Industry Segment Information

6 Months Ended

Jul. 04, 2021

Segment Reporting [Abstract]

Industry Segment Information

Industry Segment InformationThe Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1 to the audited consolidated financial statements in the 2020 Form 10-K.

The principal products and services of the Company's two operating segments are:

•Discovery & Analytical Solutions. Provides products and services targeted towards the life sciences and applied markets.

•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the reproductive health, immunodiagnostics and applied genomics markets. The Diagnostics segment serves the diagnostics market.

The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments.

Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: 

	Three Months Ended				Six Months Ended
	July 4, 2021		July 5, 2020		July 4, 2021		July 5, 2020
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	318,085	$	225,617	$	585,340	$	440,973
Service revenue	194,744		165,385		382,098		348,424
Total revenue	512,829		391,002		967,438		789,397
Operating income from continuing operations	64,155		39,430		107,102		67,943
Diagnostics
Product revenue	449,674		375,889		993,971		586,062
Service revenue	265,968		44,827		574,751		88,655
Total revenue	715,642		420,716		1,568,722		674,717
Operating income from continuing operations	286,280		160,300		727,747		189,891
Corporate
Operating loss from continuing operations	(17,947)		(24,091)		(34,585)		(37,513)
Continuing Operations
Product revenue	767,759		601,506		1,579,311		1,027,035
Service revenue	460,712		210,212		956,849		437,079
Total revenue	1,228,471		811,718		2,536,160		1,464,114
Operating income from continuing operations	332,488		175,639		800,264		220,321
Interest and other expense (income), net (see Note 5)	6,431		10,812		(6,275)		20,805
Income from continuing operations before income taxes	$	326,057	$	164,827	$	806,539	$	199,516