Segment Reporting

3 Months Ended

Mar. 31, 2026

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, 2025, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other.

Our reportable segments comprise the structure used by our Chief Executive Officer, who is our Chief Operating Decision Maker (CODM), to make key operating decisions and assess performance. The Company evaluates performance based on segment profit for segment reporting (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:

Three Months ended March 31, 2026	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations(a)		Eliminations and Corporate(b)		Total
Net sales to external customers	$	348,547	$	50,759	$	215,383	$	153,523	$	178,915	$	—	$	947,127
Net sales to other segments	33,797		191,957		50,439		81,179		10,975		(368,347)		—
Total net sales	382,344		242,716		265,822		234,702		189,890		(368,347)		947,127
Segment cost of sales(c)	159,137		118,743		117,947		104,138		101,062
Segment period expense(d)	135,383		68,908		98,957		45,688		61,284
Unallocated expense / eliminations											(58,012)
Segment profit	$	87,824	$	55,065	$	48,918	$	84,876	$	27,544	$	(58,012)	$	246,215

Three Months ended March 31, 2025	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations(a)		Eliminations and Corporate(b)		Total
Net sales to external customers	$	345,758	$	47,302	$	190,369	$	141,168	$	159,147	$	—	$	883,744
Net sales to other segments	34,093		176,506		45,087		77,076		8,166		(340,928)		—
Total net sales	379,851		223,808		235,456		218,244		167,313		(340,928)		883,744
Segment cost of sales(c)	162,922		102,224		104,067		99,478		87,470
Segment period expense(d)	132,633		60,589		88,344		42,749		55,352
Unallocated expense / eliminations											52,110
Segment profit	$	84,296	$	60,995	$	43,045	$	76,017	$	24,491	$	(52,110)	$	236,734

(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries.

(b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

(c)Segment cost of sales includes variable production and other costs.

(d)Segment period expense includes certain manufacturing, field service costs, research and development, and selling, general and administrative costs.

A reconciliation of earnings before taxes to segment profit for the three months ended March 31 follows:

	Three Months Ended
	March 31, 2026		March 31, 2025
Segment profit	$	246,215	$	236,734
Amortization	(19,612)		(17,193)
Interest expense	(17,007)		(16,653)
Restructuring charges	(7,270)		(3,767)
Other income, net	7,329		2,821
Earnings before taxes	$	209,655	$	201,942

The following tables show the additional disclosures for the Company’s reportable segments:

Three Months ended March 31, 2026	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations(a)		Eliminations and Corporate(b)		Total
Depreciation	$	4,300	$	1,769	$	1,489	$	2,339	$	1,580	$	1,683	$	13,160
Total assets	$	4,403,924	$	4,292,328	$	1,761,738	$	1,071,854	$	525,135	$	(8,386,064)	$	3,668,915
Purchase of property, plant, and equipment	$	(2,323)	$	(1,499)	$	(1,306)	$	(1,559)	$	(2,081)	$	(8,646)	$	(17,414)
Goodwill	$	568,684	$	29,262	$	105,487	$	640	$	32,799	$	—	$	736,872

Three Months ended March 31, 2025	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations(a)		Eliminations and Corporate(b)		Total
Depreciation	$	4,171	$	1,665	$	1,328	$	2,328	$	1,481	$	1,491	$	12,464
Total assets	$	4,142,103	$	3,941,300	$	1,556,180	$	891,977	$	411,336	$	(7,708,217)	$	3,234,679
Purchase of property, plant, and equipment	$	(2,298)	$	(703)	$	(1,197)	$	(1,717)	$	(1,309)	$	(10,031)	$	(17,255)
Goodwill	$	532,394	$	26,245	$	100,893	$	601	$	13,113	$	—	$	673,246

(a)Other Operations includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries.

(b)Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.