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Business Segments
 12 Months Ended
Dec. 31, 2024
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 and the manner by which the Chief Operating Decision Maker, which is the Company’s Chief Executive Officer, allocates resources and assesses performance.
The Chief Operating Decision Maker evaluates performance for the Company’s operating segments based on segment operating earnings. Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related product costs and other operating expenses. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs, impairment charges, and restructuring 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 income (expense), net.
The Chief Operating Decision Maker uses segment operating earnings to allocate resources for each segment predominantly in the annual budget and forecasting process. The Chief Operating Decision Maker considers budget-to-actual variances on a monthly basis for segment operating earnings when making decisions about allocating capital and personnel to the segments. The Chief Operating Decision Maker also uses segment operating earnings to assess the performance for each segment and in the compensation of certain employees.
The following table presents information about the performance of the Company’s reportable segments for the years ended December 31, 2024, 2023 and 2022.
AmericasEMEAAsia/PacificTotals
2024
Net sales$882,131 $536,435 $421,120 $1,839,686 
Significant segment expenses
Product costs (1)
427,399 286,330 216,432 930,161 
Other operating expenses (2)
210,775 150,679 81,950 443,404 
Segment operating earnings$243,957 $99,426 $122,738 $466,121 
2023
Net sales$977,095 $571,347 $404,871 $1,953,313 
Significant segment expenses
Product costs (1)
497,690 318,279 209,422 1,025,391 
Other operating expenses (2)
213,369 148,257 76,991 438,617 
Segment operating earnings$266,036 $104,811 $118,458 $489,305 
2022
Net sales$946,516 $562,508 $434,561 $1,943,585 
Significant segment expenses
Product costs (1)
519,705 340,864 249,493 1,110,062 
Other operating expenses (2)
203,182 145,280 79,226 427,688 
Segment operating earnings$223,629 $76,364 $105,842 $405,835 
(1) Product costs include the costs of raw materials and are recorded in Cost of goods sold in the Company’s Consolidated Statements of Operations.
(2) Other operating expenses include overhead costs of operating the Company’s production facilities and providing chemical management services to customers and direct SG&A costs.
The following table presents a reconciliation of the Company’s segment operating earnings to income before taxes and equity in net income of associated companies in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022.
202420232022
Segment operating earnings$466,121 $489,305 $405,835 
Restructuring and related charges, net(6,530)(7,588)(3,163)
Impairment charges— — (93,000)
Non-operating and administrative expenses(203,956)(206,398)(196,620)
Depreciation of corporate assets and amortization(60,929)(60,824)(60,748)
Operating income$194,706 $214,495 $52,304 
Other income (expense), net1,354 (10,672)(12,607)
Interest expense, net(41,002)(50,699)(32,579)
Income before taxes and equity in net income of associated companies$155,058 $153,124 $7,118 
The following tables present information regarding the Company’s reportable segments’ assets and long-lived assets, excluding goodwill, as of December 31, 2024, 2023 and 2022. Management does not use goodwill by segment to evaluate performance or allocate resources.
Segment assets, excluding goodwill202420232022
Americas$834,327 $903,319 $1,196,906 
EMEA650,045 703,338 583,861 
Asia/Pacific607,383 595,036 525,847 
Total segment assets$2,091,755 $2,201,693 $2,306,614 
Segment long-lived assets202420232022
Americas$164,450 $159,015 $150,294 
EMEA80,668 83,488 87,279 
Asia/Pacific133,906 123,846 120,761 
Total segment long-lived assets$379,024 $366,349 $358,334 
The following tables present information regarding the Company’s reportable segments’ capital expenditures and depreciation for identifiable assets for the years ended December 31, 2024, 2023 and 2022:
Capital expenditures202420232022
Americas$21,191 $25,650 $19,121 
EMEA11,989 7,561 6,065 
Asia/Pacific8,614 5,589 3,353 
Total segment capital expenditures$41,794 $38,800 $28,539 
Depreciation202420232022
Americas$13,646 $12,298 $11,723 
EMEA7,641 7,321 6,608 
Asia/Pacific4,608 4,214 4,593 
Total segment depreciation$25,895 $23,833 $22,924 
The following tables summarize net sales and long-lived assets attributable to U.S. and non-U.S. domiciled operations for the years ended December 31, 2024, 2023 and 2022:
Net sales202420232022
United States$637,755 $718,742 $696,885 
China230,622 231,331 265,418 
Other foreign operations971,309 1,003,240 981,282 
Total net sales$1,839,686 $1,953,313 $1,943,585 
Long-lived assets202420232022
United States$217,687 $217,834 $201,960 
Foreign operations161,337 148,515 156,374 
Total long-lived assets$379,024 $366,349 $358,334 
Total net sales and operating earnings by segment include inter-segment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. 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, 2024, 2023 and 2022:
Inter-segment revenues202420232022
Americas$9,300 $9,005 $11,552 
EMEA19,781 24,865 44,605 
Asia/Pacific6,397 2,651 957