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Business Segments
6 Months Ended
Jun. 30, 2023
Segment Reporting, Measurement Disclosures [Abstract]  
Business Segments Business Segments
The Company has three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific. The three segments are composed of the net sales and operations in each respective region. All prior period information has been recast to reflect the Company’s new reportable segments. See Note 1 of Notes to Condensed Consolidated Financial Statements.
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 (credits), net, 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, net.
The following table presents information about the performance of the Company’s reportable segments:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Net sales
Americas$253,219 $235,809 $504,632 $447,900 
EMEA143,533 145,535 295,982 292,354 
Asia/Pacific98,692 111,044 194,978 226,305 
Total net sales$495,444 $492,388 $995,592 $966,559 
Segment operating earnings
Americas$69,007 $52,137 $135,132 $97,316 
EMEA25,583 20,076 53,154 43,324 
Asia/Pacific27,989 24,922 55,641 49,423 
Total segment operating earnings122,579 97,135 243,927 190,063 
Combination, integration and other acquisition-related expenses— (1,832)— (5,885)
Restructuring and related (charges) credits, net(1,043)(5,015)(819)
Non-operating and administrative expenses(49,950)(48,579)(101,721)(92,042)
Depreciation of corporate assets and amortization(14,791)(14,822)(30,467)(30,011)
Operating income56,795 31,903 106,724 61,306 
Other expense, net(3,606)(8,399)(5,845)(10,605)
Interest expense, net(12,721)(6,494)(25,963)(11,839)
Income before taxes and equity in net income of associated companies$40,468 $17,010 $74,916 $38,862 
The following table summarizes inter-segment revenues. All inter-segment transactions have been eliminated from each reportable segment’s net sales and earnings for all periods presented in the above tables.
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Americas2,179 3,441 5,006 6,497 
EMEA7,463 15,634 13,556 27,810 
Asia/Pacific476 115 536 412