Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information

Segment Information

(16) Segment Information

        The Company operates in three geographic segments: Americas, EMEA, and Asia-Pacific. Each of these segments sells similar products, is managed separately and has separate financial results that are reviewed by the Company's chief operating decision-maker. All intercompany sales transactions have been eliminated. Sales by region are based upon location of the entity recording the sale. The accounting policies for each segment are the same as those described in the summary of significant accounting policies (see Note 2).

        As of January 1, 2014, the Company began allocating certain expenses to its three operating segments that had previously been recorded as Corporate expenses. These expenses primarily include stock compensation, legal expenses and audit expenses that are directly attributable to and benefit the three operating segments. The 2013 and 2012 results have been retrospectively revised for comparative purposes.

        The following is a summary of the Company's significant accounts and balances by segment, reconciled to its consolidated totals:

	Years Ended December 31,
	2014			2013			2012
	(in millions)
Net Sales
Americas	$	926.8		$	878.5		$	835.0
EMEA		546.4			562.2			565.6
Asia-Pacific		40.5			32.8			26.8
Consolidated net sales	$	1,513.7		$	1,473.5		$	1,427.4
Operating income (loss)
Americas	$	110.3		$	84.0		$	90.7
EMEA		37.5			46.9			52.5
Asia-Pacific		(6.5	)		9.7			6.5
Subtotal reportable segments		141.3			140.6			149.7
Corporate(*)		(35.9	)		(29.1	)		(26.4	)
Consolidated operating income		105.4			111.5			123.3
Interest income		0.7			0.6			0.7
Interest expense		(19.9	)		(21.5	)		(24.6	)
Other income (expense), net		(3.1	)		(2.8	)		0.8
Income from continuing operations before income taxes	$	83.1		$	87.8		$	100.2
Identifiable assets (at end of period)
Americas	$	1,014.8		$	787.9		$	810.9
EMEA		787.5			869.6			802.1
Asia-Pacific		145.7			82.7			84.3
Discontinued operations		—			—			11.7
Consolidated identifiable assets	$	1,948.0		$	1,740.2		$	1,709.0
Property, plant and equipment, net (at end of period)
Americas	$	90.1		$	85.8		$	80.6
EMEA		100.1			119.8			126.3
Asia-Pacific		13.1			14.3			14.8
Consolidated long-lived assets	$	203.3		$	219.9		$	221.7
Capital Expenditures
Americas	$	10.9		$	18.0		$	17.9
EMEA		11.6			8.5			10.7
Asia-Pacific		1.2			1.2			1.9
Consolidated capital expenditures	$	23.7		$	27.7		$	30.5
Depreciation and Amortization
Americas	$	20.1		$	20.5		$	19.6
EMEA		25.8			26.0			26.8
Asia-Pacific		2.2			2.4			2.1
Consolidated depreciation and amortization	$	48.1		$	48.9		$	48.5

* Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs.

        The following includes U.S. net sales and U.S. property, plant and equipment of the Company's Americas segment:

	Years Ended December 31,
	2014		2013		2012
	(in millions)
U.S. net sales	$	849.0	$	788.7	$	747.4
U.S. property, plant and equipment, net (at end of year)	$	86.0	$	81.1	$	75.1

        The following includes intersegment sales for Americas, EMEA and Asia-Pacific:

	Years Ended December 31,
	2014		2013		2012
	(in millions)
Intersegment Sales
Americas	$	6.3	$	5.4	$	5.3
EMEA		13.3		10.2		10.9
Asia-Pacific		155.3		170.9		139.0
Intersegment sales	$	174.9	$	186.5	$	155.2

        The Company sells its products into various end markets around the world and groups net sales to third parties into four product categories. Net sales to third parties for the four product categories are as follows:

	Years Ended December 31,
	2014		2013		2012
	(in millions)
Net Sales
Residential & commercial flow control	$	930.3	$	907.7	$	879.2
HVAC & gas		356.2		348.8		337.0
Drains & water re-use		144.0		140.0		138.8
Water quality		83.2		77.0		72.4
Consolidated net sales	$	1,513.7	$	1,473.5	$	1,427.4