Business Segments

6 Months Ended

Jun. 30, 2021

Business Segment 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 segments for the three and six

months ended June 30, 2021 and 2020. Certain immaterial reclassifications within the segment disclosures for the three and six

months ended June 30, 2020 have been made to conform with the Company’s current customer industry segmentation.

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2021

2020

2021

2020

Net sales

Americas

$

139,673

$

80,576

$

274,544

$

210,472

EMEA

123,436

77,702

243,250

182,541

Asia/Pacific

91,559

68,421

188,265

141,973

Global Specialty Businesses

80,594

59,341

158,986

129,615

Total net sales

$

435,262

$

286,040

$

865,045

$

664,601

Segment operating earnings

Americas

$

33,648

$

10,303

$

65,882

$

39,491

EMEA

23,405

10,471

48,649

28,830

Asia/Pacific

23,227

19,261

50,705

38,802

Global Specialty Businesses

24,209

16,393

48,378

36,953

Total segment operating earnings

104,489

56,428

213,614

144,076

Combination, integration and other acquisition-related expenses

(6,658)

(7,995)

(12,473)

(15,873)

Restructuring and related charges

(298)

(486)

(1,473)

(2,202)

Fair value step up of acquired inventory sold 

—

(226)

(801)

(226)

Indefinite-lived intangible asset impairment

—

—

—

(38,000)

Non-operating and administrative expenses

(43,077)

(32,045)

(84,069)

(70,496)

Depreciation of corporate assets and amortization

(15,640)

(13,438)

(31,088)

(27,485)

Operating income (loss) 

38,816

2,238

83,710

(10,206)

Other income (expense), net

14,010

(993)

18,697

(22,168)

Interest expense, net

(5,618)

(6,811)

(11,088)

(15,272)

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

associated companies

$

47,208

$

(5,566)

$

91,319

$

(47,646)

Inter-segment revenues for the three and six months ended June 30, 2021 were $

2.4

 million and $

5.7

 million for Americas, $

6.3

million and $

15.1

 million for EMEA, $

0.4

 million and $

0.5

 million for Asia/Pacific, and $

2.1

 million and $

4.1

 million for Global

Specialty Businesses, respectively. Inter-segment revenues for the three and six months ended June 30, 2020 were $

2.4

 million and

$

5.3

 million for Americas, $

5.3

 million and $

10.8

 million for EMEA, $

0.1

 million and $

0.3

 million for Asia/Pacific, and $

1.0

 million

and $

2.3

 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.