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Business Segments | 12 Months Ended
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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 four reportable segments: (i) Americas; (ii) EMEA; (iii) Asia/Pacific; and (iv) Global Specialty Businesses. The three geographic segments are composed of the net sales and operations in each respective region, excluding net sales and operations managed globally by the Global Specialty Businesses segment, which includes the Company’s container, metal finishing, mining, offshore, specialty coatings, specialty grease and Norman Hay businesses. 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, 2022, 2021 and 2020.
| 2022 |  | 2021 |  | 2020
Net sales |  |  |  |  |
Americas | $ | 696,102 |  |  | $ | 572,643 |  |  | $ | 450,161 |
EMEA | 474,604 |  |  | 480,126 |  |  | 383,187 |
Asia/Pacific | 386,450 |  |  | 388,160 |  |  | 315,299 |
Global Specialty Businesses | 386,429 |  |  | 320,229 |  |  | 269,030 |
Total net sales | $ | 1,943,585 |  |  | $ | 1,761,158 |  |  | $ | 1,417,677 |
| 2022 |  | 2021 |  | 2020
Segment operating earnings |  |  |  |  |
Americas | $ | 148,181 |  |  | $ | 124,863 |  |  | $ | 96,379 |
EMEA | 50,708 |  |  | 85,209 |  |  | 69,163 |
Asia/Pacific | 92,995 |  |  | 96,318 |  |  | 88,356 |
Global Specialty Businesses | 113,940 |  |  | 90,632 |  |  | 79,690 |
Total segment operating earnings | 405,824 |  |  | 397,022 |  |  | 333,588 |
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 | (187,830) |  |  | (157,864) |  |  | (143,202) |
Depreciation of corporate assets and amortization | (60,748) |  |  | (62,573) |  |  | (57,469) |
Operating income | 52,304 |  |  | 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, including certain identifiable assets as well as an allocation of shared assets, as of December 31, 2022, 2021 and 2020:
| 2022 |  | 2021 |  | 2020
Segment assets |  |  |  |  |
Americas | $ | 1,014,115 |  |  | $ | 983,521 |  |  | $ | 969,551 |
EMEA | 602,289 |  |  | 714,659 |  |  | 697,821 |
Asia/Pacific | 685,607 |  |  | 750,970 |  |  | 713,004 |
Global Specialty Businesses | 519,611 |  |  | 506,610 |  |  | 511,458 |
Total segment assets | $ | 2,821,622 |  |  | $ | 2,955,760 |  |  | $ | 2,891,834 |
| 2022 |  | 2021 |  | 2020
Segment long-lived assets |  |  |  |  |
Americas | $ | 118,525 |  |  | $ | 129,321 |  |  | $ | 122,302 |
EMEA | 66,151 |  |  | 69,990 |  |  | 69,344 |
Asia/Pacific | 113,476 |  |  | 123,130 |  |  | 119,233 |
Global Specialty Businesses | 60,182 |  |  | 37,951 |  |  | 59,091 |
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:
| 2022 |  | 2021 |  | 2020
Capital expenditures |  |  |  |  |
Americas | $ | 18,188 |  |  | $ | 9,678 |  |  | $ | 6,451 |
EMEA | 5,628 |  |  | 6,767 |  |  | 3,844 |
Asia/Pacific | 3,245 |  |  | 2,264 |  |  | 5,688 |
Global Specialty Businesses | 1,478 |  |  | 2,748 |  |  | 1,918 |
Total segment capital expenditures | $ | 28,539 |  |  | $ | 21,457 |  |  | $ | 17,901 |
| 2022 |  | 2021 |  | 2020
Depreciation |  |  |  |  |
Americas | $ | 8,858 |  |  | $ | 12,074 |  |  | $ | 12,322 |
EMEA | 4,897 |  |  | 6,936 |  |  | 6,813 |
Asia/Pacific | 4,060 |  |  | 4,596 |  |  | 4,672 |
Global Specialty Businesses | 5,109 |  |  | 3,043 |  |  | 3,544 |
Total segment depreciation | $ | 22,924 |  |  | $ | 26,649 |  |  | $ | 27,351 |
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 $11.9 million, $12.2 million and $9.1 million for Americas, $32.4 million, $29.0 million and $22.0 million for EMEA, $0.9 million, $1.6 million and $0.6 million for Asia/Pacific and $8.5 million, $7.4 million and $4.7 million for Global Specialty Businesses, 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. In January 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 will assess its performance and allocate its resources going forward. This change was made subsequent to December 31, 2022 and therefore, the reportable segments presented in the preceding tables represented the business structure the Company operated during the periods presented. Effective beginning in the first quarter of 2023, the Company’s new structure will include three reportable segments: (i) Americas; (ii) Europe, Middle East and Africa (“EMEA”); and (iii) Asia/Pacific. 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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