SEGMENT AND RELATED INFORMATION

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

SEGMENT AND RELATED INFORMATION

SEGMENT AND RELATED INFORMATION

The Company operates and is internally managed in two reportable business segments— IPG and ETG. Smaller business operations and corporate functions are aggregated and reported as the additional segment - Corporate . On March 24, 2017, the Company sold its SARL Businesses and its continuing ETG operations now only include those in France. Prior year comparatives will include France, and the divested German operations which was sold in September 2016.

On September 2, 2016 the Company sold certain assets of its Misco Germany operations which had been reported as part of its ETG segment.  As this disposition was not a strategic shift with a major impact as defined under ASU 2014-8, prior and current year results of the German operations are presented within continuing operations in the Consolidated Financial Statements.  For the year ended December 31, 2016, net sales of Misco Germany included in continuing operations were $33.9 million and the net loss, including approximately $1.7 million of intercompany charges, was $6.4 million. The Company recorded special charges related to this transaction of approximately $1.7 million.

On December 31, 2016, the Company sold all of its issued and outstanding membership interests of its rebate processing business which had been reported as part of its Corporate segment.  As this disposition was not a strategic shift with a major impact as defined under ASU 2014-8, prior and current year results of the rebate processing business are presented within continuing operations in the consolidated financial statements.  For the year ended December 31, 2016, net sales of the rebate processing business included in continuing operations were $3.6 million and the net loss was $2.3 million, including intercompany charges of $0.1 million. The Company recorded a gain of approximately $3.9 million on this sale.

The Company’s chief operating decision-maker is the Company’s Chief Executive Officer (“CEO”).  The CEO, in his role as Chief Operating Decision Maker (“CODM”), evaluates segment performance based on operating income (loss) from continuing operations. The CODM reviews assets and makes significant capital expenditure decisions for the Company on a consolidated basis only.  The accounting policies of the segments are the same as those of the Company.  Corporate costs not identified with the disclosed segments are grouped as “Corporate and other expenses.”

Financial information relating to the Company’s continuing operations by reportable segment was as follows (in millions):

	Year Ended December 31,
	2017			2016			2015
Net Sales:
IPG	$	791.8		$	715.6		$	698.6
ETG	473.6			451.1			441.7
NATG	—			—			97.8
Corporate and other	—			3.6			5.4
Consolidated	$	1,265.4		$	1,170.3		$	1,243.5
Depreciation and Amortization Expense:
IPG	$	3.9		$	3.6		$	3.8
ETG	0.5			0.8			0.5
NATG	—			—			0.6
Corporate and other	0.7			0.9			1.0
Consolidated	$	5.1		$	5.3		$	5.9
Operating Income (Loss):
IPG	$	69.6		$	34.3		$	43.7
ETG	24.5			14.5			13.0
NATG	(0.6		)	(2.8		)	(38.2		)
Corporate and other expenses	(22.2		)	(18.3		)	(22.0		)
Consolidated	$	71.3		$	27.7		$	(3.5	)
Total Assets
IPG	$	220.4		$	201.5		$	203.8
ETG	188.0			165.2			140.5
ETG - discontinued	—			109.4			166.4
NATG	13.6			6.9			151.6
Corporate and other	129.4			83.1			47.8
Consolidated	$	551.4		$	566.1		$	710.1

Financial information relating to the Company’s continuing operations by geographic area was as follows (in millions):

	Year Ended December 31,
	2017		2016		2015
Net Sales:
United States	$	759.4	$	692.3	$	676.8
France	473.6		417.2		382.6
Other Europe	—		33.9		59.1
Other North America	32.4		26.9		125.0
Consolidated	$	1,265.4	$	1,170.3	$	1,243.5
Long-lived Assets:
United States	$	13.9	$	15.4	$	18.1
France	1.2		1.0		1.1
Other Europe and Asia	—		—		0.1
Consolidated	$	15.1	$	16.4	$	19.3

Net sales are attributed to countries based on location of selling subsidiary.