QuidelOrtho (QDEL) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 29, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
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		67,256,717
Entity Central Index Key	0001906324
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 143.7	$ 118.9
Marketable securities	0	48.4
Accounts receivable, net	294.9	303.3
Inventories	577	577.8
Prepaid expenses and other current assets	344.2	262.1
Assets held for sale	52.8	0
Total current assets	1,412.6	1,310.5
Property, plant and equipment, net	1,363.9	1,443.8
Marketable securities	0	7.4
Right-of-use assets	175.3	169.6
Goodwill	770.6	2,492
Intangible assets, net	2,795.9	2,934.3
Deferred tax assets	25.7	25.9
Other assets	257.1	179.6
Total assets	6,801.1	8,563.1
Current liabilities:
Accounts payable	247.2	294.8
Accrued payroll and related expenses	113	84.8
Income tax payable	1.9	11.1
Current portion of borrowings	373.8	139.8
Other current liabilities	291.4	303.3
Total current liabilities	1,027.3	833.8
Operating lease liabilities	174	172.8
Long-term borrowings	2,176.6	2,274.8
Deferred tax liability	117.2	192.2
Other liabilities	119.3	83.6
Total liabilities	3,614.4	3,557.2
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 5.0 shares authorized; none issued or outstanding at September 29, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value per share; 126.2 shares authorized; 67.2 and 66.7 shares issued and outstanding at September 29, 2024 and December 31, 2023, respectively	0.1	0.1
Additional paid-in capital	2,875.9	2,848
Accumulated other comprehensive loss	(3.5)	(30)
Retained earnings	314.2	2,187.8
Total stockholders’ equity	3,186.7	5,005.9
Total liabilities and stockholders’ equity	$ 6,801.1	$ 8,563.1

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 29, 2024	Dec. 31, 2023
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	126,200,000
Common stock, shares issued (in shares)	67,200,000	66,700,000
Common stock, shares outstanding (in shares)	67,200,000	66,700,000

Consolidated Statements of Loss

Consolidated Statements of Loss (Unaudited) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Income Statement [Abstract]
Total revenues	$ 727,100,000	$ 744,000,000	$ 2,075,100,000	$ 2,255,200,000
Cost of sales, excluding amortization of intangibles	374,800,000	374,600,000	1,114,700,000	1,140,700,000
Selling, marketing and administrative	186,400,000	194,100,000	579,300,000	575,600,000
Research and development	55,900,000	61,500,000	171,400,000	185,700,000
Amortization of intangible assets	51,900,000	51,400,000	155,500,000	153,600,000
Integration related costs	36,800,000	26,500,000	90,300,000	80,400,000
Goodwill impairment charge	0	0	1,743,900,000	0
Asset impairment charge	0	2,200,000	56,900,000	3,200,000
Other operating expenses	6,300,000	7,400,000	23,600,000	17,000,000
Operating income (loss)	15,000,000	26,300,000	(1,860,500,000)	99,000,000
Interest expense, net	42,900,000	37,700,000	122,900,000	110,900,000
Other expense, net	900,000	4,100,000	7,200,000	8,000,000
Loss before income taxes	(28,800,000)	(15,500,000)	(1,990,600,000)	(19,900,000)
Benefit from income taxes	(8,900,000)	(2,800,000)	(117,000,000)	(2,800,000)
Net loss	$ (19,900,000)	$ (12,700,000)	$ (1,873,600,000)	$ (17,100,000)
Basic loss per share	$ (0.30)	$ (0.19)	$ (27.92)	$ (0.26)
Diluted loss per share	$ (0.30)	$ (0.19)	$ (27.92)	$ (0.26)
Weighted-average shares outstanding - basic	67.3	66.9	67.1	66.8
Weighted-average shares outstanding - diluted	67.3	66.9	67.1	66.8

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (19.9)	$ (12.7)	$ (1,873.6)	$ (17.1)
Other comprehensive income (loss)
Changes in cumulative translation adjustment, net of tax	61.6	(55.3)	35.5	(17.2)
Changes in unrealized gains from investments, net of tax	0	0.2	0	0.3
Net unrealized (losses) gains on derivative instruments	(33.7)	24.5	9.9	47.6
Reclassification of net realized gains on derivative instruments included in net income	(6.8)	(6.3)	(18.9)	(16.3)
Total change in unrealized (losses) gains from cash flow hedges, net of tax	(40.5)	18.2	(9)	31.3
Comprehensive income (loss)	$ 1.2	$ (49.6)	$ (1,847.1)	$ (2.7)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings
Balance (in shares) at Jan. 01, 2023		66.4
Balance at Jan. 01, 2023	$ 4,934.6	$ 0	$ 2,804.3	$ (67.6)	$ 2,197.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		0.3
Issuance of common stock under equity compensation plans	3.9	$ 0.1	3.8
Stock-based compensation expense	10.4		10.4
Tax withholdings related to vesting of stock-based awards (in shares)		(0.1)
Tax withholdings related to vesting of stock-based awards	(9.5)		(9.5)
Other comprehensive income (loss), net of tax	8.3			8.3
Net income (loss)	48.8				48.8
Balance (in shares) at Apr. 02, 2023		66.6
Balance at Apr. 02, 2023	4,996.5	$ 0.1	2,809	(59.3)	2,246.7
Balance (in shares) at Jan. 01, 2023		66.4
Balance at Jan. 01, 2023	4,934.6	$ 0	2,804.3	(67.6)	2,197.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(17.1)
Balance (in shares) at Oct. 01, 2023		66.8
Balance at Oct. 01, 2023	4,966.7	$ 0.1	2,839	(53.2)	2,180.8
Balance (in shares) at Apr. 02, 2023		66.6
Balance at Apr. 02, 2023	4,996.5	$ 0.1	2,809	(59.3)	2,246.7
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	5.5		5.5
Stock-based compensation expense	13.7		13.7
Tax withholdings related to vesting of stock-based awards	(3)		(3)
Other comprehensive income (loss), net of tax	43			43
Net income (loss)	(53.2)				(53.2)
Balance (in shares) at Jul. 02, 2023		66.8
Balance at Jul. 02, 2023	5,002.5	$ 0.1	2,825.2	(16.3)	2,193.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans	0.8		0.8
Stock-based compensation expense	13.5		13.5
Tax withholdings related to vesting of stock-based awards	(0.5)		(0.5)
Other comprehensive income (loss), net of tax	(36.9)			(36.9)
Net income (loss)	(12.7)				(12.7)
Balance (in shares) at Oct. 01, 2023		66.8
Balance at Oct. 01, 2023	4,966.7	$ 0.1	2,839	(53.2)	2,180.8
Balance (in shares) at Dec. 31, 2023		66.7
Balance at Dec. 31, 2023	5,005.9	$ 0.1	2,848	(30)	2,187.8
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	0.8		0.8
Stock-based compensation expense	9		9
Tax withholdings related to vesting of stock-based awards (in shares)		(0.1)
Tax withholdings related to vesting of stock-based awards	(5.8)		(5.8)
Other comprehensive income (loss), net of tax	3.8			3.8
Net income (loss)	(1,706)				(1,706)
Balance (in shares) at Mar. 31, 2024		66.8
Balance at Mar. 31, 2024	3,307.7	$ 0.1	2,852	(26.2)	481.8
Balance (in shares) at Dec. 31, 2023		66.7
Balance at Dec. 31, 2023	5,005.9	$ 0.1	2,848	(30)	2,187.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,873.6)
Balance (in shares) at Sep. 29, 2024		67.2
Balance at Sep. 29, 2024	3,186.7	$ 0.1	2,875.9	(3.5)	314.2
Balance (in shares) at Mar. 31, 2024		66.8
Balance at Mar. 31, 2024	3,307.7	$ 0.1	2,852	(26.2)	481.8
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	4.1		4.1
Stock-based compensation expense	10.3		10.3
Tax withholdings related to vesting of stock-based awards (in shares)		(0.1)
Tax withholdings related to vesting of stock-based awards	(2.5)		(2.5)
Other comprehensive income (loss), net of tax	1.6			1.6
Net income (loss)	(147.7)				(147.7)
Balance (in shares) at Jun. 30, 2024		67.1
Balance at Jun. 30, 2024	3,173.5	$ 0.1	2,863.9	(24.6)	334.1
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	0.4		0.4
Stock-based compensation expense	12		12
Tax withholdings related to vesting of stock-based awards	(0.4)		(0.4)
Other comprehensive income (loss), net of tax	21.1			21.1
Net income (loss)	(19.9)				(19.9)
Balance (in shares) at Sep. 29, 2024		67.2
Balance at Sep. 29, 2024	$ 3,186.7	$ 0.1	$ 2,875.9	$ (3.5)	$ 314.2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
OPERATING ACTIVITIES
Net loss	$ (1,873.6)	$ (17.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	344.1	341.8
Goodwill impairment charge	1,743.9	0
Asset impairment charge	56.9	3.2
Stock-based compensation expense	32.5	39.3
Change in deferred tax assets and liabilities	(72.6)	(4.5)
Payment of accreted interest on deferred consideration	0	(9.7)
Other non-cash, net	(5)	(3.5)
Changes in assets and liabilities:
Accounts receivable	7.6	124.1
Inventories	(110.9)	(146)
Prepaid expenses and other current and non-current assets	(23.5)	(35.1)
Accounts payable	(16.9)	(6.3)
Accrued payroll and related expenses	27.7	(31)
Income taxes payable	(80.5)	(51.3)
Other current and non-current liabilities	(10.4)	(4.1)
Net cash provided by operating activities	19.3	199.8
INVESTING ACTIVITIES
Acquisitions of property, plant, equipment, investments and intangibles	(147.9)	(160.7)
Proceeds from government assistance allocated to fixed assets	0	10.5
Purchases of marketable securities	(7.2)	(50.6)
Proceeds from sale of marketable securities	63.1	68.3
Other payments	(20)	0
Net cash used for investing activities	(112)	(132.5)
FINANCING ACTIVITIES
Proceeds from issuance of common stock	5	8.1
Short-term borrowings, net	(1.6)	2.9
Revolving credit facility, net	230	0
Payments on long-term borrowings	(107)	(175.7)
Payments of tax withholdings related to vesting of stock-based awards	(8.7)	(13)
Principal payments of deferred consideration	0	(30.3)
Net cash provided by (used for) financing activities	117.7	(208)
Effect of exchange rates on cash	(0.5)	(3.3)
Net increase (decrease) in cash, cash equivalents and restricted cash	24.5	(144)
Cash, cash equivalents and restricted cash at beginning of period	119.5	293.9
Cash, cash equivalents and restricted cash at end of period	144	149.9
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Purchase of property, equipment and intangibles by incurring current liabilities	16.1	11.4
Capital expenditures to be reimbursed under a government contract	0	3
Transfer of instrument inventories to fixed assets	99.4	105.8
Reduction of accrued payroll and related expenses upon issuance of restricted share units	0.3	1.9
Initial recognition of finance lease right-of-use asset and liability	$ 12.5	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Consolidated Financial Statements of QuidelOrtho Corporation and its subsidiaries (the “Company” or “QuidelOrtho”) have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report for definitions of terms used throughout the document. The information at September 29, 2024, and for the three and nine months ended September 29, 2024 and October 1, 2023, is unaudited. For further information, refer to the Company’s Consolidated Financial Statements and notes thereto for the fiscal year ended December 31, 2023 included in QuidelOrtho’s Annual Report. 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 2024 and 2023, the Company’s fiscal year will end or has ended on December 29, 2024 and December 31, 2023, respectively. For 2024 and 2023, the Company’s third quarter ended on September 29, 2024 and October 1, 2023, respectively. The three and nine months ended September 29, 2024 and October 1, 2023 each included 13 and 39 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 reclassifications have been made to prior periods amounts to conform to the current period presentation. Such amounts include a reclassification of $2.2 million and $3.2 million recognized in the three and nine months ended October 1, 2023, respectively, related to impairment of long-lived assets from (i) Cost of sales, excluding amortization of intangibles (excludes $1.3 million and $1.4 million for the three and nine months ended October 1, 2023, respectively), and (ii) Research and development (excludes $0.9 million and $1.8 million for the three and nine months ended October 1, 2023, respectively), to Asset impairment charge. The reclassifications did not have an impact on the Company’s previously reported Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Stockholders’ Equity or Consolidated Statements of Cash Flows. Recent Accounting Pronouncements There have been no accounting pronouncements issued or adopted during the nine months ended September 29, 2024 that are expected to have a material impact on the Company’s Consolidated Financial Statements.

Computation of Earnings Per Sha

Computation of Earnings Per Share	9 Months Ended
	Sep. 29, 2024
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Computation of Earnings Per Share The following table presents the calculation of the weighted-average shares used in computing basic and diluted EPS in the respective periods: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Basic weighted-average shares of common stock outstanding 67.3 66.9 67.1 66.8 Dilutive potential shares issuable from stock options and RSUs (1) — — — — Diluted weighted-average shares of common stock outstanding 67.3 66.9 67.1 66.8 (1) In the three and nine months ended September 29, 2024 and October 1, 2023, all potential shares of common stock issuable for stock options and RSUs were excluded from the dilutive calculations above because the effect of including them would have been anti-dilutive. The dilutive effect of potential shares of common stock issuable for stock options and RSUs on the weighted-average number of shares of common stock outstanding would have been as follows: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Basic weighted-average shares of common stock outstanding 67.3 66.9 67.1 66.8 Dilutive potential shares issuable from stock options and RSUs 0.2 0.4 0.3 0.5 Diluted weighted-average shares of common stock outstanding 67.5 67.3 67.4 67.3 Stock options and RSUs where the combined exercise price and unrecognized stock-based compensation was greater than the average market price for the Company’s common stock were not included in the computations of diluted weighted-average shares because the effect would have been anti-dilutive under the treasury stock method. These stock options and RSUs represented 1.9 million and 2.0 million shares of common stock for the three and nine months ended September 29, 2024, respectively, and 1.7 million and 1.6 million shares of common stock for the three and nine months ended October 1, 2023, respectively.

Revenue

Revenue	9 Months Ended
	Sep. 29, 2024
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 in the Company’s 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 Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023 was $39.5 million and $46.2 million, respectively. The contract asset balance consisted of the following components: • a customer supply agreement under which the difference between the timing of invoicing and revenue recognition resulted in a contract asset of $1.9 million as of December 31, 2023. There was no contract asset remaining as of September 29, 2024; • 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 $39.5 million and $41.8 million as of September 29, 2024 and December 31, 2023, respectively; and • one of the Company’s contract manufacturing agreements that recognizes revenue as the products are manufactured resulted in a contract asset of $2.5 million as of December 31, 2023. There was no contract asset remaining as of September 29, 2024. 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 September 29, 2024 and October 1, 2023. 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 $41.9 million and $36.8 million as of September 29, 2024 and December 31, 2023, respectively, and was included in Other current liabilities in the Consolidated Balance Sheets. 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 $17.4 million and $13.9 million as of September 29, 2024 and December 31, 2023, respectively, and was included in Other liabilities in the Consolidated Balance Sheets. The amount of deferred revenue as of December 31, 2023 that was recorded in Total revenues during the three and nine months ended September 29, 2024 was $4.8 million and $31.8 million, respectively. Joint Business with Grifols The Company has an ongoing Joint Business between Ortho and 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 $7.3 million and $24.3 million during the three and nine months ended September 29, 2024, respectively, and $8.9 million and $38.6 million during the three and nine months ended October 1, 2023, respectively. These amounts included the Company’s portion of the pre-tax net profit of $5.3 million and $16.8 million during the three and nine months ended September 29, 2024, respectively, and $7.3 million and $14.0 million during the three and nine months ended October 1, 2023, 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 Consolidated Statements of Loss. The Company’s portion of the pre-tax net profit also included revenue from collaboration and royalty agreements of $2.0 million and $7.5 million during the three and nine months ended September 29, 2024, respectively, and $1.6 million and $24.6 million during the three and nine months ended October 1, 2023, respectively, which is presented on a net basis within Total revenues. Disaggregation of Revenue The following table summarizes Total revenues by business unit: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Labs $ 355.9 $ 341.4 $ 1,067.0 $ 1,073.5 Immunohematology (1) 132.0 128.9 385.9 380.1 Donor Screening (1) 28.0 35.0 95.7 103.0 Point of Care 205.6 233.1 509.3 675.4 Molecular Diagnostics 5.6 5.6 17.2 23.2 Total revenues $ 727.1 $ 744.0 $ 2,075.1 $ 2,255.2 (1) For presentation purposes, as a result of the wind-down of the U.S. donor screening portfolio, the previously reported Transfusion Medicine business unit is shown in its two product categories: Immunohematology and Donor Screening. Prior periods have been revised to align with the current period presentation. Concentration of Revenue and Credit Risk For the nine months ended September 29, 2024, one customer represented 11% of Total revenues. For the nine months ended October 1, 2023, no customers individually accounted for more than 10% of Total revenues. Revenue related to the Company’s respiratory products accounted for 23% and 17% of Total revenues for the three and nine months ended September 29, 2024, respectively, and 25% and 24% for the three and nine months ended October 1, 2023, respectively. As of September 29, 2024 and December 31, 2023, customers with a balance due in excess of 10% of Accounts receivable, net totaled $63.0 million and $63.5 million, respectively.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 29, 2024
Industry And Geographic Information [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company operates in three geographically-based reportable segments: North America, EMEA and China. Effective January 1, 2024, Japan and Asia Pacific operating segments were combined into one operating segment: JPAC. The CODM reviews the Company’s performance and allocates resources based on five operating segments: North America, EMEA, China, Latin America and JPAC. North America, EMEA and China are the Company’s reportable segments; Latin America and JPAC are immaterial operating segments that are not considered reportable segments and are included in “Other.” Total revenues by reportable segment are as follows: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, North America $ 436.2 $ 465.2 $ 1,220.2 $ 1,426.8 EMEA 84.0 74.5 249.9 236.4 China 80.4 81.1 238.1 233.0 Other 126.5 123.2 366.9 359.0 Total revenues $ 727.1 $ 744.0 $ 2,075.1 $ 2,255.2 The following table sets forth Adjusted EBITDA by segment and the reconciliations to Loss before income taxes for the three and nine months ended September 29, 2024 and October 1, 2023: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, North America $ 233.0 $ 253.4 $ 625.7 $ 708.1 EMEA 6.7 10.2 30.9 22.7 China 36.9 37.3 97.4 96.0 Other 31.7 31.2 97.8 89.3 Total segment Adjusted EBITDA 308.3 332.1 851.8 916.1 Corporate (1) (137.6) (162.9) (459.2) (388.3) Depreciation and amortization (113.1) (113.1) (344.1) (341.8) Interest expense, net (42.9) (37.7) (122.9) (110.9) Integration related costs (36.8) (26.5) (90.3) (80.4) Goodwill impairment charge — — (1,743.9) — Asset impairment charge — (2.2) (56.9) (3.2) Amortization of deferred cloud computing implementation costs (4.7) (2.8) (10.6) (5.9) EU medical device regulation transition costs (2) (0.4) (0.4) (1.5) (1.9) Loss on investments — (1.0) — (1.2) Employee compensation charges — — (5.6) — Credit Agreement amendment fees — — (4.0) — Tax indemnification income — 0.1 — 0.2 Other adjustments (1.6) (1.1) (3.4) (2.6) Loss before income taxes $ (28.8) $ (15.5) $ (1,990.6) $ (19.9) (1) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and 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 R&D manufacturing site costs to align compliance of the Company’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
	Sep. 29, 2024
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 September 29, 2024, the Company recognized an income tax benefit of $8.9 million in relation to loss before income taxes of $28.8 million, resulting in an effective tax rate of 30.9%. For the three months ended October 1, 2023, the Company recognized an income tax benefit of $2.8 million in relation to loss before income taxes of $15.5 million, resulting in an effective tax rate of 18.1%. For the three months ended September 29, 2024, the effective tax rate differed from the U.S. federal statutory rate primarily due to the utilization of net operating losses previously not benefited due to valuation allowances. For the three months ended October 1, 2023, the effective tax rate differed from the U.S. federal statutory rate primarily due to net operating losses in certain subsidiaries not being benefited due to the establishment of valuation allowances and Global Intangible Low-Tax Income, partially offset by non-U.S. earnings being taxed at rates that were different than the U.S. statutory rate, R&D credits, foreign tax credits and foreign exchange losses. For the nine months ended September 29, 2024, the Company recognized an income tax benefit of $117.0 million in relation to loss before income taxes of $1,990.6 million, resulting in an effective tax rate of 5.9%. For the nine months ended October 1, 2023, the Company recognized an income tax benefit of $2.8 million in relation to loss before income taxes of $19.9 million, resulting in an effective tax rate of 14.1%. For the nine months ended September 29, 2024, the effective tax rate differed from the U.S. federal statutory rate primarily due to goodwill impairment charges that were nondeductible for tax purposes. For the nine months ended October 1, 2023, the effective tax rate differed from the U.S. federal statutory rate primarily due to net operating losses in certain subsidiaries not being benefited due to the establishment of valuation allowances and Global Intangible Low-Tax Income, partially offset by non-U.S. earnings being taxed at rates that were different than the U.S. statutory rate, R&D credits, foreign tax credits and foreign exchange losses. The balance of unrecognized tax benefits at September 29, 2024, not including interest and penalties, was $30.1 million, of which $22.6 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 September 29, 2024, the Company had approximately $4.5 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, should decrease by $11.7 million. 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. Indemnification Assets Ortho is currently under audit in certain jurisdictions for tax years under the responsibility of Johnson & Johnson. Pursuant to the stock and asset purchase agreement entered into by Ortho and Johnson & Johnson in January 2014, Johnson & Johnson retained all income tax liabilities accrued as of the date of acquisition, including reserves for unrecognized tax benefits. Accordingly, all tax liabilities related to these tax years are required to be indemnified by Johnson & Johnson. The indemnification receivable from Johnson & Johnson totaled $3.1 million and $3.0 million as of September 29, 2024 and December 31, 2023, respectively, and is included as a component of Prepaid expenses and other current assets on the Consolidated Balance Sheet.

Balance Sheet Account Details

Balance Sheet Account Details	9 Months Ended
	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Account Details	Balance Sheet Account Details Cash, Cash Equivalents and Restricted Cash (In millions) September 29, 2024 December 31, 2023 Cash and cash equivalents $ 143.7 $ 118.9 Restricted cash included in Other assets 0.3 0.6 Cash, cash equivalents and restricted cash $ 144.0 $ 119.5 Marketable Securities The Company had no marketable securities outstanding as of September 29, 2024. The following table is a summary of marketable securities as of December 31, 2023: December 31, 2023 (In millions) Amortized Cost Gross Unrealized Losses Fair Value Corporate bonds $ 38.1 $ (0.1) $ 38.0 Corporate asset-backed securities 8.9 — 8.9 Agency bonds 1.5 — 1.5 Total marketable securities, current 48.5 (0.1) 48.4 Corporate bonds, non-current 4.5 — 4.5 Corporate asset-backed securities, non-current 0.9 — 0.9 Sovereign government bonds, non-current 2.0 — 2.0 Total marketable securities $ 55.9 $ (0.1) $ 55.8 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) September 29, 2024 December 31, 2023 Accounts receivable $ 395.2 $ 395.1 Allowance for contract rebates and discounts (86.6) (77.2) Allowance for doubtful accounts (13.7) (14.6) Total accounts receivable, net $ 294.9 $ 303.3 Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following: (In millions) September 29, 2024 December 31, 2023 Raw materials $ 211.4 $ 212.7 Work-in-process (materials, labor and overhead) 92.4 92.3 Finished goods (materials, labor and overhead) 331.2 318.1 Total inventories $ 635.0 $ 623.1 Inventories $ 577.0 $ 577.8 Other assets (1) 58.0 45.3 Total inventories $ 635.0 $ 623.1 (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 consisted of the following: (In millions) September 29, 2024 December 31, 2023 Income taxes and other tax receivables $ 181.1 $ 104.7 Prepaid expenses 86.4 67.0 Contract assets 39.5 46.2 Other receivables 26.2 34.2 Derivatives 8.0 6.9 Other 3.0 3.1 Total prepaid expenses and other current assets $ 344.2 $ 262.1 Other Current Liabilities Other current liabilities consisted of the following: (In millions) September 29, 2024 December 31, 2023 Accrued commissions, rebates and returns $ 59.9 $ 63.8 Accrued interest 45.5 30.3 Deferred revenue 41.9 36.8 Operating lease liabilities 31.3 26.7 Accrued other taxes payable 21.8 17.9 Derivatives 6.1 12.1 Other 84.9 115.7 Total other current liabilities $ 291.4 $ 303.3

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Sep. 29, 2024
Property, Plant and Equipment [Abstract]
Assets Held for Sale	Assets Held for Sale The following criteria are considered before concluding assets are classified as held for sale: 1) management’s commitment to a plan to sell, 2) availability for immediate sale in its present condition, 3) initiation of an active program to identify a buyer, 4) probability of a completed sale within one year, 5) actively marketed for sale at a reasonable price in relation to its current fair value, and 6) likelihood of significant changes to the plan will be made or that the plan will be withdrawn. If all of the criteria are met as of the balance sheet date, the net assets are presented separately in the balance sheet as held for sale at the lower of its carrying amount or fair value less costs to sell and is no longer depreciated or amortized while classified as held for sale. The Company assesses the fair value of a long-lived asset less any costs to sell at each reporting period and until the asset is no longer classified as held for sale. As part of the Company’s cost-savings initiatives, the Company has been evaluating its real estate footprint with the goal to relocate and consolidate its operations to improve long-term results. As a result, the Company has decided to (i) sell the McKellar, San Diego, CA facility and (ii) sell the Raritan, NJ facility with the intent to subsequently lease back the right to use the property. In the second quarter of 2024, the properties met the requirements for reclassification from property, plant and equipment, net to assets held for sale when it became probable that the properties would be sold within one year. The carrying value of the assets was reduced to its estimated relative fair value less costs to sell, resulting in an impairment charge of $56.9 million that was included in Asset impairment charge.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Changes in goodwill were as follows: (In millions) North America EMEA China Other Total Balance at December 31, 2023 $ 1,743.9 $ 582.4 $ 85.7 $ 80.0 $ 2,492.0 Impairment charge (1,743.9) — — — (1,743.9) Foreign currency translation — 21.8 1.6 (0.9) 22.5 Balance at September 29, 2024 $ — $ 604.2 $ 87.3 $ 79.1 $ 770.6 The Company tests goodwill for impairment on an annual basis on the first day of the fourth quarter and monitors throughout the year for impairment triggering events that indicate that the carrying value of one or more of its reporting units exceeds its fair value. During the first quarter of 2024, the Company concluded that (i) the sustained decline in the Company’s stock price and market capitalization that occurred during the first quarter of 2024, (ii) the faster than expected decline in COVID-19 and flu markets, and (iii) the delay in the timing of expected commercialization for Savanna were triggering events requiring an interim goodwill impairment assessment for all reporting units. Based on the Company’s interim goodwill impairment assessment in the first quarter of 2024, the Company concluded that the North America reporting unit’s carrying value exceeded its estimated fair value. As a result, the Company recorded a non-cash goodwill impairment charge of $1.7 billion in the first quarter of 2024 for the North America reporting unit, which represented a full impairment of the goodwill allocated to the North America reporting unit. The decline in the estimated fair value of the North America reporting unit and the resulting impairment were primarily driven by revised short-term and mid-term forecasts for revenue and EBITDA expectations in North America. The estimated fair values of the EMEA, Latin America and JPAC reporting units as of the interim testing date exceeded their respective carrying values. The excess of the estimated fair value over carrying value (expressed as a percentage of carrying value for the respective reporting unit) ranged from approximately 30% to 150%. Due to the significant excess of fair value over carrying value of these reporting units, they are less sensitive to changes in forecast assumptions. To evaluate the sensitivity of the fair value calculations used in the interim goodwill impairment test for the EMEA, Latin America and JPAC reporting units, the Company applied a hypothetical 5% decrease to the fair values of each reporting unit and compared those hypothetical values to the reporting unit carrying values. Based on this hypothetical 5% decrease, the excess of the estimated fair value over carrying value (expressed as a percentage of carrying value for the respective reporting unit) for each of the Company’s reporting units ranged from approximately 25% to 140%. The quantitative goodwill impairment assessment for all reporting units consisted of a fair value calculation that combines an income approach, using a discounted cash flow method, and a market approach, using the guideline public company method. The quantitative goodwill impairment assessment requires the application of a number of significant assumptions, including estimates of future revenue growth rates, EBITDA margins, discount rates and market multiples. The projected future revenue growth rates and EBITDA margins, and the resulting projected cash flows are based on historical experience and internal annual operating plans reviewed by management, extrapolated over the forecast period. Discount rates are determined using a weighted average cost of capital adjusted for risk factors specific to the reporting units. Market multiples are based on the guideline public company method using comparable publicly traded company multiples of revenue and EBITDA for a group of benchmark companies. The Company believes the assumptions that were used in the quantitative goodwill impairment assessment are reasonable and consistent with assumptions that would be used by other marketplace participants. The Company also reviews long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate the carrying value of an asset group may not be recoverable. Given the indications of possible impairment that occurred during the first quarter of 2024, the Company tested its North America long-lived asset group for recoverability and impairment as of March 31, 2024. Recoverability of long-lived assets is measured by a comparison of the carrying value of an asset group to future undiscounted net cash flows expected to be generated by the asset group. The undiscounted cash flows for the North America long-lived asset group were above the carrying value and the Company determined that the long-lived asset group was recoverable, and no impairment existed as of March 31, 2024. Subsequent to the first quarter of 2024, no impairment indicators were noted.

Borrowings

Borrowings	9 Months Ended
	Sep. 29, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The components of borrowings were as follows: (In millions) September 29, 2024 December 31, 2023 Term Loan $ 2,317.1 $ 2,420.2 Revolving Credit Facility 230.0 — Financing lease obligation 9.3 0.4 Other short-term borrowings — 1.6 Other long-term borrowings 0.1 0.4 Unamortized deferred financing costs (6.1) (8.0) Total borrowings 2,550.4 2,414.6 Less: current portion (373.8) (139.8) Long-term borrowings $ 2,176.6 $ 2,274.8 The Credit Agreement, dated May 27, 2022, by and among the Company, as borrower, Bank of America, N.A., as administrative agent and swing line lender, and the other lenders and L/C issuers party thereto consists of a $2,750.0 million Term Loan and an $800.0 million Revolving Credit Facility. Availability under the Revolving Credit Facility, after deducting letters of credit of $13.0 million and $230.0 million borrowings outstanding, was $557.0 million as of September 29, 2024. During the nine months ended September 29, 2024, the Company made $103.1 million in payments on the Term Loan. 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. On April 25, 2024, the Company entered into Amendment No. 2 (the “Amendment”), by and among the Company, the lenders party thereto, and Bank of America, N.A., as administrative agent, which amends the Credit Agreement. The Amendment sets a maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) for the applicable measurement period as of the last day of each fiscal quarter of (a) 4.50 to 1.00 on or prior to June 30, 2023, (b) 4.00 to 1.00 after June 30, 2023 and on or prior to June 30, 2024, (c) 4.25 to 1.00 after June 30, 2024 and on or prior to December 31, 2024, (d) 4.00 to 1.00 after December 31, 2024 and on or prior to June 30, 2025 and (e) 3.75 to 1.00 each fiscal quarter after June 30, 2025. The Credit Agreement contains 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 September 29, 2024. The following table provides the detailed amounts within Interest expense, net for the three and nine months ended September 29, 2024 and October 1, 2023: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Term Loan $ 43.9 $ 45.7 $ 132.8 $ 130.8 Revolving Credit Facility 5.6 0.9 10.8 1.9 Amortization of deferred financing costs 0.8 0.9 2.4 2.5 Derivative instruments and other (7.0) (8.5) (21.3) (20.2) Interest income (0.4) (1.3) (1.8) (4.1) Interest expense, net $ 42.9 $ 37.7 $ 122.9 $ 110.9

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense was as follows: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Cost of sales, excluding amortization of intangibles $ 1.4 $ 1.2 $ 4.1 $ 3.3 Selling, marketing and administrative 9.2 10.3 21.0 27.5 Research and development 0.7 1.6 2.6 4.2 Integration related costs 1.2 4.0 5.1 13.1 Total stock-based compensation expense $ 12.5 $ 17.1 $ 32.8 $ 48.1 The table above includes compensation expense related to liability-classified awards of $3.0 million and $8.8 million for the three and nine months ended October 1, 2023, respectively, which has been or is expected to be settled in cash. Amounts related to the three and nine months ended September 29, 2024 were not material.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On April 12, 2024, a purported stockholder of the Company filed a putative class action complaint under the federal securities laws against the Company and three of its current and former executives. The complaint, which is captioned Bristol County Retirement System v. QuidelOrtho Corporation, et al., Case No. 1:24-cv-02804-MKV (S.D.N.Y.) (the “Bristol County Complaint”), asserts claims for violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder related to statements regarding sales of the Company’s COVID-19 diagnostic tests and the 510(k) submission for its Savanna RVP4 assay. The Bristol County Complaint seeks a judgment determining that the lawsuit can be maintained as a class action and awarding the plaintiff and putative class damages, pre- and post-judgment interest, attorneys’ and experts’ fees, and costs. On April 25, 2024, and June 21, 2024, two purported stockholders of the Company filed separate stockholder derivative complaints, purportedly on behalf of the Company, against the current and certain former members of the Company’s Board of Directors and three of its current and former executives. The complaints, which are captioned Matthew Whitfield v. Kenneth F. Buechler, Ph.D., et al., Case No. 1:24-cv-03176-MKV (S.D.N.Y.) (the “Whitfield Complaint”), and Steven Pinkney v. Douglas Bryant, et al., Case No. 1:24-cv-4753-MKV (S.D.N.Y.) (the “Pinkney Complaint”), assert claims for violations of Sections 10(b), 14(a), and 20(a) of the Exchange Act and Rules 10b-5 and 14a-9 promulgated thereunder, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets related to statements regarding sales of the Company’s COVID-19 diagnostic tests and the 510(k) submission for its Savanna RVP4 assay. The Whitfield and Pinkney Complaints seek judgments awarding compensatory and punitive damages against the individual defendants, directing an accounting by the individual defendants, directing the Company and the individual defendants to take actions to improve the Company’s governance and procedures, and awarding the costs and disbursements of the action, including attorneys’ fees, accountants’ and experts’ fees, costs, and expenses. The Company disputes the allegations of wrongdoing and intends to defend itself vigorously in these matters. Nevertheless, the outcomes of these lawsuits are uncertain and cannot be predicted with any certainty. Accordingly, at this time, the Company is not able to estimate a possible loss or range of loss that may result from these lawsuits or to determine whether such loss, if any, would have a material adverse effect on its business, financial condition, results of operations or liquidity. From time to time, the Company is involved in other litigation and 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 its 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 the Company is not able to estimate a possible loss or range of loss, the Company is not able to determine whether the loss will have a material adverse effect on its business, financial condition, results of operations or liquidity. Management believes that all such current legal actions, in the aggregate, are not expected to 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
	Sep. 29, 2024
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: September 29, 2024 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Marketable securities $ — $ — $ — $ — $ — $ 55.8 $ — $ 55.8 Derivative assets — 10.3 — 10.3 — 6.9 — 6.9 Total assets measured at fair value $ — $ 10.3 $ — $ 10.3 $ — $ 62.7 $ — $ 62.7 Liabilities: Derivative liabilities $ — $ 47.1 $ — $ 47.1 $ — $ 27.5 $ — $ 27.5 Contingent consideration — — — — — — 0.1 0.1 Total liabilities measured at fair value $ — $ 47.1 $ — $ 47.1 $ — $ 27.5 $ 0.1 $ 27.6 There were no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the nine months ended September 29, 2024 and fiscal year 2023. 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. Financial Instruments Not Measured at Fair Value The estimated fair value of the Company’s borrowings under the Term Loan was $2,293.9 million at September 29, 2024, compared to the carrying amount, excluding debt issuance costs, of $2,317.1 million. The estimated fair value of the Company’s borrowings under the Term Loan was $2,396.0 million at December 31, 2023, compared to the carrying amount, excluding debt issuance costs, of $2,420.2 million. The estimate of fair value is generally based on the quoted market prices for similar issuances of long-term debt with the same maturities, which is classified as a Level 2 input.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 29, 2024
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. Refer to “—Note 9. Borrowings” for additional information on the currently outstanding components of the Revolving Credit Facility and Term Loan. The Company entered into interest rate 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 its interest rate swaps 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 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. Pre-tax unrealized loss of $1.3 million as of September 29, 2024 is expected to be reclassified from OCI to earnings in the next 12 months. The following table summarizes the Company’s interest rate derivative agreements as of September 29, 2024, all of which were interest rate swaps: Notional Amount Description Hedge Designation Effective Date Expiration Date $ 550.0 Pay 3.765% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 200.0 Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 300.0 Pay 3.7675% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 400.0 Pay 3.7575% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 350.0 Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 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, Czech Koruna, Euro, Indian Rupee, Japanese Yen, Mexican Peso, Philippine Peso, South Korean Won, Swiss Franc and 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 Total revenues and 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. Pre-tax unrealized gains of $2.2 million as of September 29, 2024 is expected to be reclassified from OCI 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 expense, net. The following table provides details of the currency hedging instruments outstanding as of September 29, 2024: Description Notional Amount Hedge Designation Foreign currency forward contracts $ 188.7 Cash Flow Hedge Foreign currency forward contracts $ 833.6 Non-designated The following table summarizes pre-tax gains and losses from designated derivative and non-derivative instruments within AOCI for the three and nine months ended September 29, 2024 and October 1, 2023: 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 September 29, 2024 Foreign currency forward contracts (sales) $ 3.2 Total revenues $ — Foreign currency forward contracts (purchases) $ (0.1) Cost of sales, excluding amortization of intangibles $ 0.3 Interest rate derivatives $ 41.7 Interest expense, net $ (7.1) Nine Months Ended September 29, 2024 Foreign currency forward contracts (sales) $ (2.8) Total revenues $ 2.1 Foreign currency forward contracts (purchases) $ 0.7 Cost of sales, excluding amortization of intangibles $ 0.3 Interest rate derivatives $ (4.1) Interest expense, net $ (21.3) Three Months Ended October 1, 2023 Foreign currency forward contracts (sales) $ (1.0) Total revenues $ 1.8 Foreign currency forward contracts (purchases) $ (0.1) Cost of sales, excluding amortization of intangibles $ 0.4 Interest rate derivatives $ (28.0) Interest expense, net $ (8.5) Nine Months Ended October 1, 2023 Foreign currency forward contracts (sales) $ 0.7 Total revenues $ 2.7 Foreign currency forward contracts (purchases) $ (2.2) Cost of sales, excluding amortization of intangibles $ 2.1 Interest rate derivatives $ (54.1) Interest expense, net $ (21.1) The Company also uses forward exchange contracts to hedge a portion of its net investment in foreign operations against movements in exchange rates. The forward exchange contracts are designated as hedges of the net investment in foreign operations. The unrealized gains or losses on these contracts are recorded in foreign currency translation adjustments within OCI, and remain in AOCI until either the sale or complete or substantially complete liquidation of the subsidiary. The Company excludes certain portions of the change in fair value of its derivative instruments from the assessment of hedge effectiveness (excluded components). Changes in fair value of the excluded components are recognized in OCI. The Company recognizes in earnings the initial value of the excluded components on a straight-line basis over the life of the derivative instrument. The effect of the Company’s net investment hedges on OCI and the Consolidated Statements of Loss are shown below: Net Investment Hedging Relationships (In millions) Amount of Pre-tax Loss (Gain) Recognized in OCI Amount of Pre-tax (Gain) Loss Recognized in Other Expense, Net for Amounts Excluded from Effectiveness Testing Three Months Ended September 29, 2024 Foreign exchange contracts $ 20.2 $ (3.3) Nine Months Ended September 29, 2024 Foreign exchange contracts $ 1.9 $ (8.2) Fair value gains and losses on foreign currency forward contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in Other expense, net. Fair value gains were $4.4 million and $10.1 million for the three and nine months ended September 29, 2024, respectively. Fair value losses that do not qualify for hedge accounting treatment were $0.2 million for the three months ended October 1, 2023 and fair value gains were $0.3 million for the nine months ended October 1, 2023. The following table summarizes the fair value of designated and non-designated hedging instruments recognized within the Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023: (In millions) September 29, 2024 December 31, 2023 Designated cash flow hedges Interest rate derivatives: Prepaid expenses and other current assets $ 2.3 $ 0.2 Other liabilities 24.1 6.9 Foreign currency forward contracts: Prepaid expenses and other current assets 2.1 3.2 Other assets 2.3 — Other current liabilities 4.3 9.4 Other liabilities 16.9 8.5 Non-designated hedging instruments Foreign currency forward contracts: Prepaid expenses and other current assets 3.6 3.5 Other current liabilities 1.8 2.7

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table summarizes the changes in AOCI by component: Three Months Ended September 29, 2024 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2024 $ (1.3) $ 21.7 $ — $ (45.0) $ (24.6) Current period deferrals (1) — (33.7) — 64.9 31.2 Amounts reclassified to Net loss — (6.8) — (3.3) (10.1) Net change — (40.5) — 61.6 21.1 Balance at September 29, 2024 $ (1.3) $ (18.8) $ — $ 16.6 $ (3.5) Nine Months Ended September 29, 2024 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2023 $ (1.3) $ (9.8) $ — $ (18.9) $ (30.0) Current period deferrals (1) — 9.9 — 43.7 53.6 Amounts reclassified to Net loss — (18.9) — (8.2) (27.1) Net change — (9.0) — 35.5 26.5 Balance at September 29, 2024 $ (1.3) $ (18.8) $ — $ 16.6 $ (3.5) Three Months Ended October 1, 2023 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at July 2, 2023 $ 0.7 $ 14.6 $ (0.4) $ (31.2) $ (16.3) Current period deferrals (2) — 24.5 0.2 (55.3) (30.6) Amounts reclassified to Net loss — (6.3) — — (6.3) Net change — 18.2 0.2 (55.3) (36.9) Balance at October 1, 2023 $ 0.7 $ 32.8 $ (0.2) $ (86.5) $ (53.2) Nine Months Ended October 1, 2023 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2023 $ 0.7 $ 1.5 $ (0.5) $ (69.3) $ (67.6) Current period deferrals (2) — 47.6 0.3 (17.2) 30.7 Amounts reclassified to Net loss — (16.3) — — (16.3) Net change — 31.3 0.3 (17.2) 14.4 Balance at October 1, 2023 $ 0.7 $ 32.8 $ (0.2) $ (86.5) $ (53.2) (1) Includes tax impact of (i) $11.1 million and $3.7 million related to cash flow hedges for the three and nine months ended September 29, 2024, respectively, and (ii) $4.9 million and $2.0 million related to foreign currency translation adjustments for the three and nine months ended September 29, 2024, respectively. (2) Includes tax impact of $4.6 million and $8.0 million related to cash flow hedges for the three and nine months ended October 1, 2023, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023	Sep. 29, 2024	Oct. 01, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (19.9)	$ (147.7)	$ (1,706)	$ (12.7)	$ (53.2)	$ 48.8	$ (1,873.6)	$ (17.1)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements of QuidelOrtho Corporation and its subsidiaries (the “Company” or “QuidelOrtho”) have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report for definitions of terms used throughout the document. The information at September 29, 2024, and for the three and nine months ended September 29, 2024 and October 1, 2023, is unaudited. For further information, refer to the Company’s Consolidated Financial Statements and notes thereto for the fiscal year ended December 31, 2023 included in QuidelOrtho’s Annual Report. 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 2024 and 2023, the Company’s fiscal year will end or has ended on December 29, 2024 and December 31, 2023, respectively. For 2024 and 2023, the Company’s third quarter ended on September 29, 2024 and October 1, 2023, respectively. The three and nine months ended September 29, 2024 and October 1, 2023 each included 13 and 39 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.
Reclassifications	Reclassifications Certain reclassifications have been made to prior periods amounts to conform to the current period presentation. Such amounts include a reclassification of $2.2 million and $3.2 million recognized in the three and nine months ended October 1, 2023, respectively, related to impairment of long-lived assets from (i) Cost of sales, excluding amortization of intangibles (excludes $1.3 million and $1.4 million for the three and nine months ended October 1, 2023, respectively), and (ii) Research and development (excludes $0.9 million and $1.8 million for the three and nine months ended October 1, 2023, respectively), to Asset impairment charge. The reclassifications did not have an impact on the Company’s previously reported Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Stockholders’ Equity or Consolidated Statements of Cash Flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no accounting pronouncements issued or adopted during the nine months ended September 29, 2024 that are expected to have a material impact on the Company’s Consolidated Financial Statements.
Assets Held for Sale	The following criteria are considered before concluding assets are classified as held for sale: 1) management’s commitment to a plan to sell, 2) availability for immediate sale in its present condition, 3) initiation of an active program to identify a buyer, 4) probability of a completed sale within one year, 5) actively marketed for sale at a reasonable price in relation to its current fair value, and 6) likelihood of significant changes to the plan will be made or that the plan will be withdrawn. If all of the criteria are met as of the balance sheet date, the net assets are presented separately in the balance sheet as held for sale at the lower of its carrying amount or fair value less costs to sell and is no longer depreciated or amortized while classified as held for sale. The Company assesses the fair value of a long-lived asset less any costs to sell at each reporting period and until the asset is no longer classified as held for sale.

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	9 Months Ended
	Sep. 29, 2024
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 in the respective periods: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Basic weighted-average shares of common stock outstanding 67.3 66.9 67.1 66.8 Dilutive potential shares issuable from stock options and RSUs (1) — — — — Diluted weighted-average shares of common stock outstanding 67.3 66.9 67.1 66.8 (1) In the three and nine months ended September 29, 2024 and October 1, 2023, all potential shares of common stock issuable for stock options and RSUs were excluded from the dilutive calculations above because the effect of including them would have been anti-dilutive. The dilutive effect of potential shares of common stock issuable for stock options and RSUs on the weighted-average number of shares of common stock outstanding would have been as follows: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Basic weighted-average shares of common stock outstanding 67.3 66.9 67.1 66.8 Dilutive potential shares issuable from stock options and RSUs 0.2 0.4 0.3 0.5 Diluted weighted-average shares of common stock outstanding 67.5 67.3 67.4 67.3

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes Total revenues by business unit: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Labs $ 355.9 $ 341.4 $ 1,067.0 $ 1,073.5 Immunohematology (1) 132.0 128.9 385.9 380.1 Donor Screening (1) 28.0 35.0 95.7 103.0 Point of Care 205.6 233.1 509.3 675.4 Molecular Diagnostics 5.6 5.6 17.2 23.2 Total revenues $ 727.1 $ 744.0 $ 2,075.1 $ 2,255.2 (1) For presentation purposes, as a result of the wind-down of the U.S. donor screening portfolio, the previously reported Transfusion Medicine business unit is shown in its two product categories: Immunohematology and Donor Screening. Prior periods have been revised to align with the current period presentation.

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 29, 2024
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) September 29, 2024 October 1, September 29, 2024 October 1, North America $ 436.2 $ 465.2 $ 1,220.2 $ 1,426.8 EMEA 84.0 74.5 249.9 236.4 China 80.4 81.1 238.1 233.0 Other 126.5 123.2 366.9 359.0 Total revenues $ 727.1 $ 744.0 $ 2,075.1 $ 2,255.2
Schedule of Segment Reporting Information, by Segment	The following table sets forth Adjusted EBITDA by segment and the reconciliations to Loss before income taxes for the three and nine months ended September 29, 2024 and October 1, 2023: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, North America $ 233.0 $ 253.4 $ 625.7 $ 708.1 EMEA 6.7 10.2 30.9 22.7 China 36.9 37.3 97.4 96.0 Other 31.7 31.2 97.8 89.3 Total segment Adjusted EBITDA 308.3 332.1 851.8 916.1 Corporate (1) (137.6) (162.9) (459.2) (388.3) Depreciation and amortization (113.1) (113.1) (344.1) (341.8) Interest expense, net (42.9) (37.7) (122.9) (110.9) Integration related costs (36.8) (26.5) (90.3) (80.4) Goodwill impairment charge — — (1,743.9) — Asset impairment charge — (2.2) (56.9) (3.2) Amortization of deferred cloud computing implementation costs (4.7) (2.8) (10.6) (5.9) EU medical device regulation transition costs (2) (0.4) (0.4) (1.5) (1.9) Loss on investments — (1.0) — (1.2) Employee compensation charges — — (5.6) — Credit Agreement amendment fees — — (4.0) — Tax indemnification income — 0.1 — 0.2 Other adjustments (1.6) (1.1) (3.4) (2.6) Loss before income taxes $ (28.8) $ (15.5) $ (1,990.6) $ (19.9) (1) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and 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 R&D manufacturing site costs to align compliance of the Company’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.

Balance Sheet Account Details (

Balance Sheet Account Details (Tables)	9 Months Ended
	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash (In millions) September 29, 2024 December 31, 2023 Cash and cash equivalents $ 143.7 $ 118.9 Restricted cash included in Other assets 0.3 0.6 Cash, cash equivalents and restricted cash $ 144.0 $ 119.5
Marketable Securities	The following table is a summary of marketable securities as of December 31, 2023: December 31, 2023 (In millions) Amortized Cost Gross Unrealized Losses Fair Value Corporate bonds $ 38.1 $ (0.1) $ 38.0 Corporate asset-backed securities 8.9 — 8.9 Agency bonds 1.5 — 1.5 Total marketable securities, current 48.5 (0.1) 48.4 Corporate bonds, non-current 4.5 — 4.5 Corporate asset-backed securities, non-current 0.9 — 0.9 Sovereign government bonds, non-current 2.0 — 2.0 Total marketable securities $ 55.9 $ (0.1) $ 55.8
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) September 29, 2024 December 31, 2023 Accounts receivable $ 395.2 $ 395.1 Allowance for contract rebates and discounts (86.6) (77.2) Allowance for doubtful accounts (13.7) (14.6) Total accounts receivable, net $ 294.9 $ 303.3
Inventories	Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following: (In millions) September 29, 2024 December 31, 2023 Raw materials $ 211.4 $ 212.7 Work-in-process (materials, labor and overhead) 92.4 92.3 Finished goods (materials, labor and overhead) 331.2 318.1 Total inventories $ 635.0 $ 623.1 Inventories $ 577.0 $ 577.8 Other assets (1) 58.0 45.3 Total inventories $ 635.0 $ 623.1 (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 consisted of the following: (In millions) September 29, 2024 December 31, 2023 Income taxes and other tax receivables $ 181.1 $ 104.7 Prepaid expenses 86.4 67.0 Contract assets 39.5 46.2 Other receivables 26.2 34.2 Derivatives 8.0 6.9 Other 3.0 3.1 Total prepaid expenses and other current assets $ 344.2 $ 262.1
Other Current Liabilities	Other current liabilities consisted of the following: (In millions) September 29, 2024 December 31, 2023 Accrued commissions, rebates and returns $ 59.9 $ 63.8 Accrued interest 45.5 30.3 Deferred revenue 41.9 36.8 Operating lease liabilities 31.3 26.7 Accrued other taxes payable 21.8 17.9 Derivatives 6.1 12.1 Other 84.9 115.7 Total other current liabilities $ 291.4 $ 303.3

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Changes in goodwill were as follows: (In millions) North America EMEA China Other Total Balance at December 31, 2023 $ 1,743.9 $ 582.4 $ 85.7 $ 80.0 $ 2,492.0 Impairment charge (1,743.9) — — — (1,743.9) Foreign currency translation — 21.8 1.6 (0.9) 22.5 Balance at September 29, 2024 $ — $ 604.2 $ 87.3 $ 79.1 $ 770.6

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 29, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The components of borrowings were as follows: (In millions) September 29, 2024 December 31, 2023 Term Loan $ 2,317.1 $ 2,420.2 Revolving Credit Facility 230.0 — Financing lease obligation 9.3 0.4 Other short-term borrowings — 1.6 Other long-term borrowings 0.1 0.4 Unamortized deferred financing costs (6.1) (8.0) Total borrowings 2,550.4 2,414.6 Less: current portion (373.8) (139.8) Long-term borrowings $ 2,176.6 $ 2,274.8
Schedule of Interest Expense	The following table provides the detailed amounts within Interest expense, net for the three and nine months ended September 29, 2024 and October 1, 2023: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Term Loan $ 43.9 $ 45.7 $ 132.8 $ 130.8 Revolving Credit Facility 5.6 0.9 10.8 1.9 Amortization of deferred financing costs 0.8 0.9 2.4 2.5 Derivative instruments and other (7.0) (8.5) (21.3) (20.2) Interest income (0.4) (1.3) (1.8) (4.1) Interest expense, net $ 42.9 $ 37.7 $ 122.9 $ 110.9

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Compensation Expense Related to Stock-Based Compensation Plans	Stock-based compensation expense was as follows: Three Months Ended Nine Months Ended (In millions) September 29, 2024 October 1, September 29, 2024 October 1, Cost of sales, excluding amortization of intangibles $ 1.4 $ 1.2 $ 4.1 $ 3.3 Selling, marketing and administrative 9.2 10.3 21.0 27.5 Research and development 0.7 1.6 2.6 4.2 Integration related costs 1.2 4.0 5.1 13.1 Total stock-based compensation expense $ 12.5 $ 17.1 $ 32.8 $ 48.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 29, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured 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: September 29, 2024 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Marketable securities $ — $ — $ — $ — $ — $ 55.8 $ — $ 55.8 Derivative assets — 10.3 — 10.3 — 6.9 — 6.9 Total assets measured at fair value $ — $ 10.3 $ — $ 10.3 $ — $ 62.7 $ — $ 62.7 Liabilities: Derivative liabilities $ — $ 47.1 $ — $ 47.1 $ — $ 27.5 $ — $ 27.5 Contingent consideration — — — — — — 0.1 0.1 Total liabilities measured at fair value $ — $ 47.1 $ — $ 47.1 $ — $ 27.5 $ 0.1 $ 27.6

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 29, 2024
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 September 29, 2024, all of which were interest rate swaps: Notional Amount Description Hedge Designation Effective Date Expiration Date $ 550.0 Pay 3.765% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 200.0 Pay 3.7725% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 300.0 Pay 3.7675% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 400.0 Pay 3.7575% fixed, receive floating rate (1-month USD-SOFR) Designated cash flow hedge December 30, 2022 May 27, 2027 $ 350.0 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 September 29, 2024: Description Notional Amount Hedge Designation Foreign currency forward contracts $ 188.7 Cash Flow Hedge Foreign currency forward contracts $ 833.6 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 AOCI for the three and nine months ended September 29, 2024 and October 1, 2023: 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 September 29, 2024 Foreign currency forward contracts (sales) $ 3.2 Total revenues $ — Foreign currency forward contracts (purchases) $ (0.1) Cost of sales, excluding amortization of intangibles $ 0.3 Interest rate derivatives $ 41.7 Interest expense, net $ (7.1) Nine Months Ended September 29, 2024 Foreign currency forward contracts (sales) $ (2.8) Total revenues $ 2.1 Foreign currency forward contracts (purchases) $ 0.7 Cost of sales, excluding amortization of intangibles $ 0.3 Interest rate derivatives $ (4.1) Interest expense, net $ (21.3) Three Months Ended October 1, 2023 Foreign currency forward contracts (sales) $ (1.0) Total revenues $ 1.8 Foreign currency forward contracts (purchases) $ (0.1) Cost of sales, excluding amortization of intangibles $ 0.4 Interest rate derivatives $ (28.0) Interest expense, net $ (8.5) Nine Months Ended October 1, 2023 Foreign currency forward contracts (sales) $ 0.7 Total revenues $ 2.7 Foreign currency forward contracts (purchases) $ (2.2) Cost of sales, excluding amortization of intangibles $ 2.1 Interest rate derivatives $ (54.1) Interest expense, net $ (21.1)
Schedule of Net Investment Hedges	The effect of the Company’s net investment hedges on OCI and the Consolidated Statements of Loss are shown below: Net Investment Hedging Relationships (In millions) Amount of Pre-tax Loss (Gain) Recognized in OCI Amount of Pre-tax (Gain) Loss Recognized in Other Expense, Net for Amounts Excluded from Effectiveness Testing Three Months Ended September 29, 2024 Foreign exchange contracts $ 20.2 $ (3.3) Nine Months Ended September 29, 2024 Foreign exchange contracts $ 1.9 $ (8.2)
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 September 29, 2024 and December 31, 2023: (In millions) September 29, 2024 December 31, 2023 Designated cash flow hedges Interest rate derivatives: Prepaid expenses and other current assets $ 2.3 $ 0.2 Other liabilities 24.1 6.9 Foreign currency forward contracts: Prepaid expenses and other current assets 2.1 3.2 Other assets 2.3 — Other current liabilities 4.3 9.4 Other liabilities 16.9 8.5 Non-designated hedging instruments Foreign currency forward contracts: Prepaid expenses and other current assets 3.6 3.5 Other current liabilities 1.8 2.7
Schedule of Derivative Liabilities 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 September 29, 2024 and December 31, 2023: (In millions) September 29, 2024 December 31, 2023 Designated cash flow hedges Interest rate derivatives: Prepaid expenses and other current assets $ 2.3 $ 0.2 Other liabilities 24.1 6.9 Foreign currency forward contracts: Prepaid expenses and other current assets 2.1 3.2 Other assets 2.3 — Other current liabilities 4.3 9.4 Other liabilities 16.9 8.5 Non-designated hedging instruments Foreign currency forward contracts: Prepaid expenses and other current assets 3.6 3.5 Other current liabilities 1.8 2.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in AOCI by component: Three Months Ended September 29, 2024 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2024 $ (1.3) $ 21.7 $ — $ (45.0) $ (24.6) Current period deferrals (1) — (33.7) — 64.9 31.2 Amounts reclassified to Net loss — (6.8) — (3.3) (10.1) Net change — (40.5) — 61.6 21.1 Balance at September 29, 2024 $ (1.3) $ (18.8) $ — $ 16.6 $ (3.5) Nine Months Ended September 29, 2024 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2023 $ (1.3) $ (9.8) $ — $ (18.9) $ (30.0) Current period deferrals (1) — 9.9 — 43.7 53.6 Amounts reclassified to Net loss — (18.9) — (8.2) (27.1) Net change — (9.0) — 35.5 26.5 Balance at September 29, 2024 $ (1.3) $ (18.8) $ — $ 16.6 $ (3.5) Three Months Ended October 1, 2023 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at July 2, 2023 $ 0.7 $ 14.6 $ (0.4) $ (31.2) $ (16.3) Current period deferrals (2) — 24.5 0.2 (55.3) (30.6) Amounts reclassified to Net loss — (6.3) — — (6.3) Net change — 18.2 0.2 (55.3) (36.9) Balance at October 1, 2023 $ 0.7 $ 32.8 $ (0.2) $ (86.5) $ (53.2) Nine Months Ended October 1, 2023 (In millions) Pension and Other Post- Cash Flow Hedges Available-for-Sale Investments Foreign Currency Translation Adjustments Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2023 $ 0.7 $ 1.5 $ (0.5) $ (69.3) $ (67.6) Current period deferrals (2) — 47.6 0.3 (17.2) 30.7 Amounts reclassified to Net loss — (16.3) — — (16.3) Net change — 31.3 0.3 (17.2) 14.4 Balance at October 1, 2023 $ 0.7 $ 32.8 $ (0.2) $ (86.5) $ (53.2) (1) Includes tax impact of (i) $11.1 million and $3.7 million related to cash flow hedges for the three and nine months ended September 29, 2024, respectively, and (ii) $4.9 million and $2.0 million related to foreign currency translation adjustments for the three and nine months ended September 29, 2024, respectively. (2) Includes tax impact of $4.6 million and $8.0 million related to cash flow hedges for the three and nine months ended October 1, 2023, respectively.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Reclassification [Line Items]
Asset impairment charge	$ 0	$ 2.2	$ 56.9	$ 3.2
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Asset impairment charge		2.2		3.2
Revision of Prior Period, Reclassification, Adjustment | Cost of sales, excluding amortization of intangibles
Reclassification [Line Items]
Asset impairment charge		1.3		1.4
Revision of Prior Period, Reclassification, Adjustment | Research and development
Reclassification [Line Items]
Asset impairment charge		$ 0.9		$ 1.8

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
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Earnings Per Share [Abstract]
Basic weighted-average shares of common stock outstanding	67.3	66.9	67.1	66.8
Dilutive potential shares issuable from stock options and RSUs	0	0	0	0
Diluted weighted-average shares of common stock outstanding	67.3	66.9	67.1	66.8
Potentially dilutive shares excluded from calculation due to anti-dilutive effect	0.2	0.4	0.3	0.5
PotentialWeightedAverageNumberOfDilutedSharesOutstandingDiluted weighted-average shares of common stock outstanding	67.5	67.3	67.4	67.3

Computation of Earnings Per S_4

Computation of Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Statement [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect	0.2	0.4	0.3	0.5
Share-Based Payment Arrangement
Statement [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect	1.9	1.7	2	1.6

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 41.9		$ 41.9		$ 36.8
Deferred revenue, noncurrent	17.4		17.4		13.9
Deferred revenue, revenue recognized	4.8		31.8
Accounts receivable, net	$ 294.9		$ 294.9		303.3
Revenue Benchmark | Product Concentration Risk | Respiratory
Disaggregation of Revenue [Line Items]
Percentage of risk concentration	23%	25%	17%	24%
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Disaggregation of Revenue [Line Items]
Gross Profit	$ 7.3	$ 8.9	$ 24.3	$ 38.6
Revenue	2	1.6	7.5	24.6
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement and Third Party
Disaggregation of Revenue [Line Items]
Gross Profit	5.3	$ 7.3	16.8	$ 14
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets	39.5		39.5		46.2
Customer One
Disaggregation of Revenue [Line Items]
Contract assets	0		0		1.9
Expected Value Contract Customers | Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets	39.5		39.5		41.8
Customer Two
Disaggregation of Revenue [Line Items]
Contract assets	0		$ 0		2.5
Customer Three | Total revenues | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of risk concentration			11%
Customers With Balances Due In Excess of 10% Of Accounts Receivable | Accounts Receivable | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 63		$ 63		$ 63.5

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 727.1	$ 744	$ 2,075.1	$ 2,255.2
Labs
Disaggregation of Revenue [Line Items]
Total revenues	355.9	341.4	1,067	1,073.5
Immunohematology
Disaggregation of Revenue [Line Items]
Total revenues	132	128.9	385.9	380.1
Donor Screening
Disaggregation of Revenue [Line Items]
Total revenues	28	35	95.7	103
Point of Care
Disaggregation of Revenue [Line Items]
Total revenues	205.6	233.1	509.3	675.4
Molecular Diagnostics
Disaggregation of Revenue [Line Items]
Total revenues	$ 5.6	$ 5.6	$ 17.2	$ 23.2

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details)	9 Months Ended
	Sep. 29, 2024 segment
Industry And Geographic Information [Abstract]
Number of reportable segments	3
Number of operating segments	5

Segment and Geographic Inform_4

Segment and Geographic Information - Total Revenues by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 727.1	$ 744	$ 2,075.1	$ 2,255.2
North America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	436.2	465.2	1,220.2	1,426.8
EMEA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	84	74.5	249.9	236.4
China
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	80.4	81.1	238.1	233
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 126.5	$ 123.2	$ 366.9	$ 359

Segment and Geographic Inform_5

Segment and Geographic Information - Reconciliation to Income (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 29, 2024	Mar. 31, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	$ 308.3		$ 332.1	$ 851.8	$ 916.1
Corporate	(137.6)		(162.9)	(459.2)	(388.3)
Depreciation and amortization	(113.1)		(113.1)	(344.1)	(341.8)
Interest expense, net	(42.9)		(37.7)	(122.9)	(110.9)
Integration related costs	(36.8)		(26.5)	(90.3)	(80.4)
Goodwill impairment charge	0	$ (1,700)	0	(1,743.9)	0
Asset impairment charge	0		(2.2)	(56.9)	(3.2)
Amortization of deferred cloud computing implementation costs	(4.7)		(2.8)	(10.6)	(5.9)
EU medical device regulation transition costs	(0.4)		(0.4)	(1.5)	(1.9)
Loss on investments	0		(1)	0	(1.2)
Employee compensation charges	0		0	(5.6)	0
Credit Agreement amendment fees	0		0	(4)	0
Tax indemnification income	0		0.1	0	0.2
Other adjustments	(1.6)		(1.1)	(3.4)	(2.6)
Loss before income taxes	(28.8)		(15.5)	(1,990.6)	(19.9)
North America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	233		253.4	625.7	708.1
Goodwill impairment charge				(1,743.9)
EMEA
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	6.7		10.2	30.9	22.7
Goodwill impairment charge				0
China
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	36.9		37.3	97.4	96
Goodwill impairment charge				0
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	$ 31.7		$ 31.2	97.8	$ 89.3
Goodwill impairment charge				$ 0

Income Taxes (Detail)

Income Taxes (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ (8,900,000)	$ (2,800,000)	$ (117,000,000)	$ (2,800,000)
Loss before income taxes	$ (28,800,000)	$ (15,500,000)	$ (1,990,600,000)	$ (19,900,000)
Effective income tax rate	30.90%	18.10%	5.90%	14.10%
Unrecognized tax benefits	$ 30,100,000		$ 30,100,000
Unrecognized tax benefits the could impact effective tax rate	22,600,000		22,600,000
Unrecognized tax benefits, income tax interest and penalties accrued	4,500,000		4,500,000
Decrease in unrecognized tax benefits is reasonably possible	11,700,000		11,700,000
Indemnification receivable	$ 3,100,000		$ 3,100,000		$ 3,000,000

Balance Sheet Account Details C

Balance Sheet Account Details Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023	Oct. 01, 2023	Jan. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 143.7	$ 118.9
Restricted cash included in Other assets	0.3	0.6
Cash, cash equivalents and restricted cash	$ 144	$ 119.5	$ 149.9	$ 293.9

Balance Sheet Account Details -

Balance Sheet Account Details - Narrative (Details) - USD ($)	Sep. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fair Value	$ 0	$ 55,800,000

Balance Sheet Account Details M

Balance Sheet Account Details Marketable Securities (Details) - USD ($)	Sep. 29, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost		$ 55,900,000
Gross Unrealized Losses		(100,000)
Fair Value	$ 0	55,800,000
Total marketable securities, current
Marketable Securities [Line Items]
Amortized Cost		48,500,000
Gross Unrealized Losses		(100,000)
Fair Value		48,400,000
Total marketable securities, current | Corporate bonds
Marketable Securities [Line Items]
Amortized Cost		38,100,000
Gross Unrealized Losses		(100,000)
Fair Value		38,000,000
Total marketable securities, current | Corporate asset-backed securities
Marketable Securities [Line Items]
Amortized Cost		8,900,000
Gross Unrealized Losses		0
Fair Value		8,900,000
Total marketable securities, current | Agency bonds
Marketable Securities [Line Items]
Amortized Cost		1,500,000
Gross Unrealized Losses		0
Fair Value		1,500,000
Total marketable securities | Corporate bonds
Marketable Securities [Line Items]
Amortized Cost		4,500,000
Gross Unrealized Losses		0
Fair Value		4,500,000
Total marketable securities | Corporate asset-backed securities
Marketable Securities [Line Items]
Amortized Cost		900,000
Gross Unrealized Losses		0
Fair Value		900,000
Total marketable securities | Sovereign government bonds
Marketable Securities [Line Items]
Amortized Cost		2,000,000
Gross Unrealized Losses		0
Fair Value		$ 2,000,000

Balance Sheet Account Details A

Balance Sheet Account Details Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 395.2	$ 395.1
Allowance for contract rebates and discounts	(86.6)	(77.2)
Allowance for doubtful accounts	(13.7)	(14.6)
Total accounts receivable, net	$ 294.9	$ 303.3

Balance Sheet Account Details I

Balance Sheet Account Details Inventories (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 211.4	$ 212.7
Work-in-process (materials, labor and overhead)	92.4	92.3
Finished goods (materials, labor and overhead)	331.2	318.1
Inventories, including noncurrent portion, net	635	623.1
Inventories	577	577.8
Inventory, Noncurrent	$ 58	$ 45.3

Balance Sheet Account Details P

Balance Sheet Account Details Prepaid expenses and other current assets (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income taxes and other tax receivables	$ 181.1	$ 104.7
Prepaid expenses	86.4	67
Contract assets	39.5	46.2
Other receivables	26.2	34.2
Derivatives	8	6.9
Other	3	3.1
Total prepaid expenses and other current assets	$ 344.2	$ 262.1

Balance Sheet Account Details O

Balance Sheet Account Details Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued commissions, rebates and returns	$ 59.9	$ 63.8
Accrued interest	45.5	30.3
Deferred revenue	$ 41.9	$ 36.8
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities
Operating lease liabilities	$ 31.3	$ 26.7
Accrued other taxes payable	21.8	17.9
Derivatives	6.1	12.1
Other	84.9	115.7
Total other current liabilities	$ 291.4	$ 303.3

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Property, Plant and Equipment [Abstract]
Asset impairment charge	$ 0	$ 2.2	$ 56.9	$ 3.2

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Goodwill Rollforward (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 29, 2024	Mar. 31, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Goodwill [Line Items]
Balance at December 31, 2023		$ 2,492		$ 2,492
Impairment charge	$ 0	(1,700)	$ 0	(1,743.9)	$ 0
Foreign currency translation				22.5
Balance at September 29, 2024	770.6			770.6
North America
Goodwill [Line Items]
Balance at December 31, 2023		1,743.9		1,743.9
Impairment charge				(1,743.9)
Foreign currency translation				0
Balance at September 29, 2024	0			0
EMEA
Goodwill [Line Items]
Balance at December 31, 2023		582.4		582.4
Impairment charge				0
Foreign currency translation				21.8
Balance at September 29, 2024	604.2			604.2
China
Goodwill [Line Items]
Balance at December 31, 2023		85.7		85.7
Impairment charge				0
Foreign currency translation				1.6
Balance at September 29, 2024	87.3			87.3
Other
Goodwill [Line Items]
Balance at December 31, 2023		$ 80		80
Impairment charge				0
Foreign currency translation				(0.9)
Balance at September 29, 2024	$ 79.1			$ 79.1

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 29, 2024	Mar. 31, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Goodwill [Line Items]
Goodwill impairment charge	$ 0	$ 1,700	$ 0	$ 1,743.9	$ 0
Reporting unit, estimated percentage of decrease in fair value (in percent)		0.05
Minimum
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (in percent)		30%
Reporting unit, percentage of fair value in excess of carrying amount, adjusted for decrease (in percent)		0.25
Maximum
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount (in percent)		150%
Reporting unit, percentage of fair value in excess of carrying amount, adjusted for decrease (in percent)		1.40

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023	May 27, 2022
Debt Instrument [Line Items]
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Financing lease obligation	$ 9.3	$ 0.4
Other short-term borrowings	0	1.6
Other long-term borrowings	0.1	0.4
Unamortized deferred financing costs	(6.1)	(8)
Total borrowings	2,550.4	2,414.6
Less: current portion	(373.8)	(139.8)
Long-term borrowings	2,176.6	2,274.8
Line of Credit | Term Loan | Credit Agreement
Debt Instrument [Line Items]
Long-term debt	2,317.1	2,420.2	$ 2,750
Line of Credit | Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Long-term debt	$ 230	$ 0

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - Credit Agreement - Line of Credit $ in Millions	9 Months Ended
	Sep. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 04, 2022 USD ($)	May 27, 2022 USD ($)
Debt Instrument [Line Items]
Interest coverage ratio, minimum	3
On or Before June 30, 2023
Debt Instrument [Line Items]
Leverage ratio maximum	4.50
After June 30, 2023 to June 30, 2024
Debt Instrument [Line Items]
Leverage ratio maximum	4
After June 30, 2024 to December 31, 2024
Debt Instrument [Line Items]
Leverage ratio maximum	4.25
After December 31, 2024 to June 30, 2025
Debt Instrument [Line Items]
Leverage ratio maximum	4
After June 30, 2025
Debt Instrument [Line Items]
Leverage ratio maximum	3.75
Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 2,317.1	$ 2,420.2		$ 2,750
Payments of term loan	103.1
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	230	$ 0
Line of credit, maximum borrowing capacity			$ 800
Remaining borrowing capacity	557
Letter of Credit
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 13

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 0.8	$ 0.9	$ 2.4	$ 2.5
Derivative instruments and other	(7)	(8.5)	(21.3)	(20.2)
Interest income	(0.4)	(1.3)	(1.8)	(4.1)
Interest expense, net	42.9	37.7	122.9	110.9
Line of Credit | Term Loan | Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	43.9	45.7	132.8	130.8
Line of Credit | Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt	$ 5.6	$ 0.9	$ 10.8	$ 1.9

Stock-based Compensation - Comp

Stock-based Compensation - Compensation Expense Related to Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 12.5	$ 17.1	$ 32.8	$ 48.1
Cost of sales, excluding amortization of intangibles
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1.4	1.2	4.1	3.3
Selling, marketing and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9.2	10.3	21	27.5
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	0.7	1.6	2.6	4.2
Integration related costs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1.2	$ 4	$ 5.1	$ 13.1

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 01, 2023	Oct. 01, 2023
Equity [Abstract]
Share-based liabilities paid	$ 3	$ 8.8

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 21, 2024 defendant stockholder	Apr. 25, 2024 stockholder defendant	Apr. 12, 2024 defendant
Commitments and Contingencies Disclosure [Abstract]
Number of executive defendants | defendant	3	3	3
Number of stockholders that filed complaints | stockholder	2	2

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Assets:
Marketable securities	$ 0	$ 55.8
Derivative assets	10.3	6.9
Total assets measured at fair value	10.3	62.7
Liabilities:
Derivative liabilities	47.1	27.5
Contingent consideration	0	0.1
Total liabilities measured at fair value	47.1	27.6
Level 1
Assets:
Marketable securities	0	0
Derivative assets	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Contingent consideration	0	0
Total liabilities measured at fair value	0	0
Level 2
Assets:
Marketable securities	0	55.8
Derivative assets	10.3	6.9
Total assets measured at fair value	10.3	62.7
Liabilities:
Derivative liabilities	47.1	27.5
Contingent consideration	0	0
Total liabilities measured at fair value	47.1	27.5
Level 3
Assets:
Marketable securities	0	0
Derivative assets	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Contingent consideration	0	0.1
Total liabilities measured at fair value	$ 0	$ 0.1

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Term Loan - Credit Agreement - Line of Credit - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023	May 27, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 2,293.9	$ 2,396
Long-term debt	$ 2,317.1	$ 2,420.2	$ 2,750

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate cash flow hedge, pre-tax gain (loss) from reclassification	$ (1.3)		$ (1.3)
Foreign currency cash flow hedge, gain (loss) to be reclassified during next 12 months	2.2		2.2
Foreign Exchange Forward | Other Nonoperating Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value gain (loss) on derivative instruments not designated as hedging instruments	$ 4.4	$ (0.2)	$ 10.1	$ 0.3

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - Designated cash flow hedges $ in Millions	Sep. 29, 2024 USD ($)
Interest Rate Swap One
Derivative [Line Items]
Derivative, Notional Amount	$ 550
Derivative, Fixed Interest Rate	3.765%
Interest Rate Swap Two
Derivative [Line Items]
Derivative, Notional Amount	$ 200
Derivative, Fixed Interest Rate	3.7725%
Interest Rate Swap Three
Derivative [Line Items]
Derivative, Notional Amount	$ 300
Derivative, Fixed Interest Rate	3.7675%
Interest Rate Swap Four
Derivative [Line Items]
Derivative, Notional Amount	$ 400
Derivative, Fixed Interest Rate	3.7575%
Interest Rate Swap Five
Derivative [Line Items]
Derivative, Notional Amount	$ 350
Derivative, Fixed Interest Rate	3.7725%

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Currency Hedging Instruments (Details) - Foreign exchange contracts $ in Millions	Sep. 29, 2024 USD ($)
Designated cash flow hedges
Derivative [Line Items]
Derivative, Notional Amount	$ 188.7
Non-designated hedging instruments
Derivative [Line Items]
Derivative, Notional Amount	$ 833.6

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Foreign Exchange Forward | Total revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in OCI on Hedges	$ 3.2	$ (1)	$ (2.8)	$ 0.7
Amount of Loss (Gain) Reclassified from AOCI into Income	0	1.8	2.1	2.7
Foreign Exchange Forward | Cost of sales, excluding amortization of intangibles
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in OCI on Hedges	(0.1)	(0.1)	0.7	(2.2)
Amount of Loss (Gain) Reclassified from AOCI into Income	0.3	0.4	0.3	2.1
Interest Rate Swap | Interest expense, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in OCI on Hedges	41.7	(28)	(4.1)	(54.1)
Amount of Loss (Gain) Reclassified from AOCI into Income	$ (7.1)	$ (8.5)	$ (21.3)	$ (21.1)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Schedule of Net Investment Hedge (Details) - Net Investment Hedging Relationships - Foreign exchange contracts - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2024	Sep. 29, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	$ 20.2	$ 1.9
Other Nonoperating Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax	$ (3.3)	$ (8.2)

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Schedule of Fair Value (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Interest Rate Swap | Designated cash flow hedges | Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 2.3	$ 0.2
Interest Rate Swap | Designated cash flow hedges | Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	24.1	6.9
Foreign exchange contracts | Designated cash flow hedges | Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	2.1	3.2
Foreign exchange contracts | Designated cash flow hedges | Other assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	2.3	0
Foreign exchange contracts | Designated cash flow hedges | Other current liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	4.3	9.4
Foreign exchange contracts | Designated cash flow hedges | Other liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	16.9	8.5
Foreign exchange contracts | Non-designated hedging instruments | Prepaid expenses and other current assets
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	3.6	3.5
Foreign exchange contracts | Non-designated hedging instruments | Other current liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 1.8	$ 2.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (24.6)	$ (16.3)	$ (30)	$ (67.6)
Current period deferrals	31.2	(30.6)	53.6	30.7
Amounts reclassified to Net loss	(10.1)	(6.3)	(27.1)	(16.3)
Net change	21.1	(36.9)	26.5	14.4
Ending balance	(3.5)	(53.2)	(3.5)	(53.2)
Tax impact related to cash flow hedges	(11.1)	4.6	(3.7)	8
OCI, foreign currency transaction and translation gain (loss), arising during period, tax	(4.9)		(2)
Pension and Other Post- Employment Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1.3)	0.7	(1.3)	0.7
Current period deferrals	0	0	0	0
Amounts reclassified to Net loss	0	0	0	0
Net change	0	0	0	0
Ending balance	(1.3)	0.7	(1.3)	0.7
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	21.7	14.6	(9.8)	1.5
Current period deferrals	(33.7)	24.5	9.9	47.6
Amounts reclassified to Net loss	(6.8)	(6.3)	(18.9)	(16.3)
Net change	(40.5)	18.2	(9)	31.3
Ending balance	(18.8)	32.8	(18.8)	32.8
Available-for-Sale Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	0	(0.4)	0	(0.5)
Current period deferrals	0	0.2	0	0.3
Amounts reclassified to Net loss	0	0	0	0
Net change	0	0.2	0	0.3
Ending balance	0	(0.2)	0	(0.2)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(45)	(31.2)	(18.9)	(69.3)
Current period deferrals	64.9	(55.3)	43.7	(17.2)
Amounts reclassified to Net loss	(3.3)	0	(8.2)	0
Net change	61.6	(55.3)	35.5	(17.2)
Ending balance	$ 16.6	$ (86.5)	$ 16.6	$ (86.5)