Segment Information

9 Months Ended

Oct. 02, 2016

Segment Information

Segment Information

8.Segment Information

The Company operates in three geographic segments: Americas, EMEA, and Asia-Pacific. Each of these segments 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
	October 2, 2016			September 27, 2015			October 2, 2016			September 27, 2015
	(in millions)
Net sales
Americas	$	215.8		$	245.0		$	677.6		$	745.2
EMEA	109.8			110.9			338.2			332.1
Asia-Pacific	15.5			10.4			40.6			32.1
Consolidated net sales	$	341.1		$	366.3		$	1,056.4		$	1,109.4
Operating income (loss)
Americas	$	32.2		$	30.3		$	95.7		$	90.6
EMEA	12.5			10.9			33.2			25.7
Asia-Pacific	1.4			1.2			12.2			0.9
Subtotal reportable segments	46.1			42.4			141.1			117.2
Corporate (*)	(9.6		)	(72.6		)	(27.7		)	(89.8		)
Consolidated operating income (loss)	36.5			(30.2		)	113.4			27.4
Interest income	(0.3		)	(0.3		)	(0.8		)	(0.7		)
Interest expense	4.9			6.2			17.1			18.0
Other income, net	(0.5		)	(0.2		)	(3.6		)	(0.8		)
Income (loss) before income taxes	$	32.4		$	(35.9	)	$	100.7		$	10.9
Capital expenditures
Americas	$	5.1		$	4.6		$	19.5		$	12.8
EMEA	1.9			1.8			6.4			5.6
Asia-Pacific	0.1			0.3			0.4			0.8
Consolidated capital expenditures	$	7.1		$	6.7		$	26.3		$	19.2
Depreciation and amortization
Americas	$	7.7		$	8.0		$	20.9		$	22.1
EMEA	4.8			5.3			14.6			15.9
Asia-Pacific	0.7			0.5			2.5			1.7
Consolidated depreciation and amortization	$	13.2		$	13.8		$	38.0		$	39.7
Identifiable assets (at end of period)
Americas							$	1,012.2		$	1,033.6
EMEA							612.0			744.1
Asia-Pacific							123.1			80.6
Consolidated identifiable assets							$	1,747.3		$	1,858.3
Property, plant and equipment, net (at end of period)
Americas							$	95.8		$	86.3
EMEA							81.2			86.9
Asia-Pacific							7.8			11.9
Consolidated property, plant and equipment, net							$	184.8		$	185.1

*   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.

The above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2015 consolidated financial statements included in its Annual Report on Form 10-K.

The U.S. property, plant and equipment of the Company’s Americas segment was $92.0 million and $82.8 million at October 2, 2016 and September 27, 2015, respectively.  The following includes U.S. net sales of the Company’s Americas segment:

	Third Quarter Ended				Nine Months Ended
	October 2, 2016		September 27, 2015		October 2, 2016		September 27, 2015
	(in millions)
U.S. net sales	$	200.5	$	227.8	$	631.9	$	693.6

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

	Third Quarter Ended				Nine Months Ended
	October 2, 2016		September 27, 2015		October 2, 2016		September 27, 2015
	(in millions)
Intersegment Sales
Americas	$	2.9	$	2.1	$	9.1	$	5.8
EMEA	2.8		2.3		8.3		7.8
Asia-Pacific	17.5		27.9		59.2		91.0
Intersegment sales	$	23.2	$	32.3	$	76.6	$	104.6