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Segment Reporting | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2025, 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 reportable segments:
Three Months ended March 31, 2026 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Net sales to external customers |  | $ | 348,547 |  |  | $ | 50,759 |  |  | $ | 215,383 |  |  | $ | 153,523 |  |  | $ | 178,915 |  |  | $ | — |  |  | $ | 947,127 |
Net sales to other segments |  | 33,797 |  |  | 191,957 |  |  | 50,439 |  |  | 81,179 |  |  | 10,975 |  |  | (368,347) |  |  | — |
Total net sales |  | 382,344 |  |  | 242,716 |  |  | 265,822 |  |  | 234,702 |  |  | 189,890 |  |  | (368,347) |  |  | 947,127 |
Segment cost of sales(c) |  | 159,137 |  |  | 118,743 |  |  | 117,947 |  |  | 104,138 |  |  | 101,062 |  |  |  |  |
Segment period expense(d) |  | 135,383 |  |  | 68,908 |  |  | 98,957 |  |  | 45,688 |  |  | 61,284 |  |  |  |  |
Unallocated expense / eliminations |  |  |  |  |  |  |  |  |  |  |  | (58,012) |  |  |
Segment profit |  | $ | 87,824 |  |  | $ | 55,065 |  |  | $ | 48,918 |  |  | $ | 84,876 |  |  | $ | 27,544 |  |  | $ | (58,012) |  |  | $ | 246,215 |
Three Months ended March 31, 2025 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Net sales to external customers |  | $ | 345,758 |  |  | $ | 47,302 |  |  | $ | 190,369 |  |  | $ | 141,168 |  |  | $ | 159,147 |  |  | $ | — |  |  | $ | 883,744 |
Net sales to other segments |  | 34,093 |  |  | 176,506 |  |  | 45,087 |  |  | 77,076 |  |  | 8,166 |  |  | (340,928) |  |  | — |
Total net sales |  | 379,851 |  |  | 223,808 |  |  | 235,456 |  |  | 218,244 |  |  | 167,313 |  |  | (340,928) |  |  | 883,744 |
Segment cost of sales(c) |  | 162,922 |  |  | 102,224 |  |  | 104,067 |  |  | 99,478 |  |  | 87,470 |  |  |  |  |
Segment period expense(d) |  | 132,633 |  |  | 60,589 |  |  | 88,344 |  |  | 42,749 |  |  | 55,352 |  |  |  |  |
Unallocated expense / eliminations |  |  |  |  |  |  |  |  |  |  |  | 52,110 |  |  |
Segment profit |  | $ | 84,296 |  |  | $ | 60,995 |  |  | $ | 43,045 |  |  | $ | 76,017 |  |  | $ | 24,491 |  |  | $ | (52,110) |  |  | $ | 236,734 |
(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. (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 months ended March 31 follows:
| Three Months Ended
| March 31, 2026 |  | March 31, 2025
Segment profit | $ | 246,215 |  |  | $ | 236,734 |
Amortization | (19,612) |  |  | (17,193) |
Interest expense | (17,007) |  |  | (16,653) |
Restructuring charges | (7,270) |  |  | (3,767) |
Other income, net | 7,329 |  |  | 2,821 |
Earnings before taxes | $ | 209,655 |  |  | $ | 201,942 |
The following tables show the additional disclosures for the Company’s reportable segments:
Three Months ended March 31, 2026 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Depreciation |  | $ | 4,300 |  |  | $ | 1,769 |  |  | $ | 1,489 |  |  | $ | 2,339 |  |  | $ | 1,580 |  |  | $ | 1,683 |  |  | $ | 13,160 |
Total assets |  | $ | 4,403,924 |  |  | $ | 4,292,328 |  |  | $ | 1,761,738 |  |  | $ | 1,071,854 |  |  | $ | 525,135 |  |  | $ | (8,386,064) |  |  | $ | 3,668,915 |
Purchase of property, plant, and equipment |  | $ | (2,323) |  |  | $ | (1,499) |  |  | $ | (1,306) |  |  | $ | (1,559) |  |  | $ | (2,081) |  |  | $ | (8,646) |  |  | $ | (17,414) |
Goodwill |  | $ | 568,684 |  |  | $ | 29,262 |  |  | $ | 105,487 |  |  | $ | 640 |  |  | $ | 32,799 |  |  | $ | — |  |  | $ | 736,872 |
Three Months ended March 31, 2025 |  | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations(a) |  | Eliminations and Corporate(b) |  | Total
Depreciation |  | $ | 4,171 |  |  | $ | 1,665 |  |  | $ | 1,328 |  |  | $ | 2,328 |  |  | $ | 1,481 |  |  | $ | 1,491 |  |  | $ | 12,464 |
Total assets |  | $ | 4,142,103 |  |  | $ | 3,941,300 |  |  | $ | 1,556,180 |  |  | $ | 891,977 |  |  | $ | 411,336 |  |  | $ | (7,708,217) |  |  | $ | 3,234,679 |
Purchase of property, plant, and equipment |  | $ | (2,298) |  |  | $ | (703) |  |  | $ | (1,197) |  |  | $ | (1,717) |  |  | $ | (1,309) |  |  | $ | (10,031) |  |  | $ | (17,255) |
Goodwill |  | $ | 532,394 |  |  | $ | 26,245 |  |  | $ | 100,893 |  |  | $ | 601 |  |  | $ | 13,113 |  |  | $ | — |  |  | $ | 673,246 |
(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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