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Information on Business Segments | 9 Months Ended
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Sep. 30, 2014
Information on Business Segments |
14. | Information on Business Segments
In August 2014, the Company entered into a stock purchase agreement to sell Simonton for $130 million in cash. The sale was completed in September 2014. Historical information on business segments now excludes Simonton, which is presented as a discontinued operation in the consolidated financial statements of the Company. Simonton was previously reported in the Advanced Material Windows & Door Systems segment, which has been renamed the Doors segment. Refer to Note 3, “Discontinued Operation,” for additional information. Net sales and operating income for the nine months ended September 30, 2014 and 2013 by segment were as follows:
|  | Nine Months Ended September 30, |
(In millions) |  | 2014 |  |  | 2013 |  |  | % Change vs. Prior Year |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Cabinets |  | $ | 1,331.4 |  |  | $ | 1,186.3 |  |  |  | 12.2 | %
Plumbing |  |  | 995.9 |  |  |  | 969.6 |  |  |  | 2.7 |
Doors |  |  | 304.5 |  |  |  | 274.1 |  |  |  | 11.1 |
Security & Storage |  |  | 441.5 |  |  |  | 417.9 |  |  |  | 5.6 |
Net sales |  | $ | 3,073.3 |  |  | $ | 2,847.9 |  |  |  | 7.9 | %
Operating Income |  |  |  |  |  |  |  |  |  |  |  |
Cabinets |  | $ | 102.5 |  |  | $ | 63.8 |  |  |  | 60.7 | %
Plumbing |  |  | 202.6 |  |  |  | 176.2 |  |  |  | 15.0 |
Doors |  |  | 21.7 |  |  |  | 12.0 |  |  |  | 80.8 |
Security & Storage |  |  | 56.7 |  |  |  | 68.1 |  |  |  | (16.7 | )
Less: Corporate expenses |  |  | (45.9 | ) |  |  | (56.2 | ) |  |  | 18.3 |
Operating income |  | $ | 337.6 |  |  | $ | 263.9 |  |  |  | 27.9 | %
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense |  | $ | (50.7 | ) |  | $ | (58.2 | ) |  |  |  |
Defined benefit plan costs |  |  | 4.8 |  |  |  | 2.0 |  |  |  |  |
Total Corporate expenses |  | $ | (45.9 | ) |  | $ | (56.2 | ) |  |  | 18.3 | %
Net sales and operating income for the three months ended September 30, 2014 and 2013 by segment were as follows:
|  | Three Months Ended September 30, |
(In millions) |  | 2014 |  |  | 2013 |  |  | % Change vs. Prior Year |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Cabinets |  | $ | 452.6 |  |  | $ | 448.6 |  |  |  | 0.9 | %
Plumbing |  |  | 345.9 |  |  |  | 338.1 |  |  |  | 2.3 |
Doors |  |  | 114.4 |  |  |  | 100.9 |  |  |  | 13.4 |
Security & Storage |  |  | 184.8 |  |  |  | 157.4 |  |  |  | 17.4 |
Net sales |  | $ | 1,097.7 |  |  | $ | 1,045.0 |  |  |  | 5.0 | %
Operating Income |  |  |  |  |  |  |  |  |  |  |  |
Cabinets |  | $ | 36.5 |  |  | $ | 14.1 |  |  |  | 158.9 | %
Plumbing |  |  | 75.8 |  |  |  | 65.9 |  |  |  | 15.0 |
Doors |  |  | 12.1 |  |  |  | 7.5 |  |  |  | 61.3 |
Security & Storage |  |  | 27.1 |  |  |  | 29.5 |  |  |  | (8.1 | )
Less: Corporate expenses |  |  | (15.1 | ) |  |  | (19.4 | ) |  |  | 22.2 |
Operating income |  | $ | 136.4 |  |  | $ | 97.6 |  |  |  | 39.8 | %
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense |  | $ | (15.9 | ) |  | $ | (21.9 | ) |  |  |  |
Defined benefit plan costs |  |  | 0.8 |  |  |  | 2.5 |  |  |  |  |
Total Corporate expenses |  | $ | (15.1 | ) |  | $ | (19.4 | ) |  |  | 22.2 | %

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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=6534315&loc=d3e8933-108599 Reference 3: 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=6534315&loc=d3e8844-108599 Reference 4: 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=6534315&loc=d3e8538-108599 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=6534315&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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: 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=6534315&loc=d3e8984-108599 Reference 8: 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=6534315&loc=d3e9038-108599 Reference 9: 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=6534315&loc=d3e8906-108599 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=6534315&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 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: 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=6534315&loc=d3e9031-108599 Reference 13: 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=6534315&loc=d3e8971-108599 Reference 14: 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=6534315&loc=d3e8595-108599 + Details
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