Segments and Geographic Information (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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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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June 30,
2024 |
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December 31,
2023 |
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Identifiable segment-related assets: |
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|
|
|
|
CCS |
|
$ |
3,749.2 |
|
|
$ |
3,597.8 |
|
OWN |
|
|
1,041.4 |
|
|
|
993.8 |
|
NICS |
|
|
1,248.5 |
|
|
|
1,271.5 |
|
ANS |
|
|
1,836.6 |
|
|
|
1,957.0 |
|
Total identifiable segment-related assets |
|
|
7,875.7 |
|
|
|
7,820.1 |
|
Reconciliation to total assets: |
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|
|
|
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Cash and cash equivalents |
|
|
345.9 |
|
|
|
543.8 |
|
Deferred income tax assets |
|
|
559.2 |
|
|
|
615.6 |
|
Home business assets |
|
|
38.2 |
|
|
|
113.8 |
|
Assets held for sale |
|
|
2.0 |
|
|
|
278.6 |
|
Total assets |
|
$ |
8,821.0 |
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|
$ |
9,371.9 |
|
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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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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2024 |
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2023 |
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|
2024 |
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|
2023 |
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Net sales: |
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|
|
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|
|
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CCS |
|
$ |
728.4 |
|
|
$ |
697.0 |
|
|
$ |
1,333.1 |
|
|
$ |
1,518.1 |
|
OWN |
|
|
256.3 |
|
|
|
228.8 |
|
|
|
452.3 |
|
|
|
487.2 |
|
NICS |
|
|
209.4 |
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|
|
327.6 |
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|
|
389.7 |
|
|
|
612.1 |
|
ANS |
|
|
192.8 |
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|
|
335.4 |
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|
380.2 |
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|
|
635.8 |
|
Consolidated net sales |
|
$ |
1,386.9 |
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|
$ |
1,588.8 |
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|
$ |
2,555.3 |
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|
$ |
3,253.2 |
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Segment adjusted EBITDA: |
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CCS |
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$ |
171.4 |
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$ |
82.9 |
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$ |
266.4 |
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$ |
233.9 |
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OWN |
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75.4 |
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41.7 |
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|
119.7 |
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|
101.3 |
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NICS |
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22.1 |
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74.9 |
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21.1 |
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132.9 |
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ANS |
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33.2 |
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63.0 |
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|
47.9 |
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|
109.7 |
|
Corporate and other (1) |
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— |
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(9.8 |
) |
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— |
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|
(11.4 |
) |
Total segment adjusted EBITDA |
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|
302.1 |
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|
252.7 |
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|
455.1 |
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|
566.4 |
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Amortization of intangible assets |
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(60.4 |
) |
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(75.8 |
) |
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(134.6 |
) |
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(176.4 |
) |
Restructuring costs, net |
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(0.9 |
) |
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(36.6 |
) |
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(31.5 |
) |
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(25.5 |
) |
Equity-based compensation |
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(1.6 |
) |
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(9.9 |
) |
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(12.8 |
) |
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(22.2 |
) |
Transaction, transformation and integration costs |
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(23.7 |
) |
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(2.8 |
) |
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(32.3 |
) |
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(3.1 |
) |
Acquisition accounting adjustments |
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— |
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(0.2 |
) |
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— |
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(0.8 |
) |
Recovery of Russian accounts receivable |
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— |
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2.0 |
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— |
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2.0 |
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Cyber incident costs |
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— |
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(3.6 |
) |
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— |
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(3.6 |
) |
Depreciation |
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(22.7 |
) |
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(27.6 |
) |
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(48.2 |
) |
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(55.5 |
) |
Consolidated operating income |
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$ |
192.8 |
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$ |
98.2 |
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$ |
195.7 |
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$ |
281.3 |
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Depreciation expense: |
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CCS |
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$ |
13.7 |
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$ |
14.8 |
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$ |
27.5 |
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$ |
30.0 |
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OWN |
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2.6 |
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3.3 |
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5.3 |
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6.5 |
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NICS |
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2.4 |
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3.3 |
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5.5 |
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6.6 |
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ANS |
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4.0 |
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5.9 |
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9.9 |
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|
11.9 |
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Corporate and other (1) |
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— |
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0.3 |
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— |
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|
0.5 |
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Consolidated depreciation expense |
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$ |
22.7 |
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$ |
27.6 |
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$ |
48.2 |
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$ |
55.5 |
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Additions to property, plant and equipment: |
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CCS |
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$ |
3.3 |
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$ |
10.8 |
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$ |
7.0 |
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$ |
19.4 |
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OWN |
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0.7 |
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1.3 |
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1.3 |
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2.6 |
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NICS |
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0.6 |
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1.4 |
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1.2 |
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2.4 |
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ANS |
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0.7 |
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5.6 |
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1.8 |
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|
7.7 |
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Corporate and other (1) |
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— |
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|
1.0 |
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— |
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|
1.7 |
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Consolidated additions to property, plant and equipment |
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$ |
5.3 |
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$ |
20.1 |
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$ |
11.3 |
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$ |
33.8 |
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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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Three Months Ended June 30, 2024 |
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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 |
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$ |
472.7 |
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$ |
161.8 |
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$ |
126.8 |
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$ |
127.7 |
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$ |
889.0 |
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Europe, Middle East and Africa |
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102.5 |
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60.9 |
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46.5 |
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13.5 |
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|
223.4 |
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Asia Pacific |
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111.3 |
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24.5 |
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26.4 |
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6.1 |
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|
168.3 |
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Caribbean and Latin America |
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25.4 |
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6.3 |
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4.6 |
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22.5 |
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|
58.8 |
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Canada |
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16.5 |
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2.8 |
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5.1 |
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|
23.0 |
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|
47.4 |
|
Consolidated net sales |
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$ |
728.4 |
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|
$ |
256.3 |
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|
$ |
209.4 |
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$ |
192.8 |
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$ |
1,386.9 |
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Three Months Ended June 30, 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 |
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$ |
443.1 |
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$ |
139.5 |
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$ |
177.2 |
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$ |
236.9 |
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$ |
996.7 |
|
Europe, Middle East and Africa |
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|
103.8 |
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59.3 |
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|
90.9 |
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|
28.4 |
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|
282.4 |
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Asia Pacific |
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|
97.2 |
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23.4 |
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46.3 |
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6.3 |
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|
173.2 |
|
Caribbean and Latin America |
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|
40.8 |
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4.4 |
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7.8 |
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46.3 |
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|
99.3 |
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Canada |
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|
12.1 |
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2.2 |
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5.4 |
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|
17.5 |
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|
37.2 |
|
Consolidated net sales |
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$ |
697.0 |
|
|
$ |
228.8 |
|
|
$ |
327.6 |
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|
$ |
335.4 |
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$ |
1,588.8 |
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Six Months Ended June 30, 2024 |
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|
CCS |
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OWN |
|
|
NICS |
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|
ANS |
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Total |
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Geographic Region: |
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United States |
|
$ |
860.9 |
|
|
$ |
283.3 |
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|
$ |
234.0 |
|
|
$ |
267.9 |
|
|
$ |
1,646.1 |
|
Europe, Middle East and Africa |
|
|
201.7 |
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|
108.0 |
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|
91.5 |
|
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|
25.7 |
|
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|
426.9 |
|
Asia Pacific |
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|
195.4 |
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|
46.9 |
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|
46.9 |
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|
14.6 |
|
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|
303.8 |
|
Caribbean and Latin America |
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|
48.9 |
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|
9.7 |
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|
9.4 |
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|
38.5 |
|
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|
106.5 |
|
Canada |
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|
26.2 |
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|
4.4 |
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|
7.9 |
|
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|
33.5 |
|
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|
72.0 |
|
Consolidated net sales |
|
$ |
1,333.1 |
|
|
$ |
452.3 |
|
|
$ |
389.7 |
|
|
$ |
380.2 |
|
|
$ |
2,555.3 |
|
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Six Months Ended June 30, 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 |
|
$ |
1,006.0 |
|
|
$ |
324.2 |
|
|
$ |
351.9 |
|
|
$ |
462.2 |
|
|
$ |
2,144.3 |
|
Europe, Middle East and Africa |
|
|
217.2 |
|
|
|
107.1 |
|
|
|
160.9 |
|
|
|
61.8 |
|
|
|
547.0 |
|
Asia Pacific |
|
|
187.2 |
|
|
|
43.7 |
|
|
|
75.5 |
|
|
|
11.3 |
|
|
|
317.7 |
|
Caribbean and Latin America |
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|
78.2 |
|
|
|
7.6 |
|
|
|
14.9 |
|
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|
68.0 |
|
|
|
168.7 |
|
Canada |
|
|
29.5 |
|
|
|
4.6 |
|
|
|
8.9 |
|
|
|
32.5 |
|
|
|
75.5 |
|
Consolidated net sales |
|
$ |
1,518.1 |
|
|
$ |
487.2 |
|
|
$ |
612.1 |
|
|
$ |
635.8 |
|
|
$ |
3,253.2 |
|
|