Business Segment and Geographical Information

6 Months Ended

Jul. 01, 2023

Segment Reporting [Abstract]

Business Segment and Geographical Information

Business Segment and Geographical Information

Business Segment Information

	Three months ended				Six months ended
	July 1,		July 2,		July 1,		July 2,
(In millions)	2023		2022		2023		2022
Revenues
Life Sciences Solutions	$	2,463	$	3,292	$	5,075	$	7,523
Analytical Instruments	1,749		1,607		3,472		3,125
Specialty Diagnostics	1,109		1,101		2,217		2,583
Laboratory Products and Biopharma Services	5,831		5,537		11,594		10,979
Eliminations	(465)		(567)		(961)		(1,422)
Consolidated revenues	10,687		10,970		21,397		22,788
Segment Income
Life Sciences Solutions	817		1,327		1,653		3,503
Analytical Instruments	432		344		853		645
Specialty Diagnostics	297		243		577		596
Laboratory Products and Biopharma Services	824		691		1,617		1,311
Subtotal reportable segments	2,370		2,605		4,700		6,055
Cost of revenues adjustments	(18)		(8)		(59)		(19)
Selling, general and administrative expenses adjustments	(6)		28		(14)		21
Restructuring and other costs	(183)		(24)		(295)		(26)
Amortization of acquisition-related intangible assets	(585)		(600)		(1,191)		(1,209)
Consolidated operating income	1,578		2,001		3,141		4,822
Interest income	178		36		324		54
Interest expense	(326)		(148)		(626)		(284)
Other income/(expense)	—		28		(46)		(135)
Consolidated income before taxes	$	1,430	$	1,917	$	2,793	$	4,457

Cost of revenues adjustments included in the above table consist of charges for the sale of inventories revalued at the date of acquisition, inventory write-downs associated with large-scale abandonment of product lines, and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Selling, general and administrative expenses adjustments included in the above table consist of third-party transaction/integration costs related to recent acquisitions and charges/credits for changes in estimates of contingent acquisition consideration.

Geographical Information

Revenues by country based on customer location are as follows:

	Three months ended				Six months ended
(In millions)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Revenues
United States	$	5,531	$	5,846	$	11,118	$	11,943
China	856		1,001		1,726		1,911
Other	4,300		4,123		8,553		8,934
Consolidated revenues	$	10,687	$	10,970	$	21,397	$	22,788