Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information

Segment Information

(18) Segment Information

The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products and solutions 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 sales by region of the product categories. 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.

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

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Net sales
Americas	$	1,428.1	$	1,390.0	$	1,207.2
Europe		512.1		499.1		517.4
APMEA		116.1		90.4		84.6
Consolidated net sales	$	2,056.3	$	1,979.5	$	1,809.2
Operating income (loss)
Americas	$	325.2	$	283.9	$	211.0
Europe		70.4		66.7		63.6
APMEA		16.1		14.0		14.4
Subtotal reportable segments		411.7		364.6		289.0
Corporate(*)		(60.8)		(49.6)		(49.4)
Consolidated operating income		350.9		315.0		239.6
Interest income		(7.2)		(0.6)		—
Interest expense		8.2		7.0		6.3
Other expense (income), net		0.4		1.0		(0.8)
Income before income taxes	$	349.5	$	307.6	$	234.1
Capital expenditures
Americas	$	20.8	$	16.2	$	17.6
Europe		8.0		11.2		8.5
APMEA		0.9		0.7		0.6
Consolidated capital expenditures	$	29.7	$	28.1	$	26.7
Depreciation and amortization
Americas	$	31.5	$	27.4	$	29.8
Europe		9.6		10.3		12.6
APMEA		2.2		2.0		2.7
Consolidated depreciation and amortization	$	43.3	$	39.7	$	45.1
Identifiable assets (at end of period)
Americas	$	1,605.7	$	1,222.8	$	1,133.5
Europe		569.1		583.5		584.8
APMEA		134.6		124.6		137.3
Consolidated identifiable assets	$	2,309.4	$	1,930.9	$	1,855.6
Property, plant and equipment, net (at end of period)
Americas	$	174.0	$	124.1	$	121.3
Europe		69.9		68.4		74.5
APMEA		4.3		4.3		4.9
Consolidated property, plant and equipment, net	$	248.2	$	196.8	$	200.7

*     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.

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

	December 31,
	2023		2022		2021
	(in millions)
U.S. net sales	$	1,324.4	$	1,301.2	$	1,123.9
U.S. property, plant and equipment, net (at end of year)	$	161.5	$	119.0	$	116.2

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

	December 31,
	2023		2022		2021
	(in millions)
Intersegment Sales
Americas	$	7.9	$	11.1	$	9.3
Europe		24.7		24.7		29.1
APMEA		85.2		71.4		120.5
Intersegment sales	$	117.8	$	107.2	$	158.9