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SEGMENT AND GEOGRAPHIC INFORMATION | 9 Months Ended
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Sep. 28, 2024
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The Company operates in three reportable segments, RMS, DSA and Manufacturing. Asset information on a reportable segment basis is not disclosed as this information is not separately identified and internally reported to the Company’s Chief Operating Decision Maker (CODM). The following table presents the results of operations by reportable segment:
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| (in thousands)
RMS |  |  |  |  |  |  |
Revenue | $ | 197,824 |  |  | $ | 186,848 |  |  | $ | 625,120 |  |  | $ | 596,562 |
Cost of revenue (excluding amortization of intangible assets) | 137,906 |  |  | 126,640 |  |  | 421,773 |  |  | 381,332 |
Selling, general and administrative | 26,453 |  |  | 26,483 |  |  | 84,943 |  |  | 81,194 |
Amortization of intangible assets | 5,921 |  |  | 5,399 |  |  | 17,763 |  |  | 16,383 |
Operating income | $ | 27,544 |  |  | $ | 28,326 |  |  | $ | 100,641 |  |  | $ | 117,653 |
DSA |  |  |  |  |  |  |
Revenue | $ | 615,060 |  |  | $ | 664,028 |  |  | $ | 1,847,931 |  |  | $ | 1,989,838 |
Cost of revenue (excluding amortization of intangible assets) | 409,684 |  |  | 436,174 |  |  | 1,246,560 |  |  | 1,268,248 |
Selling, general and administrative | 63,260 |  |  | 63,369 |  |  | 174,598 |  |  | 189,076 |
Amortization of intangible assets | 15,680 |  |  | 17,666 |  |  | 47,122 |  |  | 52,726 |
Operating income | $ | 126,436 |  |  | $ | 146,819 |  |  | $ | 379,651 |  |  | $ | 479,788 |
Manufacturing |  |  |  |  |  |  |
Revenue | $ | 196,879 |  |  | $ | 175,747 |  |  | $ | 574,389 |  |  | $ | 529,533 |
Cost of revenue (excluding amortization of intangible assets) | 113,152 |  |  | 101,968 |  |  | 331,530 |  |  | 327,882 |
Selling, general and administrative | 32,737 |  |  | 36,338 |  |  | 99,397 |  |  | 114,556 |
Amortization of intangible assets | 10,802 |  |  | 11,166 |  |  | 32,363 |  |  | 34,311 |
Operating income | $ | 40,188 |  |  | $ | 26,275 |  |  | $ | 111,099 |  |  | $ | 52,784 |
Unallocated Corporate |  |  |  |  |  |  |
Selling, general and administrative | $ | 76,763 |  |  | $ | 49,918 |  |  | $ | 196,357 |  |  | $ | 165,886 |
Operating income (1) | $ | (76,763) |  |  | $ | (49,918) |  |  | $ | (196,357) |  |  | $ | (165,886) |
Consolidated |  |  |  |  |  |  |
Revenue | $ | 1,009,763 |  |  | $ | 1,026,623 |  |  | $ | 3,047,440 |  |  | $ | 3,115,933 |
Cost of revenue (excluding amortization of intangible assets) | 660,742 |  |  | 664,783 |  |  | 1,999,863 |  |  | 1,977,462 |
Selling, general and administrative | 199,213 |  |  | 176,109 |  |  | 555,295 |  |  | 550,713 |
Amortization of intangible assets | 32,403 |  |  | 34,229 |  |  | 97,248 |  |  | 103,419 |
Operating income | $ | 117,405 |  |  | $ | 151,502 |  |  | $ | 395,034 |  |  | $ | 484,339 |
(1) Operating income for unallocated corporate consists of costs associated with departments such as senior executives, corporate accounting, legal, tax, human resources, treasury, and investor relations.
Capital expenditures and depreciation and amortization (related to both intangible assets and certain assets acquired in business combinations) by reportable segment are as follows:
| RMS |  | DSA |  | Manufacturing |  | Unallocated Corporate |  | Consolidated
| (in thousands)
Capital Expenditures |  |  |  |  |  |  |  |  |
Three Months Ended: |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 7,186 |  |  | $ | 22,773 |  |  | $ | 8,735 |  |  | $ | 27 |  |  | $ | 38,721 |
September 30, 2023 | 9,192 |  |  | 41,967 |  |  | 14,349 |  |  | 439 |  |  | 65,947 |
Nine Months Ended: |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 36,543 |  |  | $ | 91,176 |  |  | $ | 28,180 |  |  | $ | 1,452 |  |  | $ | 157,351 |
September 30, 2023 | 35,769 |  |  | 155,477 |  |  | 46,949 |  |  | 2,010 |  |  | 240,205 |
Depreciation and amortization |  |  |  |  |  |  |  |  |
Three Months Ended: |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 18,389 |  |  | $ | 47,751 |  |  | $ | 20,298 |  |  | $ | 1,760 |  |  | $ | 88,198 |
September 30, 2023 | 13,872 |  |  | 44,088 |  |  | 20,070 |  |  | 840 |  |  | 78,870 |
Nine Months Ended: |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 53,050 |  |  | $ | 141,269 |  |  | $ | 60,176 |  |  | $ | 5,142 |  |  | $ | 259,637 |
September 30, 2023 | 41,310 |  |  | 129,662 |  |  | 59,677 |  |  | 2,961 |  |  | 233,610 |
Revenue represents sales originating in entities physically located in the identified geographic area. Revenue by geographic area is as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other (1) |  | Consolidated
| (in thousands)
Three Months Ended: |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 559,277 |  |  | $ | 267,123 |  |  | $ | 127,088 |  |  | $ | 45,009 |  |  | $ | 11,266 |  |  | $ | 1,009,763 |
September 30, 2023 | 590,316 |  |  | 264,787 |  |  | 129,023 |  |  | 40,233 |  |  | 2,264 |  |  | 1,026,623 |
Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 1,693,021 |  |  | $ | 814,819 |  |  | $ | 362,733 |  |  | $ | 141,168 |  |  | $ | 35,699 |  |  | $ | 3,047,440 |
September 30, 2023 | 1,802,532 |  |  | 805,466 |  |  | 357,276 |  |  | 142,910 |  |  | 7,749 |  |  | 3,115,933 |
(1) The Other category represents operations located in Brazil, Israel, and Mauritius.
Long-lived assets consist of property, plant, and equipment, net. Long-lived assets by geographic area are as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other |  | Consolidated
| (in thousands)
Long-lived assets |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 953,412 |  |  | $ | 425,967 |  |  | $ | 152,980 |  |  | $ | 70,816 |  |  | $ | 36,803 |  |  | $ | 1,639,978 |
December 30, 2023 | 964,176 |  |  | 407,375 |  |  | 157,483 |  |  | 74,605 |  |  | 36,102 |  |  | 1,639,741 |

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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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