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Business Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segments 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 three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific. The 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.
Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related COGS and 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. The figures presented for all periods reflect the Company’s current definition of directly related segment operating expenses and operating expenses not directly attributable to the net sales of each respective segment. As applicable, immaterial prior year reclassifications have been reflected to conform with the current year presentation. Other items not specifically identified with the Company’s reportable segments include Interest expense, net and Other (expense) income, net.
The following tables present information about the performance of the Company’s reportable segments for the years ended December 31, 2022, 2021 and 2020.
202220212020
Net sales
Americas$946,516 $762,211 $607,043 
EMEA562,508 564,128 455,939 
Asia/Pacific434,561 434,819 354,695 
Total net sales$1,943,585 $1,761,158 $1,417,677 
202220212020
Segment operating earnings
Americas$223,629 $176,253 $141,870 
EMEA76,364 110,981 92,493 
Asia/Pacific105,842 109,233 100,196 
Total segment operating earnings405,835 396,467 334,559 
Combination, integration and other acquisition-related expenses(8,779)(23,885)(29,790)
Restructuring and related charges(3,163)(1,433)(5,541)
Fair value step up of acquired inventory sold— (801)(226)
Impairment charges(93,000)— (38,000)
Non-operating and administrative expenses(187,841)(157,309)(144,173)
Depreciation of corporate assets and amortization(60,748)(62,573)(57,469)
Operating income52,304 150,466 59,360 
Other (expense) income, net(12,607)18,851 (5,618)
Interest expense, net(32,579)(22,326)(26,603)
Income before taxes and equity in net income of associated companies$7,118 $146,991 $27,139 
The following tables present information regarding the Company’s reportable segments’ assets and long-lived assets, excluding goodwill, as of December 31, 2022, 2021 and 2020. Management does not use goodwill by segment to evaluate performance or allocate resources.
202220212020
Segment assets, excluding goodwill
Americas$1,196,906 $1,160,921 $1,147,783 
EMEA583,861 685,812 539,598 
Asia/Pacific525,847 477,833 573,241 
Total segment assets$2,306,614 $2,324,566 $2,260,622 
202220212020
Segment long-lived assets
Americas$150,294 $145,390 $146,074 
EMEA87,279 89,637 94,969 
Asia/Pacific120,761 125,365 128,927 
Total segment long-lived assets$358,334 $360,392 $369,970 
The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation for identifiable assets for the years ended December 31, 2022, 2021 and 2020:
202220212020
Capital expenditures
Americas$19,121 $11,716 $7,834 
EMEA6,065 7,428 4,377 
Asia/Pacific3,353 2,313 5,690 
Total segment capital expenditures$28,539 $21,457 $17,901 
202220212020
Depreciation
Americas$11,723 $13,599 $14,512 
EMEA6,608 8,294 8,035 
Asia/Pacific4,593 4,756 4,805 
Total segment depreciation$22,924 $26,649 $27,352 
During the years ended December 31, 2022, 2021 and 2020, the Company had approximately $1,246.7 million, $1,198.4 million and $963.2 million of net sales, respectively, attributable to non-U.S. operations. As of December 31, 2022, 2021 and 2020, the Company had approximately $156.4 million, $155.2 million and $176.6 million of long-lived assets, respectively, attributable to non-U.S. operations.
Inter-segment revenue for the years ended December 31, 2022, 2021 and 2020 was $11.6 million, $13.3 million and $16.8 million for Americas, $44.6 million, $40.4 million and $28.1 million for EMEA, $1.0 million, and $2.0 million and $0.9 million for Asia/Pacific, 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.