Segment Reporting

6 Months Ended

Jun. 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 June 30,
For the three months ended	External		Other		Total Net		Segment		2022
June 30, 2022	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	361,145	$	40,314	$	401,459	$	92,796	$	514,057
Swiss Operations	42,062		210,449		252,511		72,012		22,634
Western European Operations	190,264		47,474		237,738		35,233		92,215
Chinese Operations	229,809		75,123		304,932		105,456		665
Other (a)	155,107		709		155,816		22,243		13,878
Eliminations and Corporate (b)	—		(374,069)		(374,069)		(42,308)		—
Total	$	978,387	$	—	$	978,387	$	285,432	$	643,449

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2022	Customers		Segments		Sales		Profit
U.S. Operations	$	686,966	$	79,887	$	766,854	$	167,982
Swiss Operations	85,331		404,284		489,615		143,334
Western European Operations	383,149		97,601		480,751		74,013
Chinese Operations	412,515		155,562		568,077		190,424
Other (a)	308,217		1,673		309,888		42,695
Eliminations and Corporate (b)	—		(739,007)		(739,007)		(91,771)
Total	$	1,876,178	$	—	$	1,876,178	$	526,677

(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 June 30,
For the three months ended	External		Other		Total Net		Segment		2021
June 30, 2021	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	323,310	$	38,507	$	361,817	$	79,272	$	509,600
Swiss Operations	40,836		201,182		242,018		69,516		23,553
Western European Operations	201,722		55,873		257,595		38,476		93,133
Chinese Operations	205,521		72,529		278,050		94,663		697
Other (a)	152,962		1,275		154,237		21,414		15,203
Eliminations and Corporate (b)	—		(369,366)		(369,366)		(48,085)		—
Total	$	924,351	$	—	$	924,351	$	255,256	$	642,186

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2021	Customers		Segments		Sales		Profit
U.S. Operations	$	595,269	$	75,292	$	670,561	$	142,943
Swiss Operations	80,117		385,647		465,764		134,395
Western European Operations	394,072		108,128		502,200		76,342
Chinese Operations	361,595		141,607		503,202		166,687
Other (a)	297,688		2,371		300,059		41,586
Eliminations and Corporate (b)	—		(713,045)		(713,045)		(96,025)
Total	$	1,728,741	$	—	$	1,728,741	$	465,928

(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 six month periods ended June 30 follows:

	Three Months Ended				Six Months Ended
	2022		2021		2022		2021
Earnings before taxes	$	256,692	$	230,384	$	469,693	$	415,798
Amortization	16,365		16,218		32,969		30,102
Interest expense	12,765		10,439		24,103		19,910
Restructuring charges	1,770		876		5,781		2,069
Other income, net	(2,160)		(2,661)		(5,869)		(1,951)
Segment profit	$	285,432	$	255,256	$	526,677	$	465,928