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Segment Information
 6 Months Ended
Jul. 03, 2016
Segment Information  
Segment Information

8.Segment Information

 

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

 

 

 

Second Quarter Ended

 

Six Months Ended

 

 

 

July 3,
2016

 

June 28,
2015

 

July 3,
2016

 

June 28,
2015

 

 

 

(in millions)

 

Net sales

 

 

 

 

 

 

 

 

 

Americas

 

$
239.5

 

$
262.8

 

$
461.8

 

$
500.2

 

EMEA

 
117.4

 
112.2

 
228.4

 
221.2

 

Asia-Pacific

 
14.2

 
11.9

 
25.1

 
21.7

 

 

 

 

 

 

 

 

 

 

 

Consolidated net sales

 

$
371.1

 

$
386.9

 

$
715.3

 

$
743.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

Americas

 

$
35.4

 

$
36.1

 

$
63.5

 

$
60.3

 

EMEA

 
10.5

 
9.4

 
20.7

 
14.8

 

Asia-Pacific

 
9.5

 
(1.8

)
10.8

 
(0.3

)

 

 

 

 

 

 

 

 

 

 

Subtotal reportable segments

 
55.4

 
43.7

 
95.0

 
74.8

 

 

 

 

 

 

 

 

 

 

 

Corporate (*)

 
(9.7

)
(8.9

)
(18.1

)
(17.2

)

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 
45.7

 
34.8

 
76.9

 
57.6

 

 

 

 

 

 

 

 

 

 

 

Interest income

 
(0.3

)
(0.2

)
(0.5

)
(0.4

)

Interest expense

 
5.5

 
5.9

 
12.2

 
11.8

 

Other income, net

 
(0.9

)
(0.4

)
(3.1

)
(0.6

)

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$
41.4

 

$
29.5

 

$
68.3

 

$
46.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

Americas

 

$
7.0

 

$
4.1

 

$
14.4

 

$
8.2

 

EMEA

 
2.8

 
2.6

 
4.5

 
3.8

 

Asia-Pacific

 
0.2

 
0.2

 
0.3

 
0.5

 

 

 

 

 

 

 

 

 

 

 

Consolidated capital expenditures

 

$
10.0

 

$
6.9

 

$
19.2

 

$
12.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

Americas

 

$
6.7

 

$
7.1

 

$
13.3

 

$
14.1

 

EMEA

 
4.9

 
5.2

 
9.8

 
10.6

 

Asia-Pacific

 
0.9

 
0.6

 
1.8

 
1.2

 

 

 

 

 

 

 

 

 

 

 

Consolidated depreciation and amortization

 

$
12.5

 

$
12.9

 

$
24.9

 

$
25.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets (at end of period)

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$
1,001.5

 

$
1,071.9

 

EMEA

 

 

 

 

 
601.4

 
737.0

 

Asia-Pacific

 

 

 

 

 
121.6

 
84.4

 

 

 

 

 

 

 

 

 

 

 

Consolidated identifiable assets

 

 

 

 

 

$
1,724.5

 

$
1,893.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

$
95.3

 

$
85.8

 

EMEA

 

 

 

 

 
81.6

 
88.4

 

Asia-Pacific

 

 

 

 

 
8.1

 
12.4

 

 

 

 

 

 

 

 

 

 

 

Consolidated property, plant and equipment, net

 

 

 

 

 

$
185.0

 

$
186.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*   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.

 

The above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2015 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 $91.5 million and $82.0 million at July 3, 2016 and June 28, 2015, respectively.  The following includes U.S. net sales of the Company’s Americas segment:

 

 

 

Second Quarter Ended

 

Six Months Ended

 

 

 

July 3,
2016

 

June 28,
2015

 

July 3,
2016

 

June 28,
2015

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

U.S. net sales

 

$
223.5 

 

$
244.4 

 

$
431.4 

 

$
465.8 

 

 

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

 

 

 

Second Quarter Ended

 

Six Months Ended

 

 

 

July 3,
2016

 

June 28,
2015

 

July 3,
2016

 

June 28,
2015

 

 

 

(in millions)

 

Intersegment Sales

 

 

 

 

 

 

 

 

 

Americas

 

$
3.4 

 

$
1.9 

 

$
6.2 

 

$
3.7 

 

EMEA

 
2.9 

 
2.8 

 
5.5 

 
5.5 

 

Asia-Pacific

 
16.3 

 
32.6 

 
41.7 

 
63.1 

 

 

 

 

 

 

 

 

 

 

 

Intersegment sales

 

$
22.6 

 

$
37.3 

 

$
53.4 

 

$
72.3