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SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
SEGMENTS [Abstract] |
Sales and Other Financial Information by Reportable Segment | Sales and other financial information by reportable segment are as follows: Three Months Ended March 31, 2025
|  | North America |  |  | Europe and ROW |  |  | Total |
New Business |  | $ | 130,256 |  |  | $ | 72,652 |  |  | $ | 202,908 |
After Sales |  |  | 17,035 |  |  |  | 29,243 |  |  |  | 46,278 |
Segment sales |  | $ | 147,291 |  |  | $ | 101,895 |  |  | $ | 249,186 |
|  | North America |  |  | Europe and ROW |  |  | Total |
Depreciation and amortization expense |  | $ | 5,139 |  |  | $ | 1,486 |  |  | $ | 6,625 |
Segment assets |  | $ | 696,745 |  |  | $ | 420,346 |  |  | $ | 1,117,091 |
Capital expenditures |  | $ | 2,157 |  |  | $ | 963 |  |  | $ | 3,120 |
Segment Adjusted EBITDA is as follows:
|  | North America |  |  | Europe and ROW |
Sales |  | $ | 147,291 |  |  | $ | 101,895 |
Cost of products sold |  |  | 116,909 |  |  |  | 78,971 |
Research and development |  |  | 601 |  |  |  | 4,026 |
Selling, general and administrative |  |  | 12,534 |  |  |  | 18,190 |
Other segment items1 |  |  | (1,789 | ) |  |  | (1,533 | )
Segment Adjusted EBITDA |  | $ | 19,036 |  |  | $ | 2,241 |
1 | Other segment items include, other operating income and expenses, other income and expenses, depreciation and amortization, transaction related expenses, non-service cost related pension expense and legacy plan, foreign exchange gain on external debts and other non-recurring.
Three Months Ended March 31, 2024
|  | North America |  |  | Europe and ROW |  |  | Total |
New Business |  | $ | 128,738 |  |  | $ | 84,141 |  |  | $ | 212,879 |
After Sales |  |  | 16,229 |  |  |  | 29,693 |  |  |  | 45,922 |
Segment sales |  | $ | 144,967 |  |  | $ | 113,834 |  |  | $ | 258,801 |
|  | North America |  |  | Europe and ROW |  |  | Total |
Depreciation and amortization expense |  | $ | 5,123 |  |  | $ | 1,244 |  |  | $ | 6,367 |
Segment assets |  | $ | 703,809 |  |  | $ | 410,481 |  |  | $ | 1,114,290 |
Capital expenditures |  | $ | 1,524 |  |  | $ | 2,547 |  |  | $ | 4,071 |
Segment Adjusted EBITDA is as follows: Three Months Ended March 31, 2024
|  | North America |  |  | Europe and ROW |
Sales |  | $ | 144,967 |  |  | $ | 113,834 |
Cost of products sold |  |  | 115,287 |  |  |  | 84,990 |
Research and development |  |  | 726 |  |  |  | 4,991 |
Selling, general and administrative |  |  | 12,533 |  |  |  | 16,185 |
Other segment items2 |  |  | (1,228 | ) |  |  | (819 | )
Segment Adjusted EBITDA |  | $ | 17,649 |  |  | $ | 8,487 |
2 | Other segment items include, other operating income and expenses, other income and expenses, depreciation and amortization, transaction related expenses, non-service cost related pension expense and legacy plan, foreign exchange gain on external debts and other non-recurring.
Reconciliation of Total Segment Adjusted EBITDA to Income Before Income Taxes | The reconciliation of total Segment Adjusted EBITDA to Income before income taxes as follows: Three Months Ended March 31, 2025
Total Segment Adjusted EBITDA |  | $ | 21,277 |
Interest expense |  |  | (6,503 | )
Foreign exchange gains/losses on external debt |  |  | (982 | )
Depreciation and amortization |  |  | (6,625 | )
Restructuring and other related expenses |  |  | (374 | )
Transaction related expenses |  |  | (4,643 | )
Settlement of acquisition |  |  | (412 | )
Pension related income, net |  |  | 929 |
Change in provision for contingencies |  |  | 210 |
Other non-operating one-off items |  |  | (28 | )
Income before income taxes |  | $ | 2,849 |
The reconciliation of total Segment Adjusted EBITDA to Income before income taxes as follows: Three Months Ended March 31, 2024
Total Segment Adjusted EBITDA |  | $ | 26,136 |
Interest expense |  |  | (9,112 | )
Foreign exchange gains/losses on external debt |  |  | 2,295 |
Depreciation and amortization |  |  | (6,367 | )
Pension related income, net |  |  | 628 |
Legal matters |  |  | (283 | )
Change in provision for contingencies |  |  | (550 | )
Other non-operating one-off items |  |  | (29 | )
Income before income taxes |  | $ | 12,718 |
Disaggregated by Geography of Sales | The following table presents sales disaggregated by geography which exceed 10% of total sales:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Switzerland |  | $ | 11,205 |  |  | $ | 13,948 |
U.S. |  |  | 134,448 |  |  |  | 136,272 |
Other |  |  | 103,533 |  |  |  | 108,581 |
Total sales |  | $ | 249,186 |  |  | $ | 258,801 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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