Industry Segment Information

6 Months Ended

Jul. 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 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 3, 2022		July 4, 2021		July 3, 2022		July 4, 2021
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	461,492	$	318,085	$	870,367	$	585,340
Service revenue	199,049		194,744		392,540		382,098
Total revenue	660,541		512,829		1,262,907		967,438
Operating income from continuing operations	70,112		64,155		84,627		107,102
Diagnostics
Product revenue	354,572		449,674		812,642		993,971
Service revenue	214,456		265,968		413,462		574,751
Total revenue	569,028		715,642		1,226,104		1,568,722
Operating income from continuing operations	201,232		286,280		459,244		727,747
Corporate
Operating loss from continuing operations	(20,486)		(17,947)		(38,168)		(34,585)
Continuing Operations
Product revenue	816,064		767,759		1,683,009		1,579,311
Service revenue	413,505		460,712		806,002		956,849
Total revenue	1,229,569		1,228,471		2,489,011		2,536,160
Operating income from continuing operations	250,858		332,488		505,703		800,264
Interest and other expense (income), net	26,386		6,431		63,631		(6,275)
Income from continuing operations before income taxes	$	224,472	$	326,057	$	442,072	$	806,539