XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.19.2

Segment Reporting | 6 Months Ended
--- | ---
Jun. 30, 2019
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING As disclosed in Note 17 to the Company's consolidated financial statements for the year ended December 31, 2018, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes). The following tables show the operations of the Company’s operating segments:
| Net Sales to |  | Net Sales to |  |  |  |  |  | As of June 30,
For the three months ended | External |  | Other |  | Total Net |  | Segment |  | 2019
June 30, 2019 | Customers |  | Segments |  | Sales |  | Profit |  | Goodwill
U.S. Operations | $ | 267,889 |  |  | $ | 26,571 |  |  | $ | 294,460 |  |  | $ | 53,986 |  |  | $ | 410,021 |
Swiss Operations | 31,358 |  |  | 151,931 |  |  | 183,289 |  |  | 48,613 |  |  | 22,157 |
Western European Operations | 163,681 |  |  | 39,212 |  |  | 202,893 |  |  | 22,229 |  |  | 86,749 |
Chinese Operations | 136,459 |  |  | 52,568 |  |  | 189,027 |  |  | 65,489 |  |  | 643 |
Other (a) | 131,979 |  |  | 1,334 |  |  | 133,313 |  |  | 14,300 |  |  | 14,987 |
Eliminations and Corporate (b) | — |  |  | (271,616 | ) |  | (271,616 | ) |  | (26,876 | ) |  | — |
Total | $ | 731,366 |  |  | $ | — |  |  | $ | 731,366 |  |  | $ | 177,741 |  |  | $ | 534,557 |
| Net Sales to |  | Net Sales to |  |  |  |  |  |
For the six months ended | External |  | Other |  | Total Net |  | Segment |  |
June 30, 2019 | Customers |  | Segments |  | Sales |  | Profit |  |
U.S. Operations | $ | 502,540 |  |  | $ | 52,716 |  |  | $ | 555,256 |  |  | $ | 91,971 |  |  |
Swiss Operations | 64,935 |  |  | 305,662 |  |  | 370,597 |  |  | 102,135 |  |  |
Western European Operations | 329,587 |  |  | 83,257 |  |  | 412,844 |  |  | 47,954 |  |  |
Chinese Operations | 258,181 |  |  | 109,425 |  |  | 367,606 |  |  | 124,973 |  |  |
Other (a) | 255,575 |  |  | 2,595 |  |  | 258,170 |  |  | 27,487 |  |  |
Eliminations and Corporate (b) | — |  |  | (553,655 | ) |  | (553,655 | ) |  | (68,938 | ) |  |
Total | $ | 1,410,818 |  |  | $ | — |  |  | $ | 1,410,818 |  |  | $ | 325,582 |  |  |
(a) | Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b) | Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
| Net Sales to |  | Net Sales to |  |  |  |  |  | As of June 30,
For the three months ended | External |  | Other |  | Total Net |  | Segment |  | 2018
June 30, 2018 | Customers |  | Segments |  | Sales |  | Profit |  | Goodwill
U.S. Operations | $ | 251,474 |  |  | $ | 23,487 |  |  | $ | 274,961 |  |  | $ | 42,006 |  |  | $ | 409,470 |
Swiss Operations | 32,154 |  |  | 148,959 |  |  | 181,113 |  |  | 47,737 |  |  | 21,787 |
Western European Operations | 173,772 |  |  | 45,141 |  |  | 218,913 |  |  | 27,333 |  |  | 89,412 |
Chinese Operations | 133,272 |  |  | 58,588 |  |  | 191,860 |  |  | 65,884 |  |  | 678 |
Other (a) | 131,324 |  |  | 1,463 |  |  | 132,787 |  |  | 17,642 |  |  | 15,060 |
Eliminations and Corporate (b) | — |  |  | (277,638 | ) |  | (277,638 | ) |  | (31,316 | ) |  | — |
Total | $ | 721,996 |  |  | $ | — |  |  | $ | 721,996 |  |  | $ | 169,286 |  |  | $ | 536,407 |
| Net Sales to |  | Net Sales to |  |  |  |  |  |
For the six months ended | External |  | Other |  | Total Net |  | Segment |  |
June 30, 2018 | Customers |  | Segments |  | Sales |  | Profit |  |
U.S. Operations | $ | 481,219 |  |  | $ | 47,153 |  |  | $ | 528,372 |  |  | $ | 76,251 |  |  |
Swiss Operations | 64,619 |  |  | 292,541 |  |  | 357,160 |  |  | 93,712 |  |  |
Western European Operations | 339,144 |  |  | 86,153 |  |  | 425,297 |  |  | 45,615 |  |  |
Chinese Operations | 247,202 |  |  | 118,995 |  |  | 366,197 |  |  | 125,437 |  |  |
Other (a) | 250,633 |  |  | 3,103 |  |  | 253,736 |  |  | 31,523 |  |  |
Eliminations and Corporate (b) | — |  |  | (547,945 | ) |  | (547,945 | ) |  | (63,706 | ) |  |
Total | $ | 1,382,817 |  |  | $ | — |  |  | $ | 1,382,817 |  |  | $ | 308,832 |  |  |
(a) | Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b) | Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
| Three Months Ended |  | Six Months Ended
| 2019 |  | 2018 |  | 2019 |  | 2018
Earnings before taxes | $ | 155,216 |  |  | $ | 143,602 |  |  | $ | 280,892 |  |  | $ | 261,041 |
Amortization | 12,326 |  |  | 11,970 |  |  | 24,548 |  |  | 23,705 |
Interest expense | 8,882 |  |  | 8,309 |  |  | 17,976 |  |  | 16,668 |
Restructuring charges | 2,891 |  |  | 7,321 |  |  | 4,414 |  |  | 11,734 |
Other charges (income), net | (1,574 | ) |  | (1,916 | ) |  | (2,248 | ) |  | (4,316 | )
Segment profit | $ | 177,741 |  |  | $ | 169,286 |  |  | $ | 325,582 |  |  | $ | 308,832 |
During the three months ended June 30, 2019, restructuring charges of $2.9 million were recognized, of which $1.1 million, $0.3 million, $1.1 million, and $0.4 million related to the Company’s U.S., Swiss, Western European and Chinese Operations, respectively. Restructuring charges of $7.3 million were recognized during the three months ended June 30, 2018, of which $6.4 million, $0.3 million, $0.5 million and $0.1 million, related to the Company’s U.S., Swiss, Western European and Other Operations, respectively. Restructuring charges of $4.4 million were recognized during the six months ended June 30, 2019, of which $1.6 million, $0.3 million, $2.1 million, and $0.4 million related to the Company’s U.S., Swiss, Western European, and Chinese Operations, respectively. Restructuring charges of $11.7 million were recognized during the six months ended June 30, 2018, of which $10.0 million, $0.7 million, $0.9 million and $0.1 million related to the Company’s U.S., Swiss, Western European and Other Operations, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration