Segment Information

12 Months Ended

Dec. 31, 2019

Segment Information

Segment Information

(17) 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 the Company’s 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 4 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 of the Notes to Consolidated Financial Statements.

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

	Year Ended December 31,
	2019		2018		2017
	(in millions)
Net Sales
Americas	$	1,084.1	$	1,032.1	$	951.9
Europe		451.0		467.0		440.3
APMEA		65.4		65.8		64.5
Consolidated net sales	$	1,600.5	$	1,564.9	$	1,456.7
Operating income
Americas	$	187.4	$	171.1	$	146.8
Europe		49.9		49.8		47.6
APMEA		6.9		7.2		4.7
Subtotal reportable segments		244.2		228.1		199.1
Corporate(*)		(47.1)		(39.7)		(36.8)
Consolidated operating income		197.1		188.4		162.3
Interest income		(0.4)		(0.8)		(1.0)
Interest expense		14.1		16.3		19.1
Other (income) expense, net		(0.5)		(1.7)		1.1
Income before income taxes	$	183.9	$	174.6	$	143.1
Capital Expenditures
Americas	$	18.3	$	21.5	$	20.7
Europe		10.3		12.7		8.0
APMEA		0.6		1.7		0.7
Consolidated capital expenditures	$	29.2	$	35.9	$	29.4
Depreciation and Amortization
Americas	$	29.3	$	29.1	$	30.8
Europe		14.6		16.7		18.6
APMEA		2.7		2.7		2.8
Consolidated depreciation and amortization	$	46.6	$	48.5	$	52.2
Identifiable assets (at end of year)
Americas	$	1,102.9	$	1,028.1	$	1,069.2
Europe		515.2		510.2		524.0
APMEA		105.0		115.4		143.3
Consolidated identifiable assets	$	1,723.1	$	1,653.7	$	1,736.5
Property, plant and equipment, net (at end of year)
Americas	$	116.7	$	115.0	$	109.3
Europe		77.5		80.0		82.1
APMEA		5.8		6.9		7.1
Consolidated property, plant and equipment, net	$	200.0	$	201.9	$	198.5

*     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:

	December 31,
	2019		2018		2017
	(in millions)
U.S. net sales	$	1,014.0	$	964.2	$	886.2
U.S. property, plant and equipment, net (at end of year)	$	112.6	$	111.0	$	105.1

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

	December 31,
	2019		2018		2017
	(in millions)
Intersegment Sales
Americas	$	12.1	$	12.7	$	12.1
Europe		15.2		14.2		14.6
APMEA		67.7		88.4		69.7
Intersegment sales	$	95.0	$	115.3	$	96.4