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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
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, 2024, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. Our reportable segments comprise the structure used by our Chief Executive Officer, who is our Chief Operating Decision Maker (CODM), to make key operating decisions and assess performance. The Company evaluates performance based on segment profit for segment reporting (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:
Three Months ended June 30, 2025 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Net sales to external customers |  | $ | 372,516 |  |  | $ | 49,555 |  |  | $ | 211,916 |  |  | $ | 162,017 |  |  | $ | 187,217 |  |  | $ | — |  |  | $ | 983,221 |
Net sales to other segments |  | 39,173 |  |  | 199,323 |  |  | 50,547 |  |  | 83,316 |  |  | 9,520 |  |  | (381,879) |  |  | — |
Total net sales |  | 411,689 |  |  | 248,878 |  |  | 262,463 |  |  | 245,333 |  |  | 196,737 |  |  | (381,879) |  |  | 983,221 |
Segment cost of sales(c) |  | 187,249 |  |  | 116,806 |  |  | 114,982 |  |  | 110,991 |  |  | 107,634 |  |  |  |  |
Segment period expense(d) |  | $ | 131,740 |  |  | $ | 61,491 |  |  | $ | 95,601 |  |  | $ | 45,004 |  |  | $ | 58,000 |  |  |  |  |
Unallocated expense / eliminations |  |  |  |  |  |  |  |  |  |  |  | 52,309 |  |  |
Segment profit |  | $ | 92,700 |  |  | $ | 70,581 |  |  | $ | 51,880 |  |  | $ | 89,338 |  |  | $ | 31,103 |  |  | $ | (52,309) |  |  | $ | 283,293 |
Six Months ended June 30, 2025 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Net sales to external customers |  | $ | 718,274 |  |  | $ | 96,857 |  |  | $ | 402,285 |  |  | $ | 303,185 |  |  | $ | 346,364 |  |  | $ | — |  |  | $ | 1,866,965 |
Net sales to other segments |  | 73,266 |  |  | 375,829 |  |  | 95,634 |  |  | 160,392 |  |  | 17,686 |  |  | (722,807) |  |  | — |
Total net sales |  | 791,540 |  |  | 472,686 |  |  | 497,919 |  |  | 463,577 |  |  | 364,050 |  |  | (722,807) |  |  | 1,866,965 |
Segment cost of sales(c) |  | 350,171 |  |  | 219,030 |  |  | 219,049 |  |  | 210,469 |  |  | 195,104 |  |  |  |  |
Segment period expense(d) |  | $ | 264,373 |  |  | $ | 122,080 |  |  | $ | 183,945 |  |  | $ | 87,753 |  |  | $ | 113,352 |  |  |  |  |
Unallocated expense / eliminations |  |  |  |  |  |  |  |  |  |  |  | 104,419 |  |  |
Segment profit |  | $ | 176,996 |  |  | $ | 131,576 |  |  | $ | 94,925 |  |  | $ | 165,355 |  |  | $ | 55,594 |  |  | $ | (104,419) |  |  | $ | 520,027 |
(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. (c)Segment cost of sales includes variable production and other costs. (d)Segment period expense includes certain manufacturing, field service costs, research and development, and selling, general and administrative costs.
Three Months ended June 30, 2024 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Net sales to external customers |  | $ | 362,215 |  |  | $ | 50,185 |  |  | $ | 202,313 |  |  | $ | 164,384 |  |  | $ | 167,653 |  |  | $ | — |  |  | $ | 946,750 |
Net sales to other segments |  | 36,017 |  |  | 169,194 |  |  | 42,171 |  |  | 81,894 |  |  | 7,604 |  |  | (336,880) |  |  | — |
Total net sales |  | 398,232 |  |  | 219,379 |  |  | 244,484 |  |  | 246,278 |  |  | 175,257 |  |  | (336,880) |  |  | 946,750 |
Segment cost of sales(c) |  | 171,894 |  |  | 104,181 |  |  | 111,223 |  |  | 102,788 |  |  | 95,694 |  |  |  |  |
Segment period expense(d) |  | $ | 126,091 |  |  | $ | 59,394 |  |  | $ | 88,137 |  |  | $ | 43,994 |  |  | $ | 54,935 |  |  |  |  |
Unallocated expense / eliminations |  |  |  |  |  |  |  |  |  |  |  | 41,198 |  |  |
Segment profit |  | $ | 100,247 |  |  | $ | 55,804 |  |  | $ | 45,124 |  |  | $ | 99,496 |  |  | $ | 24,628 |  |  | $ | (41,198) |  |  | $ | 284,101 |
Six Months ended June 30, 2024 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Net sales to external customers |  | $ | 708,338 |  |  | $ | 104,435 |  |  | $ | 417,078 |  |  | $ | 307,582 |  |  | $ | 335,266 |  |  | $ | — |  |  | $ | 1,872,699 |
Net sales to other segments |  | 73,435 |  |  | 392,565 |  |  | 89,909 |  |  | 162,536 |  |  | 10,936 |  |  | (729,381) |  |  | — |
Total net sales |  | 781,773 |  |  | 497,000 |  |  | 506,987 |  |  | 470,118 |  |  | 346,202 |  |  | (729,381) |  |  | 1,872,699 |
Segment cost of sales(c) |  | 338,218 |  |  | 263,176 |  |  | 235,200 |  |  | 207,990 |  |  | 190,505 |  |  |  |  |
Segment period expense(d) |  | $ | 249,672 |  |  | $ | 118,934 |  |  | $ | 176,352 |  |  | $ | 86,809 |  |  | $ | 105,887 |  |  |  |  |
Unallocated expense / eliminations |  |  |  |  |  |  |  |  |  |  |  | 77,908 |  |  |
Segment profit |  | $ | 193,883 |  |  | $ | 114,890 |  |  | $ | 95,435 |  |  | $ | 175,319 |  |  | $ | 49,810 |  |  | $ | (77,908) |  |  | $ | 551,429 |
(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. (c)Segment cost of sales includes variable production and other costs. (d)Segment period expense includes certain manufacturing, field service costs, research and development, and selling, general and administrative costs. 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
| 2025 |  | 2024 |  | 2025 |  | 2024
Segment profit | $ | 283,293 |  |  | $ | 284,101 |  |  | $ | 520,027 |  |  | $ | 551,429 |
Amortization | (17,581) |  |  | (18,178) |  |  | (34,774) |  |  | (36,406) |
Interest expense | (16,779) |  |  | (18,950) |  |  | (33,432) |  |  | (38,182) |
Restructuring charges | (3,557) |  |  | (5,329) |  |  | (7,324) |  |  | (14,993) |
Other income, net | 3,281 |  |  | 1,533 |  |  | 6,102 |  |  | 1,876 |
Earnings before taxes | $ | 248,657 |  |  | $ | 243,177 |  |  | $ | 450,599 |  |  | $ | 463,724 |
The following tables show the additional disclosures for the Company’s reportable segments:
Three Months ended June 30, 2025 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Depreciation |  | $ | 4,150 |  |  | $ | 1,681 |  |  | $ | 1,472 |  |  | $ | 2,331 |  |  | $ | 1,636 |  |  | $ | 1,600 |  |  | $ | 12,870 |
Total assets |  | $ | 4,201,913 |  |  | $ | 4,465,399 |  |  | $ | 1,644,299 |  |  | $ | 1,005,376 |  |  | $ | 442,946 |  |  | $ | (8,359,468) |  |  | $ | 3,400,465 |
Purchase of property, plant, and equipment |  | $ | (3,506) |  |  | $ | (1,579) |  |  | $ | (1,232) |  |  | $ | (2,658) |  |  | $ | (1,393) |  |  | $ | (13,509) |  |  | $ | (23,877) |
Goodwill |  | $ | 532,394 |  |  | $ | 28,920 |  |  | $ | 108,380 |  |  | $ | 611 |  |  | $ | 13,817 |  |  | $ | — |  |  | $ | 684,122 |
Six Months ended June 30, 2025 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Depreciation |  | $ | 8,321 |  |  | $ | 3,346 |  |  | $ | 2,800 |  |  | $ | 4,659 |  |  | $ | 3,117 |  |  | $ | 3,091 |  |  | $ | 25,334 |
Purchase of property, plant, and equipment |  | $ | (5,804) |  |  | $ | (2,282) |  |  | $ | (2,429) |  |  | $ | (4,375) |  |  | $ | (2,702) |  |  | $ | (23,540) |  |  | $ | (41,132) |
(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries. (b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
Three Months ended June 30, 2024 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Depreciation |  | $ | 4,165 |  |  | $ | 1,712 |  |  | $ | 1,339 |  |  | $ | 2,358 |  |  | $ | 1,298 |  |  | $ | 1,479 |  |  | $ | 12,351 |
Total assets |  | $ | 3,964,868 |  |  | $ | 3,510,367 |  |  | $ | 1,526,309 |  |  | $ | 1,080,807 |  |  | $ | 402,882 |  |  | $ | (7,236,069) |  |  | $ | 3,249,164 |
Purchase of property, plant, and equipment |  | $ | (3,296) |  |  | $ | (1,903) |  |  | $ | (1,666) |  |  | $ | (1,720) |  |  | $ | (1,287) |  |  | $ | (13,880) |  |  | $ | (23,752) |
Goodwill |  | $ | 526,385 |  |  | $ | 25,841 |  |  | $ | 99,401 |  |  | $ | 601 |  |  | $ | 13,131 |  |  | $ | — |  |  | $ | 665,359 |
Six Months ended June 30, 2024 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Depreciation |  | $ | 8,326 |  |  | $ | 3,481 |  |  | $ | 2,667 |  |  | $ | 4,740 |  |  | $ | 2,658 |  |  | $ | 3,001 |  |  | $ | 24,873 |
Purchase of property, plant, and equipment |  | $ | (7,721) |  |  | $ | (2,985) |  |  | $ | (2,658) |  |  | $ | (2,817) |  |  | $ | (2,972) |  |  | $ | (22,048) |  |  | $ | (41,201) |
(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries. (b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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