| Segment Reporting Disclosure [Text Block] |
Note 13. Segment Information:
The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with the impact of partially owned consolidated subsidiaries as well as acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. The Protein Sciences and Diagnostics and Genomics segments both include consumables, instruments, services and royalty revenue.
The following is financial information relating to the Company's reportable segments (in thousands):
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Quarter Ended |
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Nine Months Ended |
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March 31, |
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March 31, |
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2022 |
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2021 |
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2022 |
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2021 |
Net sales: |
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Protein Sciences |
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$ |
213,176 |
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$ |
185,623 |
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$ |
615,332 |
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$ |
512,248 |
Diagnostics and Genomics |
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77,679 |
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58,093 |
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203,191 |
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|
160,687 |
Intersegment |
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(479) |
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(164) |
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(1,152) |
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(931) |
Consolidated net sales |
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$ |
290,376 |
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$ |
243,552 |
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$ |
817,371 |
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$ |
672,004 |
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Operating income: |
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Protein Sciences |
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$ |
96,750 |
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$ |
88,983 |
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$ |
280,131 |
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$ |
239,788 |
Diagnostics and Genomics |
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19,405 |
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10,417 |
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37,748 |
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|
27,197 |
Segment operating income |
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$ |
116,155 |
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$ |
99,400 |
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$ |
317,879 |
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$ |
266,985 |
Costs recognized on sale of acquired inventory |
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— |
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(68) |
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(1,596) |
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(91) |
Amortization of acquisition related intangible assets |
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(18,173) |
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(15,222) |
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(54,942) |
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(45,750) |
Impact of partially owned consolidated subsidiaries(1) |
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(892) |
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(699) |
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(3,446) |
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(906) |
Acquisition related expenses |
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3,710 |
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(1,731) |
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19,328 |
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(6,289) |
Eminence impairment |
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— |
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— |
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(18,715) |
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— |
Stock based compensation, inclusive of employer taxes |
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(9,056) |
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(11,968) |
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(37,731) |
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(41,525) |
Restructuring costs |
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|
291 |
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— |
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(1,638) |
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(142) |
Corporate general, selling, and administrative expenses |
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(1,588) |
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(1,086) |
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(3,122) |
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(3,568) |
Consolidated operating income |
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$ |
90,447 |
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$ |
68,626 |
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$ |
216,017 |
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$ |
168,714 |
(1) Adjusted operating income for the third quarter and full year of fiscal 2021 have been updated for comparability to fiscal 2022 for the inclusion of the impact of partially owned consolidated subsidiaries on the Company’s adjusted operating income.
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