Segment Information

9 Months Ended

Sep. 26, 2021

Segment Information

Segment Information

9. 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 above 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, 2020.

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

	Third Quarter Ended				Nine Months Ended
	September 26,		September 27,		September 26,		September 27,
	2021		2020		2021		2020
	(in millions)
Net sales
Americas	$	309.1	$	261.5	$	889.0	$	761.3
Europe		124.1		106.7		383.8		305.0
APMEA		21.8		15.7		62.5		38.9
Consolidated net sales	$	455.0	$	383.9	$	1,335.3	$	1,105.2
Operating income (loss)
Americas	$	55.9	$	47.3	$	159.6	$	120.2
Europe		18.3		10.4		43.2		33.3
APMEA		4.2		—		10.8		0.7
Subtotal reportable segments		78.4		57.7		213.6		154.2
Corporate(*)		(13.7)		(9.8)		(36.6)		(27.5)
Consolidated operating income		64.7		47.9		177.0		126.7
Interest income		—		—		—		(0.2)
Interest expense		1.4		3.0		4.9		10.0
Other (income) expense, net		(0.2)		1.1		(1.0)		1.0
Income before income taxes	$	63.5	$	43.8	$	173.1	$	115.9
Capital expenditures
Americas	$	5.3	$	6.9	$	12.6	$	24.5
Europe		1.3		2.5		6.6		8.5
APMEA		—		0.6		0.4		0.8
Consolidated capital expenditures	$	6.6	$	10.0	$	19.6	$	33.8
Depreciation and amortization
Americas	$	7.3	$	7.5	$	22.4	$	22.4
Europe		3.2		3.7		9.5		10.5
APMEA		0.2		0.6		2.1		1.8
Consolidated depreciation and amortization	$	10.7	$	11.8	$	34.0	$	34.7
Identifiable assets (at end of period)
Americas					$	1,150.0	$	1,105.8
Europe						571.0		494.1
APMEA						142.2		109.1
Consolidated identifiable assets					$	1,863.2	$	1,709.0
Property, plant and equipment, net (at end of period)
Americas					$	120.9	$	125.6
Europe						78.4		80.3
APMEA						4.9		5.4
Consolidated property, plant and equipment, net					$	204.2	$	211.3

*     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, 2020 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 $116.4 million and $121.8 million at September 26, 2021 and September 27, 2020, respectively.

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

	Third Quarter Ended				Nine Months Ended
	September 26,		September 27,		September 26,		September 27,
	2021		2020		2021		2020
	(in millions)
U.S. net sales	$	288.7	$	242.5	$	828.1	$	711.8

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

	Third Quarter Ended				Nine Months Ended
	September 26,		September 27,		September 26,		September 27,
	2021		2020		2021		2020
	(in millions)
Intersegment Sales
Americas	$	2.5	$	1.6	$	7.4	$	7.1
Europe		6.7		4.2		22.9		13.7
APMEA		32.2		19.2		95.6		53.7
Intersegment sales	$	41.4	$	25.0	$	125.9	$	74.5