v3.26.1
Industry Segment Information
 6 Months Ended
Jul. 05, 2026
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 (“CEO”). The CEO evaluates the performance of the Company’s operating segments based on revenue and operating income as 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 2025 Form 10-K.
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 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, primarily including restructuring actions, significant litigation matters and transformation costs. The CODM does not evaluate operating segments using discrete asset information and segment assets are not 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
July 5, 2026June 29, 2025
Life SciencesDiagnosticsTotalLife SciencesDiagnosticsTotal
(In thousands)
Segment revenue$358,699 $370,989 $729,688 $365,898 $354,386 $720,284 
Segment cost of revenue127,004 150,911 135,028 156,039 
Segment selling, general and administrative expenses93,804 84,652 86,986 84,127 
Segment research and development expenses26,357 22,560 28,415 24,798 
Segment operating income$111,534 $112,866 224,400 $115,469 $89,422 204,891 
Corporate expenses(13,391)(13,089)
Amortization of intangible assets(84,871)(85,289)
Purchase accounting adjustments(1,866)(2,178)
Acquisition and divestiture-related costs(105)(1,248)
Transformation costs736 — 
Significant litigation matters and settlements(79)(1,124)
Restructuring and other(35,508)(11,203)
Interest and other expense, net(25,785)(22,110)
Income from continuing operations before income taxes$63,531 $68,650 
Six Months Ended
July 5, 2026June 29, 2025
Life SciencesDiagnosticsTotalLife SciencesDiagnosticsTotal
(In thousands)
Segment revenue$720,544 $720,262 $1,440,806 $706,293 $678,753 $1,385,046 
Segment cost of revenue258,578 307,664 254,349 291,230 
Segment selling, general and administrative expenses188,472 174,844 174,081 174,017 
Segment research and development expenses57,981 48,766 56,683 50,069 
Segment operating income$215,513 $188,988 404,501 $221,180 $163,437 384,617 
Corporate expenses(25,638)(22,904)
Amortization of intangible assets(169,952)(167,989)
Purchase accounting adjustments(2,007)(2,001)
Acquisition and divestiture-related costs(387)(3,789)
Disposition of businesses and assets, net5,074 — 
Transformation costs(58)— 
Significant litigation matters and settlements(148)(11,710)
Significant environmental matters— 1,208 
Restructuring and other(46,183)(14,442)
Interest and other expense, net(51,679)(41,958)
Income from continuing operations before income taxes$113,523 $121,032 
Depreciation expense included in the Company’s reportable segment operating income and corporate expenses is as follows:
Three Months EndedSix Months Ended
July 5,
2026		June 29,
2025		July 5,
2026		June 29,
2025
(In thousands)
Life Sciences$8,239 $8,547 $18,144 $15,732 
Diagnostics8,522 8,279 18,082 15,125 
Corporate407 665 917 1,356 
Total depreciation expense$17,168 $17,491 $37,143 $32,213