Business Segments

3 Months Ended

Mar. 31, 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 geographic 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, 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, net.

The following table presents information about the performance of the Company’s reportable segments:

	Three Months Ended March 31,
	2023		2022
Net sales
Americas	$	251,413	$	212,091
EMEA	152,449		146,819
Asia/Pacific	96,286		115,261
Total net sales	$	500,148	$	474,171
Segment operating earnings
Americas	$	66,125	$	45,022
EMEA	27,571		23,247
Asia/Pacific	27,652		24,501
Total segment operating earnings	121,348		92,770
Combination, integration and other acquisition-related expenses	—		(4,053)
Restructuring and related charges, net	(3,972)		(820)
Non-operating and administrative expenses	(51,771)		(43,305)
Depreciation of corporate assets and amortization	(15,676)		(15,189)
Operating income	49,929		29,403
Other expense, net	(2,239)		(2,206)
Interest expense, net	(13,242)		(5,345)
Income before taxes and equity in net income of associated companies	$	34,448	$	21,852

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 March 31,
	2023	2022
Americas	2,827	3,056
EMEA	6,093	12,176
Asia/Pacific	59	297