Business Segments

6 Months Ended

Jun. 30, 2019

Segment Reporting Measurement Disclosures [Abstract]

Segment Reporting Disclosure [Text Block]

Note 6 – 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 ended June 30, 2019 and 2018:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2019		2018		2019		2018
Net sales
	North America	$	94,383	$	97,392	$	189,636	$	189,212
	EMEA		53,150		60,166		109,438		122,221
	Asia/Pacific		49,827		55,348		100,354		104,125
	South America		8,509		9,056		17,651		18,459
Total net sales		$	205,869	$	221,962	$	417,079	$	434,017
Operating earnings, excluding indirect operating expenses
	North America	$	20,547	$	23,237	$	41,419	$	43,602
	EMEA		9,043		9,096		17,825		19,389
	Asia/Pacific		12,685		14,621		25,767		26,763
	South America		1,220		1,114		2,417		1,749
Total operating earnings, excluding indirect operating expenses			43,495		48,068		87,428		91,503
Combination and other acquisition-related expenses			(4,604)		(4,291)		(9,087)		(9,500)
Non-operating charges			(16,533)		(19,344)		(34,266)		(35,383)
Depreciation of corporate assets and amortization			(1,827)		(1,870)		(3,715)		(3,826)
Operating income			20,531		22,563		40,360		42,794
Other income (expense), net			43		261		(592)		(108)
Interest expense			(1,283)		(1,602)		(2,497)		(3,294)
Interest income			550		571		988		1,060
Income before taxes and equity in net income of
	associated companies	$	19,841	$	21,793	$	38,259	$	40,452

Inter-segment revenues for the three and six months ended June 30, 2019 were $1.4 million and $3.2 million for North America, $4.8 million and $10.1 million for EMEA, less than $0.1 million and $0.1 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 ended June 30, 2018 were $1.8 million and $4.8 million for North America, $5.4 million and $11.0 million 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. However, all inter-segment transactions have been eliminated from each reportable operating segment’s net sales and earnings for all periods presented above.