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Segment and Enterprise Reporting | 6 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
Segment and Enterprise Reporting | 25. Segment and Enterprise Reporting The Company’s reportable segments are determined based upon the Company’s organizational structure and the way in which the Company’s Chief Operating Decision Maker (CODM), the CEO, makes operating decisions and assesses financial performance. The CODM considered several factors including, but not limited to, customer base, technology, and homogeneity of products. The two segments are: •Healthcare - develops, manufactures, and markets a variety of noninvasive monitoring technologies and hospital automation solutions and therapeutics. This segment includes the Company’s core legacy hospital business and new Masimo-technology-enabled consumer products that are distributed through many channels including e-commerce sites, leading national retailers and specialty chains globally. •Non-healthcare - designs, develops, manufactures, markets and sells a broad portfolio of premium, high-performance audio products and services. Income from operations for each segme nt includes all geographic revenues, related cost of net revenues and operating expenses directly attributable to the segment. The Company uses gross profit, as presented in the Company’s finan cial reports, as the primary measure of segment profitability. The Company uses the same accounting policies to generate segment results as the Company does for consolidated results. Segment information presented herein reflects the impact of these changes for all periods pr esented. For the three and six months ended June 29, 2024, intercompany revenues between the Healthcare and Non-healthcare segments were $0.5 million and $1.1 million, respectively. For the three and six months ended July 1, 2023, there were no intercompany revenues between healthcare and non-healthcare. All inter-segment transactions and balances are eliminated in consolidation for all periods presented below. Selected information by reportable segment is presented below for each of the three and six months ended June 29, 2024 and July 1, 2023:
| Three Months Ended |  | Six Months Ended |  |
(in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023 |  |  |  |
Revenues by segment: |  |  |  |  |  |  |  |  |  |  |
Healthcare | $ | 343.9 |  |  | $ | 281.1 |  |  | $ | 683.5 |  |  | $ | 627.8 |  |  |  |  |
Non-healthcare | 152.4 |  |  | 174.2 |  |  | 305.6 |  |  | 392.5 |  |  |  |  |
Total revenue by segment | $ | 496.3 |  |  | $ | 455.3 |  |  | $ | 989.1 |  |  | $ | 1,020.3 |  |  |  |  |
Gross profit: |  |  |  |  |  |  |  |  |  |  |
Healthcare | $ | 214.9 |  |  | $ | 169.0 |  |  | $ | 426.3 |  |  | $ | 383.8 |  |  |  |  |
Non-healthcare | 54.0 |  |  | 58.5 |  |  | 98.5 |  |  | 136.3 |  |  |  |  |
Other(1) | (14.1) |  |  | (6.3) |  |  | (28.3) |  |  | (14.1) |  |  |  |  |
Gross profit | $ | 254.8 |  |  | $ | 221.2 |  |  | $ | 496.5 |  |  | $ | 506.0 |  |  |  |  |
____________________________ (1) Management excludes certain corporate expenses from segment gross profit. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment gross profit because management evaluates the operating results of the segments excluding such items. The Company’s depreciation and amortization by segment are as follows:
| Three Months Ended |  | Six Months Ended |  |
(in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023 |  |  |  |
Total depreciation and amortization by segment: |  |  |  |  |  |  |  |  |  |  |
Healthcare | $ | 10.2 |  |  | $ | 9.3 |  |  | $ | 19.9 |  |  | $ | 18.4 |  |  |  |  |
Non-healthcare | 13.7 |  |  | 15.8 |  |  | 28.3 |  |  | 32.9 |  |  |  |  |
Total depreciation and amortization by segment | $ | 23.9 |  |  | $ | 25.1 |  |  | $ | 48.2 |  |  | $ | 51.3 |  |  |  |  |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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