Business Segments

3 Months Ended

Mar. 31, 2021

Segment Reporting Measurement Disclosures [Abstract]

Segment Reporting Disclosure [Text Block]

Note 4 – Business Segments

The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s

internal organization, the method by which the Company’s resources are allocated and the manner by which the chief operating

decision maker assesses the Company’s performance. The Company has

four

 reportable segments: (i) Americas; (ii) EMEA; (iii)

Asia/Pacific; and (iv) Global Specialty Businesses. The three geographic segments are composed of the net sales and operations in

each respective region, excluding net sales and operations managed globally by the Global Specialty Businesses segment, which

includes the Company’s container, metal finishing, mining, offshore, specialty coatings, specialty grease and Norman Hay businesses.

Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly

related cost of goods sold (“COGS”) and selling, general and administrative expenses (“SG&A”). Operating expenses not directly

attributable to the net sales of each respective segment , such as certain corporate and administrative costs, Combination, integration

and other acquisition-related expenses, and Restructuring and related charges, are not included in segment operating earnings. Other

items not specifically identified with the Company’s reportable segments include interest expense, net and other income (expense),

net.

The following table presents information about the performance of the Company’s reportable operating segments for the three

months ended March 31, 2021 and 2020:

Three Months Ended

March 31, 

2021

2020

Net sales

Americas

$

134,871

$

129,896

EMEA

119,814

104,839

Asia/Pacific

96,706

73,552

Global Specialty Businesses

78,392

70,274

Total net sales

$

429,783

$

378,561

Segment operating earnings

Americas

$

32,234

$

29,188

EMEA

25,244

18,359

Asia/Pacific

27,478

19,541

Global Specialty Businesses

24,169

20,560

Total segment operating earnings

109,125

87,648

Combination, integration and other acquisition-related expenses

(5,815)

(7,878)

Restructuring and related charges

(1,175)

(1,716)

Fair value step up of acquired inventory sold

(801)

—

Indefinite-lived intangible asset impairment

—

(38,000)

Non-operating and administrative expenses

(40,992)

(38,451)

Depreciation of corporate assets and amortization

(15,448)

(14,047)

Operating income (loss)

44,894

(12,444)

Other income (expense), net

4,687

(21,175)

Interest expense, net

(5,470)

(8,461)

Income (loss) before taxes and equity in net income of associated companies

$

44,111

$

(42,080)

Inter-segment revenues for the three months ended March 31, 2021 and 2020 were $

3.3

 million and $

2.9

 million for Americas,

$

8.8

 million and $

5.5

 million for EMEA, $

0.1

 million and $

0.1

 million for Asia/Pacific and $

2.0

 million and $

1.3

 million for Global

Specialty Businesses, respectively. However, all inter-segment transactions have been eliminated from each reportable operating

segment’s net sales and earnings for all periods presented in the above tables.