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Industry Segment Information | 6 Months Ended
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Jun. 29, 2025
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’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments based on revenue and operating income 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 2024 Form 10-K. Effective at the beginning of fiscal year 2025, the Company implemented changes to its operating model. The majority of the Company’s Applied Genomics business, previously reported as part of the Diagnostics segment, has been integrated into a newly formed Life Sciences Solutions business, encompassing all Life Sciences reagents and consumables, instruments and services, as well as technology and licensing, which is reported as part of the Life Sciences segment. Beginning in fiscal year 2025, the Life Sciences segment consists of Life Sciences Solutions and Software, while the Diagnostics segment consists of Immunodiagnostics and Reproductive Health. The effect of the change is not significant. Prior period financial information has been reclassified to reflect this new segment composition for consistent comparison. 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 well as the activity related to the mark-to-market adjustment on postretirement benefit plans, 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 CODM evaluates the performance of the Company’s segments is adjusted operating income. Adjusted operating income consists of operating income plus amortization of intangible assets, adjustments to operations arising from purchase accounting (primarily adjustments to the fair value of acquired inventory that are subsequently recognized), acquisition and divestiture-related costs, and other costs that are not expected to recur or are of a non-cash nature, including primarily significant litigation matters and restructuring actions. The CODM does not evaluate operating segments using discrete asset information and there are no segment assets reported to the CODM. Accordingly, no segment assets have been reported. Revenue and operating income, including significant segment expenses, by reportable segment are shown in the table below:
| Three Months Ended
| June 29, 2025 |  | June 30, 2024
| Life Sciences |  | Diagnostics |  | Total |  | Life Sciences |  | Diagnostics |  | Total
| (In thousands)
Segment revenue | $ | 365,898 |  |  | $ | 354,386 |  |  | $ | 720,284 |  |  | $ | 348,525 |  |  | $ | 343,160 |  |  | $ | 691,685 |
Segment cost of revenue | 135,028 |  |  | 156,039 |  |  |  |  | 120,427 |  |  | 146,294 |  |  |
Segment selling, general and administrative expenses | 86,986 |  |  | 84,127 |  |  |  |  | 84,167 |  |  | 83,071 |  |  |
Segment research and development expenses | 28,415 |  |  | 24,798 |  |  |  |  | 26,364 |  |  | 21,046 |  |  |
Segment operating income | $ | 115,469 |  |  | $ | 89,422 |  |  | 204,891 |  |  | $ | 117,567 |  |  | $ | 92,749 |  |  | 210,316 |
Corporate expenses |  |  |  |  | (13,089) |  |  |  |  |  |  | (11,449) |
Amortization of intangible assets |  |  |  |  | (85,289) |  |  |  |  |  |  | (90,620) |
Purchase accounting adjustments |  |  |  |  | (2,178) |  |  |  |  |  |  | (623) |
Acquisition and divestiture-related costs |  |  |  |  | (1,248) |  |  |  |  |  |  | (5,779) |
Significant litigation matters and settlements |  |  |  |  | (1,124) |  |  |  |  |  |  | (6,276) |
Restructuring and other, net |  |  |  |  | (11,203) |  |  |  |  |  |  | (9,845) |
Interest and other (expense) income, net |  |  |  |  | (22,110) |  |  |  |  |  |  | 938 |
Income from continuing operations before income taxes |  |  |  |  | $ | 68,650 |  |  |  |  |  |  | $ | 86,662 |
| Six Months Ended
| June 29, 2025 |  | June 30, 2024
| Life Sciences |  | Diagnostics |  | Total |  | Life Sciences |  | Diagnostics |  | Total
| (In thousands)
Segment revenue | $ | 706,293 |  |  | $ | 678,753 |  |  | $ | 1,385,046 |  |  | $ | 685,039 |  |  | $ | 656,566 |  |  | $ | 1,341,605 |
Segment cost of revenue | 254,349 |  |  | 291,230 |  |  |  |  | 243,988 |  |  | 277,183 |  |  |
Segment selling, general and administrative expenses | 174,081 |  |  | 174,017 |  |  |  |  | 170,104 |  |  | 165,880 |  |  |
Segment research and development expenses | 56,683 |  |  | 50,069 |  |  |  |  | 52,429 |  |  | 44,550 |  |  |
Segment operating income | $ | 221,180 |  |  | $ | 163,437 |  |  | 384,617 |  |  | $ | 218,518 |  |  | $ | 168,953 |  |  | 387,471 |
Corporate expenses |  |  |  |  | (22,904) |  |  |  |  |  |  | (22,810) |
Amortization of intangible assets |  |  |  |  | (167,989) |  |  |  |  |  |  | (181,858) |
Purchase accounting adjustments |  |  |  |  | (2,001) |  |  |  |  |  |  | (7,245) |
Acquisition and divestiture-related costs |  |  |  |  | (3,789) |  |  |  |  |  |  | (17,241) |
Significant litigation matters and settlements |  |  |  |  | (11,710) |  |  |  |  |  |  | (6,276) |
Significant environmental matters |  |  |  |  | 1,208 |  |  |  |  |  |  | — |
Restructuring and other, net |  |  |  |  | (14,442) |  |  |  |  |  |  | (22,201) |
Interest and other expense, net |  |  |  |  | (41,958) |  |  |  |  |  |  | (8,629) |
Income from continuing operations before income taxes |  |  |  |  | $ | 121,032 |  |  |  |  |  |  | $ | 121,211 |
Depreciation expense included in the Company’s reportable segment operating income and corporate expenses is as follows:
| Three Months Ended |  | Six Months Ended
| June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
| (In thousands)
Life Sciences | $ | 8,547 |  |  | $ | 8,124 |  |  | $ | 15,732 |  |  | $ | 16,394 |
Diagnostics | 8,279 |  |  | 7,999 |  |  | 15,125 |  |  | 15,701 |
Corporate | 665 |  |  | 601 |  |  | 1,356 |  |  | 1,192 |
Total depreciation expense | $ | 17,491 |  |  | $ | 16,724 |  |  | $ | 32,213 |  |  | $ | 33,287 |

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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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