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Business segments and other information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business segments and other information | Business segments and other information An operating segment is a component (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker, our President and Chief Executive Officer, to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The chief operating decision maker utilizes segment operating profit to evaluate operating expenses through a comparison of budget to actual results as well as an analysis of operating expenses as a percentage of revenue. We do not evaluate our operating segments using discrete asset information. During the fourth quarter 2024, our chief operating decision maker changed the manner in which he reviews financial information for purposes of assessing business performance and allocating resources solely focusing on the geographic location. As a result, we changed our segment presentation by incorporating the OEM operating segment into the Americas segment. We now have three reportable segments: Americas, EMEA (Europe, the Middle East and Africa) and Asia (Asia Pacific). In addition to the changing of our segments, our chief operating decision maker now evaluates segment operating profit without an allocation of corporate expenses compared to the prior measure, which included these expenses in the evaluation. Our prior period segment disclosures have been revised to reflect the new segment presentation of our three reportable segments and segment operating profit. Our reportable segments primarily design, manufacture and distribute medical devices primarily used in critical care and surgical applications and generally serve two end-markets: hospitals and healthcare providers, and home health. The products of these segments are most widely used in the acute care setting for a range of diagnostic and therapeutic procedures and in general and specialty surgical applications. The Americas also includes our OEM product portfolio that designs, manufactures and supplies devices and instruments for other medical device manufacturers. The following tables present our segment results for the years ended December 31, 2024, 2023 and 2022:
| 2024
| Americas |  | EMEA |  | Asia |  | Segment Total
Net revenues | $ | 2,066,292 |  |  | $ | 617,984 |  |  | $ | 363,048 |  |  | $ | 3,047,324 |
Cost of goods sold | 834,987 |  |  | 289,645 |  |  | 132,030 |  |  | 1,256,662 |
Research and development expenses | 94,912 |  |  | 38,939 |  |  | 18,584 |  |  | 152,435 |
Selling, general and administrative expenses | 465,917 |  |  | 156,375 |  |  | 97,764 |  |  | 720,056 |
Segment operating profit (1) | $ | 670,476 |  |  | $ | 133,025 |  |  | $ | 114,670 |  |  | $ | 918,171 |
| 2023
| Americas |  | EMEA |  | Asia |  | Segment Total
Net revenues | $ | 2,041,339 |  |  | $ | 586,245 |  |  | $ | 346,905 |  |  | $ | 2,974,489 |
Cost of goods sold | 824,514 |  |  | 273,772 |  |  | 118,729 |  |  | 1,217,015 |
Research and development expenses | 82,685 |  |  | 54,787 |  |  | 14,105 |  |  | 151,577 |
Selling, general and administrative expenses | 420,158 |  |  | 146,551 |  |  | 93,119 |  |  | 659,828 |
Segment operating profit (1) | $ | 713,982 |  |  | $ | 111,135 |  |  | $ | 120,952 |  |  | $ | 946,069 |
| 2022
| Americas |  | EMEA |  | Asia |  | Segment Total
Net revenues | $ | 1,926,348 |  |  | $ | 558,373 |  |  | $ | 306,320 |  |  | $ | 2,791,041 |
Cost of goods sold | 780,538 |  |  | 255,210 |  |  | 101,037 |  |  | 1,136,785 |
Research and development expenses | 67,795 |  |  | 69,822 |  |  | 13,379 |  |  | 150,996 |
Selling, general and administrative expenses | 408,068 |  |  | 136,464 |  |  | 87,211 |  |  | 631,743 |
Segment operating profit (1) | $ | 669,947 |  |  | $ | 96,877 |  |  | $ | 104,693 |  |  | $ | 871,517 |
(1) Segment operating profit represents income from continuing operations before interest, loss on extinguishment of debt and taxes adjusted to exclude unallocated corporate expenses manufacturing variances other than fixed manufacturing cost absorption variances, restructuring and impairment charges. See reconciliation of segment operating profit measures for further details.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Reconciliation of segment operating profit measure |
Segment operating profit | $ | 918,171 |  |  | $ | 946,069 |  |  | $ | 871,517 |
Other unallocated expenses (1) | 372,435 |  |  | 383,356 |  |  | 357,997 |
Goodwill impairment charge | 240,000 |  |  | — |  |  | — |
Restructuring and impairment charges | 21,991 |  |  | 15,604 |  |  | 20,299 |
Gain on sale of assets and business | — |  |  | (4,448) |  |  | (6,504) |
Pension settlement charge | 132,732 |  |  | 45,244 |  |  | — |
Income from continuing operations before interest, loss on extinguishments of debt and taxes | $ | 151,013 |  |  | $ | 506,313 |  |  | $ | 499,725 |
(1) Other unallocated expenses include expenses within costs of goods sold, research and development and selling, general and administrative costs and primarily consist of manufacturing variances other than fixed manufacturing cost absorption variances and unallocated corporate function expenses.
| Year Ended December 31,
Depreciation and amortization | 2024 |  | 2023 |  | 2022
Americas | $ | 193,949 |  |  | $ | 168,787 |  |  | $ | 161,842 |
EMEA | 49,596 |  |  | 42,057 |  |  | 38,266 |
Asia | 12,344 |  |  | 10,548 |  |  | 9,311 |
Corporate (1) | 18,712 |  |  | 20,726 |  |  | 21,171 |
Consolidated depreciation and amortization | $ | 274,601 |  |  | $ | 242,118 |  |  | $ | 230,590 |
(1)Reflects depreciation and amortization included within other allocated expenses per reconciliation of segment operating profit measure. Geographic data The following tables provide total net revenues and total net property, plant and equipment by geographic region for the years ended December 31, 2024, 2023 and 2022 and as of December 31, 2024 and 2023, respectively.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net revenues (based on selling location): |  |  |  |  |
U.S. | $ | 1,889,312 |  |  | $ | 1,879,898 |  |  | $ | 1,786,467 |
Europe | 705,094 |  |  | 665,185 |  |  | 622,343 |
Asia Pacific | 326,371 |  |  | 307,513 |  |  | 270,749 |
All other | 126,547 |  |  | 121,893 |  |  | 111,482 |
| $ | 3,047,324 |  |  | $ | 2,974,489 |  |  | $ | 2,791,041 |
|  |  | As of December 31,
Net property, plant and equipment: |  |  | 2024 |  | 2023
U.S. |  |  | $ | 215,806 |  |  | $ | 200,969 |
Malaysia |  |  | 73,430 |  |  | 71,947 |
Mexico |  |  | 121,287 |  |  | 112,339 |
All other |  |  | 92,329 |  |  | 94,658 |
|  |  | $ | 502,852 |  |  | $ | 479,913 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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