Business Segments

3 Months Ended

Mar. 31, 2016

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 selling, general and administrative expenses (“SG&A”) directly related to the respective region’s 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 performance of the Company’s reportable operating segments for the three months endedMarch 31, 2016 and 2015:

		Three Months Ended
		March 31,
		2016		2015
Net sales
	North America	$	82,372	$	83,002
	EMEA		47,649		43,185
	Asia/Pacific		41,512		45,000
	South America		6,544		10,143
Total net sales		$	178,077	$	181,330
Operating earnings, excluding indirect operating expenses
	North America	$	18,632	$	17,825
	EMEA		8,053		6,571
	Asia/Pacific		11,048		10,434
	South America		(315)		1,252
Total operating earnings, excluding indirect operating expenses			37,418		36,082
Indirect operating expenses			(16,407)		(16,591)
Amortization expense			(1,777)		(1,627)
Consolidated operating income			19,234		17,864
Other income (expense), net			706		(194)
Interest expense			(741)		(587)
Interest income			348		320
Consolidated income before taxes and equity in net income of associated companies		$	19,547	$	17,403

Inter-segment revenues for the three months ended March 31, 2016 and 2015 were $1.8 million and $2.0 million for North America, $3.9 million and $4.8 million for EMEA, $0.3 million and $0.1 million for Asia/Pacific, respectively, and less than $0.1 million for South America in both periods. However, all inter-segment transactions have been eliminated from each reportable operating segment’s net sales and earnings for all periods presented above.