Segments

12 Months Ended

Dec. 31, 2023

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 results of the acquired businesses are included in the Americas segment.

The Company has three reportable segments: Americas, Europe and Africa (“EURAF”) and MEAP. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region.

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. Each reportable segment has new and non-new machine sales. 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 by the manufacturing locations 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 and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. 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, 2023, 2022 and 2021:

	2023			2022			2021
Net Sales
Americas	$	1,211.2		$	1,013.0		$	757.6
EURAF		669.6			761.5			677.0
MEAP		347.0			258.0			285.6
Total	$	2,227.8		$	2,032.5		$	1,720.2
Segment Operating Income (Loss)
Americas	$	111.7		$	(88.8	)	$	57.3
EURAF		(7.9	)		(3.2	)		8.9
MEAP		52.3			40.2			30.9
Total	$	156.1		$	(51.8	)	$	97.1
Depreciation
Americas	$	29.2		$	35.4		$	20.7
EURAF		22.1			20.1			19.8
MEAP		2.4			2.2			2.1
Corporate		2.9			2.9			2.9
Total	$	56.6		$	60.6		$	45.5
Capital Expenditures
Americas	$	46.5		$	32.0		$	11.3
EURAF		28.5			27.7			27.5
MEAP		2.4			2.1			1.5
Corporate		—			—			0.1
Total	$	77.4		$	61.8		$	40.4

A reconciliation of the Company’s segment operating income (loss) to operating income (loss) in the Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:

	2023			2022			2021
Segment operating income (loss)	$	156.1		$	(51.8	)	$	97.1
Unallocated corporate expenses		(63.6	)		(41.3	)		(51.1	)
Unallocated restructuring income (expense)		(0.1	)		0.1			0.5
Total operating income (loss)	$	92.4		$	(93.0	)	$	46.5

Net sales by geographic area for the years ended December 31, 2023, 2022 and 2021 and property, plant and equipment as of December 31, 2023 and 2022 are summarized as follows:

	Net Sales						Property, Plant and Equipment
	2023		2022		2021		2023		2022
United States	$	1,039.9	$	906.4	$	664.5	$	158.1	$	146.7
Europe		641.9		740.1		653.7		183.8		166.6
Other		546.0		386.0		402.0		24.2		22.0
Total	$	2,227.8	$	2,032.5	$	1,720.2	$	366.1	$	335.3

New machine and non-new machine sales for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:

	2023		2022		2021
New machine sales	$	1,615.1	$	1,487.2	$	1,271.6
Non-new machine sales		612.7		545.3		448.6
Total net sales	$	2,227.8	$	2,032.5	$	1,720.2