Business Segment Information

9 Months Ended

Sep. 30, 2018

The Company classifies its businesses into the following three reportable segments based on industry and market focus: Americas, EMEIA and Asia Pacific.

The Company largely evaluates performance based on Segment operating income and Segment operating margins. Segment operating income is the measure of profit and loss that the Company’s chief operating decision maker uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews, and compensation. For these reasons, the Company believes that Segment operating income represents the most relevant measure of segment profit and loss. The Company’s chief operating decision maker may exclude certain charges or gains, such as corporate charges and other special charges, from Operating income to arrive at a Segment operating income that is a more meaningful measure of profit and loss upon which to base its operating decisions. The Company defines Segment operating margin as Segment operating income as a percentage of Net revenues.

A summary of operations by reportable segment for the three and nine months ended September 30 was as follows:



	Three months ended						Nine months ended
In millions	2018			2017			2018			2017
Net revenues
Americas	$	530.1		$	455.2		$	1,495.9		$	1,331.4
EMEIA	134.4			125.1			432.5			372.7
Asia Pacific	47.0			29.1			100.9			81.0
Total	$	711.5		$	609.4		$	2,029.3		$	1,785.1
Segment operating income
Americas	$	153.8		$	133.2		$	415.5		$	383.6
EMEIA	7.6			8.6			27.3			23.1
Asia Pacific	1.5			2.2			0.8			5.1
Total	162.9			144.0			443.6			411.8
Reconciliation to Operating income
Unallocated corporate expense	(20.6		)	(16.9		)	(59.2		)	(50.2		)
Operating income	142.3			127.1			384.4			361.6
Reconciliation to earnings before income taxes
Interest expense	14.0			17.8			40.3			49.7
Other income, net	(1.9		)	(2.7		)	(3.9		)	(5.6		)
Earnings before income taxes	$	130.2		$	112.0		$	348.0		$	317.5