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SEGMENT AND RELATED INFORMATION | 12 Months Ended
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Dec. 31, 2016
SEGMENT AND RELATED INFORMATION [Abstract] |
SEGMENT AND RELATED INFORMATION |
12. | SEGMENT AND RELATED INFORMATION
Since the December 2015 sale of the NATG business, the Company has operated and is internally managed in two reportable business segments— Industrial Products Group (“IPG”) and EMEA Technology Products Group (“EMEA”). Smaller business operations and corporate functions are aggregated and reported as the additional segment - Corporate and Other “Corporate”. On September 2, 2016 the Company sold certain assets of its Misco Germany operations which had been reported as part of its EMEA segment. As this disposition was not a strategic shift with a major impact as defined under ASU 2014-08 , prior and current year results of the German operations are presented within continuing operations in the Consolidated Financial Statements. For the year ended December 31, 2016, net sales of Misco Germany included in continuing operations were $33.9 million and the net loss, including approximately $3.7 million of intercompany charges, was $6.4 million. The Company recorded charges related to this transaction of approximately $1.7 million. At December 31, 2016, the Company sold all of its issued and outstanding membership interests of its rebate processing business which had been reported as part of its Corporate segment. As this disposition was not a strategic shift with a major impact as defined under ASU 2014-08, prior and current year results of the rebate processing business are presented within continuing operations in the consolidated financial statements. For the year ended December 31, 2016, net sales of the rebate processing business included in continuing operations were $3.7 million and the net loss was $2.3 million. The Company recorded a gain of approximately $3.9 million on this sale. The Company’s chief operating decision-maker is the Company’s Chief Executive Officer (“CEO”). The CEO, in his role as Chief Operating Decision Maker (“CODM”), evaluates segment performance based on operating income (loss) from continuing operations. The CODM reviews assets and makes significant capital expenditure decisions for the Company on a consolidated basis only. The accounting policies of the segments are the same as those of the Company. Corporate costs not identified with the disclosed segments are grouped as “Corporate and other expenses.” Financial information relating to the Company’s continuing operations by reportable segment was as follows (in millions):
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Net Sales: |  |  |  |  |  |  |  |  |
IPG |  | $ | 715.6 |  |  | $ | 698.6 |  |  | $ | 556.0 |
EMEA |  |  | 960.9 |  |  |  | 1,052.9 |  |  |  | 1,189.9 |
NATG |  |  | - |  |  |  | 97.8 |  |  |  | 352.4 |
Corporate and other |  |  | 3.6 |  |  |  | 5.4 |  |  |  | 5.9 |
Consolidated |  | $ | 1,680.1 |  |  | $ | 1,854.7 |  |  | $ | 2,104.2 |
Depreciation and Amortization Expense: |  |  |  |  |  |  |  |  |  |  |  |
IPG |  | $ | 3.6 |  |  | $ | 3.8 |  |  | $ | 2.1 |
EMEA |  |  | 3.4 |  |  |  | 3.9 |  |  |  | 4.0 |
NATG |  |  | - |  |  |  | 0.6 |  |  |  | 4.1 |
Corporate and other |  |  | 0.9 |  |  |  | 1.0 |  |  |  | 1.3 |
Consolidated |  | $ | 7.9 |  |  | $ | 9.3 |  |  | $ | 11.5 |
Operating Income (Loss): |  |  |  |  |  |  |  |  |  |  |  |
IPG |  | $ | 34.3 |  |  | $ | 43.7 |  |  | $ | 41.0 |
EMEA |  |  | (12.5 | ) |  |  | (10.8 | ) |  |  | (21.2 | )
NATG |  |  | (2.8 | ) |  |  | (38.2 | ) |  |  | (17.9 | )
Corporate and other expenses |  |  | (14.9 | ) |  |  | (18.8 | ) |  |  | (15.6 | )
Consolidated |  | $ | 4.1 |  |  | $ | (24.1 | ) |  | $ | (13.7 | )
Total Assets |  |  |  |  |  |  |  |  |  |  |  |
IPG |  | $ | 201.5 |  |  | $ | 175.3 |  |  | $ | 135.5 |
EMEA |  |  | 274.6 |  |  |  | 238.3 |  |  |  | 313.3 |
NATG |  |  | 6.9 |  |  |  | 26.6 |  |  |  | 187.6 |
Corporate and other |  |  | 83.1 |  |  |  | 269.9 |  |  |  | 260.5 |
Consolidated |  | $ | 566.1 |  |  | $ | 710.1 |  |  | $ | 896.9 |
Financial information relating to the Company’s operations by geographic area was as follows (in millions):
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Net Sales: |  |  |  |  |  |  |  |  |
United States |  | $ | 692.3 |  |  | $ | 676.8 |  |  | $ | 723.2 |
France |  |  | 417.2 |  |  |  | 382.6 |  |  |  | 383.2 |
United Kingdom |  |  | 241.8 |  |  |  | 335.7 |  |  |  | 471.9 |
Other Europe |  |  | 301.9 |  |  |  | 334.5 |  |  |  | 334.8 |
Other North America |  |  | 26.9 |  |  |  | 125.1 |  |  |  | 191.1 |
Consolidated |  | $ | 1,680.1 |  |  | $ | 1,854.7 |  |  | $ | 2,104.2 |
Long-lived Assets: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 15.4 |  |  | $ | 18.1 |  |  | $ | 17.1 |
United Kingdom |  |  | 10.4 |  |  |  | 15.6 |  |  |  | 17.5 |
France |  |  | 1.0 |  |  |  | 1.1 |  |  |  | 0.8 |
Other Europe and Asia |  |  | 2.7 |  |  |  | 3.5 |  |  |  | 5.5 |
Other North America |  |  | - |  |  |  | - |  |  |  | 0.3 |
Consolidated |  | $ | 29.5 |  |  | $ | 38.3 |  |  | $ | 41.2 |
Net sales are attributed to countries based on location of selling subsidiary.

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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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599 + Details
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