Segment Information

9 Months Ended

Sep. 28, 2014

Segment Information

Segment Information

7. Segment Information

The Company operates in three geographic segments: Americas, EMEA, and Asia-Pacific. Each of these operating segments 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.

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 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 the consolidated totals:

	Third Quarter Ended						Nine Months Ended
	September 28,2014			September 29,2013			September 28,2014			September 29,2013
	(in millions)
Net Sales
Americas	$	228.6		$	220.5		$	689.5		$	657.9
EMEA	136.4			142.7			419.4			416.0
Asia-Pacific	11.0			8.6			28.3			23.6
Consolidated net sales	$	376.0		$	371.8		$	1,137.2		$	1,097.5
Operating income (loss)
Americas	$	33.4		$	21.5		$	85.0		$	74.3
EMEA	15.1			13.4			37.1			34.1
Asia-Pacific	1.7			2.0			4.7			7.3
Subtotal reportable segments	50.2			36.9			126.8			115.7
Corporate (*)	(7.5		)	(6.7		)	(21.7		)	(21.3		)
Consolidated operating income	42.7			30.2			105.1			94.4
Interest income	0.1			0.1			0.4			0.4
Interest expense	(4.8		)	(5.1		)	(14.6		)	(16.6		)
Other income (expense), net	(1.6		)	(0.3		)	(1.9		)	(1.7		)
Income from continuing operations before income taxes	$	36.4		$	24.9		$	89.0		$	76.5
Capital Expenditures
Americas	$	2.5		$	2.4		$	7.4		$	15.2
EMEA	2.7			2.0			7.8			6.3
Asia-Pacific	0.3			0.2			0.9			1.1
Consolidated capital expenditures	$	5.5		$	4.6		$	16.1		$	22.6
Depreciation and Amortization
Americas	$	4.8		$	5.2		$	14.5		$	15.3
EMEA	6.4			6.4			19.8			19.3
Asia-Pacific	0.5			0.5			1.5			1.8
Consolidated depreciation and amortization	$	11.7		$	12.1		$	35.8		$	36.4
Identifiable Assets (at end of period)
Americas							$	696.7		$	703.6
EMEA							840.8			864.5
Asia-Pacific							139.2			122.3
Consolidated identifiable assets							$	1,676.7		$	1,690.4
Property, plant and equipment, net (at end of period)
Americas							$	82.8		$	84.7
EMEA							105.8			120.1
Asia-Pacific							13.5			14.6
Consolidated property, plant and equipment, net							$	202.1		$	219.4

*   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.

Apart from the change noted above resulting from allocating certain expenses to its operating segments, the above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2013 consolidated financial statements included in its Annual Report on Form 10-K.

The U.S. property, plant and equipment of the Company’s Americas segment was $78.5 million and $79.7 million at September 28, 2014 and September 29, 2013, respectively.  The following includes U.S. net sales of the Company’s Americas segment:

	Third Quarter Ended				Nine Months Ended
	September 28,2014		September 29,2013		September 28,2014		September 29,2013
	(in millions)
U.S. net sales	$	207.8	$	198.0	$	631.5	$	592.4

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

	Third Quarter Ended				Nine Months Ended
	September 28,2014		September 29,2013		September 28,2014		September 29,2013
	(in millions)
Intersegment Sales
Americas	$	1.5	$	1.3	$	4.6	$	3.9
EMEA	3.3		2.6		10.7		7.7
Asia-Pacific	36.5		39.7		116.9		128.8
Intersegment sales	$	41.3	$	43.6	$	132.2	$	140.4