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Business Segments | 12 Months Ended
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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 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 |
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 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 |
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 |
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 |

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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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