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Segments | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segments | 18. Segments The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments. The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North America and South America continents. The EURAF operating segment includes Europe and Africa continents, excluding the Middle East region. The MEAP operating segment includes the Asia and Australia continents and the Middle East region. The results of the acquired Aspen business are included in the Americas segment. The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company’s operating segments were identified as its reportable segments. The following table shows information by reportable segment for the three and nine months ended September 30, 2021 and 2020:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 190.6 |  |  | $ | 150.7 |  |  | $ | 516.0 |  |  | $ | 456.5 |
EURAF |  |  | 150.0 |  |  |  | 154.7 |  |  |  | 485.3 |  |  |  | 413.1 |
MEAP |  |  | 63.9 |  |  |  | 50.2 |  |  |  | 221.1 |  |  |  | 143.5 |
Total |  | $ | 404.5 |  |  | $ | 355.6 |  |  | $ | 1,222.4 |  |  | $ | 1,013.1 |
Segment Operating Income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 15.3 |  |  | $ | 7.5 |  |  | $ | 44.2 |  |  | $ | 21.4 |
EURAF |  |  | (5.4 | ) |  |  | 7.3 |  |  |  | 6.6 |  |  |  | 2.5 |
MEAP |  |  | 6.5 |  |  |  | 7.8 |  |  |  | 23.1 |  |  |  | 20.7 |
Total |  | $ | 16.4 |  |  | $ | 22.6 |  |  | $ | 73.9 |  |  | $ | 44.6 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 3.6 |  |  | $ | 3.8 |  |  | $ | 10.9 |  |  | $ | 11.8 |
EURAF |  |  | 4.9 |  |  |  | 4.1 |  |  |  | 14.8 |  |  |  | 11.8 |
MEAP |  |  | 0.6 |  |  |  | 0.5 |  |  |  | 1.6 |  |  |  | 1.5 |
Corporate |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 2.2 |  |  |  | 2.2 |
Total |  | $ | 9.8 |  |  | $ | 9.2 |  |  | $ | 29.5 |  |  | $ | 27.3 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 2.9 |  |  | $ | 0.9 |  |  | $ | 5.8 |  |  | $ | 2.4 |
EURAF |  |  | 3.7 |  |  |  | 5.6 |  |  |  | 15.4 |  |  |  | 12.0 |
MEAP |  |  | 0.3 |  |  |  | 0.8 |  |  |  | 1.0 |  |  |  | 0.9 |
Corporate |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | — |
Total |  | $ | 6.9 |  |  | $ | 7.3 |  |  | $ | 22.3 |  |  | $ | 15.3 |
A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Segment operating income |  | $ | 16.4 |  |  | $ | 22.6 |  |  | $ | 73.9 |  |  | $ | 44.6 |
Unallocated corporate expenses |  |  | (9.1 | ) |  |  | (7.2 | ) |  |  | (29.2 | ) |  |  | (25.1 | )
Unallocated restructuring expense |  |  | — |  |  |  | (3.7 | ) |  |  | — |  |  |  | (3.7 | )
Total operating income |  | $ | 7.3 |  |  | $ | 11.7 |  |  | $ | 44.7 |  |  | $ | 15.8 |
Net sales by geographic area for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
United States |  | $ | 158.7 |  |  | $ | 135.2 |  |  | $ | 445.2 |  |  | $ | 411.4 |
Europe |  |  | 147.4 |  |  |  | 150.8 |  |  |  | 472.3 |  |  |  | 403.8 |
Other |  |  | 98.4 |  |  |  | 69.6 |  |  |  | 304.9 |  |  |  | 197.9 |
Total net sales |  | $ | 404.5 |  |  | $ | 355.6 |  |  | $ | 1,222.4 |  |  | $ | 1,013.1 |
Net sales by product for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
New equipment sales |  | $ | 304.2 |  |  | $ | 260.2 |  |  | $ | 898.6 |  |  | $ | 737.9 |
Used equipment sales, aftermarket parts and other sales* |  |  | 100.3 |  |  |  | 95.4 |  |  |  | 323.8 |  |  |  | 275.2 |
Total net sales |  | $ | 404.5 |  |  | $ | 355.6 |  |  | $ | 1,222.4 |  |  | $ | 1,013.1 |
*Other sales consist of miscellaneous services such as training and field service work.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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