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Business Segments | 9 Months Ended
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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 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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