Business Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

8. Business Segment Information

The Company's CEO is the chief operating decision maker. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We exclude from segment expenses and segment operating income (loss) certain corporate-related expenses and certain transactions or adjustments, such as costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, and costs associated with our global information technology transition initiatives. The Company's intersegment sales and transfers are accounted for at discounted market-based prices based on intersegment agreements. The chief operating decision maker uses segment operating income (loss) to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.

The following tables present segment results for the years ended December 31, 2024, 2023 and 2022 (in millions):

	Year Ended December 31, 2024
	BSI BioSpin		BSI CALID		BSI NANO		BEST		Total
Segment revenue from external customers	$	905.7	$	1,093.5	$	1,098.3	$	268.9	$	3,366.4
Intersegment revenue		—		—		—		14.1		14.1
Total segment revenue	$	905.7	$	1,093.5	$	1,098.3	$	283.0	$	3,380.5
Segment expenses:
Cost of revenue	$	437.7	$	465.4	$	518.9	$	222.5	$	1,644.5
Selling, general and administrative		158.9		270.2		290.8		21.5		741.4
Research and development		92.5		111.7		164.7		3.9		372.8
Segment Operating income	$	216.6	$	246.2	$	123.9	$	35.1	$	621.8
Reconciliation of Total operating income:
Corporate, elimination and other (a)										103.8
Unallocated expenses (b)										264.9
Total consolidated operating income									$	253.1
Interest and other income (expense), net										(46.2	)
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries									$	206.9

	Year Ended December 31, 2023
	BSI BioSpin		BSI CALID		BSI NANO		BEST		Total
Revenue	$	798.5	$	960.4	$	941.9	$	263.7	$	2,964.5
Intersegment revenue		—		—		—		17.0		17.0
Total segment revenue	$	798.5	$	960.4	$	941.9	$	280.7	$	2,981.5
Segment expenses:
Cost of revenue	$	374.8	$	393.2	$	438.2	$	225.9	$	1,432.1
Selling, general and administrative		134.7		238.7		228.0		19.3		620.7
Research and development		77.8		96.4		117.3		3.0		294.5
Segment Operating income	$	211.2	$	232.1	$	158.4	$	32.5	$	634.2
Reconciliation of Total operating income:
Corporate, elimination and other (a)									$	87.9
Unallocated expenses (b)										109.4
Total consolidated operating income									$	436.9
Interest and other income (expense), net										107.3
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries									$	544.2

	Year Ended December 31, 2022
	BSI BioSpin		BSI CALID		BSI NANO		BEST		Total
Revenue	$	696.7	$	822.2	$	787.0	$	224.8	$	2,530.7
Intersegment revenue		—		—		—		12.3		12.3
Total segment revenue	$	696.7	$	822.2	$	787.0	$	237.1	$	2,543.0
Segment expenses:
Cost of revenue	$	320.6	$	330.8	$	373.2	$	186.2	$	1,210.8
Selling, general and administrative		121.0		200.0		185.2		18.0		524.2
Research and development		67.4		75.0		90.5		2.5		235.4
Segment Operating income	$	187.7	$	216.4	$	138.1	$	30.4	$	572.6
Reconciliation of Total operating income:
Corporate, elimination and other (a)									$	67.0
Unallocated costs (b)										72.9
Total consolidated operating income									$	432.7
Interest and other income (expense), net									$	(18.8	)
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries									$	413.9

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

Refer to Note 7, Revenue for information on revenue by geographical area.

Total assets by segment are as follows for the years ended December 31, (in millions):

	2024			2023
BSI BioSpin, BSI CALID, BSI NANO & Corporate	$	5,648.4		$	4,110.6
BEST		199.8			186.0
Eliminations and other (a)		(41.5	)		(46.7	)
Total assets	$	5,806.7		$	4,249.9

a)Assets not allocated to the reportable segments and eliminations of intercompany transactions.

The Company is unable, without unreasonable effort or expense, to disclose the amount of total assets by the BSI BioSpin, BSI CALID and BSI NANO Segments as well as the Corporate function and further, the Company’s chief operating decision maker does not receive long-lived asset information individually by these reportable segments and Corporate.

Long-lived assets (which include property, plant and equipment, net and operating lease right of use assets) by geographical area are as follows for the years ended December 31, (in millions):

	2024		2023		2022
Germany	$	370.0	$	350.2	$	309.6
United States		188.0		124.9		58.8
Switzerland		134.1		127.0		98.5
Rest of Europe		91.8		57.4		42.5
Asia Pacific		22.2		22.1		22.1
Other		8.7		9.8		6.7
Total long-lived assets	$	814.8	$	691.4	$	538.2

Total capital expenditures and depreciation and amortization by segment are presented below for the years ended December 31, (in millions):

	2024		2023		2022
Capital Expenditures:
BSI BioSpin	$	22.8	$	23.9	$	14.5
BSI CALID		34.1		31.4		33.9
BSI NANO		19.3		13.9		20.2
Corporate		14.8		10.2		9.1
BEST		24.3		27.5		51.5
Total capital expenditures	$	115.3	$	106.9	$	129.2
Depreciation and Amortization:
BSI BioSpin	$	41.0	$	25.7	$	22.6
BSI CALID		67.0		29.3		20.7
BSI NANO		61.7		48.0		35.6
Corporate		5.7		4.7		3.9
BEST		8.4		7.2		6.0
Total depreciation and amortization	$	183.8	$	114.9	$	88.8