Business Segments

9 Months Ended

Sep. 30, 2017

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 COGS and 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), net.

The following table presents information about the performance of the Company’s reportable operating segments for the three and nine months endedSeptember 30, 2017 and 2016:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2017		2016		2017		2016
Net sales
	North America	$	90,450	$	86,126	$	268,122	$	251,586
	EMEA		58,775		49,825		167,209		150,582
	Asia/Pacific		54,200		45,892		147,074		130,555
	South America		9,493		8,585		26,605		22,697
Total net sales		$	212,918	$	190,428	$	609,010	$	555,420
Operating earnings, excluding indirect operating expenses
	North America	$	18,888	$	20,397	$	59,146	$	59,334
	EMEA		8,862		8,340		26,325		25,385
	Asia/Pacific		13,963		11,737		36,018		33,865
	South America		965		680		2,826		703
Total operating earnings, excluding indirect operating expenses			42,678		41,154		124,315		119,287
Combination-related expenses			(9,675)		(1,157)		(23,088)		(1,157)
Nonoperating charges			(17,108)		(16,404)		(50,067)		(48,409)
Amortization expense			(1,886)		(1,730)		(5,490)		(5,319)
Consolidated operating income			14,009		21,863		45,670		64,402
Other income (expense), net			249		(10)		(1,427)		(245)
Interest expense			(793)		(758)		(2,229)		(2,226)
Interest income			762		551		1,825		1,444
Consolidated income before taxes and equity in net income of
	associated companies	$	14,227	$	21,646	$	43,839	$	63,375

Inter-segment revenues for the three and nine months endedSeptember 30, 2017were$2.8 million and $7.4million for North America, $6.2million and $16.0million for EMEA, $0.2 million and $0.3 million for Asia/Pacific, respectively, and less than $0.1 million for South America in both periods. Inter-segment revenues for the three and nine months endedSeptember 30, 2016were$2.5million and $6.3million for North America, $5.3million and $13.2million for EMEA, $0.1million and $0.5million 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.