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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of information about the performance of the Company's reportable segments, sales and total assets | 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 sales |  | 2023 |  | 2022 |  | 2021
Americas |  | $ | 977,095 |  |  | $ | 946,516 |  |  | $ | 762,211 |
EMEA |  | 571,347 |  |  | 562,508 |  |  | 564,128 |
Asia/Pacific |  | 404,871 |  |  | 434,561 |  |  | 434,819 |
Total net sales |  | $ | 1,953,313 |  |  | $ | 1,943,585 |  |  | $ | 1,761,158 |
| 2023 |  | 2022 |  | 2021
Segment operating earnings |  |  |  |  |
Americas | $ | 266,036 |  |  | $ | 223,629 |  |  | $ | 176,253 |
EMEA | 104,811 |  |  | 76,364 |  |  | 110,981 |
Asia/Pacific | 118,458 |  |  | 105,842 |  |  | 109,233 |
Total segment operating earnings | 489,305 |  |  | 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 income | 214,495 |  |  | 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 goodwill |  | 2023 |  | 2022 |  | 2021
Americas |  | $ | 903,319 |  |  | $ | 1,196,906 |  |  | $ | 1,160,921 |
EMEA |  | 703,338 |  |  | 583,861 |  |  | 685,812 |
Asia/Pacific |  | 595,036 |  |  | 525,847 |  |  | 477,833 |
Total segment assets |  | $ | 2,201,693 |  |  | $ | 2,306,614 |  |  | $ | 2,324,566 |
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 revenues |  | 2023 |  | 2022 |  | 2021
Americas |  | $ | 9,005 |  |  | $ | 11,552 |  |  | $ | 13,307 |
EMEA |  | 24,865 |  |  | 44,605 |  |  | 40,396 |
Asia/Pacific |  | 2,651 |  |  | 957 |  |  | 1,951 |
Schedule of reportable segments' long-lived assets, including certain identifiable assets |
Segment long-lived assets |  | 2023 |  | 2022 |  | 2021
Americas |  | $ | 159,015 |  |  | $ | 150,294 |  |  | $ | 145,390 |
EMEA |  | 83,488 |  |  | 87,279 |  |  | 89,637 |
Asia/Pacific |  | 123,846 |  |  | 120,761 |  |  | 125,365 |
Total segment long-lived assets |  | $ | 366,349 |  |  | $ | 358,334 |  |  | $ | 360,392 |
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. operations |  | 2023 |  | 2022 |  | 2021
Total net sales |  | $ | 1,234,571 |  |  | $ | 1,246,700 |  |  | $ | 1,198,377 |
Long-lived assets |  | 148,515 |  |  | 156,374 |  |  | 155,208 |
Reconciliation of capital expenditures and depreciation for identifiable assets | 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 expenditures |  | 2023 |  | 2022 |  | 2021
Americas |  | $ | 25,650 |  |  | $ | 19,121 |  |  | $ | 11,716 |
EMEA |  | 7,561 |  |  | 6,065 |  |  | 7,428 |
Asia/Pacific |  | 5,589 |  |  | 3,353 |  |  | 2,313 |
Total segment capital expenditures |  | $ | 38,800 |  |  | $ | 28,539 |  |  | $ | 21,457 |
Depreciation |  | 2023 |  | 2022 |  | 2021
Americas |  | $ | 12,298 |  |  | $ | 11,723 |  |  | $ | 13,599 |
EMEA |  | 7,321 |  |  | 6,608 |  |  | 8,294 |
Asia/Pacific |  | 4,214 |  |  | 4,593 |  |  | 4,756 |
Total segment depreciation |  | $ | 23,833 |  |  | $ | 22,924 |  |  | $ | 26,649 |

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- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph b -SubTopic 10 -Topic 280 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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