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Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Information by Reportable Segment | The following table shows information by reportable segment for the three and six months ended June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 296.7 |  |  | $ | 319.4 |  |  | $ | 579.9 |  |  | $ | 583.8 |
EURAF |  |  | 176.2 |  |  |  | 185.8 |  |  |  | 319.2 |  |  |  | 364.0 |
MEAP |  |  | 89.2 |  |  |  | 97.6 |  |  |  | 158.1 |  |  |  | 163.3 |
Total |  | $ | 562.1 |  |  | $ | 602.8 |  |  | $ | 1,057.2 |  |  | $ | 1,111.1 |
Segment Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 23.9 |  |  | $ | 29.6 |  |  | $ | 53.4 |  |  | $ | 58.1 |
EURAF |  |  | (6.8 | ) |  |  | 6.4 |  |  |  | (18.6 | ) |  |  | 10.0 |
MEAP |  |  | 9.3 |  |  |  | 19.0 |  |  |  | 17.5 |  |  |  | 27.6 |
Total |  | $ | 26.4 |  |  | $ | 55.0 |  |  | $ | 52.3 |  |  | $ | 95.7 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 7.3 |  |  | $ | 7.4 |  |  | $ | 14.6 |  |  | $ | 14.6 |
EURAF |  |  | 5.9 |  |  |  | 5.4 |  |  |  | 11.8 |  |  |  | 10.8 |
MEAP |  |  | 0.7 |  |  |  | 0.6 |  |  |  | 1.5 |  |  |  | 1.2 |
Corporate |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 1.4 |  |  |  | 1.5 |
Total |  | $ | 14.6 |  |  | $ | 14.2 |  |  | $ | 29.3 |  |  | $ | 28.1 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 6.8 |  |  | $ | 19.0 |  |  | $ | 11.0 |  |  | $ | 23.4 |
EURAF |  |  | 5.0 |  |  |  | 7.2 |  |  |  | 12.2 |  |  |  | 11.9 |
MEAP |  |  | 1.1 |  |  |  | 0.8 |  |  |  | 1.9 |  |  |  | 1.0 |
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 12.9 |  |  | $ | 27.0 |  |  | $ | 25.1 |  |  | $ | 36.3 |
Schedule of Reconciliation of the Company's Segment Operating Income | A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 are summarized as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Segment operating income |  | $ | 26.4 |  |  | $ | 55.0 |  |  | $ | 52.3 |  |  | $ | 95.7 |
Unallocated corporate expenses |  |  | (13.5 | ) |  |  | (20.6 | ) |  |  | (24.2 | ) |  |  | (31.0 | )
Unallocated restructuring expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.1 | )
Total operating income |  | $ | 12.9 |  |  | $ | 34.4 |  |  | $ | 28.1 |  |  | $ | 64.6 |
Schedule of Net Sales by Geographic Area | Net sales by geographic area for the three and six months ended June 30, 2024 and 2023 are summarized as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 258.1 |  |  | $ | 270.9 |  |  | $ | 507.3 |  |  | $ | 484.7 |
Europe |  |  | 171.9 |  |  |  | 178.0 |  |  |  | 310.1 |  |  |  | 352.4 |
Other |  |  | 132.1 |  |  |  | 153.9 |  |  |  | 239.8 |  |  |  | 274.0 |
Total net sales |  | $ | 562.1 |  |  | $ | 602.8 |  |  | $ | 1,057.2 |  |  | $ | 1,111.1 |
Schedule of Net Sales By Product | New machine and non-new machines sales for the three and six months ended June 30, 2024 and 2023 are summarized as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
New machine sales |  | $ | 414.8 |  |  | $ | 452.4 |  |  | $ | 764.7 |  |  | $ | 808.9 |
Non-new machine sales |  |  | 147.3 |  |  |  | 150.4 |  |  |  | 292.5 |  |  |  | 302.2 |
Total net sales |  | $ | 562.1 |  |  | $ | 602.8 |  |  | $ | 1,057.2 |  |  | $ | 1,111.1 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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