Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Information

Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals

	Year Ended December 31,
	2017		2016		2015
	(in millions)
Net Sales
Americas	$	951.9	$	900.9	$	978.5
Europe		440.3		431.3		436.0
APMEA		64.5		66.2		53.2
Consolidated net sales	$	1,456.7	$	1,398.4	$	1,467.7
Operating income (loss)
Americas	$	146.8	$	127.1	$	109.9
Europe(**)		47.6		40.0		(99.6)
APMEA(***)		4.7		15.1		0.5
Subtotal reportable segments		199.1		182.2		10.8
Corporate(*)		(36.8)		(37.2)		(100.9)
Consolidated operating income (loss)		162.3		145.0		(90.1)
Interest income		(1.0)		(1.0)		(1.0)
Interest expense		19.1		22.6		24.3
Other expense (income), net		1.1		(4.4)		(2.4)
Income (loss) before income taxes	$	143.1	$	127.8	$	(111.0)
Capital Expenditures
Americas	$	20.7	$	25.7	$	19.0
Europe		8.0		8.9		7.5
APMEA		0.7		1.4		1.2
Consolidated capital expenditures	$	29.4	$	36.0	$	27.7
Depreciation and Amortization
Americas	$	30.8	$	28.8	$	29.0
Europe		18.6		19.3		21.0
APMEA		2.8		3.1		2.4
Consolidated depreciation and amortization	$	52.2	$	51.2	$	52.4
Identifiable assets (at end of period)
Americas	$	1,069.2	$	1,054.7	$	969.6
Europe		524.0		577.3		602.2
APMEA		143.3		131.2		119.0
Consolidated identifiable assets	$	1,736.5	$	1,763.2	$	1,690.8
Property, plant and equipment, net (at end of period)
Americas	$	109.3	$	106.2	$	88.6
Europe		82.1		75.6		82.2
APMEA		7.1		7.9		13.6
Consolidated property, plant and equipment, net	$	198.5	$	189.7	$	184.4

*     Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs. Included in Corporate’s operating loss for 2015 is a $59.7 million charge related to the Company’s settlement of its Pension Plan and SERP benefit obligations. Refer to Note 14 “Employee Benefit Plans” for further discussion.

**   Included in Europe’s operating loss for 2015 is a $129.7 million charge related to goodwill impairment of the Europe reporting unit. Refer to Note 6 “Goodwill and Intangibles” for further discussion.

*** Included in APMEA’s operating income for 2016 is $8.7 million gain related to the sale of an operating subsidiary in China. Refer to Note 4 “Sale of Business” for further discussion.

Schedule of U.S. net sales of the Company's Americas segment

	December 31,
	2017		2016		2015
	(in millions)
U.S. net sales	$	886.2	$	839.2	$	909.2
U.S. property, plant and equipment, net (at end of year)	$	105.1	$	102.5	$	85.2

Schedule of intersegment sales for Americas, EMEA and Asia-Pacific

	December 31,
	2017		2016		2015
	(in millions)
Intersegment Sales
Americas	$	12.1	$	12.0	$	8.2
Europe		14.6		12.3		10.5
APMEA		69.7		76.7		110.0
Intersegment sales	$	96.4	$	101.0	$	128.7

Schedule of net sales to third parties for the four product categories

	Year Ended December 31,
	2017		2016		2015
	(in millions)
Net Sales
Residential & commercial flow control	$	758.9	$	779.2	$	831.1
HVAC & gas		472.4		408.1		425.1
Drains & water re-use		145.4		132.3		131.0
Water quality		80.0		78.8		80.5
Consolidated net sales	$	1,456.7	$	1,398.4	$	1,467.7