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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2013
Segment Information |
Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals |
|  | Second Quarter Ended |  | Six Months Ended |
|  | June 30, 2013 |  | July 1, 2012 |  | June 30, 2013 |  | July 1, 2012 |
|  | (in millions) |
Net Sales |  |  |  |  |  |  |  |  |
North America |  | $ | 224.4 |  | $ | 218.1 |  | $ | 437.4 |  | $ | 425.1 |
EMEA |  | 138.6 |  | 142.8 |  | 281.0 |  | 292.0 |
Asia |  | 8.3 |  | 6.5 |  | 15.0 |  | 11.5 |
Consolidated net sales |  | $ | 371.3 |  | $ | 367.4 |  | $ | 733.4 |  | $ | 728.6 |
Operating income (loss) |  |  |  |  |  |  |  |  |
North America |  | $ | 31.5 |  | $ | 26.2 |  | $ | 55.5 |  | $ | 46.1 |
EMEA |  | 9.8 |  | 12.0 |  | 20.4 |  | 24.8 |
Asia |  | 2.4 |  | 2.1 |  | 5.3 |  | 3.5 |
Subtotal reportable segments |  | 43.7 |  | 40.3 |  | 81.2 |  | 74.4 |
Corporate (*) |  | (8.1 | ) | (7.1 | ) | (17.3 | ) | (14.6 | )
Consolidated operating income |  | 35.6 |  | 33.2 |  | 63.9 |  | 59.8 |
Interest income |  | 0.2 |  | 0.2 |  | 0.3 |  | 0.4 |
Interest expense |  | (5.5 | ) | (6.1 | ) | (11.5 | ) | (12.3 | )
Other income (expense), net |  | (1.4 | ) | — |  | (1.4 | ) | 0.9 |
Income from continuing operations before income taxes |  | $ | 28.9 |  | $ | 27.3 |  | $ | 51.3 |  | $ | 48.8 |
Capital Expenditures |  |  |  |  |  |  |  |  |
North America |  | $ | 4.6 |  | $ | 1.8 |  | $ | 12.8 |  | $ | 4.4 |
EMEA |  | 2.1 |  | 2.4 |  | 4.3 |  | 4.6 |
Asia |  | 0.3 |  | 0.5 |  | 0.9 |  | 0.6 |
Consolidated capital expenditures |  | $ | 7.0 |  | $ | 4.7 |  | $ | 18.0 |  | $ | 9.6 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |
North America |  | $ | 5.1 |  | $ | 4.9 |  | $ | 10.1 |  | $ | 9.7 |
EMEA |  | 6.6 |  | 6.8 |  | 13.3 |  | 14.1 |
Asia |  | 0.6 |  | 0.5 |  | 1.3 |  | 1.0 |
Consolidated depreciation and amortization |  | $ | 12.3 |  | $ | 12.2 |  | $ | 24.7 |  | $ | 24.8 |
Identifiable Assets (at end of period) |  |  |  |  |  |  |  |  |
North America |  |  |  |  |  | $ | 743.0 |  | $ | 779.1 |
EMEA |  |  |  |  |  | 812.7 |  | 750.5 |
Asia. |  |  |  |  |  | 80.1 |  | 90.8 |
Discontinued operations |  |  |  |  |  | — |  | 10.9 |
Consolidated identifiable assets |  |  |  |  |  | $ | 1,635.8 |  | $ | 1,631.3 |
Property, plant and equipment, net (at end of period) |  |  |  |  |  |  |  |  |
North America |  |  |  |  |  | $ | 86.0 |  | $ | 73.7 |
EMEA |  |  |  |  |  | 121.1 |  | 123.9 |
Asia |  |  |  |  |  | 14.6 |  | 14.5 |
Consolidated property, plant and equipment, net |  |  |  |  |  | $ | 221.7 |  | $ | 212.1 |
* Corporate expenses are primarily for administrative compensation expense, internal controls costs, professional fees, including legal and audit expenses, shareholder services and benefit administration costs. These costs are not allocated to the geographic segments as they are viewed as corporate functions that support all activities.
Schedule of U.S. net sales and U.S. property, plant and equipment of the Company's North America segment |
|  | Second Quarter Ended |  | Six Months Ended |
|  | June 30, 2013 |  | July 1, 2012 |  | June 30, 2013 |  | July 1, 2012 |
|  | (in millions) |
U.S. net sales |  | $ | 201.6 |  | $ | 196.0 |  | $ | 394.4 |  | $ | 383.0 |
U.S. property, plant and equipment (at end of period) |  |  |  |  |  | $ | 81.0 |  | $ | 68.2 |
Schedule of intersegment sales for North America, EMEA and Asia |
|  | Second Quarter Ended |  | Six Months Ended |
|  | June 30, 2013 |  | July 1, 2012 |  | June 30, 2013 |  | July 1, 2012 |
|  | (in millions) |
Intersegment Sales |  |  |  |  |  |  |  |  |
North America |  | $ | 1.3 |  | $ | 1.2 |  | $ | 2.6 |  | $ | 2.6 |
EMEA |  | 2.4 |  | 2.0 |  | 5.1 |  | 4.6 |
Asia |  | 47.5 |  | 35.3 |  | 89.1 |  | 66.4 |
Intersegment sales |  | $ | 51.2 |  | $ | 38.5 |  | $ | 96.8 |  | $ | 73.6 |
Schedule of net sales to third parties for the four product categories |
|  | Second Quarter Ended |  | Six Months Ended |
|  | June 30, 2013 |  | July 1, 2012 |  | June 30, 2013 |  | July 1, 2012 |
|  | (in millions) |
Net Sales |  |  |  |  |  |  |  |  |
Residential & commercial flow control |  | $ | 209.2 |  | $ | 207.5 |  | $ | 409.6 |  | $ | 405.7 |
HVAC & gas |  | 107.0 |  | 106.9 |  | 214.7 |  | 216.6 |
Drains & water re-use |  | 36.3 |  | 35.0 |  | 70.2 |  | 68.8 |
Water quality |  | 18.8 |  | 18.0 |  | 38.9 |  | 37.5 |
Consolidated net sales |  | $ | 371.3 |  | $ | 367.4 |  | $ | 733.4 |  | $ | 728.6 |

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