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Segment Reporting | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
SEGMENT REPORTING | 13. SEGMENT REPORTING As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2021, 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 September 30,
For the three months ended | External |  | Other |  | Total Net |  | Segment |  | 2022
September 30, 2022 | Customers |  | Segments |  | Sales |  | Profit |  | Goodwill
U.S. Operations | $ | 373,764 |  |  | $ | 35,077 |  |  | $ | 408,841 |  |  | $ | 93,823 |  |  | $ | 514,057 |
Swiss Operations | 40,972 |  |  | 207,349 |  |  | 248,321 |  |  | 77,457 |  |  | 21,950 |
Western European Operations | 180,959 |  |  | 49,486 |  |  | 230,445 |  |  | 38,950 |  |  | 86,222 |
Chinese Operations | 229,722 |  |  | 79,285 |  |  | 309,007 |  |  | 123,345 |  |  | 606 |
Other (a) | 160,429 |  |  | 705 |  |  | 161,134 |  |  | 20,603 |  |  | 13,254 |
Eliminations and Corporate (b) | — |  |  | (371,902) |  |  | (371,902) |  |  | (47,008) |  |  | — |
Total | $ | 985,846 |  |  | $ | — |  |  | $ | 985,846 |  |  | $ | 307,170 |  |  | $ | 636,089 |
| Net Sales to |  | Net Sales to |  |  |  |  |  |
For the nine months ended | External |  | Other |  | Total Net |  | Segment |  |
September 30, 2022 | Customers |  | Segments |  | Sales |  | Profit |  |
U.S. Operations | $ | 1,060,730 |  |  | $ | 114,965 |  |  | $ | 1,175,695 |  |  | $ | 261,805 |  |  |
Swiss Operations | 126,304 |  |  | 611,632 |  |  | 737,936 |  |  | 220,791 |  |  |
Western European Operations | 564,108 |  |  | 147,087 |  |  | 711,195 |  |  | 112,963 |  |  |
Chinese Operations | 642,237 |  |  | 234,847 |  |  | 877,084 |  |  | 313,769 |  |  |
Other (a) | 468,645 |  |  | 2,377 |  |  | 471,022 |  |  | 63,298 |  |  |
Eliminations and Corporate (b) | — |  |  | (1,110,908) |  |  | (1,110,908) |  |  | (138,779) |  |  |
Total | $ | 2,862,024 |  |  | $ | — |  |  | $ | 2,862,024 |  |  | $ | 833,847 |  |  |
(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 September 30,
For the three months ended | External |  | Other |  | Total Net |  | Segment |  | 2021
September 30, 2021 | Customers |  | Segments |  | Sales |  | Profit |  | Goodwill
U.S. Operations | $ | 336,708 |  |  | $ | 36,895 |  |  | $ | 373,603 |  |  | $ | 72,638 |  |  | $ | 508,942 |
Swiss Operations | 41,850 |  |  | 208,411 |  |  | 250,261 |  |  | 78,454 |  |  | 23,319 |
Western European Operations | 198,632 |  |  | 52,259 |  |  | 250,891 |  |  | 40,288 |  |  | 91,228 |
Chinese Operations | 210,460 |  |  | 79,001 |  |  | 289,461 |  |  | 108,636 |  |  | 696 |
Other (a) | 164,300 |  |  | 835 |  |  | 165,135 |  |  | 24,381 |  |  | 14,999 |
Eliminations and Corporate (b) | — |  |  | (377,401) |  |  | (377,401) |  |  | (51,587) |  |  | — |
Total | $ | 951,950 |  |  | $ | — |  |  | $ | 951,950 |  |  | $ | 272,810 |  |  | $ | 639,184 |
| Net Sales to |  | Net Sales to |  |  |  |  |  |
For the nine months ended | External |  | Other |  | Total Net |  | Segment |  |
September 30, 2021 | Customers |  | Segments |  | Sales |  | Profit |  |
U.S. Operations | $ | 931,977 |  |  | $ | 112,186 |  |  | $ | 1,044,163 |  |  | $ | 215,581 |  |  |
Swiss Operations | 121,967 |  |  | 594,057 |  |  | 716,024 |  |  | 212,849 |  |  |
Western European Operations | 592,704 |  |  | 160,386 |  |  | 753,090 |  |  | 116,630 |  |  |
Chinese Operations | 572,055 |  |  | 220,608 |  |  | 792,663 |  |  | 275,323 |  |  |
Other (a) | 461,988 |  |  | 3,207 |  |  | 465,195 |  |  | 65,967 |  |  |
Eliminations and Corporate (b) | — |  |  | (1,090,444) |  |  | (1,090,444) |  |  | (147,612) |  |  |
Total | $ | 2,680,691 |  |  | $ | — |  |  | $ | 2,680,691 |  |  | $ | 738,738 |  |  |
(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 nine month periods ended September 30 follows:
| Three Months Ended |  | Nine Months Ended
| 2022 |  | 2021 |  | 2022 |  | 2021
Earnings before taxes | $ | 275,885 |  |  | $ | 247,587 |  |  | $ | 745,578 |  |  | $ | 663,385 |
Amortization | 16,728 |  |  | 16,039 |  |  | 49,697 |  |  | 46,141 |
Interest expense | 14,484 |  |  | 11,791 |  |  | 38,587 |  |  | 31,701 |
Restructuring charges | 2,022 |  |  | 650 |  |  | 7,803 |  |  | 2,719 |
Other income, net | (1,949) |  |  | (3,257) |  |  | (7,818) |  |  | (5,208) |
Segment profit | $ | 307,170 |  |  | $ | 272,810 |  |  | $ | 833,847 |  |  | $ | 738,738 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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