Business Segments

9 Months Ended

Sep. 30, 2014

Segment Reporting Measurement Disclosures [Abstract]

Segment Reporting Disclosure [Text Block]

Note 4 – Business Segments

The Company's reportable operating segments are organized by geography as follows: (i) North America, (ii) Europe, Middle East and Africa (“EMEA”), (iii) Asia/Pacific and (iv) South America. Operating earnings, excluding indirect operating expenses, for the Company's reportable operating segments are comprised of revenues less costs of goods sold and SG&A directly related to the respective regions' product sales. The indirect operating expenses consist of SG&A related expenses that are not directly attributable to the product sales of each respective reportable operating segment. Other items not specifically identified with the Company's reportable operating segments include interest expense, interest income, license fees from non-consolidated affiliates and other income (expense).

The following table presents information about the Company's reported segments for the three and nine months endedSeptember 30, 2014 and September 30, 2013:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
Net sales
	North America	$	87,909	$	79,602	$	247,137	$	231,111
	EMEA		49,352		44,452		148,769		140,314
	Asia/Pacific		49,601		44,063		136,661		124,593
	South America		12,005		15,942		39,260		49,080
Total net sales		$	198,867	$	184,059	$	571,827	$	545,098
Operating earnings, excluding indirect operating expenses
	North America	$	17,771	$	15,203	$	51,350	$	46,238
	EMEA		8,589		6,781		24,794		22,332
	Asia/Pacific		11,925		11,214		32,064		31,612
	South America		883		2,598		3,281		7,830
Total operating earnings, excluding indirect operating expenses			39,168		35,796		111,489		108,012
Indirect operating expenses			(17,489)		(16,131)		(47,864)		(49,380)
Amortization expense			(1,126)		(858)		(2,754)		(2,621)
Consolidated operating income			20,553		18,807		60,871		56,011
Other income (expense), net			914		(685)		558		1,962
Interest expense			(641)		(717)		(1,747)		(2,223)
Interest income			642		267		1,990		665
Consolidated income before taxes and equity in net income of associated companies		$	21,468	$	17,672	$	61,672	$	56,415

Inter-segment revenue for the three and nine months endedSeptember 30, 2014 was$2,605 and $6,411 for North America, $5,801 and $16,582 for EMEA, $127 and $329 for Asia/Pacific and zero for South America, respectively. Inter-segment revenue for the three and nine months endedSeptember 30, 2013 was$2,486 and $7,333 for North America, $5,771 and $15,427 for EMEA, $58 and $363 for Asia/Pacific and zero for South America, respectively. However, all inter-segment transactions have been eliminated from each reportable operating segment's net sales and earnings for all periods presented above.