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Business Segments
 12 Months Ended
Dec. 31, 2023
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. During the first quarter of 2023, the Company reorganized certain of its executive management team to align with its new business structure, which reflects the method by which the Company currently assesses its performance and allocates its resources. 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. The three geographic segments are composed of the net sales and operations in each respective region, including net sales and operations formerly included in the Global Specialty Businesses segment. Prior period information has been recast to reflect the Company’s new reportable segments. However, the Company did not recast the carrying amount of goodwill for the years ended December 31, 2022 and 2021. See Notes 1, 4, 5, and 15 for additional information.
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. 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, 2023, 2022 and 2021.
Net sales202320222021
Americas$977,095 $946,516 $762,211 
EMEA571,347 562,508 564,128 
Asia/Pacific404,871 434,561 434,819 
Total net sales$1,953,313 $1,943,585 $1,761,158 
202320222021
Segment operating earnings
Americas$266,036 $223,629 $176,253 
EMEA104,811 76,364 110,981 
Asia/Pacific118,458 105,842 109,233 
Total segment operating earnings489,305 405,835 396,467 
Combination, integration and other acquisition-related expenses— (8,779)(23,885)
Restructuring and related charges, net(7,588)(3,163)(1,433)
Fair value step up of acquired inventory sold— — (801)
Impairment charges— (93,000)— 
Non-operating and administrative expenses(206,398)(187,841)(157,309)
Depreciation of corporate assets and amortization(60,824)(60,748)(62,573)
Operating income214,495 52,304 150,466 
Other (expense) income, net(10,672)(12,607)18,851 
Interest expense, net(50,699)(32,579)(22,326)
Income before taxes and equity in net income of associated companies$153,124 $7,118 $146,991 
The following tables present information regarding the Company’s reportable segments’ assets and long-lived assets, excluding goodwill, as of December 31, 2023, 2022 and 2021. Management does not use goodwill by segment to evaluate performance or allocate resources.
Segment assets, excluding goodwill202320222021
Americas$903,319 $1,196,906 $1,160,921 
EMEA703,338 583,861 685,812 
Asia/Pacific595,036 525,847 477,833 
Total segment assets$2,201,693 $2,306,614 $2,324,566 
Segment long-lived assets202320222021
Americas$159,015 $150,294 $145,390 
EMEA83,488 87,279 89,637 
Asia/Pacific123,846 120,761 125,365 
Total segment long-lived assets$366,349 $358,334 $360,392 
The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation for identifiable assets for the years ended December 31, 2023, 2022 and 2021:
Capital expenditures202320222021
Americas$25,650 $19,121 $11,716 
EMEA7,561 6,065 7,428 
Asia/Pacific5,589 3,353 2,313 
Total segment capital expenditures$38,800 $28,539 $21,457 
Depreciation202320222021
Americas$12,298 $11,723 $13,599 
EMEA7,321 6,608 8,294 
Asia/Pacific4,214 4,593 4,756 
Total segment depreciation$23,833 $22,924 $26,649 
The following table summarizes net sales and long-lived assets, respectively, attributable to non-U.S. domiciled operations for the years ended December 31, 2023, 2022 and 2021:
Non-U.S. operations202320222021
Total net sales$1,234,571 $1,246,700 $1,198,377 
Long-lived assets148,515 156,374 155,208 
All inter-segment transactions have been eliminated from each reportable segment’s net sales and earnings for all periods presented in the above tables. The following table summarizes inter-segment revenues for the years ended December 31, 2023, 2022 and 2021:
Inter-segment revenues202320222021
Americas$9,005 $11,552 $13,307 
EMEA24,865 44,605 40,396 
Asia/Pacific2,651 957 1,951