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Segment Information | 6 Months Ended
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Jun. 27, 2025
Segment Reporting [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 chief operating decision maker (“CODM”) uses segment sales and operating profit to allocate resources (including employees and financial or capital resources), predominantly through the annual budget process, to assess the performance of the segments and to evaluate the performance of certain employees for the determination of compensation. 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 three and six-month periods ended June 27, 2025 and June 28, 2024 is as follows ($ in millions):
| Biotechnology |  | Life Sciences |  | Diagnostics |  | Other(a) |  | Total |  |  |  |
For the Three-Month Period Ended June 27, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |
Sales | $ | 1,850 |  |  | $ | 1,777 |  |  | $ | 2,309 |  |  | $ | — |  |  | $ | 5,936 |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation | (38) |  |  | (45) |  |  | (100) |  |  | (2) |  |  | (185) |  |  |  |  |
Amortization of intangible assets | (228) |  |  | (150) |  |  | (48) |  |  | — |  |  | (426) |  |  |  |  |
Impairments(b) | — |  |  | (432) |  |  | — |  |  | — |  |  | (432) |  |  |  |  |
Other segment expenses(c) | (1,053) |  |  | (1,389) |  |  | (1,607) |  |  | (84) |  |  | (4,133) |  |  |  |  |
Operating profit (loss) | $ | 531 |  |  | $ | (239) |  |  | $ | 554 |  |  | $ | (86) |  |  | $ | 760 |  |  |  |  |
For the Three-Month Period Ended June 28, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |
Sales | $ | 1,713 |  |  | $ | 1,770 |  |  | $ | 2,260 |  |  | $ | — |  |  | $ | 5,743 |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation | (35) |  |  | (41) |  |  | (100) |  |  | (2) |  |  | (178) |  |  |  |  |
Amortization of intangible assets | (214) |  |  | (140) |  |  | (48) |  |  | — |  |  | (402) |  |  |  |  |
Other segment expenses(c) | (1,002) |  |  | (1,356) |  |  | (1,556) |  |  | (81) |  |  | (3,995) |  |  |  |  |
Operating profit (loss) | $ | 462 |  |  | $ | 233 |  |  | $ | 556 |  |  | $ | (83) |  |  | $ | 1,168 |  |  |  |  |
| Biotechnology |  | Life Sciences |  | Diagnostics |  | Other(a) |  | Total
For the Six-Month Period Ended June 27, 2025: |  |  |  |  |  |  |  |  |
Sales | $ | 3,462 |  |  | $ | 3,457 |  |  | $ | 4,758 |  |  | $ | — |  |  | $ | 11,677 |
Less: |  |  |  |  |  |  |  |  |
Depreciation | (72) |  |  | (90) |  |  | (200) |  |  | (4) |  |  | (366) |
Amortization of intangible assets | (441) |  |  | (299) |  |  | (96) |  |  | — |  |  | (836) |
Impairments(b) | (15) |  |  | (432) |  |  | — |  |  | — |  |  | (447) |
Other segment expenses(c) | (1,962) |  |  | (2,674) |  |  | (3,190) |  |  | (168) |  |  | (7,994) |
Operating profit (loss) | $ | 972 |  |  | $ | (38) |  |  | $ | 1,272 |  |  | $ | (172) |  |  | $ | 2,034 |
For the Six-Month Period Ended June 28, 2024: |  |  |  |  |  |  |  |  |
Sales | $ | 3,237 |  |  | $ | 3,515 |  |  | $ | 4,787 |  |  | $ | — |  |  | $ | 11,539 |
Less: |  |  |  |  |  |  |  |  |
Depreciation | (77) |  |  | (79) |  |  | (197) |  |  | (4) |  |  | (357) |
Amortization of intangible assets | (432) |  |  | (281) |  |  | (96) |  |  | — |  |  | (809) |
Other segment expenses(c) | (1,941) |  |  | (2,687) |  |  | (3,108) |  |  | (157) |  |  | (7,893) |
Operating profit (loss) | $ | 787 |  |  | $ | 468 |  |  | $ | 1,386 |  |  | $ | (161) |  |  | $ | 2,480 |
(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 8. (c) Other segment expenses for each reportable segment include cost of sales, selling, general and administrative (“SG&A”) expenses and research and development (“R&D”) expenses, excluding in each case 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 identifiable assets as of June 27, 2025 and December 31, 2024 ($ in millions):
| June 27, 2025 |  | December 31, 2024
Identifiable assets: |  |  |
Biotechnology | $ | 37,562 |  |  | $ | 34,605 |
Life Sciences | 23,397 |  |  | 23,211 |
Diagnostics | 14,537 |  |  | 14,204 |
Other | 6,124 |  |  | 5,522 |
Total | $ | 81,620 |  |  | $ | 77,542 |
The following table presents capital expenditures for the three and six-month periods ended June 27, 2025 and June 28, 2024 ($ in millions):
| Three-Month Period Ended |  | Six-Month Period Ended
| June 27, 2025 |  | June 28, 2024 |  | June 27, 2025 |  | June 28, 2024
Capital expenditures: |  |  |  |  |  |  |
Biotechnology | $ | 80 |  |  | $ | 111 |  |  | $ | 161 |  |  | $ | 213 |
Life Sciences | 41 |  |  | 50 |  |  | 89 |  |  | 110 |
Diagnostics | 125 |  |  | 126 |  |  | 240 |  |  | 253 |
Other | 2 |  |  | — |  |  | 3 |  |  | 2 |
Total | $ | 248 |  |  | $ | 287 |  |  | $ | 493 |  |  | $ | 578 |

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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