Business Segments

9 Months Ended

Sep. 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 (expense) income, net.

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

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2018		2017		2018		2017
Net sales
	North America	$	101,706	$	90,450	$	290,918	$	268,122
	EMEA		55,498		58,775		177,719		167,209
	Asia/Pacific		55,757		54,200		159,882		147,074
	South America		9,061		9,493		27,520		26,605
Total net sales		$	222,022	$	212,918	$	656,039	$	609,010
Operating earnings, excluding indirect operating expenses
	North America	$	24,558	$	18,888	$	68,160	$	59,146
	EMEA		8,577		8,862		27,966		26,325
	Asia/Pacific		14,761		13,963		41,524		36,018
	South America		1,214		965		2,963		2,826
Total operating earnings, excluding indirect operating expenses			49,110		42,678		140,613		124,315
Combination-related expenses			(2,904)		(9,675)		(12,404)		(23,088)
Indirect operating expenses			(19,460)		(17,108)		(54,971)		(50,067)
Amortization expense			(1,827)		(1,886)		(5,525)		(5,490)
Consolidated operating income			24,919		14,009		67,713		45,670
Other (expense) income, net			(523)		249		(631)		(1,427)
Interest expense			(1,510)		(793)		(4,804)		(2,229)
Interest income			521		762		1,581		1,825
Consolidated income before taxes and equity in net income of
	associated companies	$	23,407	$	14,227	$	63,859	$	43,839

Inter-segment revenues for the three and nine months endedSeptember 30, 2018were$2.5 million and $7.4million for North America, $5.9million and $16.9million for EMEA, less than$0.1 million and $0.5 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, 2017were$2.8million and $7.4million for North America, $6.2million and $16.0millionfor EMEA, $0.2million and $0.3million 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.