QuidelOrtho (QDEL) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Oct. 02, 2022	Oct. 25, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 02, 2022
Document Transition Report	false
Entity File Number	001-41409
Entity Registrant Name	QUIDELORTHO CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4496285
Entity Address, Address Line One	9975 Summers Ridge Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	552-1100
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	QDEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,045,358
Entity Central Index Key	0001906324
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2022
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022
Current assets:
Cash and cash equivalents	$ 212.2	$ 802.8
Marketable securities	51.8	25.7
Accounts receivable, net	416.6	378
Inventories	536.2	198.8
Prepaid expenses and other current assets	228.4	35
Total current assets	1,445.2	1,440.3
Property, plant and equipment, net	1,261.6	349.2
Marketable securities	20.3	37.9
Right-of-use assets	163.7	127.6
Goodwill	2,357.7	337
Intangible assets, net	3,223.9	98.7
Deferred tax asset	18.7	20.1
Other assets	164.4	19.6
Total assets	8,655.5	2,430.4
Current liabilities:
Accounts payable	241.8	101.5
Accrued payroll and related expenses	115.5	40.4
Income tax payable	67.3	66.9
Current portion of borrowings	207.6	0.3
Other current liabilities	240.5	114.4
Total current liabilities	872.7	323.5
Operating lease liabilities	162.5	128.6
Long-term borrowings	2,482	0.4
Deferred tax liability	256.4	0
Other liabilities	86.6	48.5
Total liabilities	3,860.2	501
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 5.0 shares authorized; none issued or outstanding at October 2, 2022 and January 2, 2022	0	0
Common stock, $0.001 par value per share; 126.2 and 97.5 shares authorized; 66.0 and 41.7 shares issued and outstanding at October 2, 2022 and January 2, 2022, respectively	0	0
Additional paid-in capital	2,772.2	279.8
Accumulated other comprehensive (loss) income	(144.5)	0.4
Retained earnings	2,167.6	1,649.2
Total stockholders’ equity	4,795.3	1,929.4
Total liabilities and stockholders’ equity	$ 8,655.5	$ 2,430.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 02, 2022	Jan. 02, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	126,200,000	97,500,000
Common stock, shares issued (in shares)	66,000,000	41,700,000
Common stock, shares outstanding (in shares)	66,000,000	41,700,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Income Statement [Abstract]
Total revenues	$ 783.8	$ 509.8	$ 2,399.5	$ 1,061.7
Cost of sales, excluding amortization of intangibles	376.3	134.4	912.5	274.6
Selling, marketing and administrative	204.2	63	407.4	165.9
Research and development	65.6	23.7	126.2	69.6
Amortization of intangible assets	50.5	6.9	78.6	20.5
Acquisition and integration costs	26.4	0	109.6	1.8
Other operating expenses	4	0	8	0
Operating income	56.8	281.8	757.2	529.3
Interest expense, net	29.7	1.3	41	4.7
Loss on extinguishment of debt	0	0	24	0
Other income, net	(4.2)	(1)	(2.6)	(0.4)
Income before provision for income taxes	31.3	281.5	694.8	525
Provision for income taxes	12.1	65.8	176.4	112.1
Net income	$ 19.2	$ 215.7	$ 518.4	$ 412.9
Basic earnings per share	$ 0.29	$ 5.17	$ 9.67	$ 9.91
Diluted earnings per share	$ 0.28	$ 5.08	$ 9.56	$ 9.72
Weighted-average shares outstanding - basic	66.9	41.7	53.6	41.7
Weighted-average shares outstanding - diluted	67.5	42.5	54.2	42.5

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 19.2	$ 215.7	$ 518.4	$ 412.9
Other comprehensive (loss) income
Changes in cumulative translation adjustment, net of tax	(92.9)	(0.5)	(158.9)	(1.1)
Changes in unrealized losses from investments, net of tax	0	0	(0.6)	0
Net unrealized gains on derivative instruments	9.3	0	13.9	0.1
Reclassification of net realized (gains) losses on derivative instruments included in net income	(0.2)	0.4	0.7	2.3
Total change in unrealized gains (losses) from cash flow hedges, net of tax	9.1	0.4	14.6	2.4
Comprehensive (loss) income	$ (64.6)	$ 215.6	$ 373.5	$ 414.2

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings
Balance (in shares) at Jan. 03, 2021		42.3
Balance at Jan. 03, 2021	$ 1,332.7	$ 0	$ 388.1	$ (0.4)	$ 945
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		0.4
Issuance of common stock under equity compensation plans	6.4	$ 0	6.4
Stock-based compensation expense	5.9		5.9
Tax withholdings related to vesting of stock-based awards (in shares)		(0.2)
Tax withholdings related to vesting of stock-based awards	(33.9)		(33.9)
Other comprehensive loss, net of tax	0.5			0.5
Net income	178.1				178.1
Balance (in shares) at Apr. 04, 2021		42.5
Balance at Apr. 04, 2021	1,489.7	$ 0	366.5	0.1	1,123.1
Balance (in shares) at Jan. 03, 2021		42.3
Balance at Jan. 03, 2021	1,332.7	$ 0	388.1	(0.4)	945
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	412.9
Balance (in shares) at Oct. 03, 2021		41.6
Balance at Oct. 03, 2021	1,634	$ 0	275.3	0.8	1,357.9
Balance (in shares) at Apr. 04, 2021		42.5
Balance at Apr. 04, 2021	1,489.7	$ 0	366.5	0.1	1,123.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		0.1
Issuance of common stock under equity compensation plans	0.5		0.5
Stock-based compensation expense	5.8		5.8
Tax withholdings related to vesting of stock-based awards (in shares)		0
Tax withholdings related to vesting of stock-based awards	(1.5)		(1.5)
Repurchases of common stock (in shares)		(1)
Repurchases of common stock	(103.4)		(103.4)
Other comprehensive loss, net of tax	0.9			0.9
Net income	19.1				19.1
Balance (in shares) at Jul. 04, 2021		41.6
Balance at Jul. 04, 2021	1,411.1	$ 0	267.9	1	1,142.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		0
Issuance of common stock under equity compensation plans	2.4	$ 0	2.4
Stock-based compensation expense	5.6		5.6
Tax withholdings related to vesting of stock-based awards (in shares)		0
Tax withholdings related to vesting of stock-based awards	(0.6)		(0.6)
Repurchases of common stock (in shares)		0
Repurchases of common stock	0		0
Other comprehensive loss, net of tax	(0.2)			(0.2)
Net income	215.7				215.7
Balance (in shares) at Oct. 03, 2021		41.6
Balance at Oct. 03, 2021	1,634	$ 0	275.3	0.8	1,357.9
Balance (in shares) at Jan. 02, 2022		41.7
Balance at Jan. 02, 2022	1,929.4	$ 0	279.8	0.4	1,649.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		0.2
Issuance of common stock under equity compensation plans	6.4	$ 0	6.4
Stock-based compensation expense	6.2		6.2
Tax withholdings related to vesting of stock-based awards (in shares)		(0.1)
Tax withholdings related to vesting of stock-based awards	(6.8)		(6.8)
Other comprehensive loss, net of tax	(0.2)			(0.2)
Net income	479.9				479.9
Balance (in shares) at Apr. 03, 2022		41.8
Balance at Apr. 03, 2022	2,414.9	$ 0	285.6	0.2	2,129.1
Balance (in shares) at Jan. 02, 2022		41.7
Balance at Jan. 02, 2022	1,929.4	$ 0	279.8	0.4	1,649.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	518.4
Balance (in shares) at Oct. 02, 2022		66
Balance at Oct. 02, 2022	4,795.3	$ 0	2,772.2	(144.5)	2,167.6
Balance (in shares) at Apr. 03, 2022		41.8
Balance at Apr. 03, 2022	2,414.9	$ 0	285.6	0.2	2,129.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		0.1
Issuance of common stock under equity compensation plans	0.8	$ 0	0.8
Stock-based compensation expense	14.7		14.7
Issuance of shares in connection with the Combinations (in shares)		25.1
Issuance of shares in connection with the Combinations	2,495.4		2,495.4
Issuance of equity replacement awards in connection with the Combinations	(36.1)		36.1
Tax withholdings related to vesting of stock-based awards (in shares)		0
Tax withholdings related to vesting of stock-based awards	(0.7)		(0.7)
Other comprehensive loss, net of tax	(60.9)			(60.9)
Net income	19.3				19.3
Balance (in shares) at Jul. 03, 2022		67
Balance at Jul. 03, 2022	4,919.6	$ 0	2,831.9	(60.7)	2,148.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		0
Issuance of common stock under equity compensation plans	2.6		2.6
Stock-based compensation expense	12.6		12.6
Tax withholdings related to vesting of stock-based awards (in shares)		0
Tax withholdings related to vesting of stock-based awards	(0.6)		(0.6)
Repurchases of common stock (in shares)		(1)
Repurchases of common stock	(74.3)		(74.3)
Other comprehensive loss, net of tax	(83.8)			(83.8)
Net income	19.2				19.2
Balance (in shares) at Oct. 02, 2022		66
Balance at Oct. 02, 2022	$ 4,795.3	$ 0	$ 2,772.2	$ (144.5)	$ 2,167.6

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021
OPERATING ACTIVITIES:
Net income	$ 518.4	$ 412.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	167	37.3
Stock-based compensation expense	36.6	18.7
Net change in operating lease right-of-use assets and liabilities	9.9	2.6
Payment of accreted interest on contingent and deferred consideration	(10.4)	(8.2)
Loss on extinguishment of debt	24	0
Unwind inventory fair value adjustment	46.6	0
Other non-cash, net	(3.7)	7.3
Changes in assets and liabilities:
Accounts receivable	181.6	161.5
Inventories	(97.9)	(83.3)
Prepaid expenses and other current and non-current assets	(41.3)	(15.2)
Accounts payable	9.2	(3.5)
Accrued payroll and related expenses	(3.6)	(3.9)
Income taxes payable	(9.2)	(67.7)
Other current and non-current liabilities	(111.3)	26
Net cash provided by operating activities	715.9	484.5
INVESTING ACTIVITIES
Acquisitions of property, equipment, investments and intangibles	(79.2)	(260.4)
Acquisition of businesses, net of cash and restricted cash acquired	(1,511.4)	0
Proceeds from government assistance allocated to fixed assets	15.8	36.9
Purchases of marketable securities	(49.4)	0
Proceeds from sale of marketable securities	39.3	0
Net cash used for investing activities	(1,584.9)	(223.5)
FINANCING ACTIVITIES
Proceeds from issuance of common stock	5.2	7.3
Proceeds from long-term borrowings, net of debt issuance costs	2,734.5	0
Payments on long-term borrowings and extinguishment costs	(2,336.1)	(0.2)
Payments of tax withholdings related to vesting of stock-based awards	(8)	(36)
Repurchases of common stock	(74.3)	(103.5)
Principal payments of acquisition contingent consideration	(4.2)	(4.7)
Principal payments of deferred consideration	(33.4)	(35.1)
Net cash provided by (used for) financing activities	283.7	(172.2)
Effect of exchange rates on cash	(4.3)	(0.3)
Net (decrease) increase in cash, cash equivalents and restricted cash	(589.6)	88.5
Cash, cash equivalents and restricted cash at beginning of period	802.8	489.9
Cash, cash equivalents and restricted cash at end of period	213.2	578.4
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Purchase of property, equipment and intangibles by incurring current liabilities	17.4	7.7
Transfer of instrument inventories to fixed assets	48.6	0
Reduction of other current liabilities upon issuance of restricted share units	$ 4.6	$ 2

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Oct. 02, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Organization and Business On May 27, 2022, pursuant to a Business Combination Agreement entered into as of December 22, 2021 (the “BCA”), by and among Quidel Corporation (“Quidel”), Ortho Clinical Diagnostics Holdings plc (“Ortho”), QuidelOrtho ™ Corporation (formerly, Coronado Topco, Inc.) (“QuidelOrtho” and collectively with its subsidiaries, the “Company”), Orca Holdco, Inc., Laguna Merger Sub, Inc. (“U.S. Merger Sub”), and Orca Holdco 2, Inc., Quidel and Ortho consummated a business combination (the “Combinations”) by way of (i) a scheme of arrangement undertaken by Ortho under Part 26 of the U.K. Companies Act 2006 (the “Ortho Scheme”), pursuant to which each issued and outstanding share of Ortho was acquired by a nominee of QuidelOrtho, such that Ortho became a wholly owned subsidiary of QuidelOrtho, and (ii) a merger of U.S. Merger Sub with and into Quidel, with Quidel surviving the merger as a wholly owned subsidiary of QuidelOrtho. The High Court of Justice of England and Wales (the “Court”) sanctioned the Ortho Scheme on May 26, 2022 and a sealed order of the Court was delivered to the Registrar of Companies at Companies House on May 27, 2022, satisfying the final condition to closing. The results of operations of Ortho have been included in the Company’s unaudited Consolidated Financial Statements from the date of acquisition. See Note 2 for further information regarding the Combinations. The Company’s mission is to develop and manufacture accurate and affordable diagnostic testing technologies across the continuum of healthcare testing needs to create better patient outcomes. The Company’s expertise in clinical chemistry, immunoassay and molecular testing helps clinicians and patients make better informed decisions across the globe. The Company’s global infrastructure and commercial reach support its customers across more than 130 countries and territories with quality diagnostics, a broad test portfolio and market leading service. Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Company h ave been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) for interim financial information and with the general instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain footnotes or other financial information required by GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. The information at October 2, 2022, and for the three and nine months ended October 2, 2022 and October 3, 2021, is unaudited. For further information, refer to the Consolidated Financial Statements and notes thereto for the year ended January 2, 2022 included in Quidel’s 2021 Annual Report on Form 10-K. Operating results for any quarter are historically seasonal in nature and are not necessarily indicative of the results expected for the full year. The Company follows the concept of a fiscal year that ends on the Sunday nearest to the end of the month of December, and fiscal quarters that end on the Sunday nearest to the end of the months of March, June, and September. For 2022 and 2021, the Company’s fiscal year will end or has ended on January 1, 2023 and January 2, 2022, respectively. For 2022 and 2021, the Company’s third quarter ended on October 2, 2022 and October 3, 2021, respectively. The three and nine-month periods ended October 2, 2022 and October 3, 2021 each included 13 and 26 weeks, respectively. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior period amounts were reclassified to conform to the current period presentation, including the separate presentation of Amortization of intangible assets and Interest expense, net, the combination of Selling, marketing and administrative expense, and reclassification of Other current liabilities and Other liabilities, which did not change the reported amounts of Total current liabilities or Total liabilities. Cost of sales, excluding amortization of intangibles for the three and nine months ended October 3, 2021 excludes $1.9 million and $5.5 million, respectively, of intangibles amortization expense, formerly included in Cost of sales, which has been reclassified to Amortization of intangible assets. Selling, marketing and administrative expense for the three and nine months ended October 3, 2021 excludes $5.0 million and $15.0 million, respectively, of intangibles amortization expense, formerly included in Sales and marketing expense, which has been reclassified to Amortization of intangible assets. The reclassifications did not have an impact on net assets, Operating income, Net income, Basic or Diluted earnings per share, or cash flows. Recent Accounting Pronouncements In October 2021, the Financial Accounting Standards Board issued guidance which was codified in Accounting Standards Update 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . Under the new guidance, an acquirer is required to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers . For public business entities, this guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company early adopted the guidance during the first quarter of 2022 with no material impact to the Company’s unaudited Consolidated Financial Statements. Significant Accounting Policies During the nine months ended October 2, 2022, there have been no changes to the Company’s significant accounting policies as described in Quidel’s 2021 Annual Report on Form 10-K, except for the addition of certain policies related to the Combinations, which are discussed below. Business Combinations The cost of an acquired business is assigned to the tangible and identifiable intangible assets acquired and liabilities assumed on the basis of the estimated fair values at the date of acquisition. We assess fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, using a variety of methods including, but not limited to, an income approach and a market approach, such as the estimation of future cash flows of the acquired business and current selling prices of similar assets. Fair value of the assets acquired and liabilities assumed, including intangible assets, in-process research and development (“IPR&D”), and contingent payments, are measured based on the assumptions and estimations with regards to variable factors such as the amount and timing of future cash flows for the asset or liability being measured, appropriate risk-adjusted discount rates, nonperformance risk, or other factors that market participants would consider. Upon acquisition, we determine the estimated economic lives of the acquired intangible assets for amortization purposes, which are based on the underlying expected cash flows of such assets. When applicable, adjustments to inventory are based on the fair market value of inventory and amortized into income based on the period in which the underlying inventory is sold. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that is not individually identified and separately recognized. Actual results may vary from projected results and assumptions used in the fair value assessments. Defined Benefit Plans and Other Post-Employment Benefits In connection with the Combinations, the Company assumed Ortho’s defined benefit plans in certain countries and a retiree healthcare reimbursement plan for certain U.S. employees. Defined benefit plans specify an amount of pension benefit that an employee will receive on retirement, usually dependent on factors such as age, years of service and compensation. The net obligation with respect to defined benefit plans is calculated separately for each plan by estimating the amount of the future benefits that employees have earned in return for their service in the current and prior periods. These benefits are then discounted to determine the present value of the obligations and are then adjusted for the impact of any unamortized prior service costs. The net obligation is then determined with reference to the fair value of the plan assets (if any). The discount rate used is the yield on bonds that are denominated in the currency in which the benefits will be paid and that have maturity dates approximating the terms of the obligations. The calculations are performed by qualified actuaries using the projected unit credit method.

Business Combination

Business Combination	9 Months Ended
	Oct. 02, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination On May 27, 2022, pursuant to the BCA, Quidel and Ortho consummated the Combinations and each of Quidel and Ortho became a wholly owned subsidiary of QuidelOrtho. As a result of the Combinations, QuidelOrtho became the successor issuer to Quidel. The Combinations have been accounted for as a business combination using the acquisition method of accounting in conformity with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations , with Quidel considered the accounting and the legal acquirer. The Combinations enhance the Company’s revenue profile and expand the Company’s geographic footprint and product diversity. The Combinations were completed for a total consideration of approximately $4.3 billion, which included the fair value of equity issued based on the May 26, 2022 closing price of $99.60 per share of Quidel common stock. Former Ortho shareholders received $7.14 in cash and 0.1055 shares of QuidelOrtho common stock for each Ortho ordinary share. The total purchase consideration was calculated as follows (in millions, except value per share data and Ortho Exchange Ratio): Total Ortho shares subject to exchange 237.487 Ortho Exchange Ratio 0.1055 QuidelOrtho shares issued 25.055 Value per Quidel share as of May 26, 2022 $ 99.60 Fair value of stock consideration $ 2,495.5 Fair value of replacement equity awards (1) 47.9 Cash consideration (2) 1,747.7 Total purchase consideration $ 4,291.1 (1) Represents the fair value of replacement stock options (which include options with time-based, performance-based, and both performance- and market-based vesting conditions), restricted stock units (“RSUs”) and restricted stock outstanding as of May 27, 2022 that are attributable to service prior to the Combinations. The terms of the replacement awards are substantially similar to the former Ortho equity awards for which they were exchanged. The portion of the fair value of the replacement equity awards attributable to service after the Combinations is $46.6 million and will be recognized as compensation expense based on the vesting terms of the replacement equity awards. (2) Represents cash consideration of $7.14 per share paid to Ortho shareholders and holders of vested Ortho stock options on the closing date of the Combinations for 237.5 million outstanding Ortho shares and 7.3 million vested Ortho stock options. The Company funded the cash portion of the purchase price with cash on its balance sheet and a portion of the Term Loan (as defined in Note 8) proceeds from the Financing (as defined in Note 8). See Note 8 for further information regarding the Company’s debt. The components of the preliminary purchase price allocation on the closing date of the Combinations are as follows: (In millions) Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of Acquisition Date Cash and cash equivalents $ 234.5 $ — $ 234.5 Accounts receivable 240.6 — 240.6 Inventories 386.8 — 386.8 Property, plant and equipment 767.5 157.8 925.3 Goodwill 2,291.3 (190.7) 2,100.6 Intangible assets 3,133.0 95.0 3,228.0 Prepaid expenses and other assets 287.9 4.4 292.3 Total assets 7,341.6 66.5 7,408.1 Accounts payable (135.0) — (135.0) Accrued payroll and related expenses (80.7) (0.4) (81.1) Long-term borrowings, including current portion (1) (2,268.4) — (2,268.4) Deferred tax liability (215.4) (62.8) (278.2) Other current and non-current liabilities (351.0) (3.3) (354.3) Total liabilities (3,050.5) (66.5) (3,117.0) Total purchase consideration $ 4,291.1 $ — $ 4,291.1 (1) Immediately following the closing of the Combinations, the Company repaid long-term borrowings assumed, which consisted of $1,608.4 million aggregate principal amount related to Ortho’s Dollar Term Loan and Euro Term Loan Facilities, $240.0 million aggregate principal amount of 7.375% Senior Notes due 2025 and $405.0 million aggregate principal amount of 7.250% Senior Notes due 2028. The 7.375% and 7.250% Senior Notes were fully discharged following the Combinations. The Company recorded a $23.5 million loss on extinguishment in connection with the Combinations, representing the difference between the reacquisition value, inclusive of $35.9 million of redemption premium, and the net carrying value of the extinguished debt. The fair value estimates for the assets acquired and liabilities assumed were based on preliminary calculations, and the Company’s estimates and assumptions are subject to change, including the valuation of inventory, property, plant and equipment, intangible assets, income taxes and legal contingencies, among other items, to reflect any additional information related to facts and circumstances that existed as of the closing date of the Combinations that, if known, would have affected the measurement of the amounts recognized as of that date. The Company is continuing to obtain and evaluate information relevant to the estimated future cash flows to value certain intangible assets, as well as replacement costs and relevant market transaction information to value acquired plant, property, and equipment. As a result, the preliminary related amounts presented above may change due to further measurement period adjustments. The Company expects to finalize the valuation as soon as practicable, but no later than one year after the closing date of the Combinations. The measurement period adjustments in the three months ended October 2, 2022 primarily resulted from completing preliminary valuations of real estate and personal property, revised future cash flow estimates for certain intangible assets and income tax liabilities. The related impact to net earnings that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date is immaterial to the unaudited Consolidated Financial Statements. Inventories acquired included raw materials, work in progress and finished goods. Inventories were recorded at their estimated fair values. Inventories were valued at the estimated selling price less the estimated costs to be incurred to complete and sell the inventories, the associated margins on these activities and holding costs. A preliminary step-up in the value of inventory of $64.1 million was recorded in connection with the Combinations. The step-up value is being recorded in Cost of sales, excluding amortization of intangibles in the Consolidated Statements of Income as the inventory is sold to customers, and is expected to be fully recognized by the end of 2022. In the three and nine months ended October 2, 2022, $35.4 million and $46.6 million, respectively, of the fair value step-up of inventory was recognized in the unaudited Consolidated Statements of Income. Goodwill represents the excess of the total purchase consideration over the estimated fair value of the net assets acquired, and is primarily attributable to synergies which are expected to expand the Company’s revenue profile and product diversity, as well as Ortho’s assembled workforce. Goodwill is not deductible for tax purposes. The preliminary assignment of goodwill by reportable segment as of the closing date of the Combinations is as follows (in millions): North America $ 1,170.2 EMEA 376.0 China 114.4 Other 440.0 $ 2,100.6 The following table sets forth the amounts assigned to the identifiable intangible assets acquired (in millions, except years): Intangible Asset Amortization Period Fair Value of Assets Acquired Customer relationships 20 years $ 1,775.0 Developed technology 15 years 903.0 Trademarks 15 years 373.0 In-process research and development Not amortized 177.0 $ 3,228.0 The fair value of customer relationships and in-process research and development (“IPR&D”) was estimated using the Multi-Period Excess Earnings Method, which is a form of the income approach. Significant assumptions include: (i) the estimated annual net cash flows, which are a function of expected earnings attributable to the asset, contributory asset charges and the applicable tax rate, and (ii) the discount rate. The fair value of developed technology and trademarks was estimated using the Relief from Royalty Method, which is another form of the income approach. Significant assumptions include: (i) the estimated annual net cash flows, which are a function of expected earnings attributable to the asset, the probability of use of the asset, the royalty rate and the applicable tax rate, and (ii) the discount rate. Intangible assets are amortized on a straight-line basis over the amortization periods noted above, which reflects the estimated useful life of the underlying assets. The amortization of IPR&D will begin at the related product launch and will be tested annually for potential impairment. For the three and nine months ended October 2, 2022, the Company incurred $1.1 million and $47.0 million, respectively, of transaction costs related to the Combinations, which primarily consisted of financial advisory, legal, accounting and valuation-related expenses. These expenses were recorded in Acquisition and integration costs in the unaudited Consolidated Statements of Income. The following unaudited supplemental pro forma financial information shows the combined results of operations of the Company as if the Combinations had occurred on January 4, 2021, the beginning of the periods presented: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Pro forma total revenues $ 783.8 $ 1,032.3 $ 3,184.7 $ 2,583.5 Pro forma net (loss) income 50.2 225.2 549.5 340.2 This unaudited supplemental pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the Combinations been completed at the beginning of fiscal year 2021. In addition, the unaudited supplemental pro forma financial information is not a projection of the Company’s future results of operations, nor does it reflect the expected realization of any synergies or cost savings associated with the Combinations. The unaudited supplemental pro forma financial information includes adjustments for: • Incremental intangible assets amortization expense to be incurred of $17.5 million, $10.2 million and $30.1 million in the nine months ended October 2, 2022 and the three and nine months ended October 3, 2021, respectively, based on the preliminary fair values of the identifiable intangible assets acquired; • Incremental cost of sales related to the fair value step-up of inventory which is reflected by an adjustment to decrease expense by $35.4 million and $46.6 million in the three and nine months ended October 2, 2022, respectively, and an adjustment to increase expense by $64.1 million in the nine months ended October 3, 2021; • Decreases in interest expense of $11.2 million, $7.5 million and $28.1 million in the nine months ended October 2, 2022 and the three and nine months ended October 3, 2021, respectively, associated with the issuance of debt to finance the Combinations and to repay Ortho’s then-outstanding indebtedness, including the net impact of the removal of the amortization of the discount on Ortho’s indebtedness and the change in amortization of deferred financing fees; • The removal of $50.3 million of loss on extinguishment of debt from Ortho’s financial results for the nine months ended October 3, 2021 and the reclassification of $24.0 million of loss on extinguishment of debt incurred during the nine months ended October 2, 2022 to the nine months ended October 3, 2021; • The reclassification of $12.8 million of expense related to the accelerated vesting of certain stock awards of Ortho’s former Chief Executive Officer from the nine months ended October 2, 2022 to the nine months ended October 3, 2021; and • Tax impacts related to the above adjustments. From the closing date of the Combinations through October 2, 2022, the acquired results of operations of Ortho contributed total revenues of $700.4 million and net loss of $63.6 million to the Company’s consolidated results, which included amortization of acquired intangible assets of $57.7 million and recognition in Cost of sales, excluding amortization of intangibles of the fair value step-up of inventory of $46.6 million.

Computation of Earnings Per Sha

Computation of Earnings Per Share	9 Months Ended
	Oct. 02, 2022
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Computation of Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted EPS is computed based on the sum of the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. Potentially dilutive shares of common stock consist of shares issuable from stock options, unvested RSUs and restricted stock. Potentially dilutive shares of common stock from outstanding stock options and unvested RSUs are determined using the average share price for each period under the treasury stock method. The following table presents the calculation of the weighted-average shares used in computing basic and diluted EPS: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Basic weighted-average shares of common stock outstanding 66.9 41.7 53.6 41.7 Dilutive potential shares issuable from stock options and unvested RSUs 0.6 0.8 0.6 0.8 Diluted weighted-average shares of common stock outstanding 67.5 42.5 54.2 42.5 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 1.6 0.2 1.5 0.1 Potentially dilutive shares excluded from the calculation above represent stock options when the combined exercise price and unrecognized stock-based compensation are greater than the average market price for the Company’s common stock because their effect is anti-dilutive.

Revenue

Revenue	9 Months Ended
	Oct. 02, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Balances Timing of revenue recognition may differ from timing of invoicing to customers. The Company records an asset when revenue is recognized prior to invoicing a customer (a “contract asset”). Contract assets are included within Prepaid expenses and other current assets or Other assets in the Company’s unaudited Consolidated Balance Sheets and are transferred to accounts receivable when the right to payment becomes unconditional. The balance of contract assets recorded in the Company’s unaudited Consolidated Balance Sheets as of October 2, 2022 was $54.6 million and was included in Prepaid expenses and other current assets. The contract asset balance as of October 2, 2022 consists of the following components, all of which relate to agreements acquired by the Company in connection with the Combinations; therefore, no balance existed at January 2, 2022: • a customer supply agreement under which the difference between the timing of invoicing and revenue recognition resulted in a contract asset of $8.5 million; • contractual arrangements with certain customers under which the Company invoices the customers based on reportable results generated by its reagents; however, control of the goods transfers to the customers upon shipment or delivery of the products, as determined under the terms of the contract. Using the expected value method, the Company estimates the number of reagents that will generate a reportable result. The Company records the revenue upon shipment and an associated contract asset, and relieves the contract asset upon completion of the invoicing. The balance of the contract asset related to these arrangements was $41.5 million as of October 2, 2022 and was recorded in Prepaid expenses and other current assets; and • one of the Company’s contract manufacturing agreements that recognizes revenue as the products are manufactured. The balance of the contract asset related to this arrangement was $4.6 million as of October 2, 2022. The Company reviews contract assets for expected credit losses resulting from the collectability of customer accounts. Expected losses are established based on historical losses, customer mix and credit policies, current economic conditions in customers’ country or industry, and expectations associated with reasonable and supportable forecasts. No credit losses related to contract assets were recognized during the three and nine months ended October 2, 2022. The Company recognizes a contract liability when a customer pays an invoice prior to the Company transferring control of the goods or services (“contract liabilities”). The Company’s contract liabilities consist of deferred revenue primarily related to customer service contracts. The Company classifies deferred revenue as current or non-current based on the timing of the transfer of control or performance of the service. The balance of the Company’s current deferred revenue was $32.5 million as of October 2, 2022, and $1.9 million as of January 2, 2022. The Company has one arrangement with a customer where the revenue is expected to be recognized beyond one year. The balance of the deferred revenue included in long-term liabilities was $9.7 million as of October 2, 2022 and was included in Other liabilities in the unaudited Consolidated Balance Sheets. Grifols / Novartis Vaccines and Diagnostics, Inc. In connection with the Combinations, the Company acquired the ongoing collaboration arrangement (the “Joint Business”) between Ortho and Grifols Diagnostic Solutions, Inc. (“Grifols”), under which Ortho and Grifols agreed to pursue a collaboration relating to Ortho’s Hepatitis and HIV diagnostics business. The governance of the Joint Business is shared through a supervisory board made up of equal representation by Ortho and Grifols, which is responsible for all significant decisions relating to the Joint Business that are not exclusively assigned to either Ortho or Grifols, as defined in the Joint Business agreement. The Company’s portion of the pre-tax net profit shared under the Joint Business was $7.9 million and $13.5 million during the three and nine months ended October 2, 2022, respectively. This included the Company’s portion of the pre-tax net profit of $5.2 million and $8.8 million during the three and nine months ended October 2, 2022, respectively, on sales transactions with third parties where the Company is the principal. The Company recognized revenues, cost of sales, excluding amortization of intangibles, and operating expenses, on a gross basis on these sales transactions in their respective lines in the unaudited Consolidated Statements of Income. The Company’s portion of the pre-tax net profit also included revenue of $2.7 million and $4.7 million from collaboration and royalty agreements during the three and nine months ended October 2, 2022, respectively, which is presented on a net basis within Total revenues. Disaggregation of Revenue Following the Combinations, the Company generates product revenue in the following business units: • Labs—Focused on (i) clinical chemistry laboratory instruments and tests, which measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients, (ii) immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health, (iii) testing to detect and monitor disease progression across a broad spectrum of therapeutic areas, (iv) other product revenues primarily from contract manufacturing, (v) specialized diagnostic solutions and (vi) collaboration and license agreements pursuant to which the Company derives collaboration and royalty revenues. • Transfusion Medicine—Focused on (i) immunohematology instruments and tests used for blood typing to help ensure patient-donor compatibility in blood transfusions and (ii) donor screening instruments and tests used for blood and plasma screening for infectious diseases for customers primarily in the U.S. • Point-of-Care—Focused on tests to provide rapid results across a broad continuum of point-of-care settings, including tests for professional healthcare providers and tests that can be taken at home. Includes (i) tests for a range of benchtop analyzers and (ii) tests that can be visually read. • Molecular Diagnostics—Includes (i) Polymerase Chain Reaction (“PCR”) thermocyclers with reduced process time and ready-to-use reagent configurations and (ii) analyzer and amplification systems with the ability to run multiple assays at one time. The following table summarizes Total revenues by business unit for the three and nine months ended October 2, 2022 and October 3, 2021: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Labs $ 334.8 $ 11.4 $ 505.5 $ 32.7 Transfusion Medicine 163.1 — 231.3 — Point-of-Care 270.5 443.6 1,580.6 879.4 Molecular Diagnostics 15.4 54.8 82.1 149.6 Total revenues $ 783.8 $ 509.8 $ 2,399.5 $ 1,061.7 Concentration of Revenue and Credit Risk The Company had sales to individual customers in excess of 10% of Total revenues as follows: Nine Months Ended October 2, 2022 October 3, 2021 Customer: A 27 % — % B 10 % 27 % C 7 % 11 % D 4 % 10 % 48 % 48 % As of October 2, 2022 and January 2, 2022, customers with balances due in excess of 10% of Accounts receivable, net totaled $162.9 million and $267.3 million, respectively. For the nine months ended October 2, 2022 and October 3, 2021, sales of COVID-19 products accounted for 54% and 71% of Total revenues, respectively. For the nine months ended October 2, 2022 and October 3, 2021, sales of influenza products accounted for 7% and 3% of Total revenues, respectively.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Oct. 02, 2022
Industry And Geographic Information [Abstract]
Segment and Geographic Information	Segment and Geographic Information In connection with the Combinations, the manner in which the chief operating decision maker (“CODM”) reviews the Company’s performance and allocates resources changed, resulting in three geographically-based reportable segments: North America; Europe, the Middle East and Africa (“EMEA”); and China. Although all three segments are engaged in the marketing, distribution and sale of diagnostic instruments and assays for hospitals, retailers, distributors, laboratories and/or blood and plasma centers worldwide, each region is managed separately to better align with the market dynamics of the specific geographic region. Latin America, Japan and Asia Pacific are immaterial operating segments that are not considered reportable segments and are included in “Other.” Previously, the Company operated as a single reportable segment. Prior periods have been revised to align with the current period presentation. Total revenues by reportable segment are as follows: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 North America $ 517.6 $ 466.8 $ 1,917.3 $ 902.2 EMEA 73.7 14.8 131.0 53.8 China 80.8 12.1 163.1 46.8 Other 111.7 16.1 188.1 58.9 Total revenues $ 783.8 $ 509.8 $ 2,399.5 $ 1,061.7 Beginning in the second quarter of 2022, in connection with the Combinations, the basis by which the Company measures segment profit or loss changed to Adjusted EBITDA in order to manage the Company’s business to better align with the market dynamics of the specific geographic regions in which the Company operates. Prior periods have been revised to align with the current period presentation. The following table sets forth Adjusted EBITDA by segment and the reconciliations to Income before provision for income taxes for the three and nine months ended October 2, 2022 and October 3, 2021: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 North America $ 326.3 $ 370.4 $ 1,356.2 $ 745.2 EMEA 17.2 4.5 33.5 22.8 China 44.9 4.7 83.6 20.1 Other 29.8 7.6 63.9 35.7 Total segment Adjusted EBITDA 418.2 387.2 1,537.2 823.8 Corporate (1) (191.4) (91.9) (451.3) (253.2) Depreciation and amortization (104.2) (12.7) (167.0) (37.3) Interest expense, net (29.7) (1.3) (41.0) (4.7) Acquisition and integration costs (26.4) — (109.6) (1.8) Loss on extinguishment of debt — — (24.0) — Unwind inventory fair value adjustment (35.4) — (46.6) — Amortization of deferred cloud computing (1.6) (1.0) (3.9) (2.9) Derivative mark-to-market gain 3.4 — 4.4 — Gain (loss) on investments — 1.2 (0.8) 1.2 Employee compensation charges and other costs (1.3) — (1.8) — EU medical device regulation transition costs (2) (0.6) — (1.0) — Tax indemnification income 0.3 — 0.3 — Change in fair value of acquisition contingencies — — (0.1) (0.1) Income before provision for income taxes $ 31.3 $ 281.5 $ 694.8 $ 525.0 (1) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and information technology (“IT”) functions, which benefit the Company as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards. (2) Represents incremental consulting costs and research and development (“R&D”) manufacturing site costs to align compliance of Ortho’s existing, on-market products that were previously registered under the European In Vitro Diagnostics Directive regulatory framework with the requirements under the EU’s In Vitro Diagnostic Regulation, which generally apply from May 2022 onwards. The CODM does not review capital expenditures, total depreciation and amortization or assets by segment, and therefore this information has been excluded as it does not comprise part of management’s key performance metrics.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its interim income tax provision in accordance with ASC 270, Interim Reporting , and ASC 740, Accounting for Income Taxes . At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to its ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur. For the three months ended October 2, 2022 and October 3, 2021, the Company recognized a Provision for income taxes of $12.1 million and $65.8 million, respectively, in relation to Income before provision for income taxes of $31.3 million and $281.5 million, respectively, resulting in effective tax rates of 39% and 23%, respectively. As compared to the federal statutory rate of 21%, the effective tax rates in both periods were impacted primarily by income taxes owed in certain U.S. states. For the three months ended October 2, 2022, the effective tax rate was also impacted by operating losses in certain subsidiaries not being benefited due to the establishment of valuation allowances. For the three months ended October 3, 2021, the effective tax rate was impacted primarily by income taxes owed in U.S. states, partially offset by benefits from the discrete impact of excess tax deductions from stock-based compensation, which were immaterial to the effective tax rate in the three months ended October 2, 2022. For the nine months ended October 2, 2022 and October 3, 2021, the Company recognized a Provision for income taxes of $176.4 million and $112.1 million, respectively, in relation to Income before provision for income taxes of $694.8 million and $525.0 million, respectively, resulting in effective tax rates of 25% and 21%, respectively. As compared to the federal statutory rate of 21%, the effective tax rates in both periods were impacted primarily by income taxes owed in certain U.S. states. For the nine months ended October 3, 2021, the effective tax rate was partially offset by benefits from the discrete impact of excess tax deductions from stock-based compensation, which were immaterial to the effective tax rate in the nine months ended October 2, 2022. The Company is subject to periodic audits by domestic and foreign tax authorities. Due to the carryforward of unutilized credits, the Company’s federal tax years from 2012 and onwards are subject to examination by the U.S. authorities. The Company’s state and foreign tax years for 2001 and onwards are subject to examination by applicable tax authorities. The Company believes that it has appropriate support for the income tax positions taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax laws applied to the facts of each matter. The balance of unrecognized tax benefits at October 2, 2022, not including interest and penalties, was $45.2 million, of which $32.9 million could affect the effective income tax rate in future periods, if recognized. The Company also recognizes interest and penalties related to unrecognized tax benefits in tax expense. At October 2, 2022, the Company had approximately $8.8 million of interest and penalties accrued related to unrecognized tax benefits. The Company estimates that within the next 12 months, its uncertain tax positions, excluding interest, will decrease by $3.0 million.

Balance Sheet Account Details

Balance Sheet Account Details	9 Months Ended
	Oct. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Account Details	Balance Sheet Account Details Cash, Cash Equivalents and Restricted Cash (In millions) October 2, 2022 January 2, 2022 Cash and cash equivalents $ 212.2 $ 802.8 Restricted cash included in Other assets 1.0 — Cash, cash equivalents and restricted cash $ 213.2 $ 802.8 Marketable Securities The following table is a summary of marketable securities: October 2, 2022 January 2, 2022 (In millions) Amortized Cost Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Losses Fair Value Corporate bonds 40.4 $ (0.6) $ 39.8 $ 22.3 $ — $ 22.3 Corporate asset-backed securities 10.0 — 10.0 3.4 — 3.4 U.S. government securities 2.0 — 2.0 — — — Total marketable securities, current 52.4 (0.6) 51.8 25.7 — 25.7 Corporate bonds, non-current 13.8 (0.1) 13.7 26.8 (0.1) 26.7 Corporate asset-backed securities, non-current 4.8 (0.1) 4.7 11.2 — 11.2 Foreign and other 1.9 — 1.9 — — — Total marketable securities $ 72.9 $ (0.8) $ 72.1 $ 63.7 $ (0.1) $ 63.6 Accounts Receivable, Net Accounts receivables primarily consist of trade accounts receivables with maturities of one year or less and are presented net of reserves: (In millions) October 2, 2022 January 2, 2022 Accounts receivable $ 489.5 $ 430.4 Allowance for contract rebates and discounts (61.9) (50.7) Allowance for doubtful accounts (11.0) (1.7) Total accounts receivable, net $ 416.6 $ 378.0 Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following: (In millions) October 2, 2022 January 2, 2022 Raw materials $ 189.5 $ 103.2 Work-in-process (materials, labor and overhead) 83.2 36.1 Finished goods (materials, labor and overhead) 302.1 59.5 Total inventories $ 574.8 $ 198.8 Inventories $ 536.2 $ 198.8 Other assets (1) 38.6 — Total inventories $ 574.8 $ 198.8 (1) Other assets includes inventory expected to remain on hand beyond one year. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: (In millions) October 2, 2022 January 2, 2022 Other receivables $ 37.2 $ 15.8 Contract assets 54.6 — Prepaid expenses 70.8 14.6 Income taxes and other tax receivables 48.7 — Derivatives 15.8 0.1 Other 1.3 4.5 Total prepaid expenses and other current assets $ 228.4 $ 35.0 Other Current Liabilities Other current liabilities consist of the following: (In millions) October 2, 2022 January 2, 2022 Accrued commissions and rebates $ 41.4 $ 15.9 Deferred consideration 38.7 41.9 Deferred revenue 32.5 1.9 Operating lease liabilities 22.7 10.0 Accrued other taxes payable 14.7 10.2 Derivatives 9.3 0.3 Contingent consideration 0.1 6.0 Payables under transition services agreements — 10.9 Other 81.1 17.3 Total other current liabilities $ 240.5 $ 114.4

Long-term Borrowings

Long-term Borrowings	9 Months Ended
	Oct. 02, 2022
Debt Disclosure [Abstract]
Long-term Borrowings	Long-term Borrowings The components of borrowings were as follows: (In millions) October 2, 2022 January 2, 2022 Term Loan $ 2,698.4 $ — Revolving Credit Facility — — Financing lease obligation 0.9 0.7 Other long-term borrowings 1.5 — Unamortized deferred financing costs (11.2) — Total borrowings 2,689.6 0.7 Less: current portion (207.6) (0.3) Long-term borrowings $ 2,482.0 $ 0.4 On May 27, 2022, the Company entered into a credit agreement (the “Credit Agreement”) by and among the Company, as borrower, Bank of America, N.A., as administrative agent and swing line lender (“Bank of America”), and the other lenders and L/C issuers party thereto (together with Bank of America, the “Lenders”). Pursuant to the Credit Agreement and in connection with the consummation of the Combinations, the Lenders provided the Company with a $2,750.0 million senior secured term loan facility (the “Term Loan”) and a $750.0 million revolving credit facility (the “Revolving Credit Facility” and with the Term Loan, the “Financing”). Effective August 4, 2022, pursuant to the Increase Joinder No. 1 to the Credit Agreement, the Revolving Credit Facility increased by $50.0 million to $800.0 million. The Financing is guaranteed by certain material domestic subsidiaries of the Company (the “Guarantors”) and is secured by liens on substantially all of the assets of the Company and the Guarantors, excluding real property and certain other types of excluded assets. Loans under the Credit Agreement will bear interest at a rate per annum equal to the Term SOFR or Base Rate plus the Applicable Rate (each as defined in the Credit Agreement). As of October 2, 2022, letters of credit issued under the Revolving Credit Facility totaled $18.2 million, which reduced the available amount under the Revolving Credit Facility to $781.8 million. In connection with the Credit Agreement, the Company incurred $15.4 million of debt issuance costs, of which $11.9 million was related to the Term Loan and $3.5 million was related to the Revolving Credit Facility. Debt issuance costs related to the issuance of the Term Loan were recorded as a reduction of the principal amount of the borrowings and are amortized using the effective interest method as a component of Interest expense, net over the life of the Term Loan. Debt issuance costs related to the Revolving Credit Facility were recorded as Other assets and are amortized on a straight-line basis over the term of the Revolving Credit Facility. The Term Loan is subject to quarterly amortization of the principal amount on the last business day of each fiscal quarter of the Company (commencing on September 30, 2022) in such amounts as are set forth in the Credit Agreement. The Term Loan and the Revolving Credit Facility will mature on May 27, 2027. The Company must prepay loans outstanding under the Credit Agreement in an amount equal to the Net Cash Proceeds (as defined in the Credit Agreement) from (i) certain property dispositions and (ii) the receipt of certain other amounts not in the ordinary course of business, such as certain insurance proceeds and condemnation awards, in each case, if not reinvested within a specified time period as contemplated in the Credit Agreement. The Credit Agreement contains affirmative and negative covenants that are customary for credit agreements of this nature. The negative covenants include, among other things, limitations on asset sales, mergers, indebtedness, liens, investments and transactions with affiliates. The Credit Agreement contains two financial covenants: (i) a maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) as of the last day of each fiscal quarter of (a) 4.50 to 1.00 for the first four fiscal quarters ending after the closing date of the Credit Agreement (the “Initial Measurement Period”), (b) 4.00 to 1.00 for the first four fiscal quarters ending after the Initial Measurement Period and (c) 3.50 to 1.00 for each fiscal quarter thereafter; and (ii) a minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00 to 1.00 as of the end of any fiscal quarter for the most recently completed four fiscal quarters. The Company was in compliance with the financial covenants as of October 2, 2022. The Credit Agreement was entered into in connection with the Combinations in order to fund a portion of the cash portion of the purchase price as well as to repay substantially all of Ortho’s then-outstanding indebtedness. See Note 2 for more information regarding the Combinations. In connection with the closing of the Combinations, Quidel terminated its previous $175.0 million revolving credit facility and related credit agreement on May 27, 2022, which did not have an outstanding balance. The following table provides the detailed amounts within Interest expense, net for the three and nine months ended October 2, 2022 and October 3, 2021: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Term Loan $ 27.9 $ — $ 36.3 $ — Revolving Credit Facility 0.6 0.1 1.0 0.2 Amortization of deferred financing costs 0.9 0.1 1.2 0.3 Derivative instruments and other 0.6 1.1 3.5 4.4 Interest income (0.3) — (1.0) (0.2) Interest expense, net $ 29.7 $ 1.3 $ 41.0 $ 4.7

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Oct. 02, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Issuances of Common Stock A summary of the status of stock option activity for the nine months ended October 2, 2022 is as follows: (In millions, except price data) Shares Weighted-Average Outstanding at January 2, 2022 0.7 $ 62.71 Granted 0.2 100.45 Stock options assumed in the Combinations 1.2 96.10 Exercised (0.1) 41.39 Outstanding at October 2, 2022 2.0 $ 86.17 A summary of the status of RSU activity for the nine months ended October 2, 2022 is as follows: (In millions, except price data) Shares Weighted-Average Non-vested January 2, 2022 0.6 $ 95.81 Granted 0.7 97.52 Vested (0.2) 85.18 Forfeited (0.1) 104.18 Non-vested at October 2, 2022 1.0 $ 99.02 Stock-Based Compensation The expense related to the Company’s stock-based compensation plans included in the accompanying unaudited Consolidated Statements of Income was as follows: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Cost of sales $ 0.8 $ 0.9 $ 2.0 $ 2.1 Research and development 1.3 1.4 3.8 3.3 Sales, marketing and administrative 7.2 4.7 20.5 13.3 Acquisition and integration costs 6.9 — 24.2 — Total stock-based compensation expense $ 16.2 $ 7.0 $ 50.5 $ 18.7 The table above includes $3.0 million and $13.9 million of compensation expense related to liability-classified awards for the three and nine months ended October 2, 2022, respectively, which have been or are expected to be settled in cash. These awards represent the $7.14 per share cash settled portion of the replacement awards issued in connection with the Combinations. As of October 2, 2022, total unrecognized compensation expense was $105.8 million, which is expected to be recognized over a weighted-average period of approximately 2.6 years. The estimated fair value of each stock option was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for the option grants, including grants related to options assumed in the Combinations presented separately: Assumed on Nine Months Ended May 27, 2022 (1) October 2, 2022 October 3, 2021 Risk-free interest rate 2.28 % 1.99 % 0.48 % Expected option life (in years) 1.78 4.89 4.99 Volatility rate 64 % 58 % 54 % Dividend rate 0 % 0 % 0 % Weighted-average grant date fair value $40.57 $50.86 $106.55 (1) The replacement stock options granted to Ortho option holders on the closing date of the Combinations were issued consistent with the vesting conditions of the replaced award. The fair value on the closing date of the Combinations attributed to post-combination service, adjusted for estimated forfeitures, is recognized as expensed on a straight-line basis over the remaining vesting period. The fair value of the replacement stock options were valued utilizing the Black-Scholes option valuation model.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 02, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom time to time, the Company is involved in litigation and other legal proceedings, including matters related to product liability claims, commercial disputes and intellectual property claims, as well as regulatory, employment, and other claims related to our business. The Company accrues for legal claims when, and to the extent that, amounts associated with the claims become probable and are reasonably estimable. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from these matters are inherently difficult to predict. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. For those matters as to which we are not able to estimate a possible loss or range of loss, we are not able to determine whether the loss will have a material adverse effect on our business, financial condition or results of operations or liquidity.Management believes that all such current legal actions, in the aggregate, will not have a material adverse effect on the Company. However, the resolution of, or increase in any accruals for, one or more matters may have a material adverse effect on the Company’s results of operations and cash flows.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 02, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods: October 2, 2022 January 2, 2022 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 0.4 $ 2.2 $ — $ 2.6 $ 204.7 $ 6.6 $ — $ 211.3 Marketable securities — 72.1 — 72.1 — 63.6 — 63.6 Derivative assets — 37.4 — 37.4 — 0.1 — 0.1 Total assets measured at fair value $ 0.4 $ 111.7 $ — $ 112.1 $ 204.7 $ 70.3 $ — $ 275.0 Liabilities: Derivative liabilities $ — $ 9.3 $ — $ 9.3 $ — $ 0.3 $ — $ 0.3 Contingent consideration — — 0.1 0.1 — — 6.1 6.1 Deferred consideration — 38.7 — 38.7 — 78.4 — 78.4 Total liabilities measured at fair value $ — $ 48.0 $ 0.1 $ 48.1 $ — $ 78.7 $ 6.1 $ 84.8 There were no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three and nine months ended October 2, 2022 and the year ended January 2, 2022. Cash equivalents consist of funds held in money market accounts that are valued using quoted prices in active markets for identical instruments and highly liquid corporate debt securities with maturities within three months from purchase. Marketable securities consist of investment-grade corporate and government debt securities, corporate asset-backed securities and commercial paper. Derivative financial instruments are based on observable inputs that are corroborated by market data. Observable inputs include broker quotes, daily market foreign currency rates and forward pricing curves . In connection with the acquisition of the B-type Natriuretic Peptide (“BNP”) assay business run on Beckman Coulter analyzers (“BNP Business”) from Alere Inc., the Company will pay annual installments of up to $48.0 million each year through April 2023. The fair value of the payments treated as deferred consideration i s calculated based on the net present value of cash payments using an estimated borrowing rate based on a quoted price for a similar liability. The fair value of the payments treated as contingent consideration is calculated using a discounted probability weighted valuation model. Discount rates used in such calculations are significant assumptions that are not observed in the market and, therefore, the resulting fair value represents a Level 3 measurement. Changes in estimated fair value of contingent consideration liabilities from January 2, 2022 through October 2, 2022 were as follows: (In millions) Contingent Consideration Balance at January 2, 2022 $ 6.1 Cash payments (6.0) Balance at October 2, 2022 $ 0.1 Financial Instruments Not Measured at Fair Value

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Oct. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company selectively uses derivative and non-derivative instruments to manage market risk associated with changes in interest rates and foreign currency exchange rates. The use of derivatives is intended for hedging purposes only, and the Company does not enter into derivative transactions for speculative purposes. Credit risk represents the Company’s gross exposure to potential accounting loss on derivative instruments that are outstanding or unsettled if all counterparties failed to perform according to the terms of the contract. The Company generally enters into master netting arrangements that reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company does not have any derivative instruments with credit-risk related contingent features that would require it to post collateral. Interest Rate Hedging Instruments The Company’s interest rate risk relates primarily to interest rate exposures on variable rate debt, including the Revolving Credit Facility and Term Loan. See Note 8 for additional information on the currently outstanding components of the Revolving Credit Facility and Term Loan. The Company entered into interest rate cap and swap agreements to hedge the related risk of the variability to the Company’s cash flows due to the rates specified for these credit facilities. The Company designates certain interest rate derivative instruments as cash flow hedges, including the outstanding interest rate swap. The Company records gains and losses due to changes in fair value of the derivatives within Other comprehensive (loss) income (“OCI”) and reclassifies these amounts to Interest expense, net in the same period or periods for which the underlying hedged transaction affects earnings. In the event the Company determines the hedged transaction is no longer probable to occur or concludes the hedge relationship is no longer effective, the hedge is prospectively de-designated. The pre-tax unrealized gain of $10.4 million within OCI as of October 2, 2022 is expected to be reclassified to earnings in the next 12 months. The following table summarizes the Company’s interest rate derivative agreements as of October 2, 2022: Instrument Notional Amount (1) (In millions) Description Hedge Designation Effective Date Expiration Date Interest rate cap $ 1,000.0 Interest rate cap amount of 3.428% Non-designated May 29, 2022 December 31, 2023 Interest rate swap $ 1,000.0 Pay 1.58% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge May 29, 2022 December 31, 2023 (1) The notional value of these instruments is expected to be $500.0 million in 2023. Subsequent to October 2, 2022, the Company entered into interest rate swap contracts, commencing on December 30, 2022, with a total notional value of $1.3 billion through December 29, 2023 and $1.8 billion subsequently, to hedge future interest rate exposures on variable rate debt, including the Revolving Credit Facility and Term Loan. The following table summarizes these interest rate derivative agreements: Notional Amount Description Hedge Designation Effective Date Expiration Date $ 397.2 Pay 3.765% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 144.4 Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 216.7 Pay 3.7675% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 288.9 Pay 3.7575% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 252.8 Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 Additionally, subsequent to October 2, 2022, the Company amended the termination date for the interest rate cap to December 30, 2022. Currency Hedging Instruments The Company has currency risk exposures relating primarily to foreign currency denominated monetary assets and liabilities and forecasted foreign currency denominated intercompany and third-party transactions. The Company uses foreign currency forward contracts and may use option contracts and cross currency swaps to manage its currency risk exposures. The Company’s foreign currency forward contracts are denominated primarily in Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Chilean Peso, Chinese Yuan/Renminbi, Colombian Peso, Euro, Indian Rupee, Japanese Yen, Mexican Peso, Philippine Peso, Singapore Dollar, Swiss Franc and the Thai Baht. The Company designates certain foreign currency forward contracts as cash flow hedges. The Company records gains and losses due to changes in fair value of the derivatives within OCI and reclassifies these amounts to Cost of sales, excluding amortization of intangibles in the same period or periods for which the underlying hedged transaction affects earnings. In the event the Company determines the hedged transaction is no longer probable to occur or concludes the hedge relationship is no longer effective, the hedge is prospectively de-designated. The pre-tax unrealized income of $4.6 million within OCI as of October 2, 2022 is expected to be reclassified to earnings in the next 12 months. The Company also enters into foreign currency forward contracts that are not part of designated hedging relationships and which are intended to mitigate exchange rate risk of monetary assets and liabilities and related forecasted transactions. The Company records these non-designated derivatives at mark-to-market with gains and losses recognized in earnings within Other income, net. The following table provides details of the currency hedging instruments outstanding as of October 2, 2022: Description Notional Amount Hedge Designation Foreign currency forward contracts $ 125.1 Cash Flow Hedge Foreign currency forward contracts 543.8 Non-designated The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within accumulated other comprehensive (loss) income (“AOCI”) for the three and nine months ended October 2, 2022: Designated Hedging Instruments (In millions) Amount of Loss (Gain) Recognized in OCI on Hedges Location of Amounts Reclassified From AOCI Into Income Amount of Loss (Gain) Reclassified From AOCI Into Income Three Months Ended October 2, 2022 Foreign currency forward contracts (sales) $ (2.6) Total revenues $ (0.7) Foreign currency forward contracts (purchases) (0.6) Cost of sales, excluding amortization of intangibles (0.1) Interest rate derivatives (7.9) Interest expense, net 0.4 Nine Months Ended October 2, 2022 Foreign currency forward contracts (sales) $ (5.0) Total revenues $ (0.9) Foreign currency forward contracts (purchases) (0.8) Cost of sales, excluding amortization of intangibles (0.1) Interest rate derivatives (11.0) Interest expense, net 1.7 Gains and losses from designated derivative and non-derivative instruments within AOCI for the three and nine months ended October 3, 2021 were not material. The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of October 2, 2022 and January 2, 2022: (In millions) October 2, 2022 January 2, 2022 Designated cash flow hedges Interest rate derivatives: Other assets $ 18.4 $ — Foreign currency forward contracts: Prepaid expenses and other current assets 7.9 0.1 Other current liabilities 4.0 0.2 Non-designated hedging instruments Interest rate derivatives: Other assets 3.2 — Foreign currency forward contracts: Prepaid expenses and other current assets 7.9 — Other current liabilities 5.3 0.1

Related Party Transactions

Related Party Transactions	9 Months Ended
	Oct. 02, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Quotient Limited As a result of the consummation of the Combinations, the Company acquired Ortho’s Letter Agreement (the “Letter Agreement”), entered into in September 2020, with Quotient Limited (“Quotient”), in which Ortho partnered with Quotient to commercialize, when approved, the next generation product in immunohematology (“IH”), a transfusion diagnostic patient IH microarray intended for use with Quotient’s MosaiQ instruments (the “IH3 Microarray”) that enables a high level of multiplexing and addresses the ultra-high throughput market. Under the Letter Agreement, Ortho will have the right to distribute, market and sell the IH3 Microarrays in the European Economic Area, the U.K. and Switzerland (collectively, the “European Territory”) and the U.S., solely for use in testing the immunohematological profile of the blood of medical patients in the course of their care or treatment. Quotient retains the right to distribute, market and sell the IH3 Microarrays for use in blood donor testing worldwide and in the patient testing market outside of the European Territory and the U.S. Ortho’s rights with respect to the IH3 Microarray are exclusive so long as Ortho satisfies its obligation to meet annual minimum purchase volume requirements in each territory. Under the Letter Agreement, Ortho also has the non-exclusive right to sell and distribute MosaiQ instruments in the U.S. and the European Territory for use in testing the immunohematological profile of blood of medical patients in the course of their care or treatment. Under the Letter Agreement, Ortho is also required to purchase the IH3 Microarrays, and the instruments, controls and reagents required for their use, only from Quotient at specified prices. Ortho is also required to make milestone payments to Quotient as specified milestones and benchmarks are achieved. Ortho will be obligated to pay up to $60 million in milestone payments to Quotient upon its achievement of certain regulatory milestones and the achievement by Ortho of commercial sales benchmarks related to MosaiQ , including a milestone payment of up to $25 million upon the achievement by Ortho of certain cumulative gross revenue hurdl es. The Company did not make such payments during the three and nine months ended October 2, 2022 and does not anticipate making any such payments for the remainder of fiscal year 2022. Due to the Company’s equity method investment held in Quotient, the Company concluded that Quotient is a related party of the Company. Under a separate supply agreement between Ortho and Quotient, which was also acquired by the Company as a result of the consummation of the Combinations, the Company purchased inventories from a subsidiary of Quotient amounting to $4.6 million and $6.7 million during the three and nine months ended October 2, 2022, respectively. As of October 2, 2022, Accounts payable included amounts related to purchases from the Quotient subsidiary of $2.7 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	9 Months Ended
	Oct. 02, 2022
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income The balance of AOCI, net of tax, was as follows for the three and nine months ended October 2, 2022: Three Months Ended October 2, 2022 Nine Months Ended October 2, 2022 (In millions) Cash Flow Hedges Available-for-Sale Investments Unrealized Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Available-for-Sale Investments Unrealized Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income (Loss) Beginning balance $ 5.5 $ (0.7) $ (65.5) $ (60.7) $ — $ (0.1) $ 0.5 $ 0.4 Current period 9.3 — (92.9) (83.6) 13.9 (0.6) (158.9) (145.6) Amounts reclassified (0.2) — — (0.2) 0.7 — — 0.7 Net change 9.1 — (92.9) (83.8) 14.6 (0.6) (158.9) (144.9) Ending balance $ 14.6 $ (0.7) $ (158.4) $ (144.5) $ 14.6 $ (0.7) $ (158.4) $ (144.5) Amounts related to the prior year periods were not material for the three and nine months ended October 3, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 02, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Company h ave been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) for interim financial information and with the general instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain footnotes or other financial information required by GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. The information at October 2, 2022, and for the three and nine months ended October 2, 2022 and October 3, 2021, is unaudited. For further information, refer to the Consolidated Financial Statements and notes thereto for the year ended January 2, 2022 included in Quidel’s 2021 Annual Report on Form 10-K. Operating results for any quarter are historically seasonal in nature and are not necessarily indicative of the results expected for the full year. The Company follows the concept of a fiscal year that ends on the Sunday nearest to the end of the month of December, and fiscal quarters that end on the Sunday nearest to the end of the months of March, June, and September. For 2022 and 2021, the Company’s fiscal year will end or has ended on January 1, 2023 and January 2, 2022, respectively. For 2022 and 2021, the Company’s third quarter ended on October 2, 2022 and October 3, 2021, respectively. The three and nine-month periods ended October 2, 2022 and October 3, 2021 each included 13 and 26 weeks, respectively.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Regulatory Accounting	Significant Accounting Policies During the nine months ended October 2, 2022, there have been no changes to the Company’s significant accounting policies as described in Quidel’s 2021 Annual Report on Form 10-K, except for the addition of certain policies related to the Combinations, which are discussed below.
Business Combinations Policy	Business Combinations The cost of an acquired business is assigned to the tangible and identifiable intangible assets acquired and liabilities assumed on the basis of the estimated fair values at the date of acquisition. We assess fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, using a variety of methods including, but not limited to, an income approach and a market approach, such as the estimation of future cash flows of the acquired business and current selling prices of similar assets. Fair value of the assets acquired and liabilities assumed, including intangible assets, in-process research and development (“IPR&D”), and contingent payments, are measured based on the assumptions and estimations with regards to variable factors such as the amount and timing of future cash flows for the asset or liability being measured, appropriate risk-adjusted discount rates, nonperformance risk, or other factors that market participants would consider. Upon acquisition, we determine the estimated economic lives of the acquired intangible assets for amortization purposes, which are based on the underlying expected cash flows of such assets. When applicable, adjustments to inventory are based on the fair market value of inventory and amortized into income based on the period in which the underlying inventory is sold. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that is not individually identified and separately recognized. Actual results may vary from projected results and assumptions used in the fair value assessments.
Pension and Other Postretirement Plans, Pensions, Policy	Defined Benefit Plans and Other Post-Employment BenefitsIn connection with the Combinations, the Company assumed Ortho’s defined benefit plans in certain countries and a retiree healthcare reimbursement plan for certain U.S. employees. Defined benefit plans specify an amount of pension benefit that an employee will receive on retirement, usually dependent on factors such as age, years of service and compensation. The net obligation with respect to defined benefit plans is calculated separately for each plan by estimating the amount of the future benefits that employees have earned in return for their service in the current and prior periods. These benefits are then discounted to determine the present value of the obligations and are then adjusted for the impact of any unamortized prior service costs. The net obligation is then determined with reference to the fair value of the plan assets (if any). The discount rate used is the yield on bonds that are denominated in the currency in which the benefits will be paid and that have maturity dates approximating the terms of the obligations. The calculations are performed by qualified actuaries using the projected unit credit method.
Government Assistance	Government AssistanceIn connection with the Combinations, the Company acquired a previously established agreement between Ortho and the Biomedical Advanced Research and Development Authority (“BARDA”), a division of the U.S. Department of Health and Human Services, which provided funding for Ortho to build manufacturing space and production support equipment to increase COVID-19 assay production capacity, as well as to build a manufacturing facility to produce certain analyzers needed to support COVID-19 testing. Amounts received from BARDA under this grant are recorded as a reduction to the carrying value of the related assets. A portion of the grant is for purposes of reimbursement of certain general and administrative expenses related to the project, which will not be capitalized as part of the equipment constructed in connection with the project and will be recorded as a reduction to the related expense. The Company received $15.8 million during the nine months ended October 2, 2022, which was recorded as a reduction to the carrying value of the related assets.

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Oct. 02, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The total purchase consideration was calculated as follows (in millions, except value per share data and Ortho Exchange Ratio): Total Ortho shares subject to exchange 237.487 Ortho Exchange Ratio 0.1055 QuidelOrtho shares issued 25.055 Value per Quidel share as of May 26, 2022 $ 99.60 Fair value of stock consideration $ 2,495.5 Fair value of replacement equity awards (1) 47.9 Cash consideration (2) 1,747.7 Total purchase consideration $ 4,291.1 (1) Represents the fair value of replacement stock options (which include options with time-based, performance-based, and both performance- and market-based vesting conditions), restricted stock units (“RSUs”) and restricted stock outstanding as of May 27, 2022 that are attributable to service prior to the Combinations. The terms of the replacement awards are substantially similar to the former Ortho equity awards for which they were exchanged. The portion of the fair value of the replacement equity awards attributable to service after the Combinations is $46.6 million and will be recognized as compensation expense based on the vesting terms of the replacement equity awards. (2) Represents cash consideration of $7.14 per share paid to Ortho shareholders and holders of vested Ortho stock options on the closing date of the Combinations for 237.5 million outstanding Ortho shares and 7.3 million vested Ortho stock options. The components of the preliminary purchase price allocation on the closing date of the Combinations are as follows: (In millions) Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of Acquisition Date Cash and cash equivalents $ 234.5 $ — $ 234.5 Accounts receivable 240.6 — 240.6 Inventories 386.8 — 386.8 Property, plant and equipment 767.5 157.8 925.3 Goodwill 2,291.3 (190.7) 2,100.6 Intangible assets 3,133.0 95.0 3,228.0 Prepaid expenses and other assets 287.9 4.4 292.3 Total assets 7,341.6 66.5 7,408.1 Accounts payable (135.0) — (135.0) Accrued payroll and related expenses (80.7) (0.4) (81.1) Long-term borrowings, including current portion (1) (2,268.4) — (2,268.4) Deferred tax liability (215.4) (62.8) (278.2) Other current and non-current liabilities (351.0) (3.3) (354.3) Total liabilities (3,050.5) (66.5) (3,117.0) Total purchase consideration $ 4,291.1 $ — $ 4,291.1 (1) Immediately following the closing of the Combinations, the Company repaid long-term borrowings assumed, which consisted of $1,608.4 million aggregate principal amount related to Ortho’s Dollar Term Loan and Euro Term Loan Facilities, $240.0 million aggregate principal amount of 7.375% Senior Notes due 2025 and $405.0 million aggregate principal amount of 7.250% Senior Notes due 2028. The 7.375% and 7.250% Senior Notes were fully discharged following the Combinations. The Company recorded a $23.5 million loss on extinguishment in connection with the Combinations, representing the difference between the reacquisition value, inclusive of $35.9 million of redemption premium, and the net carrying value of the extinguished debt.
Assignment of Goodwill by Reportable Segment	The preliminary assignment of goodwill by reportable segment as of the closing date of the Combinations is as follows (in millions): North America $ 1,170.2 EMEA 376.0 China 114.4 Other 440.0 $ 2,100.6
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table sets forth the amounts assigned to the identifiable intangible assets acquired (in millions, except years): Intangible Asset Amortization Period Fair Value of Assets Acquired Customer relationships 20 years $ 1,775.0 Developed technology 15 years 903.0 Trademarks 15 years 373.0 In-process research and development Not amortized 177.0 $ 3,228.0
Pro Forma Financial Information	The following unaudited supplemental pro forma financial information shows the combined results of operations of the Company as if the Combinations had occurred on January 4, 2021, the beginning of the periods presented: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Pro forma total revenues $ 783.8 $ 1,032.3 $ 3,184.7 $ 2,583.5 Pro forma net (loss) income 50.2 225.2 549.5 340.2

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	9 Months Ended
	Oct. 02, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculation of the weighted-average shares used in computing basic and diluted EPS: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Basic weighted-average shares of common stock outstanding 66.9 41.7 53.6 41.7 Dilutive potential shares issuable from stock options and unvested RSUs 0.6 0.8 0.6 0.8 Diluted weighted-average shares of common stock outstanding 67.5 42.5 54.2 42.5 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 1.6 0.2 1.5 0.1

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Oct. 02, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes Total revenues by business unit for the three and nine months ended October 2, 2022 and October 3, 2021: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Labs $ 334.8 $ 11.4 $ 505.5 $ 32.7 Transfusion Medicine 163.1 — 231.3 — Point-of-Care 270.5 443.6 1,580.6 879.4 Molecular Diagnostics 15.4 54.8 82.1 149.6 Total revenues $ 783.8 $ 509.8 $ 2,399.5 $ 1,061.7
Concentration of revenue and credit risk	The Company had sales to individual customers in excess of 10% of Total revenues as follows: Nine Months Ended October 2, 2022 October 3, 2021 Customer: A 27 % — % B 10 % 27 % C 7 % 11 % D 4 % 10 % 48 % 48 %

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Oct. 02, 2022
Industry And Geographic Information [Abstract]
Revenue from External Customers by Geographic Areas	Total revenues by reportable segment are as follows: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 North America $ 517.6 $ 466.8 $ 1,917.3 $ 902.2 EMEA 73.7 14.8 131.0 53.8 China 80.8 12.1 163.1 46.8 Other 111.7 16.1 188.1 58.9 Total revenues $ 783.8 $ 509.8 $ 2,399.5 $ 1,061.7
Schedule of Segment Reporting Information, by Segment	The following table sets forth Adjusted EBITDA by segment and the reconciliations to Income before provision for income taxes for the three and nine months ended October 2, 2022 and October 3, 2021: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 North America $ 326.3 $ 370.4 $ 1,356.2 $ 745.2 EMEA 17.2 4.5 33.5 22.8 China 44.9 4.7 83.6 20.1 Other 29.8 7.6 63.9 35.7 Total segment Adjusted EBITDA 418.2 387.2 1,537.2 823.8 Corporate (1) (191.4) (91.9) (451.3) (253.2) Depreciation and amortization (104.2) (12.7) (167.0) (37.3) Interest expense, net (29.7) (1.3) (41.0) (4.7) Acquisition and integration costs (26.4) — (109.6) (1.8) Loss on extinguishment of debt — — (24.0) — Unwind inventory fair value adjustment (35.4) — (46.6) — Amortization of deferred cloud computing (1.6) (1.0) (3.9) (2.9) Derivative mark-to-market gain 3.4 — 4.4 — Gain (loss) on investments — 1.2 (0.8) 1.2 Employee compensation charges and other costs (1.3) — (1.8) — EU medical device regulation transition costs (2) (0.6) — (1.0) — Tax indemnification income 0.3 — 0.3 — Change in fair value of acquisition contingencies — — (0.1) (0.1) Income before provision for income taxes $ 31.3 $ 281.5 $ 694.8 $ 525.0 (1) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and information technology (“IT”) functions, which benefit the Company as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards.

Balance Sheet Account Details (

Balance Sheet Account Details (Tables)	9 Months Ended
	Oct. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash (In millions) October 2, 2022 January 2, 2022 Cash and cash equivalents $ 212.2 $ 802.8 Restricted cash included in Other assets 1.0 — Cash, cash equivalents and restricted cash $ 213.2 $ 802.8
Marketable Securities	The following table is a summary of marketable securities: October 2, 2022 January 2, 2022 (In millions) Amortized Cost Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Losses Fair Value Corporate bonds 40.4 $ (0.6) $ 39.8 $ 22.3 $ — $ 22.3 Corporate asset-backed securities 10.0 — 10.0 3.4 — 3.4 U.S. government securities 2.0 — 2.0 — — — Total marketable securities, current 52.4 (0.6) 51.8 25.7 — 25.7 Corporate bonds, non-current 13.8 (0.1) 13.7 26.8 (0.1) 26.7 Corporate asset-backed securities, non-current 4.8 (0.1) 4.7 11.2 — 11.2 Foreign and other 1.9 — 1.9 — — — Total marketable securities $ 72.9 $ (0.8) $ 72.1 $ 63.7 $ (0.1) $ 63.6
Accounts Receivable, Net	Accounts receivables primarily consist of trade accounts receivables with maturities of one year or less and are presented net of reserves: (In millions) October 2, 2022 January 2, 2022 Accounts receivable $ 489.5 $ 430.4 Allowance for contract rebates and discounts (61.9) (50.7) Allowance for doubtful accounts (11.0) (1.7) Total accounts receivable, net $ 416.6 $ 378.0
Inventory	Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following: (In millions) October 2, 2022 January 2, 2022 Raw materials $ 189.5 $ 103.2 Work-in-process (materials, labor and overhead) 83.2 36.1 Finished goods (materials, labor and overhead) 302.1 59.5 Total inventories $ 574.8 $ 198.8 Inventories $ 536.2 $ 198.8 Other assets (1) 38.6 — Total inventories $ 574.8 $ 198.8 (1) Other assets includes inventory expected to remain on hand beyond one year.
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following: (In millions) October 2, 2022 January 2, 2022 Other receivables $ 37.2 $ 15.8 Contract assets 54.6 — Prepaid expenses 70.8 14.6 Income taxes and other tax receivables 48.7 — Derivatives 15.8 0.1 Other 1.3 4.5 Total prepaid expenses and other current assets $ 228.4 $ 35.0
Other Current Liabilities	Other current liabilities consist of the following: (In millions) October 2, 2022 January 2, 2022 Accrued commissions and rebates $ 41.4 $ 15.9 Deferred consideration 38.7 41.9 Deferred revenue 32.5 1.9 Operating lease liabilities 22.7 10.0 Accrued other taxes payable 14.7 10.2 Derivatives 9.3 0.3 Contingent consideration 0.1 6.0 Payables under transition services agreements — 10.9 Other 81.1 17.3 Total other current liabilities $ 240.5 $ 114.4

Long-term Borrowings (Tables)

Long-term Borrowings (Tables)	9 Months Ended
	Oct. 02, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The components of borrowings were as follows: (In millions) October 2, 2022 January 2, 2022 Term Loan $ 2,698.4 $ — Revolving Credit Facility — — Financing lease obligation 0.9 0.7 Other long-term borrowings 1.5 — Unamortized deferred financing costs (11.2) — Total borrowings 2,689.6 0.7 Less: current portion (207.6) (0.3) Long-term borrowings $ 2,482.0 $ 0.4
Schedule of Interest Expense	The following table provides the detailed amounts within Interest expense, net for the three and nine months ended October 2, 2022 and October 3, 2021: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Term Loan $ 27.9 $ — $ 36.3 $ — Revolving Credit Facility 0.6 0.1 1.0 0.2 Amortization of deferred financing costs 0.9 0.1 1.2 0.3 Derivative instruments and other 0.6 1.1 3.5 4.4 Interest income (0.3) — (1.0) (0.2) Interest expense, net $ 29.7 $ 1.3 $ 41.0 $ 4.7

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Oct. 02, 2022
Equity [Abstract]
Share-based Payment Arrangement, Option, Activity	A summary of the status of stock option activity for the nine months ended October 2, 2022 is as follows: (In millions, except price data) Shares Weighted-Average Outstanding at January 2, 2022 0.7 $ 62.71 Granted 0.2 100.45 Stock options assumed in the Combinations 1.2 96.10 Exercised (0.1) 41.39 Outstanding at October 2, 2022 2.0 $ 86.17
Schedule of Nonvested Share Activity	A summary of the status of RSU activity for the nine months ended October 2, 2022 is as follows: (In millions, except price data) Shares Weighted-Average Non-vested January 2, 2022 0.6 $ 95.81 Granted 0.7 97.52 Vested (0.2) 85.18 Forfeited (0.1) 104.18 Non-vested at October 2, 2022 1.0 $ 99.02
Compensation Expense Related to Stock-Based Compensation Plans	The expense related to the Company’s stock-based compensation plans included in the accompanying unaudited Consolidated Statements of Income was as follows: Three Months Ended Nine Months Ended (In millions) October 2, 2022 October 3, 2021 October 2, 2022 October 3, 2021 Cost of sales $ 0.8 $ 0.9 $ 2.0 $ 2.1 Research and development 1.3 1.4 3.8 3.3 Sales, marketing and administrative 7.2 4.7 20.5 13.3 Acquisition and integration costs 6.9 — 24.2 — Total stock-based compensation expense $ 16.2 $ 7.0 $ 50.5 $ 18.7
Estimated Fair Value of Each Stock Option Award	The estimated fair value of each stock option was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for the option grants, including grants related to options assumed in the Combinations presented separately: Assumed on Nine Months Ended May 27, 2022 (1) October 2, 2022 October 3, 2021 Risk-free interest rate 2.28 % 1.99 % 0.48 % Expected option life (in years) 1.78 4.89 4.99 Volatility rate 64 % 58 % 54 % Dividend rate 0 % 0 % 0 % Weighted-average grant date fair value $40.57 $50.86 $106.55

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 02, 2022
Fair Value Disclosures [Abstract]
Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods: October 2, 2022 January 2, 2022 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 0.4 $ 2.2 $ — $ 2.6 $ 204.7 $ 6.6 $ — $ 211.3 Marketable securities — 72.1 — 72.1 — 63.6 — 63.6 Derivative assets — 37.4 — 37.4 — 0.1 — 0.1 Total assets measured at fair value $ 0.4 $ 111.7 $ — $ 112.1 $ 204.7 $ 70.3 $ — $ 275.0 Liabilities: Derivative liabilities $ — $ 9.3 $ — $ 9.3 $ — $ 0.3 $ — $ 0.3 Contingent consideration — — 0.1 0.1 — — 6.1 6.1 Deferred consideration — 38.7 — 38.7 — 78.4 — 78.4 Total liabilities measured at fair value $ — $ 48.0 $ 0.1 $ 48.1 $ — $ 78.7 $ 6.1 $ 84.8
Changes in Estimated Fair Value of Contingent Consideration Liabilities	Changes in estimated fair value of contingent consideration liabilities from January 2, 2022 through October 2, 2022 were as follows: (In millions) Contingent Consideration Balance at January 2, 2022 $ 6.1 Cash payments (6.0) Balance at October 2, 2022 $ 0.1

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Oct. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table summarizes the Company’s interest rate derivative agreements as of October 2, 2022: Instrument Notional Amount (1) (In millions) Description Hedge Designation Effective Date Expiration Date Interest rate cap $ 1,000.0 Interest rate cap amount of 3.428% Non-designated May 29, 2022 December 31, 2023 Interest rate swap $ 1,000.0 Pay 1.58% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge May 29, 2022 December 31, 2023 (1) The notional value of these instruments is expected to be $500.0 million in 2023. Subsequent to October 2, 2022, the Company entered into interest rate swap contracts, commencing on December 30, 2022, with a total notional value of $1.3 billion through December 29, 2023 and $1.8 billion subsequently, to hedge future interest rate exposures on variable rate debt, including the Revolving Credit Facility and Term Loan. The following table summarizes these interest rate derivative agreements: Notional Amount Description Hedge Designation Effective Date Expiration Date $ 397.2 Pay 3.765% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 144.4 Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 216.7 Pay 3.7675% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 288.9 Pay 3.7575% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 252.8 Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027
Schedule of Currency Hedging Instruments	The following table provides details of the currency hedging instruments outstanding as of October 2, 2022: Description Notional Amount Hedge Designation Foreign currency forward contracts $ 125.1 Cash Flow Hedge Foreign currency forward contracts 543.8 Non-designated
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within accumulated other comprehensive (loss) income (“AOCI”) for the three and nine months ended October 2, 2022: Designated Hedging Instruments (In millions) Amount of Loss (Gain) Recognized in OCI on Hedges Location of Amounts Reclassified From AOCI Into Income Amount of Loss (Gain) Reclassified From AOCI Into Income Three Months Ended October 2, 2022 Foreign currency forward contracts (sales) $ (2.6) Total revenues $ (0.7) Foreign currency forward contracts (purchases) (0.6) Cost of sales, excluding amortization of intangibles (0.1) Interest rate derivatives (7.9) Interest expense, net 0.4 Nine Months Ended October 2, 2022 Foreign currency forward contracts (sales) $ (5.0) Total revenues $ (0.9) Foreign currency forward contracts (purchases) (0.8) Cost of sales, excluding amortization of intangibles (0.1) Interest rate derivatives (11.0) Interest expense, net 1.7
Schedule of Derivative Assets at Fair Value	The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of October 2, 2022 and January 2, 2022: (In millions) October 2, 2022 January 2, 2022 Designated cash flow hedges Interest rate derivatives: Other assets $ 18.4 $ — Foreign currency forward contracts: Prepaid expenses and other current assets 7.9 0.1 Other current liabilities 4.0 0.2 Non-designated hedging instruments Interest rate derivatives: Other assets 3.2 — Foreign currency forward contracts: Prepaid expenses and other current assets 7.9 — Other current liabilities 5.3 0.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Oct. 02, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The balance of AOCI, net of tax, was as follows for the three and nine months ended October 2, 2022: Three Months Ended October 2, 2022 Nine Months Ended October 2, 2022 (In millions) Cash Flow Hedges Available-for-Sale Investments Unrealized Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Available-for-Sale Investments Unrealized Foreign Currency Translation Adjustments Accumulated Other Comprehensive Income (Loss) Beginning balance $ 5.5 $ (0.7) $ (65.5) $ (60.7) $ — $ (0.1) $ 0.5 $ 0.4 Current period 9.3 — (92.9) (83.6) 13.9 (0.6) (158.9) (145.6) Amounts reclassified (0.2) — — (0.2) 0.7 — — 0.7 Net change 9.1 — (92.9) (83.8) 14.6 (0.6) (158.9) (144.9) Ending balance $ 14.6 $ (0.7) $ (158.4) $ (144.5) $ 14.6 $ (0.7) $ (158.4) $ (144.5)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022 USD ($) country	Oct. 03, 2021 USD ($)	Oct. 02, 2022 USD ($) country	Oct. 03, 2021 USD ($)
Accounting Policies [Abstract]
Number of countries entity operates | country	130		130
Proceeds from government assistance allocated to fixed assets			$ 15.8	$ 36.9
Reclassification [Line Items]
Amortization of intangible assets	$ 50.5	$ 6.9	$ 78.6	20.5
Cost of sales
Reclassification [Line Items]
Amortization of intangible assets		1.9		5.5
Selling, Marketing, and Administrative Expense
Reclassification [Line Items]
Amortization of intangible assets		$ 5		$ 15

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended		9 Months Ended
	May 27, 2022	May 26, 2022	Jul. 03, 2022	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Business Acquisition [Line Items]
Amortization of intangible assets				$ 50.5	$ 6.9	$ 78.6	$ 20.5
Unwind inventory fair value adjustment				(35.4)	0	(46.6)	0
Ortho
Business Acquisition [Line Items]
Total purchase consideration		$ 4,291.1
Closing price of Quidel Common Stock (in usd per share)		$ 99.60
Cash paid to former Ortho stockholders per Ortho Share (in usd per share)		7.14
Ortho Exchange Ratio (in usd per share)		0.1055
Step-Up, Inventory, Value	$ 64.1		$ 46.6	35.4		46.6
Transaction costs				1.1		47
Amortization of intangible assets			$ 57.7
Pro forma net (loss) income				50.2	225.2	549.5	340.2
Ortho | Amortization Expense
Business Acquisition [Line Items]
Pro forma net (loss) income					(10.2)	(17.5)	(30.1)
Ortho | Cost of sales
Business Acquisition [Line Items]
Pro forma net (loss) income							(64.1)
Ortho | Interest Expense
Business Acquisition [Line Items]
Pro forma net (loss) income					$ (7.5)	(11.2)	(28.1)
Ortho | Loss on Extinguishment of Debt
Business Acquisition [Line Items]
Pro forma net (loss) income				(24)		(24)	(24)
Ortho | Share-Based Compensation Expense
Business Acquisition [Line Items]
Pro forma net (loss) income				$ (12.8)		(12.8)	$ (12.8)
Ortho | Ortho
Business Acquisition [Line Items]
Ortho Exchange Ratio (in usd per share)		$ 0.1055
Ortho | Ortho | Loss on Extinguishment of Debt
Business Acquisition [Line Items]
Pro forma net (loss) income						$ 50.3

Business Combination - Purchase

Business Combination - Purchase Price by Exchange Ratio (Details) - Ortho - USD ($) $ / shares in Units, $ in Millions	May 27, 2022	May 26, 2022
Business Acquisition [Line Items]
Ortho Exchange Ratio (in usd per share)		$ 0.1055
Value per Quidel share as of May 26, 2022 (in usd per share)		$ 99.60
Fair value of stock consideration		$ 2,495.5
Fair value of replacement equity awards		47.9
Cash consideration		1,747.7
Total purchase consideration		$ 4,291.1
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, After Combination	$ 46.6
Cash paid to former Ortho stockholders per Ortho Share (in usd per share)		$ 7.14
Business Acquisition, Number of Common Stock Shares Acquired		237,500,000
Business Acquisition, Number of Vested Stock Options Acquired		7,300,000
Ortho
Business Acquisition [Line Items]
Total Ortho shares subject to exchange (in shares)		237,487,000
Ortho Exchange Ratio (in usd per share)		$ 0.1055
QuidelOrtho
Business Acquisition [Line Items]
QuidelOrtho shares issued (in shares)		25,055,000

Business Combination - Summary

Business Combination - Summary of Purchase Price (Details) - USD ($) $ in Millions		3 Months Ended		4 Months Ended	9 Months Ended
	May 27, 2022	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 02, 2022	Oct. 03, 2021	Jan. 02, 2022
Business Acquisition [Line Items]
Goodwill		$ 2,357.7		$ 2,357.7	$ 2,357.7		$ 337
Loss on extinguishment of debt		0	$ 0		(24)	$ 0
Gain (Loss) On Redemption Premium	$ 35.9
Ortho
Business Acquisition [Line Items]
Cash and cash equivalents	234.5	234.5		234.5	234.5
Measurement Period Adjustments, Cash and Cash Equivalents				0
Accounts receivable	240.6	240.6		240.6	240.6
Measurement Period Adjustments, Accounts Receivable				0
Inventories	386.8	386.8		386.8	386.8
Measurement Period Adjustments, Inventory				0
Property, plant and equipment	767.5	925.3		925.3	925.3
Measurement Period Adjustments, Property, Plant, and Equipment				157.8
Goodwill	2,291.3	2,100.6		2,100.6	2,100.6
Measurement Period Adjustments, Goodwill				(190.7)
Intangible assets	3,133	3,228		3,228	3,228
Measurement Period Adjustments, Intangible Assets				95
Prepaid expenses and other assets	287.9	292.3		292.3	292.3
Measurement Period Adjustments, Prepaid Expenses and Other Assets				4.4
Total assets	7,341.6	7,408.1		7,408.1	7,408.1
Measurement Period Adjustments, Total Assets				66.5
Accounts payable	(135)	(135)		(135)	(135)
Measurement Period Adjustments, Accounts Payable				0
Accrued payroll and related expenses	(80.7)	(81.1)		(81.1)	(81.1)
Measurement Period Adjustments, Accrued Payroll and Related Expenses				(0.4)
Long-term borrowings, including current portion (1)	(2,268.4)	(2,268.4)		(2,268.4)	(2,268.4)
Measurement Period Adjustments, Accounts Receivable, Long-term borrowings, including current portion				0
Deferred tax liability	(215.4)	(278.2)		(278.2)	(278.2)
Measurement Period Adjustments, Deferred Income Tax Liability				(62.8)
Other current and non-current liabilities	(351)	(354.3)		(354.3)	(354.3)
Measurement Period Adjustments, Other Current and Non-current Liabilities				(3.3)
Total liabilities	(3,050.5)	(3,117)		(3,117)	(3,117)
Measurement Period Adjustments, Total Liabilities				(66.5)
Total purchase consideration	4,291.1	$ 4,291.1		4,291.1	$ 4,291.1
Measurement Period Adjustments, Total purchase consideration				$ 0
Repayments of Debt	1,608.4
Loss on extinguishment of debt	23.5
Ortho | Senior Notes Due 2025 | Senior Notes
Business Acquisition [Line Items]
Long-term borrowings	$ 240
Stated interest rate	7.375%
Ortho | Senior Notes Due 2028 | Senior Notes
Business Acquisition [Line Items]
Long-term borrowings	$ 405
Stated interest rate	7.25%

Business Combination - Goodwill

Business Combination - Goodwill Allocation (Details) - USD ($) $ in Millions	Oct. 02, 2022	May 27, 2022	Jan. 02, 2022
Business Combination Segment Allocation [Line Items]
Goodwill	$ 2,357.7		$ 337
Ortho
Business Combination Segment Allocation [Line Items]
Goodwill	2,100.6	$ 2,291.3
Ortho | North America
Business Combination Segment Allocation [Line Items]
Goodwill	1,170.2
Ortho | EMEA
Business Combination Segment Allocation [Line Items]
Goodwill	376
Ortho | China
Business Combination Segment Allocation [Line Items]
Goodwill	114.4
Ortho | Other
Business Combination Segment Allocation [Line Items]
Goodwill	$ 440

Business Combination - Purcha_2

Business Combination - Purchase Price Allocation of Intangible Assets (Details) - Ortho - USD ($) $ in Millions	May 27, 2022	Oct. 02, 2022
Business Acquisition [Line Items]
Intangible Assets	$ 3,133	$ 3,228
Tangible Assets	3,228
In-process research and development
Business Acquisition [Line Items]
In-process research and development	$ 177
Customer relationships
Business Acquisition [Line Items]
Amortization Period	20 years
Intangible Assets	$ 1,775
Developed technology
Business Acquisition [Line Items]
Amortization Period	15 years
Intangible Assets	$ 903
Trademarks
Business Acquisition [Line Items]
Amortization Period	15 years
Intangible Assets	$ 373

Business Combination - Pro Form

Business Combination - Pro Forma Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended						9 Months Ended
	Jul. 03, 2022	Oct. 02, 2022	Jul. 03, 2022	Apr. 03, 2022	Oct. 03, 2021	Jul. 04, 2021	Apr. 04, 2021	Oct. 02, 2022	Oct. 03, 2021
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net income		$ 19.2	$ 19.3	$ 479.9	$ 215.7	$ 19.1	$ 178.1	$ 518.4	$ 412.9
Total revenues		783.8			509.8			2,399.5	1,061.7
Ortho
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma total revenues		783.8			1,032.3			3,184.7	2,583.5
Pro forma net (loss) income		$ 50.2			$ 225.2			$ 549.5	$ 340.2
Net income	$ 63.6
Total revenues	$ 700.4

Computation of Earnings Per S_3

Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Earnings Per Share [Abstract]
Basic weighted-average shares of common stock outstanding	66.9	41.7	53.6	41.7
Dilutive potential shares issuable from stock options and unvested RSUs	0.6	0.8	0.6	0.8
Diluted weighted-average shares of common stock outstanding	67.5	42.5	54.2	42.5
Potentially dilutive shares excluded from calculation due to anti-dilutive effect	1.6	0.2	1.5	0.1

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 02, 2022	Oct. 02, 2022	Oct. 03, 2021	Jan. 02, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 32.5	$ 32.5		$ 1.9
Deferred Revenue, Noncurrent	9.7	$ 9.7
Revenue Benchmark | Product Concentration Risk | COVID-19
Disaggregation of Revenue [Line Items]
Percentage of risk concentration		54%	71%
Revenue Benchmark | Product Concentration Risk | Influenza
Disaggregation of Revenue [Line Items]
Percentage of risk concentration		7%	3%
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Disaggregation of Revenue [Line Items]
Gross Profit	7.9	$ 13.5
Revenue from Contract with Customer, Including Assessed Tax	2.7	4.7
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement and Third Party
Disaggregation of Revenue [Line Items]
Gross Profit	5.2	8.8
Prepaid Expenses and Other Current Assets [Member]
Disaggregation of Revenue [Line Items]
Total Contract assets	54.6	54.6
Contract assets	54.6	54.6
Customer 1
Disaggregation of Revenue [Line Items]
Total Contract assets	8.5	8.5
Contract assets	8.5	8.5
Expected Value Contract Customers | Prepaid Expenses and Other Current Assets [Member]
Disaggregation of Revenue [Line Items]
Total Contract assets	41.5	41.5
Contract assets	41.5	$ 41.5
Customer A | Sales | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of risk concentration		27%	0%
Customer B | Sales | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of risk concentration		10%	27%
Customer C | Sales | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of risk concentration		7%	11%
Customer 2
Disaggregation of Revenue [Line Items]
Total Contract assets	4.6	$ 4.6
Contract assets	4.6	4.6
Customers With Balances Due In Excess of 10% Of Accounts Receivable | Accounts Receivable | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Accounts Receivable, before Allowance for Credit Loss	$ 162.9	$ 162.9		$ 267.3

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 783.8	$ 509.8	$ 2,399.5	$ 1,061.7
Labs
Disaggregation of Revenue [Line Items]
Total revenues	334.8	11.4	505.5	32.7
Transfusion Medicine
Disaggregation of Revenue [Line Items]
Total revenues	163.1	0	231.3	0
Point-of-Care
Disaggregation of Revenue [Line Items]
Total revenues	270.5	443.6	1,580.6	879.4
Molecular Diagnostics
Disaggregation of Revenue [Line Items]
Total revenues	$ 15.4	$ 54.8	$ 82.1	$ 149.6

Revenue - Concentrations of Rev

Revenue - Concentrations of Revenue and Credit Risk (Details) - Sales - Customer Concentration Risk	9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021
Customer A
Concentration Risk [Line Items]
Percentage of risk concentration	27%	0%
Customer B
Concentration Risk [Line Items]
Percentage of risk concentration	10%	27%
Customer C
Concentration Risk [Line Items]
Percentage of risk concentration	7%	11%
Customers In Excess of 10% Total Revenue
Concentration Risk [Line Items]
Percentage of risk concentration	48%	48%
Customer D
Concentration Risk [Line Items]
Percentage of risk concentration	4%	10%

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022 USD ($)	Oct. 03, 2021 USD ($)	Oct. 02, 2022 USD ($) segment	Oct. 03, 2021 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of reportable segments | segment			3
Total revenues	$ 783.8	$ 509.8	$ 2,399.5	$ 1,061.7
Segment Adjusted EBITDA	418.2	387.2	1,537.2	823.8
Depreciation and amortization	(104.2)	(12.7)	(167)	(37.3)
Interest expense, net	(29.7)	(1.3)	(41)	(4.7)
Acquisition and integration costs	(26.4)	0	(109.6)	(1.8)
Loss on extinguishment of debt	0	0	(24)	0
Unwind inventory fair value adjustment	(35.4)	0	(46.6)	0
Amortization of deferred cloud computing implementation costs	(1.6)	(1)	(3.9)	(2.9)
Derivative, Gain (Loss) on Derivative, Net	3.4	0	4.4	0
Income (Loss) from Equity Method Investments	0	1.2	(0.8)	1.2
Employee compensation charges and other costs	(1.3)	0	(1.8)	0
EU medical device regulation transition costs (2)	(0.6)	0	(1)	0
Tax indemnification income	0.3	0	0.3	0
Change in fair value of acquisition contingencies	0	0	(0.1)	(0.1)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	31.3	281.5	694.8	525
North America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	517.6	466.8	1,917.3	902.2
Segment Adjusted EBITDA	326.3	370.4	1,356.2	745.2
EMEA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	73.7	14.8	131	53.8
Segment Adjusted EBITDA	17.2	4.5	33.5	22.8
China
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	80.8	12.1	163.1	46.8
Segment Adjusted EBITDA	44.9	4.7	83.6	20.1
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	111.7	16.1	188.1	58.9
Segment Adjusted EBITDA	29.8	7.6	63.9	35.7
Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	$ 191.4	$ 91.9	$ 451.3	$ 253.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 12.1	$ 65.8	$ 176.4	$ 112.1
Effective income tax rate	39%	23%	25%	21%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 31.3	$ 281.5	$ 694.8	$ 525
Unrecognized Tax Benefits	45.2		45.2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	8.8		8.8
Unrecognized Tax Benefits that Could Impact Effective Tax Rate	32.9		32.9
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 3		$ 3

Balance Sheet Account Details C

Balance Sheet Account Details Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022	Oct. 03, 2021	Jan. 03, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 212.2	$ 802.8
Restricted Cash, Noncurrent	1	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 213.2	$ 802.8	$ 578.4	$ 489.9

Balance Sheet Account Details M

Balance Sheet Account Details Marketable Securities (Details) - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 72.9	$ 63.7
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(0.8)	(0.1)
Marketable securities, current	51.8	25.7
Marketable securities	20.3	37.9
Total marketable securities	72.1	63.6
Corporate bonds
Marketable Securities [Line Items]
Marketable securities, current	39.8	22.3
Marketable securities	13.7	26.7
Corporate asset-backed securities
Marketable Securities [Line Items]
Marketable securities, current	10	3.4
Marketable securities	4.7	11.2
U.S. government securities
Marketable Securities [Line Items]
Marketable securities, current	2	0
Foreign and other
Marketable Securities [Line Items]
Marketable securities	1.9	0
Short-term Investments
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	52.4	25.7
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(0.6)	0
Short-term Investments | Corporate bonds
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	40.4	22.3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(0.6)	0
Short-term Investments | Corporate asset-backed securities
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	10	3.4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0	0
Short-term Investments | U.S. government securities
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0	0
Long-Term Investments | Corporate bonds
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	13.8	26.8
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(0.1)	(0.1)
Long-Term Investments | Corporate asset-backed securities
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	4.8	11.2
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(0.1)	0
Long-Term Investments | Foreign and other
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	1.9	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$ 0	$ 0

Balance Sheet Account Details A

Balance Sheet Account Details Accounts Receivable (Details) - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022
Receivables, Net, Current [Abstract]
Accounts receivable	$ 489.5	$ 430.4
Allowance for contract rebates and discounts	(61.9)	(50.7)
Allowance for doubtful accounts	(11)	(1.7)
Total accounts receivable, net	$ 416.6	$ 378

Balance Sheet Account Details I

Balance Sheet Account Details Inventory (Details) - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022
Inventory, Net [Abstract]
Raw materials	$ 189.5	$ 103.2
Work-in-process (materials, labor and overhead)	83.2	36.1
Finished goods (materials, labor and overhead)	302.1	59.5
Inventories, including noncurrent portion, net	574.8	198.8
Inventories	536.2	198.8
Inventory, Noncurrent	$ 38.6	$ 0

Balance Sheet Account Details P

Balance Sheet Account Details Prepaid expenses and other current assets (Details) - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Other receivables	$ 37.2	$ 15.8
Contract assets	54.6	0
Prepaid expenses	70.8	14.6
Income taxes and other tax receivables	48.7	0
Derivatives	15.8	0.1
Other	1.3	4.5
Total prepaid expenses and other current assets	$ 228.4	$ 35

Balance Sheet Account Details O

Balance Sheet Account Details Other Current Liabilities (Details) - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022
Other Liabilities Disclosure [Abstract]
Accrued commissions and rebates	$ 41.4	$ 15.9
Deferred consideration	38.7	41.9
Deferred revenue	32.5
Operating lease liabilities	22.7	10
Accrued other taxes payable	14.7	10.2
Derivatives	9.3	0.3
Contingent consideration	0.1	6
Payables under transition services agreements	0	10.9
Other	81.1	17.3
Total other current liabilities	$ 240.5	$ 114.4

Long-term Borrowings - Schedule

Long-term Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Millions	Oct. 02, 2022	May 27, 2022	Jan. 02, 2022
Debt Instrument [Line Items]
Financing lease obligation	$ 0.9		$ 0.7
Other long-term borrowings	1.5		0
Unamortized deferred financing costs	(11.2)		0
Total borrowings	2,689.6		0.7
Less: current portion	(207.6)		(0.3)
Long-term borrowings	2,482		0.4
Line of Credit | Term Loan | Credit Agreement
Debt Instrument [Line Items]
Long-term debt	2,698.4	$ 2,750	0
Line of Credit | Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 750	$ 0

Long-term Borrowings - Narrativ

Long-term Borrowings - Narrative (Details) $ in Millions	Aug. 04, 2022 USD ($)	May 27, 2022 USD ($)	Oct. 02, 2022 USD ($) covenant	Jan. 02, 2022 USD ($)
Debt Instrument [Line Items]
Number of financial covenants | covenant			2
Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Debt issuance costs			$ 15.4
Debt Instrument, Covenant, Leverage Ratio, Maximum			3.50
Debt instrument, Covenant, Leverage Ratio, Minimum			1
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum			1
Debt Instrument, Covenant, Interest Coverage Ratio, Maximum			3
Credit Agreement | Line of Credit | Ending after the closing date of the credit agreement
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio, Maximum			4.50
Debt instrument, Covenant, Leverage Ratio, Minimum			1
Credit Agreement | Line of Credit | Ending after initial measurement period
Debt Instrument [Line Items]
Debt Instrument, Covenant, Leverage Ratio, Maximum			4
Debt instrument, Covenant, Leverage Ratio, Minimum			1
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Extinguishment of Debt, Amount		$ 175
Revolving Credit Facility | Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Long-term debt		750	$ 0	$ 0
Debt issuance costs			3.5
Line of Credit Facility, Increase (Decrease), Net	$ 50
Line of credit, maximum borrowing capacity	$ 800		781.8
Term Loan | Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Long-term debt		$ 2,750	2,698.4	$ 0
Debt issuance costs			11.9
Letter of Credit | Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			$ 18.2

Long-term Borrowings - Interest

Long-term Borrowings - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 0.9	$ 0.1	$ 1.2	$ 0.3
Interest income	(0.3)	0	(1)	(0.2)
Derivative instruments and other	0.6	1.1	3.5	4.4
Interest expense, net	29.7	1.3	41	4.7
Line of Credit | Term Loan | Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	27.9	0	36.3	0
Line of Credit | Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	$ 0.6	$ 0.1	$ 1	$ 0.2

Stockholders' Equity Stock-Base

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Option Activity (Details) shares in Millions	9 Months Ended
	Oct. 02, 2022 $ / shares shares
Shares
Stock options outstanding, beginning (in shares) | shares	0.7
Granted (in shares) | shares	0.2
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | shares	1.2
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ / shares	$ 96.10
Exercised (in shares) | shares	(0.1)
Stock options outstanding, ending (in shares) | shares	2
Weighted-Average Exercise Price Per Share
Stock options outstanding beginning, weighted average exercise price (in USD per share) | $ / shares	$ 62.71
Stock options granted, weighted average exercise price (in USD per share) | $ / shares	100.45
Stock options exercised, weighted average exercise price (in USD per share) | $ / shares	41.39
Stock options outstanding ending, weighted average exercise price (in USD per share) | $ / shares	$ 86.17

Stockholders' Equity Stock-Ba_2

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Awards Activity (Details) shares in Millions	9 Months Ended
	Oct. 02, 2022 $ / shares shares
Shares
Restricted stock outstanding, non-vested, beginning (in shares) | shares	0.6
Granted (in shares) | shares	0.7
Vested (in shares) | shares	(0.2)
Forfeited (in shares) | shares	(0.1)
Restricted stock outstanding, non-vested, ending (in shares) | shares	1
Weighted-Average Grant Date Fair Value
Weighted-Average Grant Date Fair Value, Beginning Balance (in USD per share) | $ / shares	$ 95.81
Weighted-Average Grant Date Fair Value, Granted (in USD per share) | $ / shares	97.52
Weighted-Average Grant Date Fair Value, Vested (in USD per share) | $ / shares	85.18
Weighted-Average Grant Date Fair Value, Forfeited (in USD per share) | $ / shares	104.18
Weighted-Average Grant Date Fair Value, Ending Balance (in USD per share) | $ / shares	$ 99.02

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	May 26, 2022	Oct. 02, 2022	Oct. 02, 2022	Oct. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid		$ 3	$ 13.9
Weighted-Average Grant Date Fair Value, Granted (in USD per share)			$ 97.52
Ortho
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid to former Ortho stockholders per Ortho Share (in usd per share)	$ 7.14
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 105.8	$ 105.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period of recognition for unrecognized compensation expense			2 years 7 months 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value, Granted (in USD per share)			$ 97.52	$ 200.05

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Expense Related to Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 16.2	$ 7	$ 50.5	$ 18.7
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	0.8	0.9	2	2.1
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1.3	1.4	3.8	3.3
Sales, marketing and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	7.2	4.7	20.5	13.3
Acquisition-related Costs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6.9	$ 0	$ 24.2	$ 0

Stockholders' Equity - Estimate

Stockholders' Equity - Estimated Fair Value of Each Stock Option Award (Details) - $ / shares		9 Months Ended
	May 27, 2022	Oct. 02, 2022	Oct. 03, 2021
Equity [Abstract]
Risk-free interest rate	2.28%	1.99%	0.48%
Expected option life (in years)	1 year 9 months 10 days	4 years 10 months 20 days	4 years 11 months 26 days
Volatility rate	64%	58%	54%
Dividend rate	0%	0%	0%
Weighted-average grant date fair value of stock options granted (in USD per share)	$ 40.57	$ 50.86	$ 106.55

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Oct. 02, 2022	Jan. 02, 2022
Assets:
Money Market Funds, at Carrying Value	$ 2.6	$ 211.3
Total marketable securities	72.1	63.6
Total assets measured at fair value	112.1	275
Liabilities:
Total liabilities measured at fair value	48.1	84.8
Derivative
Assets:
Derivative assets	37.4	0.1
Liabilities:
Derivative Liability	9.3	0.3
Contingent consideration
Liabilities:
Business Combination, Contingent Consideration, Liability	0.1	6.1
Deferred consideration
Liabilities:
Deferred Consideration	38.7	78.4
Level 1
Assets:
Money Market Funds, at Carrying Value	0.4	204.7
Total marketable securities	0	0
Total assets measured at fair value	0.4	204.7
Liabilities:
Total liabilities measured at fair value	0	0
Level 1 | Derivative
Assets:
Derivative assets	0	0
Liabilities:
Derivative Liability	0	0
Level 1 | Contingent consideration
Liabilities:
Business Combination, Contingent Consideration, Liability	0	0
Level 1 | Deferred consideration
Liabilities:
Deferred Consideration	0	0
Level 2
Assets:
Money Market Funds, at Carrying Value	2.2	6.6
Total marketable securities	72.1	63.6
Total assets measured at fair value	111.7	70.3
Liabilities:
Total liabilities measured at fair value	48	78.7
Level 2 | Derivative
Assets:
Derivative assets	37.4	0.1
Liabilities:
Derivative Liability	9.3	0.3
Level 2 | Contingent consideration
Liabilities:
Business Combination, Contingent Consideration, Liability	0	0
Level 2 | Deferred consideration
Liabilities:
Deferred Consideration	38.7	78.4
Level 3
Assets:
Money Market Funds, at Carrying Value	0	0
Total marketable securities	0	0
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	0.1	6.1
Level 3 | Derivative
Assets:
Derivative assets	0	0
Liabilities:
Derivative Liability	0	0
Level 3 | Contingent consideration
Liabilities:
Business Combination, Contingent Consideration, Liability	0.1	6.1
Level 3 | Deferred consideration
Liabilities:
Deferred Consideration	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	Oct. 02, 2022 USD ($)
Term Loan | Credit Agreement | Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	$ 2,681.6
Consideration B | BNP Business
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Installment payment in 2021	48
Installment payment in 2022	$ 48

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Estimated Fair Value of Contingent Consideration Liabilities (Details) - Level 3 - USD ($) $ in Millions	9 Months Ended
	Oct. 02, 2022	Jan. 02, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 0.1	$ 6.1
Cash payments	$ (6)

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Oct. 03, 2022	Oct. 02, 2022
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net			$ 10,400
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months			4,600
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount			$ 1,000,000
Derivative, Cap Interest Rate			3.428%
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount			$ 1,000,000
Derivative, Fixed Interest Rate			1.58%
Interest Rate Swap | Designated as Hedging Instrument | Subsequent Event
Derivative [Line Items]
Derivative, Notional Amount		$ 1,300,000
Interest Rate Swap | Designated as Hedging Instrument | Forecast
Derivative [Line Items]
Derivative, Notional Amount	$ 1,800,000
Interest Rate Contract
Derivative [Line Items]
Expected future derivative, notional amount			$ 500,000
Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount			543,800
Foreign Exchange Contract | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount			$ 125,100
Interest Rate Swap One | Designated as Hedging Instrument | Subsequent Event
Derivative [Line Items]
Derivative, Notional Amount		$ 397,200
Derivative, Fixed Interest Rate		3.765%
Interest Rate Swap Two | Designated as Hedging Instrument | Subsequent Event
Derivative [Line Items]
Derivative, Notional Amount		$ 144,400
Derivative, Fixed Interest Rate		3.7725%
Interest Rate Swap Three | Designated as Hedging Instrument | Subsequent Event
Derivative [Line Items]
Derivative, Notional Amount		$ 216,700
Derivative, Fixed Interest Rate		3.7675%
Interest Rate Swap Four | Designated as Hedging Instrument | Subsequent Event
Derivative [Line Items]
Derivative, Notional Amount		$ 288,900
Derivative, Fixed Interest Rate		3.7575%
Interest Rate Swap Five | Designated as Hedging Instrument | Subsequent Event
Derivative [Line Items]
Derivative, Notional Amount		$ 252,800
Derivative, Fixed Interest Rate		3.7725%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Oct. 02, 2022	Jan. 02, 2022
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	$ 18,400	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Foreign Exchange Contract | Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	$ 7,900	$ 100
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	$ 7,900	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets
Other Current Liabilities | Foreign Exchange Contract | Designated as Hedging Instrument
Derivative [Line Items]
Financial Liabilities Fair Value Disclosure	$ 4,000	200
Other Current Liabilities | Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Financial Liabilities Fair Value Disclosure	5,300	100
Other Noncurrent Liabilities | Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Financial Liabilities Fair Value Disclosure	$ 3,200	$ 0

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 02, 2022	Oct. 02, 2022
Interest Rate Swap | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ (7.9)	$ (11)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.4	1.7
Foreign Exchange Contract | Sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(2.6)	(5)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(0.7)	(0.9)
Foreign Exchange Contract | Cost of sales
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(0.6)	(0.8)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ (0.1)	$ (0.1)

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 02, 2022 USD ($)	Oct. 02, 2022 USD ($)
Quotient Subsidiary
Related Party Transaction [Line Items]
Payments For Inventory	$ 4.6	$ 6.7
Accounts Payable	2.7	2.7
Ortho | MosaicQ | Revenue Benchmark
Related Party Transaction [Line Items]
Collaborative Arrangement, Rights And Obligations, Maximum Aggregate Milestone Payments	25	25
Ortho | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Quotient
Related Party Transaction [Line Items]
Collaborative Arrangement, Rights And Obligations, Maximum Aggregate Milestone Payments	$ 60	$ 60

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 02, 2022	Oct. 02, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (60.7)	$ 0.4
Current period deferrals	(83.6)	(145.6)
Amounts reclassified to net income	(0.2)	0.7
Net change	(83.8)	(144.9)
Ending balance	(144.5)	(144.5)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	5.5	0
Current period deferrals	9.3	13.9
Amounts reclassified to net income	(0.2)	0.7
Net change	9.1	14.6
Ending balance	14.6	14.6
Available-for-Sale Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(0.7)	(0.1)
Current period deferrals	0	(0.6)
Amounts reclassified to net income	0	0
Net change	0	(0.6)
Ending balance	(0.7)	(0.7)
Unrealized Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(65.5)	0.5
Current period deferrals	(92.9)	(158.9)
Amounts reclassified to net income	0	0
Net change	(92.9)	(158.9)
Ending balance	$ (158.4)	$ (158.4)