Business Segments

3 Months Ended

Mar. 31, 2022

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 (expense) income,

net.

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

months ended March 31, 2022 and 2021:

Three Months Ended

March 31, 

2022

2021

Net sales

Americas

$

154,144

$

134,871

EMEA

125,687

119,814

Asia/Pacific

104,234

96,706

Global Specialty Businesses

90,106

78,392

Total net sales

$

474,171

$

429,783

Segment operating earnings

Americas

$

29,220

$

32,234

EMEA

16,766

25,244

Asia/Pacific

21,907

27,478

Global Specialty Businesses

25,035

24,169

Total segment operating earnings

92,928

109,125

Combination, integration and other acquisition-related expenses

(4,053)

(5,815)

Restructuring and related charges

(820)

(1,175)

Fair value step up of acquired inventory sold

—

(801)

Non-operating and administrative expenses

(43,463)

(40,992)

Depreciation of corporate assets and amortization

(15,189)

(15,448)

Operating income

29,403

44,894

Other (expense) income, net

(2,206)

4,687

Interest expense, net

(5,345)

(5,470)

Income before taxes and equity in net income of associated companies

$

21,852

$

44,111

Inter-segment revenues for the three months ended March 31, 2022 and 2021 were $

2.9

 million and $

3.3

 million for Americas,

$

8.9

 million and $

8.8

 million for EMEA, $

0.3

 million and $

0.1

 million for Asia/Pacific and $

1.7

 million and $

2.0

 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.