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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2024
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 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 are CAG, Water, LPD, and Other. Assets are not allocated to segments for internal reporting purposes. Intersegment revenues, which are not included in the table below, were not material for the periods ended June 30, 2024, and 2023.

The following is a summary of segment performance:
(in thousands)For the Three Months Ended June 30,
CAGWaterLPDOtherConsolidated Total
2024
Revenue$922,298 $46,726 $30,306 $4,248 $1,003,578 
Income from operations$241,550 $20,504 $1,499 $248 $263,801 
Interest expense, net(4,745)
Income before provision for income taxes259,056 
Provision for income taxes55,758 
Net income $203,298 
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 taxes285,929 
Provision for income taxes61,693 
Net income$224,236 
(in thousands)For the Six Months Ended June 30,
CAGWaterLPDOtherConsolidated Total
2024
Revenue$1,811,583 $89,797 $58,511 $7,782 $1,967,673 
Income from operations$521,246 $39,934 $2,365 $(786)$562,759 
Interest expense, net(8,224)
Income before provision for income taxes554,535 
Provision for income taxes115,658 
Net income$438,877 
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 taxes553,617 
Provision for income taxes115,327 
Net income$438,290 
Refer to “Note 3. Revenue” 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, 2024, and 2023.