Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. Our reportable segments include diagnostic and information technology-based products and services for the veterinary sector, which we refer to as the Companion Animal Group (“CAG”), water quality products (“Water”), and diagnostic products and services for livestock and poultry health and to ensure the quality and safety of milk and improve producer efficiency, which we refer to as Livestock, Poultry and Dairy (“LPD”). Although our LPD segment does not meet the quantitative thresholds to be reported as a separate segment, we believe it is important to disaggregate these revenues as a major product and service category within our Other reportable segment given its distinct markets, and therefore we have elected to report LPD as a reportable segment. Our Other operating segment combines and presents products and services for the human medical diagnostics sector with our out-licensing arrangements. Assets are not allocated to segments for internal reporting purposes.

The following is a summary of segment performance:

(in thousands)	For the Three Months Ended June 30,
	CAG		Water		LPD		Other		Consolidated Total
2022
Revenue	$	784,087	$	39,195	$	29,889	$	7,375	$	860,546
Income from operations	$	156,526	$	17,920	$	3,230	$	1,390	$	179,066
Interest expense, net									(7,983)
Income before provision for income taxes									171,083
Provision for income taxes									39,104
Net income									131,979
Less: Net income attributable to noncontrolling interest									—
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	131,979
2021
Revenue	$	745,595	$	37,191	$	33,524	$	9,832	$	826,142
Income from operations	$	234,735	$	17,228	$	6,868	$	422	$	259,253
Interest expense, net									(7,522)
Income before provision for income taxes									251,731
Provision for income taxes									49,125
Net income									202,606
Less: Net income attributable to noncontrolling interest									24
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	202,582

(in thousands)	For the Six Months ended June 30,
	CAG		Water		LPD		Other		Consolidated Total
2022
Revenue	$	1,545,271	$	75,566	$	60,759	$	15,499	$	1,697,095
Income from operations	$	379,651	$	34,574	$	9,967	$	3,218	$	427,410
Interest expense, net									(14,836)
Income before provision for income taxes									412,574
Provision for income taxes									86,630
Net income									325,944
Less: Net income attributable to noncontrolling interest									—
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	325,944
2021
Revenue	$	1,438,362	$	71,231	$	72,794	$	21,462	$	1,603,849
Income from operations	$	447,945	$	32,000	$	20,676	$	6,254	$	506,875
Interest expense, net									(15,054)
Income before provision for income taxes									491,821
Provision for income taxes									84,926
Net income									406,895
Less: Net income attributable to noncontrolling interest									56
Net income attributable to IDEXX Laboratories, Inc. stockholders									$	406,839

Refer to “Note 3. Revenue Recognition” for a summary of disaggregated revenue by reportable segment and by major product and service category for the three and six months ended June 30, 2022 and 2021.