10. 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 its 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 3 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, and 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:


	First Quarter Ended
	2019		2018

Net Sales
Americas	$	258.9	$	241.1
Europe		116.3		123.0
APMEA		13.5		14.4
Consolidated net sales	$	388.7	$	378.5
Operating income
Americas	$	43.1	$	36.4
Europe		13.2		14.9
APMEA		1.3		1.4
Subtotal reportable segments		57.6		52.7
Corporate(*)		(10.9)		(8.8)
Consolidated operating income		46.7		43.9
Interest income		(0.1)		(0.4)
Interest expense		3.6		4.3
Other expense, net		0.5		0.7
Income before income taxes	$	42.7	$	39.3
Capital Expenditures
Americas	$	3.9	$	4.6
Europe		3.0		2.5
APMEA		—		0.2
Consolidated capital expenditures	$	6.9	$	7.3
Depreciation and Amortization
Americas	$	7.1	$	7.1
Europe		3.6		4.9
APMEA		0.7		0.7
Consolidated depreciation and amortization	$	11.4	$	12.7
Identifiable assets (at end of period)
Americas	$	1,050.1	$	1,001.9
Europe		524.9		548.2
APMEA		108.4		138.4
Consolidated identifiable assets	$	1,683.4	$	1,688.5
Property, plant and equipment, net (at end of period)
Americas	$	114.3	$	110.3
Europe		78.7		83.7
APMEA		6.6		7.1
Consolidated property, plant and equipment, net	$	199.6	$	201.1

* 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.

The above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2018 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 $110.3 million and $106.2 million at March 31, 2019 and April 1, 2018, respectively.

The following includes U.S. net sales of the Company’s Americas segment:

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


	First Quarter Ended
	March 31,		April 1,
	2019		2018
	(in millions)
Intersegment Sales
Americas	$	2.9	$	2.6
Europe		3.6		3.4
APMEA		16.9		16.7
Intersegment sales	$	23.4	$	22.7

First Quarter Ended

(in millions)

U.S. net sales