| Operations by Industry Segment and Geographic Area |
24. Operations by Industry Segment and Geographic Area
The Company has three reportable business segments based on geographic regions, defined as follows:
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Americas, which includes North and South America, with the segment headquarters in Reading, Pennsylvania, USA, |
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Europe, which includes Europe, the Middle East and Africa, with the segment headquarters in Zurich, Switzerland, and |
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Asia, which includes Asia, Australia and Oceania, with the segment headquarters in Singapore. |
Summarized financial information related to the Company's business segments at March 31, 2011, 2010 and 2009 and for each of the fiscal years then ended is shown below.
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Fiscal Years Ended March 31, |
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2011 |
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2010 |
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2009 |
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Net sales |
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Europe |
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$ |
890,313 |
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$ |
741,975 |
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$ |
987,178 |
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Americas |
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896,629 |
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|
700,297 |
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|
831,251 |
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Asia |
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177,520 |
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137,113 |
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|
154,438 |
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Total net sales |
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$ |
1,964,462 |
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$ |
1,579,385 |
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$ |
1,972,867 |
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Operating earnings |
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Europe |
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$ |
55,643 |
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$ |
17,649 |
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$ |
64,898 |
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Americas |
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124,515 |
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87,156 |
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|
79,236 |
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Asia |
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10,469 |
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20,502 |
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12,793 |
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Restructuring charges (Europe) |
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(6,813 |
) |
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(13,212 |
) |
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(21,996 |
) |
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Bargain purchase gain (Europe) |
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— |
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2,919 |
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— |
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Restructuring charges (Americas) |
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— |
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(717 |
) |
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(428 |
) |
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Legal proceedings charge (Europe) |
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— |
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— |
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(3,366 |
) |
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Gain on sale of facilities (Europe) |
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— |
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— |
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11,308 |
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Total operating earnings |
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$ |
183,814 |
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$ |
114,297 |
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$ |
142,445 |
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Property, plant and equipment, net |
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Europe |
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$ |
169,056 |
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$ |
156,953 |
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$ |
147,248 |
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Americas |
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|
142,263 |
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|
138,217 |
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|
133,880 |
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Asia |
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33,066 |
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19,971 |
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20,237 |
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Total |
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$ |
344,385 |
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$ |
315,141 |
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$ |
301,365 |
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Depreciation and Amortization |
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Europe |
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$ |
21,564 |
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$ |
22,348 |
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$ |
23,663 |
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Americas |
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19,842 |
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|
19,189 |
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|
20,249 |
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Asia |
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|
2,987 |
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|
3,314 |
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|
3,321 |
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Total |
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$ |
44,393 |
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$ |
44,851 |
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$ |
47,233 |
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The Company markets its products and services in over 100 countries. Sales are attributed to countries based on the location of sale approval and acceptance. The following represent the net sales to unaffiliated customers of the Company's country of domicile and the other top countries which collectively comprise approximately 70% the Company's consolidated net sales for the periods presented:
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Fiscal years ended |
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March 31, 2011 |
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March 31, 2010 |
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United States |
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$ |
812,253 |
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$ |
638,138 |
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France |
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158,815 |
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|
159,242 |
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Germany |
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153,409 |
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|
151,031 |
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Switzerland |
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|
111,112 |
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|
40,456 |
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United Kingdom |
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|
100,879 |
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|
91,355 |
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Italy |
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|
86,564 |
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|
83,893 |
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