Business Segments

9 Months Ended

Sep. 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) income, net.

The following table presents information about the performance of the Company’s reportable segments:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales
Americas	$	245,899	$	254,678	$	750,531	$	702,580
EMEA	139,620		134,386		435,602		426,739
Asia/Pacific	105,093		103,154		300,071		329,458
Total net sales	$	490,612	$	492,218	$	1,486,204	$	1,458,777
Segment operating earnings
Americas	$	69,148	$	66,749	$	204,280	$	164,065
EMEA	27,922		15,479		81,076		58,803
Asia/Pacific	30,963		26,723		86,604		76,146
Total segment operating earnings	128,033		108,951		371,960		299,014
Combination, integration and other acquisition-related expenses	—		(2,107)		—		(7,992)
Restructuring and related (charges) credits, net	(1,019)		1,423		(6,034)		604
Non-operating and administrative expenses	(52,280)		(47,852)		(154,001)		(139,894)
Depreciation of corporate assets and amortization	(15,216)		(15,806)		(45,683)		(45,817)
Operating income	59,518		44,609		166,242		105,915
Other (expense) income, net	(2,713)		85		(8,558)		(10,520)
Interest expense, net	(12,781)		(8,389)		(38,744)		(20,228)
Income before taxes and equity in net income of associated companies	$	44,024	$	36,305	$	118,940	$	75,167

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Americas	$	1,772	$	2,702	$	6,778	$	9,200
EMEA	5,161		9,448		18,718		37,259
Asia/Pacific	793		327		1,329		739