Segment Information

9 Months Ended

Sep. 29, 2024

Segment Information

Segment Information

8. 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 3 for further detail on the product lines sold 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, 2023.

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 29,		September 24,		September 29,		September 24,
	2024		2023		2024		2023
	(in millions)
Net sales
Americas	$	400.0	$	351.0	$	1,266.9	$	1,041.1
Europe		107.3		120.2		344.7		384.1
APMEA		36.3		33.1		100.2		83.6
Consolidated net sales	$	543.6	$	504.3	$	1,711.8	$	1,508.8
Operating income (loss)
Americas	$	90.6	$	85.7	$	284.3	$	249.8
Europe		8.7		12.5		40.6		53.2
APMEA		6.7		5.4		18.2		11.9
Subtotal reportable segments		106.0		103.6		343.1		314.9
Corporate(*)		(12.8)		(16.5)		(41.7)		(42.7)
Consolidated operating income		93.2		87.1		301.4		272.2
Interest income		(2.1)		(2.3)		(6.1)		(4.0)
Interest expense		3.6		1.2		11.9		4.4
Other income, net		(0.6)		0.1		(1.4)		(0.4)
Income before income taxes	$	92.3	$	88.1	$	297.0	$	272.2
Capital expenditures
Americas	$	4.1	$	5.4	$	15.2	$	13.5
Europe		2.0		1.7		7.0		4.8
APMEA		0.3		0.3		1.1		0.7
Consolidated capital expenditures	$	6.4	$	7.4	$	23.3	$	19.0
Depreciation and amortization
Americas	$	11.2	$	7.5	$	32.3	$	22.0
Europe		2.3		2.4		6.8		7.1
APMEA		0.5		0.6		1.7		1.7
Consolidated depreciation and amortization	$	14.0	$	10.5	$	40.8	$	30.8
					September 29,		December 31,
					2024		2023
					(in millions)
Identifiable assets (at end of period)
Americas					$	1,674.0	$	1,605.7
Europe						584.7		569.1
APMEA						140.4		134.6
Consolidated identifiable assets					$	2,399.1	$	2,309.4
Property, plant and equipment, net (at end of period)
Americas					$	178.9	$	174.0
Europe						71.5		69.9
APMEA						4.7		4.3
Consolidated property, plant and equipment, net					$	255.1	$	248.2

*     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, 2023 consolidated financial statements included in its Annual Report on Form 10-K.

The property, plant and equipment, net, in the U.S. of the Company’s Americas segment was $166.4 million and $161.5 million as of September 29, 2024 and December 31, 2023, respectively.

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

	Third Quarter Ended				Nine Months Ended
	September 29,		September 24,		September 29,		September 24,
	2024		2023		2024		2023
	(in millions)
U.S. net sales	$	375.3	$	328.7	$	1,188.4	$	976.0

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

	Third Quarter Ended				Nine Months Ended
	September 29,		September 24,		September 29,		September 24,
	2024		2023		2024		2023
	(in millions)
Intersegment Sales
Americas	$	1.9	$	1.4	$	6.7	$	5.5
Europe		5.9		6.0		18.0		19.9
APMEA		17.3		16.8		63.7		67.4
Intersegment sales	$	25.1	$	24.2	$	88.4	$	92.8