Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

We operate primarily through three business segments: Companion Animal Group (“CAG”), Water quality products (“Water”), and Livestock, Poultry and Dairy (“LPD”). CAG provides products and services for veterinarians and the biomedical research community, primarily related to diagnostics and information management. Water provides innovative testing solutions for the detection and quantification of various microbiological parameters in water. LPD provides diagnostic tests, services, and related instrumentation that are used to manage the health status of livestock and poultry, to improve producer efficiency, and to ensure the quality and safety of milk. Our Other operating segment combines and presents our human medical diagnostic business (“OPTI Medical”) with our out-licensing arrangements because they do not meet the quantitative or qualitative thresholds for reportable segments. OPTI Medical develops, manufactures, and distributes human medical diagnostic products and provides human medical diagnostic services. 

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. Our reportable segments include: CAG, Water, LPD, and Other. Assets are not allocated to segments for internal reporting purposes.

The following is a summary of segment performance:

(in thousands)	For the Three Months Ended June 30,
	CAG		Water		LPD		Other		Consolidated Total
2023
Revenue	$	866,652	$	43,029	$	29,911	$	4,038	$	943,630
Income from operations	$	275,509	$	19,820	$	1,951	$	(1,136)	$	296,144
Interest expense, net									(10,215)
Income before provision for income taxes									285,929
Provision for income taxes									61,693
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	224,236
2022
Revenue	$	784,087	$	39,195	$	29,889	$	7,375	$	860,546
Income from operations	$	156,526	$	17,920	$	3,230	$	1,390	$	179,066
Interest expense, net									(7,983)
Income before provision for income taxes									171,083
Provision for income taxes									39,104
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	131,979

(in thousands)	For the Six Months Ended June 30,
	CAG		Water		LPD		Other		Consolidated Total
2023
Revenue	$	1,693,931	$	81,912	$	59,119	$	8,863	$	1,843,825
Income from operations	$	537,259	$	36,791	$	3,259	$	(766)	$	576,543
Interest expense, net									(22,926)
Income before provision for income taxes									553,617
Provision for income taxes									115,327
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	438,290
2022
Revenue	$	1,545,271	$	75,566	$	60,759	$	15,499	$	1,697,095
Income from operations	$	379,651	$	34,574	$	9,967	$	3,218	$	427,410
Interest expense, net									(14,836)
Income before provision for income taxes									412,574
Provision for income taxes									86,630
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	325,944

Refer to “Note 3. Revenue Recognition” for a summary of disaggregated revenue by reportable segment and by major product and service category for the three and six months ended June 30, 2023 and 2022.