Segment Information

3 Months Ended

Mar. 30, 2014

Segment Information

Segment Information

7. Segment Information

The Company operates in three geographic segments: Americas, EMEA, and Asia-Pacific. 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.

As of January 1, 2014, the Company began allocating certain expenses to its three operating segments, Americas, EMEA and Asia-Pacific, that had previously been recorded as Corporate expenses. These expenses primarily include stock compensation, legal expenses and audit expenses that are directly attributable to and benefit the three operating segments.  The 2013 results by segment have been retrospectively revised for comparative purposes.

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

	First Quarter Ended
	March 30,2014			March 31,2013
	(in millions)
Net sales
Americas	$	219.1		$	213.0
EMEA	139.1			139.2
Asia-Pacific	7.0			6.7
Consolidated net sales	$	365.2		$	358.9
Operating income (loss)
Americas	$	22.6		$	22.1
EMEA	8.9			10.9
Asia-Pacific	0.9			2.9
Subtotal reportable segments	32.4			35.9
Corporate (*)	(6.6		)	(7.3		)
Consolidated operating income	25.8			28.6
Interest income	0.1			0.1
Interest expense	(4.9		)	(6.0		)
Other income (expense), net	(0.4		)	—
Income from continuing operations before income taxes	$	20.6		$	22.7
Capital expenditures
Americas	$	2.2		$	8.2
EMEA	2.5			2.2
Asia-Pacific	0.3			0.6
Consolidated capital expenditures	$	5.0		$	11.0
Depreciation and amortization
Americas	$	4.9		$	5.0
EMEA	6.6			6.5
Asia-Pacific	0.4			0.7
Consolidated depreciation and amortization	$	11.9		$	12.2
Identifiable assets (at end of period)
Americas	$	767.9		$	810.8
EMEA	875.9			783.7
Asia-Pacific	71.4			91.8
Discontinued operations	—			11.8
Consolidated identifiable assets	$	1,715.2		$	1,698.1
Property, plant and equipment, net (at end of period)
Americas	$	84.5		$	85.2
EMEA	117.7			120.5
Asia-Pacific	13.8			14.8
Consolidated property, plant and equipment, net	$	216.0		$	220.5

*   Corporate expenses are primarily for administrative compensation expense, internal controls costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs.

Apart from the change noted above resulting from allocating certain expenses to its three operating segments, the above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2013 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 Americas segment:

	First Quarter Ended
	March 30,2014		March 31,2013
	(in millions)
U.S. net sales	$	201.6	$	192.8
U.S. property, plant and equipment (at end of period)	$	80.0	$	79.9

The following includes intersegment sales for Americas, EMEA and Asia-Pacific:

	First Quarter Ended
	March 30,2014		March 31,2013
	(in millions)
Intersegment Sales
Americas	$	1.2	$	1.3
EMEA	3.6		2.7
Asia-Pacific	39.0		41.6
Intersegment sales	$	43.8	$	45.6