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Segments (Tables)
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Information by Reportable Segment

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

 

 

Schedule of Reconciliation of the Company's Segment Operating Income

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

 

Schedule of Net Sales by Geographic Area

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

 

Schedule of Net Sales By Product

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