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Segment Information | 9 Months Ended
--- | ---
Sep. 27, 2015
Segment Information |
Segment Information | 8.Segment Information The Company operates in three geographic segments: Americas, EMEA, and Asia-Pacific. AERCO is included in the Americas segment results for the third quarter and the first nine months ended September 27, 2015. Each of these 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. The following is a summary of the Company’s significant accounts and balances by segment, reconciled to the consolidated totals:
|  | Third Quarter Ended |  | Nine Months Ended |
|  | September 27, 2015 |  | September 28, 2014 |  | September 27, 2015 |  | September 28, 2014 |
|  | (in millions) |
Net sales |  |  |  |  |  |  |  |  |
Americas |  | $ | 245.0 |  | $ | 228.6 |  | $ | 745.2 |  | $ | 689.5 |
EMEA |  | 110.9 |  | 136.4 |  | 332.1 |  | 419.4 |
Asia-Pacific |  | 10.4 |  | 11.0 |  | 32.1 |  | 28.3 |
Consolidated net sales |  | $ | 366.3 |  | $ | 376.0 |  | $ | 1,109.4 |  | $ | 1,137.2 |
Operating income (loss) |  |  |  |  |  |  |  |  |
Americas |  | $ | 30.3 |  | $ | 33.4 |  | $ | 90.6 |  | $ | 85.0 |
EMEA |  | 10.9 |  | 15.1 |  | 25.7 |  | 37.1 |
Asia-Pacific |  | 1.2 |  | 1.7 |  | 0.9 |  | 4.7 |
Subtotal reportable segments |  | 42.4 |  | 50.2 |  | 117.2 |  | 126.8 |
Corporate (*) |  | (72.6 | ) | (7.5 | ) | (89.8 | ) | (21.7 | )
Consolidated operating (loss) income |  | (30.2 | ) | 42.7 |  | 27.4 |  | 105.1 |
Interest income |  | 0.3 |  | 0.1 |  | 0.7 |  | 0.4 |
Interest expense |  | (6.2 | ) | (4.8 | ) | (18.0 | ) | (14.6 | )
Other income (expense), net |  | 0.2 |  | (1.6 | ) | 0.8 |  | (1.9 | )
(Loss) Income before income taxes |  | $ | (35.9 | ) | $ | 36.4 |  | $ | 10.9 |  | $ | 89.0 |
Capital expenditures |  |  |  |  |  |  |  |  |
Americas |  | $ | 4.6 |  | $ | 2.5 |  | $ | 12.8 |  | $ | 7.4 |
EMEA |  | 1.8 |  | 2.7 |  | 5.6 |  | 7.8 |
Asia-Pacific |  | 0.3 |  | 0.3 |  | 0.8 |  | 0.9 |
Consolidated capital expenditures |  | $ | 6.7 |  | $ | 5.5 |  | $ | 19.2 |  | $ | 16.1 |
Depreciation and amortization |  |  |  |  |  |  |  |  |
Americas |  | $ | 8.0 |  | $ | 4.8 |  | $ | 22.1 |  | $ | 14.5 |
EMEA |  | 5.3 |  | 6.4 |  | 15.9 |  | 19.8 |
Asia-Pacific |  | 0.5 |  | 0.5 |  | 1.7 |  | 1.5 |
Consolidated depreciation and amortization |  | $ | 13.8 |  | $ | 11.7 |  | $ | 39.7 |  | $ | 35.8 |
Identifiable assets (at end of period) |  |  |  |  |  |  |  |  |
Americas |  |  |  |  |  | $ | 1,033.6 |  | $ | 696.7 |
EMEA |  |  |  |  |  | 744.1 |  | 840.8 |
Asia-Pacific |  |  |  |  |  | 80.6 |  | 139.2 |
Consolidated identifiable assets |  |  |  |  |  | $ | 1,858.3 |  | $ | 1,676.7 |
Property, plant and equipment, net (at end of period) |  |  |  |  |  |  |  |  |
Americas |  |  |  |  |  | $ | 86.3 |  | $ | 82.8 |
EMEA |  |  |  |  |  | 86.9 |  | 105.8 |
Asia-Pacific |  |  |  |  |  | 11.9 |  | 13.5 |
Consolidated property, plant and equipment, net |  |  |  |  |  | $ | 185.1 |  | $ | 202.1 |
* Corporate expenses are primarily for administrative compensation expense, internal controls costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs. Included in Corporate’s operating loss for the three and nine months ended September 27, 2015 is a $59.7 million charge related to the Company’s settlement of its Pension Plan and SERP benefit obligations. Refer to Note 12 Defined Benefit Plans for further discussion. The above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2014 consolidated financial statements included in its Annual Report on Form 10-K. The EMEA segment was significantly impacted by foreign currency translation in the first nine months of 2015 compared to the first nine months of 2014. The U.S. property, plant and equipment of the Company’s Americas segment was $82.8 million and $78.5 million at September 27, 2015 and September 28, 2014, respectively. The following includes U.S. net sales of the Company’s Americas segment:
|  | Third Quarter Ended |  | Nine Months Ended |
|  | September 27, 2015 |  | September 28, 2014 |  | September 27, 2015 |  | September 28, 2014 |
|  | (in millions) |
U.S. net sales |  | $ | 227.8 |  | $ | 207.8 |  | $ | 693.6 |  | $ | 631.5 |
The following includes intersegment sales for Americas, EMEA and Asia-Pacific:
|  | Third Quarter Ended |  | Nine Months Ended |
|  | September 27, 2015 |  | September 28, 2014 |  | September 27, 2015 |  | September 28, 2014 |
|  | (in millions) |
Intersegment Sales |  |  |  |  |  |  |  |  |
Americas |  | $ | 2.1 |  | $ | 1.5 |  | $ | 5.8 |  | $ | 4.6 |
EMEA |  | 2.3 |  | 3.3 |  | 7.8 |  | 10.7 |
Asia-Pacific |  | 27.9 |  | 36.5 |  | 91.0 |  | 116.9 |
Intersegment sales |  | $ | 32.3 |  | $ | 41.3 |  | $ | 104.6 |  | $ | 132.2 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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