,117.7 |
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|
|
939.7 |
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|
|
861.9 |
|
ANS |
|
|
1,081.3 |
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|
|
1,327.5 |
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|
|
1,404.6 |
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Consolidated net sales |
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$ |
5,789.2 |
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|
$ |
7,524.7 |
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|
$ |
6,737.4 |
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Segment adjusted EBITDA: |
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CCS |
|
$ |
389.6 |
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|
$ |
643.6 |
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|
$ |
448.8 |
|
OWN |
|
|
178.1 |
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|
|
269.7 |
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|
266.8 |
|
NICS |
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|
225.2 |
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51.9 |
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(15.3 |
) |
ANS |
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229.3 |
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285.2 |
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|
391.1 |
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Corporate and other |
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(23.2 |
) |
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(27.0 |
) |
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|
(48.1 |
) |
Total segment adjusted EBITDA |
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|
999.0 |
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1,223.4 |
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|
1,043.3 |
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Amortization of intangible assets |
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|
(327.1 |
) |
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(440.0 |
) |
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(510.0 |
) |
Restructuring costs, net |
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(29.7 |
) |
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(63.0 |
) |
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|
(85.1 |
) |
Equity-based compensation |
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(43.6 |
) |
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(55.3 |
) |
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(70.8 |
) |
Asset impairments |
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(571.4 |
) |
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(1,119.6 |
) |
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— |
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Transaction, transformation and integration costs |
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(27.1 |
) |
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(35.1 |
) |
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(50.6 |
) |
Acquisition accounting adjustments |
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(1.2 |
) |
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(5.3 |
) |
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(9.2 |
) |
Patent claims and litigation settlements |
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3.5 |
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(1.7 |
) |
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(3.2 |
) |
Recovery (reserve) of Russian accounts receivable |
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2.0 |
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(2.7 |
) |
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— |
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Cyber incident costs |
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(5.5 |
) |
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— |
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— |
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Depreciation |
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(111.8 |
) |
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(113.8 |
) |
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(117.8 |
) |
Consolidated operating income (loss) |
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$ |
(112.9 |
) |
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$ |
(613.1 |
) |
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$ |
196.6 |
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Depreciation expense: |
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CCS |
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$ |
61.3 |
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$ |
58.8 |
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$ |
53.6 |
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OWN |
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12.6 |
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|
14.3 |
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|
15.4 |
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NICS |
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13.0 |
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|
15.0 |
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|
19.2 |
|
ANS |
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|
22.1 |
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22.5 |
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|
25.8 |
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Corporate and other |
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2.8 |
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3.2 |
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|
3.8 |
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Consolidated depreciation expense |
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$ |
111.8 |
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$ |
113.8 |
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$ |
117.8 |
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Additions to property, plant and equipment: |
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CCS |
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$ |
29.1 |
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|
$ |
64.6 |
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$ |
81.5 |
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OWN |
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3.8 |
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9.9 |
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|
11.0 |
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NICS |
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4.3 |
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7.0 |
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|
13.4 |
|
ANS |
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11.6 |
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11.1 |
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|
14.6 |
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Corporate and other |
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2.1 |
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4.7 |
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5.3 |
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Consolidated additions to property, plant and equipment |
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$ |
50.9 |
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$ |
97.3 |
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$ |
125.8 |
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| Summary of Sales by Geographic Region, Based on Destination of Product Shipments or Service Provided |
Sales by geographic region, based on the destination of product shipments or service provided, were as follows:
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Year Ended December 31, 2023 |
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CCS |
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OWN |
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NICS |
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|
ANS |
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Total |
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Geographic Region: |
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United States |
|
$ |
1,730.4 |
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|
$ |
549.6 |
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|
$ |
663.6 |
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$ |
806.4 |
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$ |
3,750.0 |
|
Europe, Middle East and Africa |
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|
402.0 |
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|
206.9 |
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|
286.2 |
|
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|
85.3 |
|
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|
980.4 |
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Asia Pacific |
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|
381.4 |
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|
97.1 |
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|
127.9 |
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|
25.1 |
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|
631.5 |
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Caribbean and Latin America |
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|
146.4 |
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|
17.2 |
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20.4 |
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|
105.8 |
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|
289.8 |
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Canada |
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50.0 |
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9.2 |
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19.6 |
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58.7 |
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|
137.5 |
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Consolidated net sales |
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$ |
2,710.2 |
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|
$ |
880.0 |
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|
$ |
1,117.7 |
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$ |
1,081.3 |
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$ |
5,789.2 |
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Year Ended December 31, 2022 |
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CCS |
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OWN |
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NICS |
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|
ANS |
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Total |
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Geographic Region: |
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United States |
|
$ |
2,513.6 |
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|
$ |
1,062.6 |
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|
$ |
539.5 |
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|
$ |
902.4 |
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$ |
5,018.1 |
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Europe, Middle East and Africa |
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|
571.9 |
|
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|
218.0 |
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|
250.7 |
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|
124.2 |
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|
1,164.8 |
|
Asia Pacific |
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|
431.4 |
|
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|
120.8 |
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|
114.1 |
|
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|
79.2 |
|
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|
745.5 |
|
Caribbean and Latin America |
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|
179.3 |
|
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|
32.8 |
|
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20.3 |
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|
164.3 |
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|
396.7 |
|
Canada |
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|
93.4 |
|
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|
33.7 |
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|
15.1 |
|
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|
57.4 |
|
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|
199.6 |
|
Consolidated net sales |
|
$ |
3,789.6 |
|
|
$ |
1,467.9 |
|
|
$ |
939.7 |
|
|
$ |
1,327.5 |
|
|
$ |
7,524.7 |
|
|