Business Segments

9 Months Ended

Sep. 30, 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 is 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 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, amortization expense and other income (expense).

The following table presents information about the performance of the Company’s reportable operating segments for the three and nine months endedSeptember 30, 2016 and 2015:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2016		2015		2016		2015
Net sales
	North America	$	86,126	$	90,010	$	251,586	$	258,977
	EMEA		49,825		45,989		150,582		130,345
	Asia/Pacific		45,892		46,067		130,555		138,913
	South America		8,585		7,158		22,697		26,045
Total net sales		$	190,428	$	189,224	$	555,420	$	554,280
Operating earnings, excluding indirect operating expenses
	North America	$	20,324	$	21,893	$	59,078	$	59,938
	EMEA		8,295		7,106		25,251		20,538
	Asia/Pacific		11,737		11,250		33,865		33,874
	South America		680		261		703		2,270
Total operating earnings, excluding indirect operating expenses			41,036		40,510		118,897		116,620
Indirect operating expenses			(17,967)		(20,031)		(50,912)		(53,585)
Amortization expense			(1,730)		(1,751)		(5,319)		(4,998)
Consolidated operating income			21,339		18,728		62,666		58,037
Other income (expense), net			514		185		1,491		(97)
Interest expense			(758)		(697)		(2,226)		(1,891)
Interest income			551		422		1,444		1,117
Consolidated income before taxes and equity in net income of
	associated companies	$	21,646	$	18,638	$	63,375	$	57,166

Inter-segment revenues for the three and nine months endedSeptember 30, 2016were$2.5 million and $6.3million for North America, $5.3million and $13.2million for EMEA, $0.1million and $0.5million for Asia/Pacific and$0 and less than $0.1 million for South America, respectively. Inter-segment revenues for the three and nine months endedSeptember 30, 2015were$2.3million and $6.9million for North America, $5.2million and $14.6million for EMEA, $0.3million and $0.5million for Asia/Pacific and$0 and less than $0.1 million 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.