Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Operations of the Company's operating segments

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		2023
June 30, 2023	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	359,115	$	33,741	$	392,856	$	104,206	$	524,459
Swiss Operations	46,803		181,073		227,876		66,914		25,865
Western European Operations	192,075		47,766		239,841		38,747		100,452
Chinese Operations	221,669		67,279		288,948		119,722		603
Other (a)	162,455		13,601		176,056		24,440		13,721
Eliminations and Corporate (b)	—		(343,460)		(343,460)		(46,325)		—
Total	$	982,117	$	—	$	982,117	$	307,704	$	665,100

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2023	Customers		Segments		Sales		Profit
U.S. Operations	$	696,516	$	66,989	$	763,505	$	186,000
Swiss Operations	93,172		383,207		476,379		143,336
Western European Operations	391,499		92,642		484,141		83,270
Chinese Operations	407,437		127,731		535,168		200,963
Other (a)	322,231		14,559		336,790		48,683
Eliminations and Corporate (b)	—		(685,128)		(685,128)		(88,097)
Total	$	1,910,855	$	—	$	1,910,855	$	574,155

(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		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.

Reconciliation of earnings before taxes to segment profit

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
	2023		2022		2023		2022
Earnings before taxes	$	263,403	$	256,692	$	490,013	$	469,693
Amortization	18,042		16,365		35,821		32,969
Interest expense	19,249		12,765		37,433		24,103
Restructuring charges	8,021		1,770		12,295		5,781
Other income, net	(1,011)		(2,160)		(1,407)		(5,869)
Segment profit	$	307,704	$	285,432	$	574,155	$	526,677