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Business segments and other information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business segments and other information Business segments and other information
An operating segment is a component (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker, our President and Chief Executive Officer, to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The chief operating decision maker utilizes segment operating profit to evaluate operating expenses through a comparison of budget to actual results as well as an analysis of operating expenses as a percentage of revenue. We do not evaluate our operating segments using discrete asset information.
During the fourth quarter 2024, our chief operating decision maker changed the manner in which he reviews financial information for purposes of assessing business performance and allocating resources solely focusing on the geographic location. As a result, we changed our segment presentation by incorporating the OEM operating segment into the Americas segment. We now have three reportable segments: Americas, EMEA (Europe, the Middle East and Africa) and Asia (Asia Pacific). In addition to the changing of our segments, our chief operating
decision maker now evaluates segment operating profit without an allocation of corporate expenses compared to the prior measure, which included these expenses in the evaluation. Our prior period segment disclosures have been revised to reflect the new segment presentation of our three reportable segments and segment operating profit.
Our reportable segments primarily design, manufacture and distribute medical devices primarily used in critical care and surgical applications and generally serve two end-markets: hospitals and healthcare providers, and home health. The products of these segments are most widely used in the acute care setting for a range of diagnostic and therapeutic procedures and in general and specialty surgical applications. The Americas also includes our OEM product portfolio that designs, manufactures and supplies devices and instruments for other medical device manufacturers.
The following tables present our segment results for the years ended December 31, 2024, 2023 and 2022:
 2024
 AmericasEMEAAsiaSegment Total
Net revenues$2,066,292 $617,984 $363,048 $3,047,324 
Cost of goods sold
834,987 289,645 132,030 1,256,662 
Research and development expenses94,912 38,939 18,584 152,435 
Selling, general and administrative expenses465,917 156,375 97,764 720,056 
Segment operating profit (1)
$670,476 $133,025 $114,670 $918,171 
 2023
 AmericasEMEAAsiaSegment Total
Net revenues$2,041,339 $586,245 $346,905 $2,974,489 
Cost of goods sold
824,514 273,772 118,729 1,217,015 
Research and development expenses82,685 54,787 14,105 151,577 
Selling, general and administrative expenses420,158 146,551 93,119 659,828 
Segment operating profit (1)
$713,982 $111,135 $120,952 $946,069 
 2022
 AmericasEMEAAsiaSegment Total
Net revenues$1,926,348 $558,373 $306,320 $2,791,041 
Cost of goods sold
780,538 255,210 101,037 1,136,785 
Research and development expenses67,795 69,822 13,379 150,996 
Selling, general and administrative expenses408,068 136,464 87,211 631,743 
Segment operating profit (1)
$669,947 $96,877 $104,693 $871,517 
(1) Segment operating profit represents income from continuing operations before interest, loss on extinguishment of debt and taxes adjusted to exclude unallocated corporate expenses manufacturing variances other than fixed manufacturing cost absorption variances, restructuring and impairment charges. See reconciliation of segment operating profit measures for further details.
Year Ended December 31,
202420232022
Reconciliation of segment operating profit measure
Segment operating profit$918,171 $946,069 $871,517 
Other unallocated expenses (1)
372,435 383,356 357,997 
Goodwill impairment charge
240,000 — — 
Restructuring and impairment charges21,991 15,604 20,299 
Gain on sale of assets and business— (4,448)(6,504)
Pension settlement charge132,732 45,244 — 
Income from continuing operations before interest, loss on extinguishments of debt and taxes$151,013 $506,313 $499,725 
(1) Other unallocated expenses include expenses within costs of goods sold, research and development and selling, general and administrative costs and primarily consist of manufacturing variances other than fixed manufacturing cost absorption variances and unallocated corporate function expenses.
 Year Ended December 31,
Depreciation and amortization
202420232022
Americas$193,949 $168,787 $161,842 
EMEA49,596 42,057 38,266 
Asia12,344 10,548 9,311 
Corporate (1)
18,712 20,726 21,171 
Consolidated depreciation and amortization$274,601 $242,118 $230,590 
(1)Reflects depreciation and amortization included within other allocated expenses per reconciliation of segment operating profit measure.
Geographic data
The following tables provide total net revenues and total net property, plant and equipment by geographic region for the years ended December 31, 2024, 2023 and 2022 and as of December 31, 2024 and 2023, respectively.
Year Ended December 31,
202420232022
Net revenues (based on selling location):
U.S.$1,889,312 $1,879,898 $1,786,467 
Europe705,094 665,185 622,343 
Asia Pacific326,371 307,513 270,749 
All other126,547 121,893 111,482 
$3,047,324 $2,974,489 $2,791,041 
As of December 31,
Net property, plant and equipment:20242023
U.S.$215,806 $200,969 
Malaysia73,430 71,947 
Mexico121,287 112,339 
All other92,329 94,658 
$502,852 $479,913