9. Segment Information

The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products and has separate financial results that are reviewed by the Company’s chief operating decision‑maker. Each segment earns revenue and income almost exclusively from the sale of its products. The Company sells its products into various end markets around the world, with sales by region based upon location of the entity recording the sale. See Note 3 for further detail on the product lines sold into by region. All intercompany sales transactions have been eliminated. The accounting policies for each segment are the same as those described in Note 2, and in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

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


	Second Quarter Ended				Six Months Ended
	July 1,		July 2,		July 1,		July 2,
	2018		2017		2018		2017
	(in millions)
Net Sales
Americas	$	272.0	$	250.5	$	513.1	$	479.2
Europe		117.1		110.7		240.1		215.6
APMEA		18.8		17.3		33.2		30.9
Consolidated net sales	$	407.9	$	378.5	$	786.4	$	725.7
Operating income
Americas	$	46.7	$	39.6	$	83.1	$	70.7
Europe		12.9		12.7		27.8		25.1
APMEA		1.6		1.8		3.0		2.8
Subtotal reportable segments		61.2		54.1		113.9		98.6
Corporate(*)		(9.0)		(9.3)		(17.8)		(18.1)
Consolidated operating income		52.2		44.8		96.1		80.5
Interest income		(0.1)		(0.2)		(0.5)		(0.4)
Interest expense		4.4		5.0		8.7		9.8
Other (income) expense, net		(1.8)		0.2		(1.1)		0.5
Income before income taxes	$	49.7	$	39.8	$	89.0	$	70.6
Capital Expenditures
Americas	$	5.3	$	3.8	$	9.9	$	8.1
Europe		2.2		1.3		4.7		2.6
APMEA		0.4		0.1		0.6		0.3
Consolidated capital expenditures	$	7.9	$	5.2	$	15.2	$	11.0
Depreciation and Amortization
Americas	$	7.2	$	8.0	$	14.3	$	15.1
Europe		4.5		4.6		9.4		8.9
APMEA		0.6		1.0		1.3		1.7
Consolidated depreciation and amortization	$	12.3	$	13.6	$	25.0	$	25.7
Identifiable assets (at end of period)
Americas					$	1,027.3	$	1,077.0
Europe						510.1		523.2
APMEA						109.9		111.7
Consolidated identifiable assets					$	1,647.3	$	1,711.9
Property, plant and equipment, net (at end of period)
Americas					$	111.6	$	106.0
Europe						77.8		78.4
APMEA						6.8		7.2
Consolidated property, plant and equipment, net					$	196.2	$	191.6

* 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 above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2017 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 $107.6 million and $102.3 million at July 1, 2018 and July 2, 2017, respectively.

The following includes U.S. net sales of the Company’s Americas segment:


	Second Quarter Ended				Six Months Ended
	July 1,		July 2,		July 1,		July 2,
	2018		2017		2018		2017
	(in millions)
U.S. net sales	$	254.3	$	234.9	$	479.5	$	448.6

The following includes intersegment sales for Americas, Europe and APMEA:


	Second Quarter Ended				Six Months Ended
	July 1,		July 2,		July 1,		July 2,
	2018		2017		2018		2017
	(in millions)
Intersegment Sales
Americas	$	3.4	$	3.6	$	6.0	$	6.4
Europe		3.5		4.0		6.9		7.9
APMEA		24.7		20.4		41.4		40.0
Intersegment sales	$	31.6	$	28.0	$	54.3	$	54.3