| Schedule of Revenue, Operating Income and Total Assets by Reportable Segment |
The following tables present segment results for the three and six months ended June 30, 2025, and 2024 (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2025 |
|
|
Three Months Ended
June 30, 2024 |
|
|
|
BSI BioSpin |
|
|
BSI CALID |
|
|
BSI NANO |
|
|
BEST |
|
|
Total |
|
|
BSI BioSpin |
|
|
BSI CALID |
|
|
BSI NANO |
|
|
BEST |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
$ |
195.3 |
|
|
$ |
285.8 |
|
|
$ |
252.1 |
|
|
$ |
64.2 |
|
|
$ |
797.4 |
|
|
$ |
217.5 |
|
|
$ |
265.6 |
|
|
$ |
252.5 |
|
|
$ |
65.1 |
|
|
$ |
800.7 |
|
Intersegment revenue |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.1 |
|
|
|
2.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.0 |
|
|
|
4.0 |
|
Total segment revenue |
|
$ |
195.3 |
|
|
$ |
285.8 |
|
|
$ |
252.1 |
|
|
$ |
66.3 |
|
|
$ |
799.5 |
|
|
$ |
217.5 |
|
|
$ |
265.6 |
|
|
$ |
252.5 |
|
|
$ |
69.1 |
|
|
$ |
804.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
108.1 |
|
|
$ |
125.6 |
|
|
$ |
125.6 |
|
|
$ |
52.3 |
|
|
$ |
411.6 |
|
|
$ |
110.8 |
|
|
$ |
111.5 |
|
|
$ |
119.8 |
|
|
$ |
52.0 |
|
|
$ |
394.1 |
|
Selling, general and administrative |
|
|
40.9 |
|
|
|
76.9 |
|
|
|
72.7 |
|
|
|
5.7 |
|
|
|
196.2 |
|
|
|
38.3 |
|
|
|
68.9 |
|
|
|
71.8 |
|
|
|
5.2 |
|
|
|
184.2 |
|
Research and development |
|
|
23.2 |
|
|
|
30.0 |
|
|
|
44.4 |
|
|
|
1.1 |
|
|
|
98.7 |
|
|
|
21.8 |
|
|
|
26.8 |
|
|
|
41.7 |
|
|
|
1.3 |
|
|
|
91.6 |
|
Segment operating income |
|
$ |
23.1 |
|
|
$ |
53.3 |
|
|
$ |
9.4 |
|
|
$ |
7.2 |
|
|
$ |
93.0 |
|
|
$ |
46.6 |
|
|
$ |
58.4 |
|
|
$ |
19.2 |
|
|
$ |
10.6 |
|
|
$ |
134.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, elimination and other (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
24.3 |
|
Unallocated expenses (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62.4 |
|
Total consolidated operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48.1 |
|
Interest and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(24.2 |
) |
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
23.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2025 |
|
|
Six Months Ended
June 30, 2024 |
|
|
|
BSI BioSpin |
|
|
BSI CALID |
|
|
BSI NANO |
|
|
BEST |
|
|
Total |
|
|
BSI BioSpin |
|
|
BSI CALID |
|
|
BSI NANO |
|
|
BEST |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
$ |
403.1 |
|
|
$ |
565.9 |
|
|
$ |
508.7 |
|
|
$ |
121.1 |
|
|
$ |
1,598.8 |
|
|
$ |
400.3 |
|
|
$ |
493.5 |
|
|
$ |
492.9 |
|
|
$ |
135.7 |
|
|
$ |
1,522.4 |
|
Intersegment revenue |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.5 |
|
|
|
4.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.5 |
|
|
|
6.5 |
|
Total segment revenue |
|
$ |
403.1 |
|
|
$ |
565.9 |
|
|
$ |
508.7 |
|
|
$ |
125.6 |
|
|
$ |
1,603.3 |
|
|
$ |
400.3 |
|
|
$ |
493.5 |
|
|
$ |
492.9 |
|
|
$ |
142.2 |
|
|
$ |
1,528.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
$ |
217.8 |
|
|
$ |
243.4 |
|
|
$ |
244.4 |
|
|
$ |
98.7 |
|
|
$ |
804.4 |
|
|
$ |
199.9 |
|
|
$ |
205.3 |
|
|
$ |
233.8 |
|
|
$ |
110.5 |
|
|
$ |
749.5 |
|
Selling, general and administrative |
|
|
79.9 |
|
|
|
149.8 |
|
|
|
142.1 |
|
|
|
11.0 |
|
|
|
382.8 |
|
|
|
75.3 |
|
|
|
126.7 |
|
|
|
134.8 |
|
|
|
10.9 |
|
|
|
347.7 |
|
Research and development |
|
|
45.2 |
|
|
|
58.0 |
|
|
|
89.6 |
|
|
|
1.7 |
|
|
|
194.5 |
|
|
|
43.9 |
|
|
|
52.0 |
|
|
|
75.3 |
|
|
|
2.0 |
|
|
|
173.2 |
|
Segment operating income |
|
$ |
60.2 |
|
|
$ |
114.7 |
|
|
$ |
32.6 |
|
|
$ |
14.2 |
|
|
$ |
221.6 |
|
|
$ |
81.2 |
|
|
$ |
109.5 |
|
|
$ |
49.0 |
|
|
$ |
18.8 |
|
|
$ |
258.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Total operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, elimination and other (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47.2 |
|
Unallocated expenses (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98.4 |
|
Total consolidated operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
43.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
112.9 |
|
Interest and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17.4 |
) |
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
25.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
95.5 |
|
a)Represents corporate costs and intersegment eliminations not allocated to the reportable segments. Unallocated costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items. b)Unallocated expenses consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology transition initiatives, and other costs. Total assets by segment are as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
June 30,
2025 |
|
|
December 31,
2024 |
|
Assets: |
|
|
|
|
|
|
BSI BioSpin, BSI CALID, BSI NANO & Corporate |
|
$ |
6,192.6 |
|
|
$ |
5,648.4 |
|
BEST |
|
|
191.2 |
|
|
|
199.8 |
|
Eliminations and other (a) |
|
|
(44.0 |
) |
|
|
(41.5 |
) |
Total assets |
|
$ |
6,339.8 |
|
|
$ |
5,806.7 |
|
a)Assets not allocated to the reportable segments and eliminations of intercompany transactions.
|
| Components of Unrecognized Tax Benefits and Accrued Interest and Penalties |
Total capital expenditures and depreciation and amortization by segment are as follows for the periods reported (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
BSI BioSpin |
|
$ |
2.3 |
|
|
$ |
3.8 |
|
|
$ |
5.5 |
|
|
$ |
3.4 |
|
BSI CALID |
|
|
5.5 |
|
|
|
6.4 |
|
|
|
13.9 |
|
|
|
11.8 |
|
BSI NANO |
|
|
13.2 |
|
|
|
4.0 |
|
|
|
18.1 |
|
|
|
10.2 |
|
BEST |
|
|
2.4 |
|
|
|
6.3 |
|
|
|
7.2 |
|
|
|
13.9 |
|
Corporate |
|
|
6.9 |
|
|
|
4.0 |
|
|
|
11.6 |
|
|
|
6.7 |
|
Total capital expenditures |
|
$ |
30.3 |
|
|
$ |
24.5 |
|
|
$ |
56.3 |
|
|
$ |
46.0 |
|
Depreciation and Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
BSI BioSpin |
|
$ |
11.2 |
|
|
$ |
10.4 |
|
|
$ |
21.6 |
|
|
$ |
18.6 |
|
BSI CALID |
|
|
23.4 |
|
|
|
15.4 |
|
|
|
43.2 |
|
|
|
25.1 |
|
BSI NANO |
|
|
17.1 |
|
|
|
15.9 |
|
|
|
33.8 |
|
|
|
29.3 |
|
BEST |
|
|
2.4 |
|
|
|
2.1 |
|
|
|
4.5 |
|
|
|
4.1 |
|
Corporate |
|
|
2.0 |
|
|
|
1.3 |
|
|
|
3.4 |
|
|
|
2.8 |
|
Total depreciation and amortization |
|
$ |
56.1 |
|
|
$ |
45.1 |
|
|
$ |
106.5 |
|
|
$ |
79.9 |
|
|