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Segment Information
 12 Months Ended
Dec. 31, 2013
Segment Information  
Segment Information

(16) Segment Information

        The Company operates in three geographic segments: Americas, EMEA, and Asia Pacific. Each of these segments sells similar products, is managed separately and has separate financial results that are reviewed by the Company's chief operating decision-maker. All intercompany sales transactions have been eliminated. Sales by region are based upon location of the entity recording the sale. The accounting policies for each segment are the same as those described in the summary of significant accounting policies (see Note 2).

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

 
   Years Ended December 31,  
 
   2013   2012   2011  
 
   (in millions)
  

Net Sales

                    

Americas

   $ 878.5   $ 835.0   $ 810.9  

EMEA

     562.2     565.6     574.8  

Asia Pacific

     32.8     26.8     21.7  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Consolidated net sales

   $ 1,473.5   $ 1,427.4   $ 1,407.4  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Operating income (loss)

                    

Americas

   $ 90.4   $ 96.5   $ 111.6  

EMEA

     46.9     52.5     45.5  

Asia Pacific

     9.7     6.5     12.2  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subtotal reportable segments

     147.0     155.5     169.3  

Corporate(*)

     (35.5 )   (32.2 )   (35.8 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Consolidated operating income

     111.5     123.3     133.5  

Interest income

     0.6     0.7     1.0  

Interest expense

     (21.5 )   (24.6 )   (25.8 )

Other income (expense), net

     (2.8 )   0.8     (0.8 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations before income taxes

   $ 87.8   $ 100.2   $ 107.9  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Identifiable assets (at end of period)

                    

Americas

   $ 787.9   $ 810.9   $ 814.3  

EMEA

     869.6     802.1     759.8  

Asia Pacific

     82.7     84.3     92.5  

Discontinued operations

     —     11.7     27.4  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Consolidated identifiable assets

   $ 1,740.2   $ 1,709.0   $ 1,694.0  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Property, plant and equipment, net (at end of period)

                    

Americas

   $ 85.8   $ 80.6   $ 74.8  

EMEA

     119.8     126.3     130.6  

Asia Pacific

     14.3     14.8     15.0  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Consolidated long-lived assets

   $ 219.9   $ 221.7   $ 220.4  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Capital Expenditures

                    

Americas

   $ 18.0   $ 17.9   $ 8.3  

EMEA

     8.5     10.7     13.5  

Asia Pacific

     1.2     1.9     0.7  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Consolidated capital expenditures

   $ 27.7   $ 30.5   $ 22.5  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Depreciation and Amortization

                    

Americas

   $ 20.5   $ 19.6   $ 18.7  

EMEA

     26.0     26.8     27.2  

Asia Pacific

     2.4     2.1     2.0  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Consolidated depreciation and amortization

   $ 48.9   $ 48.5   $ 47.9  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
*
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.

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

 
   Years Ended December 31,  
 
   2013   2012   2011  
 
   (in millions)
  

U.S. net sales

   $ 788.7   $ 747.4   $ 732.9  

U.S. property, plant and equipment, net (at end of period)

   $ 81.1   $ 75.1   $ 69.9  

The following includes intersegment sales for Americas, EMEA and Asia Pacific:

 
   Years Ended December 31,  
 
   2013   2012   2011  
 
   (in millions)
  

Intersegment Sales

                    

Americas

   $ 5.4   $ 5.3   $ 3.3  

EMEA

     10.2     10.9     8.4  

Asia Pacific

     170.9     139.0     132.9  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Intersegment sales

   $ 186.5   $ 155.2   $ 144.6  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

        The Company sells its products into various end markets around the world and groups net sales to third parties into four product categories. As a result of the EMEA transformation program, the Company reallocated revenues of approximately $90.0 million and $100.0 million in 2012 and 2011, respectively, from HVAC & gas to Residential & commercial flow control from what was previously reported. The reallocation is based on the alignment of certain subsidiaries within these product groupings. The adjustment to the disclosure has no effect on the consolidated financial statements. Net sales to third parties for the four product categories are as follows:

 
   Years Ended December 31,  
 
   2013   2012   2011  
 
   (in millions)
  

Net Sales

                    

Residential & commercial flow control

   $ 907.7   $ 879.2   $ 854.9  

HVAC & gas

     348.8     337.0     347.0  

Drains & water re-use

     140.0     138.8     135.3  

Water quality

     77.0     72.4     70.2  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Consolidated net sales

   $ 1,473.5   $ 1,427.4   $ 1,407.4  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​