Industry Segment Information

3 Months Ended

Apr. 03, 2022

Segment Reporting [Abstract]

Industry Segment Information

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, Nature of Operations and Accounting Policies, to the audited consolidated financial statements in the 2021 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
	April 3, 2022		April 4, 2021
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	408,875	$	267,255
Service revenue	193,491		187,354
Total revenue	602,366		454,609
Operating income from continuing operations	14,515		42,947
Diagnostics
Product revenue	458,070		544,297
Service revenue	199,006		308,783
Total revenue	657,076		853,080
Operating income from continuing operations	258,012		441,467
Corporate
Operating loss from continuing operations	(17,682)		(16,638)
Continuing Operations
Product revenue	866,945		811,552
Service revenue	392,497		496,137
Total revenue	1,259,442		1,307,689
Operating income from continuing operations	254,845		467,776
Interest and other expense (income), net	37,245		(12,706)
Income from continuing operations before income taxes	$	217,600	$	480,482