Business Segments

6 Months Ended

Jun. 30, 2018

Segment Reporting Measurement Disclosures [Abstract]

Segment Reporting Disclosure [Text Block]

Note 5 – Business Segments

The Company’s reportable operating segments are organized by geography as follows: (i) North America, (ii) 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 cost of goods sold (“COGS”) 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), net.

The following table presents information about the performance of the Company’s reportable operating segments for the three and six months endedJune 30, 2018 and 2017:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2018		2017		2018		2017
Net sales
	North America	$	97,392	$	90,331	$	189,212	$	177,672
	EMEA		60,166		54,507		122,221		108,434
	Asia/Pacific		55,348		47,724		104,125		92,874
	South America		9,056		8,621		18,459		17,112
Total net sales		$	221,962	$	201,183	$	434,017	$	396,092
Operating earnings, excluding indirect operating expenses
	North America	$	23,237	$	19,621	$	43,602	$	40,258
	EMEA		9,096		8,217		19,389		17,463
	Asia/Pacific		14,621		11,812		26,763		22,055
	South America		1,114		1,064		1,749		1,861
Total operating earnings, excluding indirect operating expenses			48,068		40,714		91,503		81,637
Combination-related expenses			(4,291)		(4,338)		(9,500)		(13,413)
Indirect operating expenses			(19,369)		(16,642)		(35,511)		(32,959)
Amortization expense			(1,845)		(1,831)		(3,698)		(3,604)
Consolidated operating income			22,563		17,903		42,794		31,661
Other income (expense), net			261		(1,571)		(108)		(1,676)
Interest expense			(1,602)		(780)		(3,294)		(1,436)
Interest income			571		540		1,060		1,063
Consolidated income before taxes and equity in net income of
	associated companies	$	21,793	$	16,092	$	40,452	$	29,612

Inter-segment revenues for the three and six months endedJune 30, 2018were$1.8 million and $4.8million for North America, $5.4million and $11.0million for EMEA, $0.1 million and $0.4 million for Asia/Pacific, respectively, and less than $0.1 million for South America in both periods. Inter-segment revenues for the three and six months endedJune 30, 2017were$2.5million and $4.6million for North America, $5.0million and $9.8millionfor EMEA, less than $0.1million and $0.1million 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.