Segment Information

9 Months Ended

Sep. 29, 2013

Segment Information

Segment Information

7. Segment Information

The Company operates in three geographic segments: North America, EMEA, and Asia. Each of these segments is managed separately and has separate financial results that are reviewed by the Company’s chief operating decision-maker. All intercompany sales transactions have been eliminated. Sales by region are based upon location of the entity recording the sale. The accounting policies for each segment are the same as those described in the summary of significant accounting policies.

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

	Third Quarter Ended						Nine Months Ended
	September 29,2013			September 30,2012			September 29,2013			September 30,2012
	(in millions)
Net Sales
North America	$	220.5		$	204.0		$	657.9		$	629.1
EMEA	142.7			141.5			416.0			425.0
Asia	8.6			7.3			23.6			18.8
Consolidated net sales	$	371.8		$	352.8		$	1,097.5		$	1,072.9
Operating income (loss)
North America	$	23.5		$	25.5		$	79.0		$	71.6
EMEA	13.5			14.9			34.2			40.0
Asia	2.0			0.8			7.3			4.3
Subtotal reportable segments	39.0			41.2			120.5			115.9
Corporate (*)	(8.8		)	(8.7		)	(26.1		)	(23.3		)
Consolidated operating income	30.2			32.5			94.4			92.6
Interest income	0.1			0.1			0.4			0.5
Interest expense	(5.1		)	(6.1		)	(16.6		)	(18.4		)
Other income (expense), net	(0.3		)	0.6			(1.7		)	1.5
Income from continuing operations before income taxes	$	24.9		$	27.1		$	76.5		$	76.2
Capital Expenditures
North America	$	2.4		$	5.7		$	15.2		$	10.0
EMEA	2.0			2.9			6.3			7.5
Asia	0.2			0.5			1.1			1.1
Consolidated capital expenditures	$	4.6		$	9.1		$	22.6		$	18.6
Depreciation and Amortization
North America	$	5.2		$	5.0		$	15.3		$	14.6
EMEA	6.4			6.2			19.3			19.9
Asia	0.5			0.5			1.8			1.5
Consolidated depreciation and amortization	$	12.1		$	11.7		$	36.4		$	36.0
Identifiable Assets (at end of period)
North America							$	703.6		$	794.6
EMEA							864.5			781.3
Asia							122.3			91.3
Discontinued operations							—			23.8
Consolidated identifiable assets							$	1,690.4		$	1,691.0
Property, plant and equipment, net (at end of period)
North America							$	84.7		$	76.3
EMEA							120.1			125.2
Asia							14.6			14.6
Consolidated property, plant and equipment, net							$	219.4		$	216.1

*   Corporate expenses are primarily for administrative compensation expense, internal controls costs, professional fees, including legal and audit expenses, shareholder services and benefit administration costs. These costs are not allocated to the geographic segments as they are viewed as corporate functions that support all activities.

The above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2012 consolidated financial statements included in its Annual Report on Form 10-K.

The following includes U.S. net sales and U.S. property, plant and equipment of the Company’s North America segment:

	Third Quarter Ended				Nine Months Ended
	September 29,2013		September 30,2012		September 29,2013		September 30,2012
	(in millions)
U.S. net sales	$	198.0	$	181.4	$	592.4	$	564.4
U.S. property, plant and equipment (at end of period)					$	79.7	$	70.6

The following includes intersegment sales for North America, EMEA and Asia:

	Third Quarter Ended				Nine Months Ended
	September 29,2013		September 30,2012		September 29,2013		September 30,2012
	(in millions)
Intersegment Sales
North America	$	1.3	$	1.3	$	3.9	$	3.9
EMEA	2.6		3.3		7.7		7.9
Asia	39.7		35.9		128.8		102.3
Intersegment sales	$	43.6	$	40.5	$	140.4	$	114.1

The EMEA segment includes $1.3 million in assets held for sale at September 29, 2013.  North America segment includes $2.4 million in assets held for sale at September 30, 2012.