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SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The Company internally manages two global reportable segments and reports the results of its businesses to its chief operating decision maker. The two reportable segments and their activities are described below. •The Codman Specialty Surgical segment includes (i) the Neurosurgery business, which sells a full line of products for neurosurgery and neuro critical care such as tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment; (ii) the Instruments business, which sells more than 40,000 instrument patterns and surgical and lighting products to hospitals, surgery centers, dental, podiatry, and veterinary offices; and (iii) the ENT business, which includes instrumentation, balloon technologies for sinus dilation and eustachian tube dilation, as well as surgical navigation systems. •The Tissue Technologies segment consists of the Wound Reconstruction and Care business, which includes offerings such as skin and wound repair products, plastics and surgical reconstruction products, bone grafts, and nerve and tendon repair products. The Tissue Technologies segment includes the Company’s private label business. The Corporate and other category includes (i) various executive, finance, human resource, information systems and legal functions, (ii) brand management, and (iii) share-based compensation costs. The operating results of the various reportable segments as presented are not comparable to one another because (i) certain operating segments are more dependent than others on corporate functions for unallocated general and administrative and/or operational manufacturing functions, and (ii) the Company does not allocate certain manufacturing costs and general and administrative costs to the operating segment results. Net sales and profit by each reportable segment for the three and six months ended June 30, 2024 and 2023 are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Dollars in thousands | 2024 |  | 2023 |  | 2024 |  | 2023
Segment Net Sales |  |  |  |  |  |  |
Codman Specialty Surgical | $ | 301,761 |  |  | $ | 271,030 |  |  | $ | 558,195 |  |  | $ | 519,166 |
Tissue Technologies | 116,414 |  |  | 110,237 |  |  | 228,852 |  |  | 242,947 |
Total revenues | $ | 418,175 |  |  | $ | 381,267 |  |  | $ | 787,047 |  |  | $ | 762,113 |
Segment Profit |  |  |  |  |  |  |
Codman Specialty Surgical | $ | 164,141 |  |  | $ | 116,341 |  |  | $ | 267,633 |  |  | $ | 227,274 |
Tissue Technologies | 37,187 |  |  | 8,062 |  |  | 67,853 |  | 60,343 |
Segment profit | 201,328 |  |  | 124,403 |  |  | 335,486 |  |  | 287,617 |
Amortization | (3,707) |  | (3,026) |  | (13,814) |  |  | (6,134)
Corporate and other | (200,650) |  |  | (108,873) |  |  | (320,737) |  | (232,597)
Operating income | $ | (3,029) |  |  | $ | 12,504 |  |  | $ | 935 |  |  | $ | 48,886 |
The Company does not allocate any assets to the reportable segments. No asset information is reported to the chief operating decision maker and disclosed in the financial information for each segment. The Company attributes revenues to geographic areas based on the location of the customer. Total revenue by major geographic area consisted of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Dollars in thousands | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 310,225 |  |  | $ | 276,782 |  |  | $ | 566,454 |  |  | $ | 547,784 |
Europe | 40,689 |  |  | 37,452 |  |  | 82,285 |  |  | 78,516 |
Asia Pacific | 45,951 |  |  | 47,706 |  |  | 95,496 |  |  | 98,179 |
Rest of World | 21,310 |  |  | 19,327 |  |  | 42,812 |  |  | 37,634 |
Total Revenues | $ | 418,175 |  |  | $ | 381,267 |  |  | $ | 787,047 |  |  | $ | 762,113 |

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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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