Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

18. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North America and South America continents. The EURAF operating segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP operating segment includes the Asia and Australia continents and the Middle East region. The results of the acquired Aspen and MGX businesses are included in the Americas segment.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company's operating segments were identified as its reporting segments. The CODM does not evaluate performance of the reportable segments based on total assets.

The following table shows information by reportable segment for the years ended December 31, 2021, 2020 and 2019:

	2021		2020		2019
Net Sales
Americas	$	757.6	$	626.1	$	969.7
EURAF		677.0		598.7		644.9
MEAP		285.6		218.6		219.5
Total	$	1,720.2	$	1,443.4	$	1,834.1
Segment Operating Income
Americas	$	57.3	$	32.1	$	113.4
EURAF		8.9		12.0		3.8
MEAP		30.9		30.4		22.6
Total	$	97.1	$	74.5	$	139.8
Depreciation
Americas	$	20.7	$	15.7	$	14.5
EURAF		19.8		16.5		15.1
MEAP		2.1		2.1		2.4
Corporate		2.9		2.9		3.0
Total	$	45.5	$	37.2	$	35.0
Capital Expenditures
Americas	$	11.3	$	6.0	$	13.2
EURAF		27.5		19.0		19.0
MEAP		1.5		1.2		2.9
Corporate		0.1		0.1		—
Total	$	40.4	$	26.3	$	35.1

A reconciliation of the Company’s segment operating income to operating income in the Consolidated Statement of Operations for the years ended December 31, 2021, 2020 and 2019 is as follows:

	2021			2020			2019
Segment operating income	$	97.1		$	74.5		$	139.8
Unallocated corporate expenses		(51.1	)		(32.2	)		(31.3	)
Unallocated restructuring income (expense)		0.5			(3.7	)		(0.1	)
Total operating income	$	46.5		$	38.6		$	108.4

Net sales by geographic area for the years ended December 31, 2021, 2020 and 2019 and property, plant and equipment as of December 31, 2021 and 2020 are summarized as follows:

	Net Sales						Property, Plant and Equipment
	2021		2020		2019		2021		2020
United States	$	664.5	$	564.9	$	860.4	$	163.3	$	97.9
Europe		653.7		585.4		619.8		168.0		167.8
Other		402.0		293.1		353.9		27.5		28.6
Total	$	1,720.2	$	1,443.4	$	1,834.1	$	358.8	$	294.3

Net sales by product for the years ended December 31, 2021, 2020 and 2019 are summarized as follows:

	2021		2020		2019
New equipment sales	$	1,271.6	$	1,067.1	$	1,431.0
Non-new machine sales		448.6		376.3		403.1
Total net sales	$	1,720.2	$	1,443.4	$	1,834.1