Segment Reporting

3 Months Ended

Mar. 31, 2023

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, 2022, 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 reportable segments:

	Net Sales to		Net Sales to
For the three months ended	External		Other		Total Net		Segment
March 31, 2023	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	337,402	$	33,248	$	370,650	$	81,796	$	524,470
Swiss Operations	46,369		202,134		248,503		76,422		25,195
Western European Operations	199,424		44,876		244,300		44,523		97,558
Chinese Operations	185,767		60,452		246,219		81,241		643
Other (a)	159,776		957		160,733		24,243		13,876
Eliminations and Corporate (b)	—		(341,667)		(341,667)		(41,774)		—
Total	$	928,738	$	—	$	928,738	$	266,451	$	661,742

	Net Sales to		Net Sales to
For the three months ended	External		Other		Total Net		Segment
March 31, 2022	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	325,821	$	39,573	$	365,394	$	75,186	$	514,022
Swiss Operations	43,270		193,835		237,105		71,322		23,198
Western European Operations	192,886		50,127		243,013		38,780		97,612
Chinese Operations	182,706		80,438		263,144		84,968		709
Other (a)	153,108		963		154,071		20,452		14,577
Eliminations and Corporate (b)	—		(364,936)		(364,936)		(49,463)		—
Total	$	897,791	$	—	$	897,791	$	241,245	$	650,118

(a)Other includes reporting units in Southeast Asia, Latin America, Eastern Europe 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 months ended March 31 follows:

	Three Months Ended
	March 31, 2023		March 31, 2022
Earnings before taxes	$	226,610	$	213,001
Amortization	17,779		16,604
Interest expense	18,184		11,338
Restructuring charges	4,274		4,011
Other charges (income), net	(396)		(3,709)
Segment profit	$	266,451	$	241,245