Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segments

16. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, 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 CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region where 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 expense, 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 reportable 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 three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Net Sales
Americas	$	296.7		$	319.4	$	579.9		$	583.8
EURAF		176.2			185.8		319.2			364.0
MEAP		89.2			97.6		158.1			163.3
Total	$	562.1		$	602.8	$	1,057.2		$	1,111.1
Segment Operating    Income (Loss)
Americas	$	23.9		$	29.6	$	53.4		$	58.1
EURAF		(6.8	)		6.4		(18.6	)		10.0
MEAP		9.3			19.0		17.5			27.6
Total	$	26.4		$	55.0	$	52.3		$	95.7
Depreciation
Americas	$	7.3		$	7.4	$	14.6		$	14.6
EURAF		5.9			5.4		11.8			10.8
MEAP		0.7			0.6		1.5			1.2
Corporate		0.7			0.8		1.4			1.5
Total	$	14.6		$	14.2	$	29.3		$	28.1
Capital Expenditures
Americas	$	6.8		$	19.0	$	11.0		$	23.4
EURAF		5.0			7.2		12.2			11.9
MEAP		1.1			0.8		1.9			1.0
Corporate		—			—		—			—
Total	$	12.9		$	27.0	$	25.1		$	36.3

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Segment operating income	$	26.4		$	55.0		$	52.3		$	95.7
Unallocated corporate expenses		(13.5	)		(20.6	)		(24.2	)		(31.0	)
Unallocated restructuring    expense		—			—			—			(0.1	)
Total operating income	$	12.9		$	34.4		$	28.1		$	64.6

Net sales by geographic area for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
United States	$	258.1	$	270.9	$	507.3	$	484.7
Europe		171.9		178.0		310.1		352.4
Other		132.1		153.9		239.8		274.0
Total net sales	$	562.1	$	602.8	$	1,057.2	$	1,111.1

New machine and non-new machines sales for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
New machine sales	$	414.8	$	452.4	$	764.7	$	808.9
Non-new machine sales		147.3		150.4		292.5		302.2
Total net sales	$	562.1	$	602.8	$	1,057.2	$	1,111.1