XML 40 R26.htm IDEA: XBRL DOCUMENT v3.24.3
SEGMENT REPORTING
 9 Months Ended
Sep. 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 September 30, 2024, and 2023.

The following is a summary of segment performance:
(in thousands)For the Three Months Ended September 30,
CAGWaterLPDOtherConsolidated Total
2024
Revenue$891,990 $50,162 $28,992 $4,399 $975,543 
Income from operations$277,082 $23,608 $889 $2,313 $303,892 
Interest expense, net(4,983)
Income before provision for income taxes298,909 
Provision for income taxes66,068 
Net income $232,841 
2023
Revenue$837,160 $44,450 $29,747 $4,170 $915,527 
Income from operations$253,358 $20,328 $2,405 $(808)$275,283 
Interest expense, net(7,392)
Income before provision for income taxes267,891 
Provision for income taxes55,660 
Net income$212,231 
(in thousands)
For the Nine Months Ended September 30,
CAGWaterLPDOtherConsolidated Total
2024
Revenue$2,703,573 $139,959 $87,503 $12,181 $2,943,216 
Income from operations$798,328 $63,542 $3,254 $1,527 $866,651 
Interest expense, net(13,207)
Income before provision for income taxes853,444 
Provision for income taxes181,726 
Net income$671,718 
2023
Revenue$2,531,091 $126,362 $88,866 $13,033 $2,759,352 
Income from operations$790,617 $57,119 $5,664 $(1,574)$851,826 
Interest expense, net(30,318)
Income before provision for income taxes821,508 
Provision for income taxes170,987 
Net income$650,521 
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 nine months ended September 30, 2024, and 2023.