Segment Information

9 Months Ended

Sep. 25, 2022

Segment Information

Segment Information

8. 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 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 above 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, 2021.

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

	Third Quarter Ended				Nine Months Ended
	September 25,		September 26,		September 25,		September 26,
	2022		2021		2022		2021
	(in millions)
Net sales
Americas	$	349.8	$	309.1	$	1,039.6	$	889.0
Europe		113.1		124.1		370.9		383.8
APMEA		24.9		21.8		67.1		62.5
Consolidated net sales	$	487.8	$	455.0	$	1,477.6	$	1,335.3
Operating income (loss)
Americas	$	76.2	$	55.9	$	219.6	$	159.6
Europe		12.6		18.3		53.3		43.2
APMEA		4.1		4.2		10.7		10.8
Subtotal reportable segments		92.9		78.4		283.6		213.6
Corporate(*)		(12.5)		(13.7)		(35.8)		(36.6)
Consolidated operating income		80.4		64.7		247.8		177.0
Interest income		(0.2)		—		(0.3)		—
Interest expense		1.9		1.4		5.0		4.9
Other (income) expense, net		(0.1)		(0.2)		0.2		(1.0)
Income before income taxes	$	78.8	$	63.5	$	242.9	$	173.1
Capital expenditures
Americas	$	3.2	$	5.3	$	11.0	$	12.6
Europe		3.8		1.3		8.7		6.6
APMEA		0.1		—		0.5		0.4
Consolidated capital expenditures	$	7.1	$	6.6	$	20.2	$	19.6
Depreciation and amortization
Americas	$	7.3	$	7.3	$	21.0	$	22.4
Europe		2.4		3.2		8.0		9.5
APMEA		0.5		0.2		1.6		2.1
Consolidated depreciation and amortization	$	10.2	$	10.7	$	30.6	$	34.0
Identifiable assets (at end of period)
Americas					$	1,220.8	$	1,150.0
Europe						539.7		571.0
APMEA						125.1		142.2
Consolidated identifiable assets					$	1,885.6	$	1,863.2
Property, plant and equipment, net (at end of period)
Americas					$	122.0	$	120.9
Europe						62.9		78.4
APMEA						4.2		4.9
Consolidated property, plant and equipment, net					$	189.1	$	204.2

*     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, 2021 consolidated financial statements included in its Annual Report on Form 10-K.

The property, plant and equipment in the U.S. of the Company’s Americas segment was $117.1 million and $116.4 million as of September 25, 2022 and September 26, 2021, respectively.

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

	Third Quarter Ended				Nine Months Ended
	September 25,		September 26,		September 25,		September 26,
	2022		2021		2022		2021
	(in millions)
U.S. net sales	$	327.1	$	288.7	$	973.5	$	828.1

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

	Third Quarter Ended				Nine Months Ended
	September 25,		September 26,		September 25,		September 26,
	2022		2021		2022		2021
	(in millions)
Intersegment Sales
Americas	$	2.5	$	2.5	$	7.9	$	7.4
Europe		6.2		6.7		20.2		22.9
APMEA		10.8		32.2		63.2		95.6
Intersegment sales	$	19.5	$	41.4	$	91.3	$	125.9