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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract] |
Segment Information | SEGMENT INFORMATION The Company operates and reports its results in three separate business segments consisting of the Biotechnology, Life Sciences and Diagnostics segments. Operating profit represents total revenues less operating expenses, excluding nonoperating income and expense, interest and income taxes. The identifiable assets by segment are those used in each segment’s operations. Intersegment amounts are not significant and are eliminated to arrive at consolidated totals. The Company’s President and Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM uses segment sales and operating profit to allocate resources (including employees and financial or capital resources), to assess the performance of the segments and in the determination of the compensation for certain employees for each segment predominantly in the annual budget process. The CODM reviews forecast-to-actual variances in segment sales and operating profit on a monthly basis when making decisions about allocating capital and personnel to the segments. The table below reconciles segment sales to segment operating profit with the expense categories presented reflecting the expenses that the Company has determined to be significant segment expenses. Significant segment expenses are the expense category details regularly provided to the CODM to allocate resources to the segments and to evaluate segment performance. Detailed segment data for the years ended December 31 is as follows ($ in millions):
| Biotechnology |  | Life Sciences |  | Diagnostics |  |  |  | Other (a) |  | Total Company
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Sales (GAAP) | $ | 6,759 |  |  | $ | 7,329 |  |  | $ | 9,787 |  |  |  |  | $ | — |  |  | $ | 23,875 |
Less: |  |  |  |  |  |  |  |  |  |  |
Depreciation | (151) |  |  | (167) |  |  | (394) |  |  |  |  | (9) |  |  | (721) |
Amortization of intangible assets | (863) |  |  | (576) |  |  | (192) |  |  |  |  | — |  |  | (1,631) |
Impairments(b) | — |  |  | (222) |  |  | (43) |  |  |  |  | — |  |  | (265) |
Other segment expenses(c) | (4,060) |  |  | (5,485) |  |  | (6,533) |  |  |  |  | (317) |  |  | (16,395) |
Operating profit | $ | 1,685 |  |  | $ | 879 |  |  | $ | 2,625 |  |  |  |  | $ | (326) |  |  | $ | 4,863 |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Sales (GAAP) | $ | 7,172 |  |  | $ | 7,141 |  |  | $ | 9,577 |  |  |  |  | $ | — |  |  | $ | 23,890 |
Less: |  |  |  |  |  |  |  |  |  |  |
Depreciation | (162) |  |  | (129) |  |  | (379) |  |  |  |  | (5) |  |  | (675) |
Amortization of intangible assets | (864) |  |  | (429) |  |  | (198) |  |  |  |  | — |  |  | (1,491) |
Impairments(b) | (54) |  |  | — |  |  | (23) |  |  |  |  | — |  |  | (77) |
Other segment expenses(c) | (4,183) |  |  | (5,374) |  |  | (6,571) |  |  |  |  | (317) |  |  | (16,445) |
Operating profit | $ | 1,909 |  |  | $ | 1,209 |  |  | $ | 2,406 |  |  |  |  | $ | (322) |  |  | $ | 5,202 |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Sales (GAAP) | $ | 8,758 |  |  | $ | 7,036 |  |  | $ | 10,849 |  |  |  |  | $ | — |  |  | $ | 26,643 |
Less: |  |  |  |  |  |  |  |  |  |  |
Depreciation | (190) |  |  | (112) |  |  | (387) |  |  |  |  | (9) |  |  | (698) |
Amortization of intangible assets | (812) |  |  | (419) |  |  | (203) |  |  |  |  | — |  |  | (1,434) |
Other segment expenses(c) | (4,748) |  |  | (5,091) |  |  | (6,823) |  |  |  |  | (313) |  |  | (16,975) |
Operating profit | $ | 3,008 |  |  | $ | 1,414 |  |  | $ | 3,436 |  |  |  |  | $ | (322) |  |  | $ | 7,536 |
(a) Other consists of unallocated corporate costs and other costs not considered part of management’s evaluation of reportable segment operating performance. (b) For information on the impairments, refer to Note 10. (c) Other segment expenses for each reportable segment include cost of sales, selling general and administrative expenses, research and development (“R&D”) expenses, excluding depreciation, amortization of intangible assets and impairments. Included within these categories of expenses are overhead expenses, stock compensation expense, restructuring charges and allocated corporate expenses. The following table presents additional detailed segment data for the years ended December 31 ($ in millions):
| 2024 |  | 2023 |  | 2022
Identifiable assets: |  |  |  |  |
Biotechnology | $ | 34,605 |  |  | $ | 37,421 |  |  | $ | 37,536 |
Life Sciences | 23,211 |  |  | 23,730 |  |  | 17,572 |
Diagnostics | 14,204 |  |  | 14,552 |  |  | 14,722 |
Other | 5,522 |  |  | 8,785 |  |  | 9,739 |
Discontinued operations | — |  |  | — |  |  | 4,781 |
Total | $ | 77,542 |  |  | $ | 84,488 |  |  | $ | 84,350 |
Capital expenditures, gross: |  |  |  |  |
Biotechnology | $ | 447 |  |  | $ | 417 |  |  | $ | 405 |
Life Sciences | 391 |  |  | 320 |  |  | 325 |
Diagnostics | 550 |  |  | 546 |  |  | 382 |
Other | 4 |  |  | 100 |  |  | 6 |
Total | $ | 1,392 |  |  | $ | 1,383 |  |  | $ | 1,118 |
Operations in Geographical Areas:
| Year Ended December 31
($ in millions) | 2024 |  | 2023 |  | 2022
Sales: |  |  |  |  |
United States | $ | 9,927 |  |  | $ | 9,579 |  |  | $ | 11,289 |
China | 2,805 |  |  | 3,143 |  |  | 3,611 |
All other (each country individually less than 5% of total sales) | 11,143 |  |  | 11,168 |  |  | 11,743 |
Total | $ | 23,875 |  |  | $ | 23,890 |  |  | $ | 26,643 |
Property, plant and equipment, net: |  |  |  |  |
United States | $ | 2,585 |  |  | $ | 2,304 |  |  | $ | 1,839 |
United Kingdom | 519 |  |  | 371 |  |  | 239 |
Sweden | 384 |  |  | 425 |  |  | 429 |
Germany | 251 |  |  | 238 |  |  | 204 |
All other (each country individually less than 5% of total property, plant and equipment, net) | 1,251 |  |  | 1,215 |  |  | 998 |
Total | $ | 4,990 |  |  | $ | 4,553 |  |  | $ | 3,709 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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