Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

A summary of operations by reportable segment for the years ended December 31 were as follows:


In millions	2023		2022		2021
Net revenues
Americas	$	13,832.0	$	12,640.8	$	10,957.1
EMEA	2,401.2		2,034.5		1,944.9
Asia Pacific	1,444.4		1,316.4		1,234.4
Total Net revenues	$	17,677.6	$	15,991.7	$	14,136.4

Segment Adjusted EBITDA
Americas	$	2,669.6	2,326.3		2,008.8
EMEA	464.7		338.1		359.2
Asia Pacific	321.3		248.3		228.5
Total Segment Adjusted EBITDA	$	3,455.6	$	2,912.7	$	2,596.5

Reconciliation of Segment Adjusted EBITDA to earnings before income taxes
Total Segment Adjusted EBITDA	$	3,455.6	$	2,912.7	$	2,596.5
Interest expense	(234.5)		(223.5)		(233.7)
Depreciation and amortization	(348.1)		(323.6)		(299.4)
Restructuring costs	(15.1)		(20.7)		(27.0)
Non-cash adjustments for contingent consideration	49.3		46.9		—
Insurance settlements on property claims	10.0		25.0		—
Impairment of equity investment	(52.2)		—		—
Acquisition inventory step-up	(6.4)		(0.8)		—
Unallocated corporate expenses	(291.3)		(243.9)		(245.7)
Earnings before income taxes	$	2,567.3	$	2,172.1	$	1,790.7

Depreciation and Amortization
Americas	$	259.2	$	256.9	$	227.6
EMEA	51.4		28.8		33.3
Asia Pacific	19.1		17.6		16.5
Depreciation and amortization from reportable segments	$	329.7	$	303.3	$	277.4
Unallocated depreciation and amortization	18.4		20.3		22.0
Total depreciation and amortization	$	348.1	$	323.6	$	299.4

Capital Expenditures
Americas	$	217.2	$	230.5	$	148.7
EMEA	31.9		25.9		23.6
Asia Pacific	14.3		11.2		20.6
Capital expenditures from reportable segments	$	263.4	$	267.6	$	192.9
Corporate capital expenditures	37.3		24.2		30.1
Total capital expenditures	$	300.7	$	291.8	$	223.0

At December 31, a summary of long-lived assets by geographic area were as follows: