Business Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting, Measurement Disclosures [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 three segments are composed of the net sales and operations in each respective region.

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 and Restructuring and related charges, 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 income (expense), net.

The following table presents information about the performance of the Company’s reportable segments for the three months ended March 31, 2024 and 2023:

Net sales	2024		2023
Americas	$	229,754	$	251,413
EMEA	138,422		152,449
Asia/Pacific	101,583		96,286
Total net sales	$	469,759	$	500,148
Segment operating earnings
Americas	$	66,770	$	66,125
EMEA	29,571		27,571
Asia/Pacific	30,377		27,652
Total segment operating earnings	126,718		121,348
Restructuring and related charges, net	(1,857)		(3,972)
Non-operating and administrative expenses	(54,177)		(51,771)
Depreciation of corporate assets and amortization	(15,158)		(15,676)
Operating income	55,526		49,929
Other income (expense), net	1,080		(2,239)
Interest expense, net	(10,824)		(13,242)
Income before taxes and equity in net income of associated companies	$	45,782	$	34,448

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 three months ended March 31, 2024 and 2023:

Inter-segment revenues	2024		2023
Americas	$	2,513	$	2,827
EMEA	7,060		6,093
Asia/Pacific	1,131		59