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Segments | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segments | 16. 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 Company's operating segments were identified as its reportable segments. 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 where the product is sold. The Company does not include intercompany sales between segments for management reporting purposes. 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 expense, income taxes, nonrecurring charges and other separately managed general and administrative costs. The CODM does not evaluate performance of the reportable segments based on total assets. The following table shows information by reportable segment for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 287.1 |  |  | $ | 276.8 |  |  | $ | 867.0 |  |  | $ | 860.6 |
EURAF |  |  | 126.8 |  |  |  | 150.6 |  |  |  | 446.0 |  |  |  | 514.6 |
MEAP |  |  | 110.9 |  |  |  | 93.5 |  |  |  | 269.0 |  |  |  | 256.8 |
Total |  | $ | 524.8 |  |  | $ | 520.9 |  |  | $ | 1,582.0 |  |  | $ | 1,632.0 |
Segment Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 23.1 |  |  | $ | 23.5 |  |  | $ | 76.5 |  |  | $ | 81.6 |
EURAF |  |  | (14.9 | ) |  |  | (7.7 | ) |  |  | (33.5 | ) |  |  | 2.3 |
MEAP |  |  | 10.0 |  |  |  | 12.7 |  |  |  | 27.5 |  |  |  | 40.3 |
Total |  | $ | 18.2 |  |  | $ | 28.5 |  |  | $ | 70.5 |  |  | $ | 124.2 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 7.6 |  |  | $ | 7.1 |  |  | $ | 22.2 |  |  | $ | 21.7 |
EURAF |  |  | 6.0 |  |  |  | 5.6 |  |  |  | 17.8 |  |  |  | 16.4 |
MEAP |  |  | 0.6 |  |  |  | 0.4 |  |  |  | 2.1 |  |  |  | 1.6 |
Corporate |  |  | 0.7 |  |  |  | 0.6 |  |  |  | 2.1 |  |  |  | 2.1 |
Total |  | $ | 14.9 |  |  | $ | 13.7 |  |  | $ | 44.2 |  |  | $ | 41.8 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 3.6 |  |  | $ | 16.8 |  |  | $ | 14.6 |  |  | $ | 40.2 |
EURAF |  |  | 4.8 |  |  |  | 6.5 |  |  |  | 17.0 |  |  |  | 18.4 |
MEAP |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 2.4 |  |  |  | 1.3 |
Corporate |  |  | 0.4 |  |  |  | — |  |  |  | 0.4 |  |  |  | — |
Total |  | $ | 9.3 |  |  | $ | 23.6 |  |  | $ | 34.4 |  |  | $ | 59.9 |
A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Segment operating income |  | $ | 18.2 |  |  | $ | 28.5 |  |  | $ | 70.5 |  |  | $ | 124.2 |
Unallocated corporate expenses |  |  | (10.7 | ) |  |  | (10.5 | ) |  |  | (34.9 | ) |  |  | (41.5 | )
Unallocated restructuring expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.1 | )
Total operating income |  | $ | 7.5 |  |  | $ | 18.0 |  |  | $ | 35.6 |  |  | $ | 82.6 |
Net sales by geographic area for the three and nine months ended September 30, 2024 and 2023 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 253.9 |  |  | $ | 245.2 |  |  | $ | 761.2 |  |  | $ | 729.9 |
Europe |  |  | 123.8 |  |  |  | 141.0 |  |  |  | 433.9 |  |  |  | 493.4 |
Other |  |  | 147.1 |  |  |  | 134.7 |  |  |  | 386.9 |  |  |  | 408.7 |
Total net sales |  | $ | 524.8 |  |  | $ | 520.9 |  |  | $ | 1,582.0 |  |  | $ | 1,632.0 |
New machine and non-new machines sales for the three and nine months ended September 30, 2024 and 2023 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
New machine sales |  | $ | 355.6 |  |  | $ | 366.2 |  |  | $ | 1,120.3 |  |  | $ | 1,175.1 |
Non-new machine sales |  |  | 169.2 |  |  |  | 154.7 |  |  |  | 461.7 |  |  |  | 456.9 |
Total net sales |  | $ | 524.8 |  |  | $ | 520.9 |  |  | $ | 1,582.0 |  |  | $ | 1,632.0 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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