Business Segments

9 Months Ended

Sep. 30, 2022

Business Segment Disclosures [Abstract]

Business segments [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. The Global

Specialty Businesses segment 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 segments for the three and nine

months ended September 30, 2022 and 2021.

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2022

2021

2022

2021

Net sales

Americas

$

186,546

$

150,799

$

513,438

$

425,343

EMEA

113,367

122,241

362,107

365,491

Asia/Pacific

91,211

98,659

295,273

286,924

Global Specialty Businesses

101,094

77,373

287,959

236,359

Total net sales

$

492,218

$

449,072

$

1,458,777

$

1,314,117

Segment operating earnings

Americas

$

44,986

$

31,273

$

107,991

$

97,155

EMEA

9,883

20,153

39,932

68,802

Asia/Pacific

23,336

23,285

67,469

73,990

Global Specialty Businesses

30,746

20,663

83,622

69,041

Total segment operating earnings

108,951

95,374

299,014

308,988

Combination, integration and other acquisition-related expenses

(2,107)

(5,786)

(7,992)

(18,259)

Restructuring and related credits (charges), net

1,423

880

604

(593)

Fair value step up of acquired inventory sold 

-

-

-

(801)

Non-operating and administrative expenses

(47,852)

(38,691)

(139,894)

(122,760)

Depreciation of corporate assets and amortization

(15,806)

(15,767)

(45,817)

(46,855)

Operating income

44,609

36,010

105,915

119,720

Other income (expense), net

85

647

(10,520)

19,344

Interest expense, net

(8,389)

(5,637)

(20,228)

(16,725)

Income before taxes and equity in net income of

associated companies

$

36,305

$

31,020

$

75,167

$

122,339

Inter-segment revenues for the three and nine months ended September 30, 2022, were $

2.6

 million and $

8.8

 million for

Americas, $

6.4

 million and $

27.7

 million for EMEA, $

0.3

 million and $

0.7

 million for Asia/Pacific, and $

2.3

 million and $

6.0

 million

for Global Specialty Businesses, respectively. Inter-segment revenues for the three and nine months ended September 30, 2021, were

$

3.6

 million and $

9.3

 million for Americas, $

6.8

 million and $

21.9

 million for EMEA, $

0.8

 million and $

1.3

 million for Asia/Pacific,

and $

1.8

 million and $

5.9

 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.