Segment Information

12 Months Ended

Dec. 31, 2015

Segment Information

Segment Information

(17) 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).

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

	Years Ended December 31,
	2015			2014			2013
	(in millions)
Net Sales
Americas	$	978.5		$	926.8		$	878.5
EMEA		445.5			546.4			562.2
Asia-Pacific		43.7			40.5			32.8
Consolidated net sales	$	1,467.7		$	1,513.7		$	1,473.5
Operating income (loss)
Americas	$	109.9		$	110.3		$	84.0
EMEA		(98.6	)		37.5			46.9
Asia-Pacific		(0.5	)		(6.5	)		9.7
Subtotal reportable segments		10.8			141.3			140.6
Corporate(*)		(100.9	)		(35.9	)		(29.1	)
Consolidated operating (loss) income		(90.1	)		105.4			111.5
Interest income		1.0			0.7			0.6
Interest expense		(24.3	)		(19.9	)		(21.5	)
Other income (expense), net		2.4			(3.1	)		(2.8	)
(Loss) income before income taxes	$	(111.0	)	$	83.1		$	87.8
Identifiable assets (at end of period)
Americas	$	972.7		$	1,014.8		$	787.9
EMEA		607.7			787.5			869.6
Asia-Pacific		112.4			145.7			82.7
Consolidated identifiable assets	$	1,692.8		$	1,948.0		$	1,740.2
Property, plant and equipment, net (at end of period)
Americas	$	88.6		$	90.1		$	85.8
EMEA		82.3			100.1			119.8
Asia-Pacific		13.5			13.1			14.3
Consolidated long-lived assets	$	184.4		$	203.3		$	219.9
Capital Expenditures
Americas	$	19.0		$	10.9		$	18.0
EMEA		7.5			11.6			8.5
Asia-Pacific		1.2			1.2			1.2
Consolidated capital expenditures	$	27.7		$	23.7		$	27.7
Depreciation and Amortization
Americas	$	29.0		$	20.1		$	20.5
EMEA		21.1			25.8			26.0
Asia-Pacific		2.3			2.2			2.4
Consolidated depreciation and amortization	$	52.5		$	48.1		$	48.9

*           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. Included in Corporate's operating loss for 2015 is a $59.7 million charge related to the Company's settlement of its Pension Plan and SERP benefit obligations. Refer to Note 14 Defined Benefit Plans for further discussion.

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

	Years Ended December 31,
	2015		2014		2013
	(in millions)
U.S. net sales	$	909.2	$	849.0	$	788.7
U.S. property, plant and equipment, net (at end of year)	$	85.2	$	86.0	$	81.1

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

	Years Ended December 31,
	2015		2014		2013
	(in millions)
Intersegment Sales
Americas	$	8.2	$	6.3	$	5.4
EMEA		9.8		13.3		10.2
Asia-Pacific		110.9		155.3		170.9
Intersegment sales	$	128.9	$	174.9	$	186.5

        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,
	2015		2014		2013
	(in millions)
Net Sales
Residential & commercial flow control	$	831.1	$	930.3	$	907.7
HVAC & gas		425.1		356.2		348.8
Drains & water re-use		131.0		144.0		140.0
Water quality		80.5		83.2		77.0
Consolidated net sales	$	1,467.7	$	1,513.7	$	1,473.5