(18) Segment Information

The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products and has separate financial results that are reviewed by the Company’s chief operating decision‑maker. Each segment earns revenue and income almost exclusively from the sale of the Company’s products. The Company sells its products into various end markets around the world with sales by region based upon location of the entity recording the sale. See Note 4 for further detail on the product lines sold into by region. All intercompany sales transactions have been eliminated. The accounting policies for each segment are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The following is a summary of the Company’s significant accounts and balances by segment, reconciled to its consolidated totals:


	Year Ended December 31,
	2018		2017		2016
	(in millions)
Net Sales
Americas	$	1,032.1	$	951.9	$	900.9
Europe		467.0		440.3		431.3
APMEA		65.8		64.5		66.2
Consolidated net sales	$	1,564.9	$	1,456.7	$	1,398.4
Operating income
Americas	$	171.1	$	146.8	$	127.1
Europe		49.8		47.6		40.0
APMEA		7.2		4.7		15.1
Subtotal reportable segments		228.1		199.1		182.2
Corporate(*)		(39.7)		(36.8)		(37.2)
Consolidated operating income		188.4		162.3		145.0
Interest income		(0.8)		(1.0)		(1.0)
Interest expense		16.3		19.1		22.6
Other (income) expense, net		(1.7)		1.1		(4.4)
Income before income taxes	$	174.6	$	143.1	$	127.8
Capital Expenditures
Americas	$	21.5	$	20.7	$	25.7
Europe		12.7		8.0		8.9
APMEA		1.7		0.7		1.4
Consolidated capital expenditures	$	35.9	$	29.4	$	36.0
Depreciation and Amortization
Americas	$	29.1	$	30.8	$	28.8
Europe		16.7		18.6		19.3
APMEA		2.7		2.8		3.1
Consolidated depreciation and amortization	$	48.5	$	52.2	$	51.2
Identifiable assets (at end of period)
Americas	$	1,028.1	$	1,069.2	$	1,054.7
Europe		510.2		524.0		577.3
APMEA		115.4		143.3		131.2
Consolidated identifiable assets	$	1,653.7	$	1,736.5	$	1,763.2
Property, plant and equipment, net (at end of year)
Americas	$	115.0	$	109.3	$	106.2
Europe		80.0		82.1		75.6
APMEA		6.9		7.1		7.9
Consolidated property, plant and equipment, net	$	201.9	$	198.5	$	189.7

* 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 APMEA’s operating income for 2016 is $8.7 million gain related to the sale of an operating subsidiary in China. Refer to Note 5 “Sale of Business” for further discussion.

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


	December 31,
	2018		2017		2016
	(in millions)
U.S. net sales	$	964.2	$	886.2	$	839.2
U.S. property, plant and equipment, net (at end of year)	$	111.0	$	105.1	$	102.5

The following includes intersegment sales for Americas, Europe and APMEA:


	December 31,
	2018		2017		2016
	(in millions)
Intersegment Sales
Americas	$	12.7	$	12.1	$	12.0
Europe		14.2		14.6		12.3
APMEA		88.4		69.7		76.7
Intersegment sales	$	115.3	$	96.4	$	101.0