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Segment Information
 6 Months Ended
Jun. 29, 2014
Segment Information  
Segment Information

 

 

7.     Segment Information

 

The Company operates in three geographic segments: Americas, EMEA, and Asia-Pacific. Each of these operating segments 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.

 

As of January 1, 2014, the Company began allocating certain expenses to its three operating segments that had previously been recorded as Corporate expenses. These expenses primarily include stock compensation, legal expenses and audit expenses that are directly attributable to and benefit the three operating segments.  The 2013 results have been retrospectively revised for comparative purposes.

 

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

 

 

 

Second Quarter Ended

 

Six Months Ended

 

 

 

June 29,
2014

 

June 30,
2013

 

June 29,
2014

 

June 30,
2013

 

 

 

(in millions)

 

Net Sales

 

 

 

 

 

 

 

 

 

Americas

 

$

241.8

 

$

224.4

 

$

460.9

 

$

437.4

 

EMEA

 

143.9

 

134.1

 

283.0

 

273.3

 

Asia-Pacific

 

10.3

 

8.3

 

17.3

 

15.0

 

Consolidated net sales

 

$

396.0

 

$

366.8

 

$

761.2

 

$

725.7

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

Americas

 

$

29.0

 

$

30.7

 

$

51.6

 

$

52.8

 

EMEA

 

13.1

 

9.8

 

22.0

 

20.7

 

Asia-Pacific

 

2.1

 

2.4

 

3.0

 

5.3

 

Subtotal reportable segments

 

44.2

 

42.9

 

76.6

 

78.8

 

 

 

 

 

 

 

 

 

 

 

Corporate (*)

 

(7.6

)

(7.3

)

(14.2

)

(14.6

)

Consolidated operating income

 

36.6

 

35.6

 

62.4

 

64.2

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

0.2

 

0.2

 

0.3

 

0.3

 

Interest expense

 

(4.9

)

(5.5

)

(9.8

)

(11.5

)

Other income (expense), net

 

0.1

 

(1.4

)

(0.3

)

(1.4

)

Income from continuing operations before income taxes

 

$

32.0

 

$

28.9

 

$

52.6

 

$

51.6

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

Americas

 

$

2.7

 

$

4.6

 

$

4.9

 

$

12.8

 

EMEA

 

2.6

 

2.1

 

5.1

 

4.3

 

Asia-Pacific

 

0.3

 

0.3

 

0.6

 

0.9

 

Consolidated capital expenditures

 

$

5.6

 

$

7.0

 

$

10.6

 

$

18.0

 

 

 

 

 

 

 

 

 

 

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

Americas

 

$

4.9

 

$

5.1

 

$

9.7

 

$

10.1

 

EMEA

 

6.8

 

6.4

 

13.4

 

12.9

 

Asia-Pacific

 

0.4

 

0.6

 

0.9

 

1.3

 

Consolidated depreciation and amortization

 

$

12.1

 

$

12.1

 

$

24.0

 

$

24.3

 

 

 

 

 

 

 

 

 

 

 

Identifiable Assets (at end of period)

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$

768.2

 

$

743.0

 

EMEA

 

 

 

 

 

877.9

 

800.2

 

Asia-Pacific

 

 

 

 

 

80.6

 

80.1

 

Discontinued operations

 

 

 

 

 

—

 

12.5

 

Consolidated identifiable assets

 

 

 

 

 

$

1,726.7

 

$

1,635.8

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$

84.0

 

$

86.0

 

EMEA

 

 

 

 

 

114.7

 

119.5

 

Asia-Pacific

 

 

 

 

 

13.6

 

14.6

 

Consolidated property, plant and equipment, net

 

 

 

 

 

$

212.3

 

$

220.1

 

 

*   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.

 

Apart from the change noted above resulting from allocating certain expenses to its operating segments, the above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2013 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 $79.5 million and $81.0 million at June 29, 2014 and June 30, 2013, respectively.  The following includes U.S. net sales of the Company’s Americas segment:

 

 

 

Second Quarter Ended

 

Six Months Ended

 

 

 

June 29,
2014

 

June 30,
2013

 

June 29,
2014

 

June 30,
2013

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

U.S. net sales

 

$

222.1

 

$

201.6

 

$

423.7

 

$

394.4

 

 

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

 

 

 

Second Quarter Ended

 

Six Months Ended

 

 

 

June 29,
2014

 

June 30,
2013

 

June 29,
2014

 

June 30,
2013

 

 

 

(in millions)

 

Intersegment Sales

 

 

 

 

 

 

 

 

 

Americas

 

$

1.9

 

$

1.3

 

$

3.1

 

$

2.6

 

EMEA

 

3.8

 

2.4

 

7.4

 

5.1

 

Asia-Pacific

 

41.4

 

47.5

 

80.4

 

89.1

 

Intersegment sales

 

$

47.1

 

$

51.2

 

$

90.9

 

$

96.8