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Industry Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Industry Segment Information | Segment Information The Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income as adjusted for certain items. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1, Nature of Operations and Accounting Policies, to the audited consolidated financial statements in the 2023 Form 10-K. The principal products and services of the Company’s two operating segments are: •Life Sciences. Provides products and services targeted towards life sciences customers. •Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the areas of reproductive health, emerging market diagnostics and applied genomics. The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments. The primary financial measure by which the Company evaluates the performance of its segments is adjusted operating income, which consists of operating income excluding the effects of amortization of intangible assets, adjustments to operations arising from purchase accounting (primarily change in fair value of contingent consideration), acquisition and divestiture-related costs, and other costs that are not expected to recur or are of a non-cash nature, including primarily restructuring actions. Revenue and operating income (loss) from continuing operations by reportable segment are shown in the table below:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 |  | July 2, 2023 |  | June 30, 2024 |  | July 2, 2023
| (In thousands)
Revenues |  |  |  |  |  |  |
Life Sciences | $ | 313,847 |  |  | $ | 336,353 |  |  | $ | 616,884 |  |  | $ | 664,794 |
Diagnostics | 378,045 |  |  | 372,919 |  |  | 725,137 |  |  | 719,549 |
Revenue purchase accounting adjustments | (207) |  |  | (206) |  |  | (416) |  |  | (412) |
Total revenues | $ | 691,685 |  |  | $ | 709,066 |  |  | $ | 1,341,605 |  |  | $ | 1,383,931 |
Segment Operating Income |  |  |  |  |  |  |
Life Sciences | $ | 112,401 |  |  | $ | 127,759 |  |  | $ | 214,126 |  |  | $ | 257,218 |
Diagnostics | 97,915 |  |  | 85,241 |  |  | 173,345 |  |  | 159,673 |
Corporate | (11,449) |  |  | (8,707) |  |  | (22,810) |  |  | (23,404) |
Subtotal reportable segments adjusted operating income | 198,867 |  |  | 204,293 |  |  | 364,661 |  |  | 393,487 |
Amortization of intangible assets | (90,620) |  |  | (92,758) |  |  | (181,858) |  |  | (184,569) |
Purchase accounting adjustments | (623) |  |  | (2,891) |  |  | (7,245) |  |  | (1,977) |
Acquisition, divestiture and rebranding costs | (5,779) |  |  | (28,579) |  |  | (17,241) |  |  | (46,530) |
Significant litigation matters and settlements | (6,276) |  |  | — |  |  | (6,276) |  |  | — |
Significant environmental matters | — |  |  | — |  |  | — |  |  | (1,132) |
Restructuring and other, net | (9,845) |  |  | (2,009) |  |  | (22,201) |  |  | (5,104) |
Operating income from continuing operations | 85,724 |  |  | 78,056 |  |  | 129,840 |  |  | 154,175 |
Interest and other (income) expense, net (see Note 4) | (938) |  |  | 6,502 |  |  | 8,629 |  |  | 53,181 |
Income from continuing operations before income taxes | $ | 86,662 |  |  | $ | 71,554 |  |  | $ | 121,211 |  |  | $ | 100,994 |

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- Definition The entire disclosure for reporting segments including data and tables. 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