Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 02, 2022 | Nov. 09, 2022 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 02, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-5075 | |
Entity Registrant Name | PERKINELMER, INC | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 04-2052042 | |
Entity Address, Address Line One | 940 Winter Street, | |
Entity Address, City or Town | Waltham, | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02451 | |
City Area Code | 781 | |
Local Phone Number | 663-6900 | |
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 | 126,315,920 | |
Entity Central Index Key | 0000031791 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-01 | |
PKI [Member] | ||
Entity Listings [Line Items] | ||
Trading Symbol | PKI | |
Trading Symbol | PKI | |
PKI 21A [Member] | ||
Entity Listings [Line Items] | ||
Trading Symbol | PKI 21A | |
Trading Symbol | PKI 21A | |
Common stock, $1 par value per share [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, $1 par value per share | |
Title of 12(b) Security | Common stock, $1 par value per share | |
1.875% Notes due 2026 [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 1.875% Notes due 2026 | |
Title of 12(b) Security | 1.875% Notes due 2026 | |
NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Entity Listings [Line Items] | ||
Security Exchange Name | NYSE | |
Security Exchange Name | NYSE |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 711,803 | $ 861,316 | $ 2,570,608 | $ 2,799,898 |
Cost of Goods and Services Sold | 304,759 | 338,454 | 1,017,108 | 1,009,707 |
Selling, general and administrative expenses | 239,969 | 275,869 | 765,746 | 681,311 |
Research and development expenses | 53,521 | 49,421 | 167,081 | 139,753 |
Restructuring and other costs, net | 2,774 | 2,011 | 15,443 | 10,517 |
Operating income from continuing operations | 110,780 | 195,561 | 605,230 | 958,610 |
Interest And Other Expense Net | 28,638 | 60,549 | 91,840 | 54,732 |
Income from continuing operations before income taxes | 82,142 | 135,012 | 513,390 | 903,878 |
Provision for income taxes | 12,634 | 27,381 | 98,211 | 198,531 |
Income from continuing operations | 69,508 | 107,631 | 415,179 | 705,347 |
Income from discontinued operations before income taxes | 25,180 | 26,656 | 36,004 | 64,329 |
Provision for income taxes on discontinued operations and dispositions | 9,341 | 6,549 | 9,662 | 16,703 |
Income from discontinued operations and dispositions | 15,839 | 20,107 | 26,342 | 47,626 |
Net income | $ 85,347 | $ 127,738 | $ 441,521 | $ 752,973 |
Basic earnings (loss) per share: | ||||
Income (loss) from continuing operations (per share) | $ 0.55 | $ 0.94 | $ 3.29 | $ 6.25 |
Gain (loss) on discontinued operations and dispositions (per share) | 0.13 | 0.18 | 0.21 | 0.42 |
Net income (per share) | 0.68 | 1.12 | 3.50 | 6.67 |
Diluted earnings (loss) per share: | ||||
Income (loss) from continuing operations (per share) | 0.55 | 0.94 | 3.28 | 6.23 |
Gain (loss) on discontinued operations and dispositions (per share) | 0.13 | 0.17 | 0.21 | 0.42 |
Net income (per share) | $ 0.67 | $ 1.11 | $ 3.49 | $ 6.65 |
Weighted average shares of common stock outstanding: | ||||
Basic (in shares) | 126,155 | 114,508 | 126,139 | 112,836 |
Diluted (in shares) | 126,540 | 115,022 | 126,544 | 113,307 |
Cash dividends per common share | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 |
Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 605,457 | $ 642,128 | $ 1,984,715 | $ 1,941,566 |
Cost of Goods and Services Sold | 271,744 | 277,809 | 879,832 | 809,355 |
Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 106,346 | 219,188 | 585,893 | 858,332 |
Cost of Goods and Services Sold | $ 33,015 | $ 60,645 | $ 137,276 | $ 200,352 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock Amount [Member] | Common Stock Amount [Member] Net Income [Member] | Common Stock Amount [Member] Other comprehensive loss [Member] | Common Stock Amount [Member] Dividends [Member] | Common Stock Amount [Member] Issuance of common stock for business combination, net of issuance costs [Member] | Common Stock Amount [Member] Exercise of employee stock options and related income tax benefits [Member] | Common Stock Amount [Member] Purchases of common stock [Member] | Common Stock Amount [Member] Issuance of common stock for employee stock purchase plans [Member] | Common Stock Amount [Member] Issuance of common stock for long-term incentive program [Member] | Common Stock Amount [Member] Stock compensation [Member] | Capital In Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common stock, Shares, Issued and outstanding | 112,090,000 | |||||||||||||
Beginning Balance at Jan. 03, 2021 | $ 3,735,492 | $ 112,090 | $ 148,101 | $ 3,507,262 | $ (31,961) | |||||||||
Net income | 379,305 | 379,305 | ||||||||||||
Dividends | (7,846) | (7,846) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 4,987 | 95 | 4,892 | |||||||||||
Issuance of common stock for employee benefit plans | (8) | 0 | (8) | 0 | 0 | |||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (42,779) | (295) | (42,484) | |||||||||||
Issuance of common stock for long-term incentive program | (4,450) | (176) | (4,274) | |||||||||||
Stock compensation | 899 | 0 | 899 | 0 | 0 | |||||||||
Ending Balance at Apr. 04, 2021 | 4,002,305 | 112,066 | 115,690 | 3,878,721 | (104,172) | |||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | (72,211) | (72,211) | ||||||||||||
Beginning Balance at Jan. 03, 2021 | 3,735,492 | 112,090 | 148,101 | 3,507,262 | (31,961) | |||||||||
Net income | 752,973 | |||||||||||||
Other comprehensive income (loss) | (48,752) | |||||||||||||
Ending Balance at Oct. 03, 2021 | 6,958,585 | $ 126,200 | 2,742,750 | 4,235,831 | (146,196) | |||||||||
Common stock, Shares, Issued and outstanding | 112,066,000 | 0 | 0 | 0 | 95,000 | (295,000) | 0 | 176,000 | 0 | |||||
Beginning Balance at Apr. 04, 2021 | 4,002,305 | $ 112,066 | 115,690 | 3,878,721 | (104,172) | |||||||||
Net income | 245,930 | 245,930 | ||||||||||||
Dividends | (7,826) | (7,826) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 9,198 | 128 | 9,070 | |||||||||||
Issuance of common stock for employee benefit plans | (1,624) | (11) | (1,613) | 0 | 0 | |||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (30,145) | (209) | (29,936) | |||||||||||
Issuance of common stock for long-term incentive program | (5,022) | (24) | (4,998) | |||||||||||
Stock compensation | 1,964 | 5 | 1,959 | 0 | 0 | |||||||||
Ending Balance at Jul. 04, 2021 | 4,239,807 | $ 112,025 | 103,394 | 4,116,825 | (92,437) | |||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | 11,735 | 11,735 | ||||||||||||
Common stock, Shares, Issued and outstanding | 112,025,000 | 0 | 0 | 0 | 128,000 | (209,000) | 11,000 | 24,000 | 5,000 | |||||
Net income | 127,738 | 127,738 | ||||||||||||
Other comprehensive income (loss) | 11,735 | |||||||||||||
Dividends | (8,732) | (8,732) | ||||||||||||
Stock Issued During Period, Shares, Acquisitions | 14,067,000 | |||||||||||||
Stock Issued During Period, Shares, Acquisitions | 2,638,144 | 2,624,077 | 0 | |||||||||||
Exercise of employee stock options and related income tax benefits | 8,880 | $ 107 | 8,773 | |||||||||||
Issuance of common stock for employee benefit plans | 0 | 0 | 0 | 0 | 0 | |||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (90) | (1) | (89) | |||||||||||
Issuance of common stock for long-term incentive program | (5,116) | (2) | (5,114) | |||||||||||
Stock compensation | 1,481 | 0 | 1,481 | 0 | 0 | |||||||||
Ending Balance at Oct. 03, 2021 | 6,958,585 | $ 126,200 | 2,742,750 | 4,235,831 | (146,196) | |||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | $ (53,759) | (53,759) | ||||||||||||
Common stock, Shares, Issued and outstanding | 126,200,000 | 0 | 0 | 0 | 14,067,000 | 107,000 | (1,000) | 0 | 2,000 | 0 | ||||
Common stock, Shares, Issued and outstanding | 126,241,000 | 126,241,000 | ||||||||||||
Beginning Balance at Jan. 02, 2022 | $ 7,141,245 | $ 126,241 | 2,760,522 | 4,417,174 | (162,692) | |||||||||
Net income | 176,962 | 176,962 | ||||||||||||
Dividends | (8,905) | (8,905) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 1,397 | 18 | 1,379 | |||||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (55,592) | (307) | (55,285) | |||||||||||
Issuance of common stock for long-term incentive program | (12,470) | (188) | (12,282) | |||||||||||
Stock compensation | 2,792 | 0 | 2,792 | 0 | 0 | |||||||||
Ending Balance at Apr. 03, 2022 | 7,186,342 | 126,140 | 2,721,690 | 4,585,231 | (246,719) | |||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | (84,027) | (84,027) | ||||||||||||
Beginning Balance at Jan. 02, 2022 | 7,141,245 | 126,241 | 2,760,522 | 4,417,174 | (162,692) | |||||||||
Net income | 441,521 | |||||||||||||
Other comprehensive income (loss) | (487,090) | |||||||||||||
Ending Balance at Oct. 02, 2022 | 7,065,200 | $ 126,220 | 2,754,716 | 4,834,046 | (649,782) | |||||||||
Common stock, Shares, Issued and outstanding | 126,140,000 | 0 | 0 | 0 | 18,000 | (307,000) | 188,000 | 0 | ||||||
Beginning Balance at Apr. 03, 2022 | 7,186,342 | $ 126,140 | 2,721,690 | 4,585,231 | (246,719) | |||||||||
Net income | 179,212 | 179,212 | ||||||||||||
Dividends | (7,877) | (7,877) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 4,444 | 50 | 4,394 | |||||||||||
Issuance of common stock for employee benefit plans | (1,826) | (13) | (1,813) | |||||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (456) | (3) | (453) | |||||||||||
Issuance of common stock for long-term incentive program | (12,272) | (12) | (12,260) | |||||||||||
Stock compensation | 3,758 | 6 | 3,752 | 0 | 0 | |||||||||
Ending Balance at Jul. 03, 2022 | 7,167,155 | $ 126,218 | 2,743,456 | 4,756,566 | (459,085) | |||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | (212,366) | (212,366) | ||||||||||||
Common stock, Shares, Issued and outstanding | 126,218,000 | 0 | 0 | 0 | 50,000 | (3,000) | 13,000 | 12,000 | 6,000 | |||||
Net income | 85,347 | 85,347 | ||||||||||||
Other comprehensive income (loss) | (190,697) | |||||||||||||
Dividends | (7,867) | (7,867) | ||||||||||||
Exercise of employee stock options and related income tax benefits | 412 | $ 6 | 406 | |||||||||||
Issuance of common stock for employee benefit plans | (31) | (1) | (30) | |||||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (89) | (1) | (88) | |||||||||||
Issuance of common stock for long-term incentive program | (8,971) | 5 | (8,976) | |||||||||||
Stock compensation | 1,937 | 1 | 1,936 | 0 | 0 | |||||||||
Ending Balance at Oct. 02, 2022 | 7,065,200 | $ 126,220 | $ 2,754,716 | $ 4,834,046 | (649,782) | |||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | $ (190,697) | $ (190,697) | ||||||||||||
Common stock, Shares, Issued and outstanding | 126,220,000 | 126,220,000 | 0 | 0 | 0 | 6,000 | (1,000) | 1,000 | (5,000) | 1,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Net income | $ 85,347 | $ 127,738 | $ 441,521 | $ 752,973 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, net of income taxes | (190,745) | 11,724 | (487,095) | (48,857) |
Unrealized gain on securities, net of income taxes | 48 | 11 | 5 | 105 |
Other comprehensive (loss) income | (190,697) | 11,735 | (487,090) | (48,752) |
Comprehensive (loss) income | $ (105,350) | $ 139,473 | $ (45,569) | $ 704,221 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2022 | Jan. 02, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 400,741 | $ 603,320 |
Accounts receivable, net | 540,867 | 707,941 |
Inventories | 378,256 | 425,890 |
Other current assets | 138,867 | 148,255 |
Disposal Group, Including Discontinued Operation, Assets, Current | 1,657,749 | 555,374 |
Total current assets | 3,116,480 | 2,440,780 |
Property, plant and equipment, net: | ||
Property, plant and equipment, net | 460,397 | 485,531 |
Operating Lease, Right-of-Use Asset | 160,120 | 164,040 |
Intangible assets, net | 3,401,143 | 3,821,847 |
Goodwill | 6,373,327 | 6,627,119 |
Other assets, net | 312,297 | 312,887 |
Long-term assets of discontinued operations | 0 | 1,148,350 |
Total assets | 13,823,764 | 15,000,554 |
Current liabilities: | ||
Current portion of long-term debt | 503,549 | 4,240 |
Accounts payable | 275,824 | 324,811 |
Accrued expenses and other current liabilities | 471,570 | 728,445 |
Current liabilities of discontinued operations | 234,788 | 156,248 |
Total current liabilities | 1,485,731 | 1,213,744 |
Long-term debt | 3,898,267 | 4,979,737 |
Deferred taxes and long-term liabilities | 1,231,724 | 1,422,549 |
Operating Lease, Liability, Noncurrent | 142,842 | 147,395 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 95,884 |
Total liabilities | 6,758,564 | 7,859,309 |
Commitments and contingencies (see Note 15) | ||
Stockholders' equity: | ||
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding | 0 | 0 |
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 126,220,000 shares and 126,241,000 shares at October 2, 2022 and January 2, 2022, respectively | 126,220 | 126,241 |
Capital in excess of par value | 2,754,716 | 2,760,522 |
Retained earnings | 4,834,046 | 4,417,174 |
Accumulated other comprehensive loss | (649,782) | (162,692) |
Total stockholders’ equity | 7,065,200 | 7,141,245 |
Total liabilities and stockholders’ equity | $ 13,823,764 | $ 15,000,554 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 02, 2022 | Jan. 02, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 126,220,000 | 126,241,000 |
Common stock, Shares, Issued and outstanding | 126,220,000 | 126,241,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2022 | Oct. 03, 2021 | |
Operating activities: | ||
Net income | $ 441,521 | $ 752,973 |
Income from discontinued operations and dispositions, net of income taxes | (26,342) | (47,626) |
Income from continuing operations | 415,179 | 705,347 |
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations: | ||
Restructuring and other costs, net | 15,443 | 10,517 |
Depreciation and amortization | 322,766 | 197,386 |
Loss (Gain) on disposition of businesses and assets, net | 0 | (1,970) |
Stock-based compensation | 39,776 | 16,718 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (769) | 1,553 |
Amortization of deferred debt financing costs and accretion of discounts and debt extinguishment costs | 5,954 | 3,224 |
Change in fair value of financial securities | 14,321 | (8,566) |
Asset Impairment Charges | 0 | 3,868 |
Amortization of acquired inventory revaluation | 45,039 | 14,728 |
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested: | ||
Accounts receivable, net | 120,138 | 231,924 |
Inventories | (44,475) | 19,181 |
Accounts payable | (27,968) | (39,984) |
Increase (Decrease) in Accrued Expenses and Other | (360,089) | (159,452) |
Net cash provided by operating activities of continuing operations | 545,315 | 994,474 |
Net cash (used in) provided by operating activities of discontinued operations | (4,663) | 80,684 |
Net cash provided by operating activities | 540,652 | 1,075,158 |
Investing activities: | ||
Capital expenditures | (59,502) | (59,066) |
Proceeds from notes receivable | 8,890 | 0 |
Payments to Acquire Investments | (45,010) | (19,130) |
Proceeds from Divestiture of Businesses | 5,664 | 1,460 |
Cash paid for acquisitions, net of cash acquired | (7,768) | (3,967,678) |
Net cash used in investing activities of continuing operations | (97,726) | (4,044,414) |
Net cash used in investing activities of discontinued operations | (9,441) | (8,393) |
Net cash used in investing activities | (107,167) | (4,052,807) |
Financing activities: | ||
Payments of borrowings | 220,000 | 1,191,125 |
Proceeds from borrowings | 220,000 | 1,144,282 |
Repayments of Term Loan | (500,000) | 0 |
Proceeds From Term Loan | 0 | 500,000 |
Repayments of Senior Debt | (7,472) | (339,605) |
Proceeds from sale of senior debt | 0 | 3,086,095 |
Payments of debt financing and equity issuance costs | 0 | (30,983) |
Settlement of cash flow hedges | (762) | (1,459) |
Net payments on other credit facilities | (487) | (12,731) |
Proceeds from issuance of common stock under stock plans | 6,254 | 22,760 |
Purchases of common stock | (56,137) | (73,013) |
Dividends paid | (26,502) | (23,539) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (585,106) | 3,080,682 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 |
Net cash (used in) provided by financing activities | (585,106) | 3,080,682 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (51,404) | (16,584) |
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalent | (203,025) | 86,449 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period | 619,337 | 402,613 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period | 416,312 | 489,062 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | 400,741 | 472,374 |
Restricted Cash, Current | 284 | 1,689 |
Restricted Cash, Noncurrent | 288 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 416,312 | 489,062 |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 14,999 | 14,999 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Equity issued for business combination, net of issuance costs | 0 | 2,638,369 |
Contingent consideration incurred in business combination | 4,961 | 33,431 |
Other liability incurred in business combination | $ 4,005 | $ 8,467 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 02, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the “United States”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the SEC (the “2021 Form 10-K”). The balance sheet amounts at January 2, 2022 in this report were derived from the Company’s audited 2021 consolidated financial statements included in the 2021 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended October 2, 2022 and October 3, 2021, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. In August 2022, the Company announced the proposed sale of certain assets and the equity interests of certain entities constituting the Company’s Analytical, Food and Enterprise Services businesses (the “Business”). The 2021 consolidated financial statements presented herein have been retrospectively adjusted to present the Business as discontinued operations for all periods presented. |
Revenue (Notes)
Revenue (Notes) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer [Text Block] | Revenue Disaggregation of revenue In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. Reportable Segments Three Months Ended October 2, 2022 October 3, 2021 Discovery & Analytical Solutions Diagnostics Total Discovery & Analytical Solutions Diagnostics Total (In thousands) Primary geographical markets Americas $ 165,340 $ 170,478 $ 335,818 $ 106,742 $ 280,367 $ 387,109 Europe 72,150 103,925 176,075 50,726 220,264 270,990 Asia 75,293 124,617 199,910 50,043 153,174 203,217 $ 312,783 $ 399,020 $ 711,803 $ 207,511 $ 653,805 $ 861,316 Primary end-markets Diagnostics $ — $ 399,020 $ 399,020 $ — $ 653,805 $ 653,805 Life sciences 312,783 — 312,783 207,511 — 207,511 $ 312,783 $ 399,020 $ 711,803 $ 207,511 $ 653,805 $ 861,316 Timing of revenue recognition Products and services transferred at a point in time $ 279,235 $ 358,481 $ 637,716 $ 177,869 $ 554,332 $ 732,201 Services transferred over time 33,548 40,539 74,087 29,642 99,473 129,115 $ 312,783 $ 399,020 $ 711,803 $ 207,511 $ 653,805 $ 861,316 Reportable Segments Nine Months Ended October 2, 2022 October 3, 2021 Discovery & Analytical Solutions Diagnostics Total Discovery & Analytical Solutions Diagnostics Total (In thousands) Primary geographical markets Americas $ 499,419 $ 824,024 $ 1,323,443 $ 281,640 $ 1,049,659 $ 1,331,299 Europe 215,394 418,328 633,722 149,437 732,784 882,221 Asia 230,671 382,772 613,443 146,294 440,084 586,378 $ 945,484 $ 1,625,124 $ 2,570,608 $ 577,371 $ 2,222,527 $ 2,799,898 Primary end-markets Diagnostics $ — $ 1,625,124 $ 1,625,124 $ — $ 2,222,527 $ 2,222,527 Life sciences 945,484 — 945,484 577,371 — 577,371 $ 945,484 $ 1,625,124 $ 2,570,608 $ 577,371 $ 2,222,527 $ 2,799,898 Timing of revenue recognition Products and services transferred at a point in time $ 847,030 $ 1,418,540 $ 2,265,570 $ 496,347 $ 1,676,041 $ 2,172,388 Services transferred over time 98,454 206,584 305,038 81,024 546,486 627,510 $ 945,484 $ 1,625,124 $ 2,570,608 $ 577,371 $ 2,222,527 $ 2,799,898 Major Customer Concentration Revenues from one customer in the Company’s Diagnostics segment represent approximately $12.0 million and $301.6 million of the Company’s total revenue for the three and nine months ended October 2, 2022, respectively, and approximately $94.8 million and $492.8 million of the Company’s total revenue for the three and nine months ended October 3, 2021, respectively. Contract Balances | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 711,803 | $ 861,316 | $ 2,570,608 | $ 2,799,898 |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 637,716 | 732,201 | 2,265,570 | 2,172,388 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 74,087 | 129,115 | 305,038 | 627,510 |
Americas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 335,818 | 387,109 | 1,323,443 | 1,331,299 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 176,075 | 270,990 | 633,722 | 882,221 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 199,910 | 203,217 | 613,443 | 586,378 |
Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 399,020 | 653,805 | 1,625,124 | 2,222,527 |
Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,783 | 207,511 | 945,484 | 577,371 |
Discovery & Analytical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,783 | 207,511 | 945,484 | 577,371 |
Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 279,235 | 177,869 | 847,030 | 496,347 |
Discovery & Analytical Solutions [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,548 | 29,642 | 98,454 | 81,024 |
Discovery & Analytical Solutions [Member] | Americas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 165,340 | 106,742 | 499,419 | 281,640 |
Discovery & Analytical Solutions [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,150 | 50,726 | 215,394 | 149,437 |
Discovery & Analytical Solutions [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 75,293 | 50,043 | 230,671 | 146,294 |
Discovery & Analytical Solutions [Member] | Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Discovery & Analytical Solutions [Member] | Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,783 | 207,511 | 945,484 | 577,371 |
Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 399,020 | 653,805 | 1,625,124 | 2,222,527 |
Diagnostics [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 358,481 | 554,332 | 1,418,540 | 1,676,041 |
Diagnostics [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,539 | 99,473 | 206,584 | 546,486 |
Diagnostics [Member] | Americas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 170,478 | 280,367 | 824,024 | 1,049,659 |
Diagnostics [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 103,925 | 220,264 | 418,328 | 732,784 |
Diagnostics [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 124,617 | 153,174 | 382,772 | 440,084 |
Diagnostics [Member] | Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 399,020 | 653,805 | 1,625,124 | 2,222,527 |
Diagnostics [Member] | Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Business Combinations
Business Combinations | 9 Months Ended |
Oct. 02, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisitions in fiscal year 2022 During the first nine months of fiscal year 2022, the Company completed the acquisition of two businesses for aggregate consideration of $13.3 million. Identifiable definite-lived intangible assets, such as core technology, acquired as part of these acquisitions had a weighted average amortization period of 5 years. Acquisitions in fiscal year 2021 Acquisition of BioLegend, Inc. In fiscal year 2021, t he Company completed the acquisition of BioLegend, Inc. ( “ BioLegend ” ) and paid an aggregate consideration of $5.7 billion, net of cash acquired of $292.4 million, reflecting working capital and other adjustments (the “ Aggregate Consideration ” ). The Aggregate Consideration was paid in a combination of $3.3 billion in cash and shares of the Company ’ s common stock having a fair value of approximately $2.6 billion based on the $187.56 per share closing price of the Company ’ s common stock on the New York Stock Exchange on September 17, 2021 (the “ Stock Consideration ” ). The Stock Consideration consisted of 14,066,799 shares of the Company ’ s common stock. BioLegend is recognized as a leading, global provider of life science antibodies and reagents, headquartered in San Diego, California, with approximately 700 employees. The operations for this acquisition is reported within the results of the Company ’ s Discovery & Analytical Solutions segment from the acquisition date. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, customer relationships and clone library, acquired as part of this acquisition had a weighted-average amortization period of 16.3 years. BioLegend’s revenue and net loss from the acquisition date to January 2, 2022 were $91.7 million and $25.8 million, respectively. The net loss includes $47.0 million of amortization of intangible assets recognized in the acquisition as well as $16.6 million of amortization of fair value adjustment to acquired inventory. The following unaudited pro forma information presents the combined financial results for the Company and BioLegend as if the acquisition of BioLegend had been completed at the beginning of fiscal year 2020: Three Months Ended Nine Months Ended (In thousands, except per share data) Pro Forma Statement of Operations Information: Revenue $ 942,568 $ 3,040,295 Income from continuing operations 170,174 749,654 Basic earnings per share: Income from continuing operations $ 1.32 $ 5.91 Diluted earnings per share: Income from continuing operations $ 1.32 $ 5.89 The unaudited pro forma information for the third quarter of fiscal year 2021 has been calculated after applying the Company’s accounting policies and the impact of acquisition date fair value adjustments. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain adjustments, such as increased interest expense on debt obtained to finance the transaction, and increased amortization expense for the fair value of acquired intangible assets. The pro forma information does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the combination occurred at the beginning of the period presented, or of future results of the consolidated entities. The actual results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. Other acquisitions in 2021. During fiscal year 2021, the Company also completed t he acquisition of seven other businesse s for aggregate consideration of $1.2 billion. The acquired businesses include Oxford Immunotec Global PLC (“Oxford”), a company based in Abingdon, UK with approximately 275 employees, for total consideration of $590.9 million and Nexcelom Bioscience Holdings, LLC, a company based in Lawrence, Massachusetts with approximately 130 employees, for total consideration of $267.3 million, and five other businesses, which were acquired for total consideration of $318.6 million. The excess of the purchase prices over the fair values of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, and customer relationships, acquired as part of these acquisitions had a weighted-average amortization period of 12.3 years. The total purchase price for the acquisitions in fiscal year 2021 has been allocated to the estimated fair value of assets acquired and liabilities assumed as follows: BioLegend Other (In thousands) Fair value of business combinations: Cash payments $ 3,336,115 1,128,584 Common stock issued 2,638,369 — Other liability 6,857 2,910 Contingent consideration — 45,031 Working capital and other adjustments — 183 Less: cash acquired (292,377) (195,010) Total $ 5,688,964 $ 981,698 Identifiable assets acquired and liabilities assumed: Current assets $ 184,704 $ 71,840 Property, plant and equipment 147,200 26,507 Other assets 9,330 15,527 Identifiable intangible assets: Core technology and clone library 782,400 290,089 Trade names and patents 38,000 39,476 Licenses 8,979 — Customer relationships and backlog 1,714,800 141,670 Goodwill 3,509,931 545,262 Deferred taxes (668,919) (80,923) Deferred revenue — (1,197) Debt assumed — (4,628) Liabilities assumed (37,461) (61,925) Total $ 5,688,964 $ 981,698 The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company’s estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that were not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings. There were no material measurement period adjustments recognized in the current period. As of October 2, 2022, the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $102.1 million. As of October 2, 2022, the Company has recorded contingent consideration obligations of $44.6 million, of which $5.3 million was recorded in accrued expenses and other current liabilities, and $39.3 million was recorded in long-term liabilities. As of January 2, 2022, the Company had recorded contingent consideration obligations with an estimated fair value of $58.0 million, of which $1.3 million was recorded in accrued expenses and other current liabilities, and $56.7 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 6.2 years from October 2, 2022, and the remaining weighted average expected earnout period at October 2, 2022 was 5.1 years. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible assets or the recognition of additional contingent consideration which would be recognized as a component of operating expenses from continuing operations. Total acquisition and divestiture-related costs for the three and nine months ended October 2, 2022 were $8.5 million and $25.9 million, respectively. These amounts included $5.5 million and $20.2 million of stock compensation expense related to awards given to BioLegend employees for the three and nine months ended October 2, 2022, respectively. Total acquisition and divestiture-related costs for the three and nine months ended October 3, 2021 were $69.9 million and $72.5 million, respectively. These included $5.4 million net foreign exchange gain related to the Company’s acquisition of Oxford for the nine months ended October 3, 2021 and bridge financing and debt pre-issuance hedging costs of $23.6 million related to the Company’s acquisition of BioLegend for each of the three and nine months ended October 3, 2021. These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other expense, net in the Company’s condensed consolidated statements of operations. |
Restructuring and Lease Charges
Restructuring and Lease Charges, Net | 9 Months Ended |
Oct. 02, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Lease Charges, Net | Restructuring and Other Costs, Net The Company implemented restructuring plans in the first, second and third quarters of fiscal year 2022 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the “Q1 2022 Plan”, “Q2 2022 Plan” and “Q3 2022 Plan” respectively). The Company implemented restructuring plans in each quarter of fiscal year 2021 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the “Q1 2021 Plan”, “Q2 2021 Plan”, “Q3 2021 Plan” and “Q4 2021 Plan”, respectively). Details of the plans initiated in previous years (the “Previous Plans”) are discussed more fully in Note 4, Restructuring and Other Costs, Net, to the audited consolidated financial statements in the 2021 Form 10-K. The following table summarizes the reductions in headcount, the initial restructuring or contract termination charges by reporting segment, and the dates by which payments were substantially completed, or the dates by which payments are expected to be substantially completed, for restructuring actions implemented during fiscal years 2022 and 2021: Workforce Reductions Closure of Excess Facility Total (Expected) Date Payments Substantially Completed by Headcount Reduction Discovery & Analytical Solutions Diagnostics Discovery & Analytical Solutions Diagnostics Severance Excess Facility (In thousands, except headcount data) Q3 2022 Plan 40 $ 2,074 $ 1,122 $ — — $ 3,196 Q4 FY2022 — Q2 2022 Plan 243 7,336 2,052 — — 9,388 Q3 FY2022 — Q1 2022 Plan 81 5,832 399 — — 6,231 Q4 FY2022 — Q4 2021 Plan 31 3,139 77 150 — 3,366 Q3 FY2022 Q1 FY2023 Q3 2021 Plan 39 420 366 — — 786 Q2 FY2022 — Q2 2021 Plan 25 968 564 — — 1,532 Q1 FY2022 — Q1 2021 Plan 77 3,941 1,615 — — 5,556 Q4 FY2021 — The Company has terminated various contractual commitments in connection with certain disposal activities and has recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded net pre-tax (gains) charges of $(0.1) million and $7.9 million in the Discovery & Analytical Solutions segment during the three and nine months ended October 2, 2022, respectively, as a result of these contract terminations. The Company recorded net pre-tax gains of $0.1 million in the Diagnostics segment during the nine months ended October 2, 2022, as a result of changes in estimates from prior contract terminations. The Company recorded pre-tax charges of $1.4 million associated with closure of facilities during the nine months ended October 2, 2022 in the Discovery & Analytical Solutions segment. The Company recorded pre-tax charges of $0.2 million associated with closure of facilities during the nine months ended October 2, 2022 in the Diagnostics segment. The Company expects to make payments on these relocation activities through end of fiscal year 2023. |
Interest and Other Expense (Inc
Interest and Other Expense (Income), Net | 9 Months Ended |
Oct. 02, 2022 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense (Income), Net | Interest and Other Expense, Net Interest and other expense, net, consisted of the following: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Interest income $ (667) $ (544) $ (2,024) $ (1,322) Interest expense 25,931 43,531 81,447 74,407 Change in fair value of financial securities 5,106 19,365 14,321 (8,566) Other components of net periodic pension credit (2,602) (3,537) (7,718) (10,583) Other expense, net 870 1,734 5,814 796 Total interest and other expense, net $ 28,638 $ 60,549 $ 91,840 $ 54,732 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Oct. 02, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories Inventories consisted of the following: October 2, January 2, (In thousands) Raw materials $ 175,043 $ 166,486 Work in progress 65,486 63,580 Finished goods 137,727 195,824 Total inventories $ 378,256 $ 425,890 |
Debt
Debt | 9 Months Ended |
Oct. 02, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s debt consisted of the following: October 2, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (2,821) $ (2,821) 0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”) 791,949 (325) (3,598) 788,026 €500,000 Principal 1.875% Senior Unsecured Notes due in 2026 ("2026 Notes") 489,400 (1,856) (1,904) 485,640 1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”) 500,000 (312) (3,759) 495,929 3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”) 850,000 (2,049) (5,671) 842,280 2.55% Senior Unsecured Notes due in March 2031 ("March 2031 Notes") 400,000 (116) (3,038) 396,846 2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”) 500,000 (1,381) (3,925) 494,694 3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”) 400,000 (4) (4,249) 395,747 Other Debt Facilities, non-current 1,926 — — 1,926 Total Long-Term Debt $ 3,933,275 $ (6,043) $ (28,965) $ 3,898,267 Current Portion of Long-term Debt: 0.550% Senior Unsecured Notes due in 2023 (“2023 Notes”) 500,000 (86) (1,177) 498,737 Other Debt Facilities, current 4,812 — — 4,812 Total $ 4,438,087 $ (6,129) $ (30,142) $ 4,401,816 During the third quarter of fiscal year 2022, the Company repurchased $8.1 million in aggregate principal amount of the 2024 Notes in open market transactions. In October 2022, the Company repurchased $32.9 million in aggregate principal amount of the 2023 Notes and $12.7 million in aggregate principal amount of the 2024 Notes in open market transactions. January 2, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (3,362) $ (3,362) Unsecured Term Loan Credit Facility 500,000 (14) (658) 499,328 2023 Notes 500,000 (152) (2,093) 497,755 2024 Notes 800,000 (447) (4,945) 794,608 2026 Notes 568,600 (2,538) (2,280) 563,782 2028 Notes 500,000 (348) (4,200) 495,452 2029 Notes 850,000 (2,252) (6,234) 841,514 March 2031 Notes 400,000 (126) (3,294) 396,580 September 2031 Notes 500,000 (1,485) (4,380) 494,135 2051 Notes 400,000 (4) (4,335) 395,661 Other Debt Facilities, non-current 4,284 — — 4,284 Total Long-Term Debt 5,022,884 (7,366) (35,781) 4,979,737 Current Portion of Long-term Debt: Other Debt Facilities, current 4,240 — — 4,240 Total $ 5,027,124 $ (7,366) $ (35,781) $ 4,983,977 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 02, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding during the period less restricted unvested shares. Diluted earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding plus all potentially dilutive common stock equivalents, primarily shares issuable upon the exercise of stock options using the treasury stock method. The following table reconciles the number of shares utilized in the earnings per share calculations: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Number of common shares—basic 126,155 114,508 126,139 112,836 Effect of dilutive securities: Stock options 228 365 272 367 Restricted stock awards 157 149 133 104 Number of common shares—diluted 126,540 115,022 126,544 113,307 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 608 90 600 237 Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future. |
Industry Segment Information
Industry Segment Information | 9 Months Ended |
Oct. 02, 2022 | |
Segment Reporting [Abstract] | |
Industry Segment Information | Segment InformationThe Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1, Nature of Operations and Accounting Policies, to the audited consolidated financial statements in the 2021 Form 10-K. The principal products and services of the Company’s two operating segments are: • Discovery & Analytical Solutions . Provides products and services targeted towards the life sciences market. • Diagnostics . Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the reproductive health, immunodiagnostics and applied genomics markets. The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments. Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Discovery & Analytical Solutions Product revenue $ 280,115 $ 174,715 $ 846,730 $ 480,182 Service revenue 32,668 32,796 98,754 97,189 Total revenue 312,783 207,511 945,484 577,371 Operating income (loss) from continuing operations 32,631 (19,263) 106,005 50,624 Diagnostics Product revenue 325,342 467,413 1,137,985 1,461,384 Service revenue 73,678 186,392 487,139 761,143 Total revenue 399,020 653,805 1,625,124 2,222,527 Operating income from continuing operations 94,654 237,903 553,898 965,650 Corporate Operating loss from continuing operations (16,505) (23,079) (54,673) (57,664) Continuing Operations Product revenue 605,457 642,128 1,984,715 1,941,566 Service revenue 106,346 219,188 585,893 858,332 Total revenue 711,803 861,316 2,570,608 2,799,898 Operating income from continuing operations 110,780 195,561 605,230 958,610 Interest and other expense, net 28,638 60,549 91,840 54,732 Income from continuing operations before income taxes $ 82,142 $ 135,012 $ 513,390 $ 903,878 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Oct. 02, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive loss consisted of the following: October 2, January 2, (In thousands) Foreign currency translation adjustments, net of income taxes $ (648,905) $ (161,810) Unrecognized prior service costs, net of income taxes (842) (842) Unrealized net losses on securities, net of income taxes (35) (40) Accumulated other comprehensive loss $ (649,782) $ (162,692) Stock Repurchases: On July 31, 2020, the Company ’ s Board of Directors (the “ Board ” ) authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the “ Repurchase Program ” ). On July 22, 2022, the Repurchase Program was terminated by the Board and the Board authorized the Company to repurchase shares of common stock for an aggregate amount up to $300.0 million under a new stock repurchase program (the “ New Repurchase Program ” ). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Pro gram will expire on July 22, 2024 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended October 2, 2022, the Company had no stock repurchases under the Repurchase Program or the New Repurchase Program. As of October 2, 2022, $300.0 million remained available for aggregate repurchases of shares under the New Repurchase Program. In addition, the Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company’s equity incentive plans. During the three months ended October 2, 2022, the Company repurchased 624 shares of common stock for this purpose at an aggregate cost of $0.1 million. During the nine months ended October 2, 2022, the Company repurchased 70,653 shares of common stock for this purpose at an aggregate cost of $12.8 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value. Dividends: The Board declared a regular qua rterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2022 and in each quarter of fiscal year 2021. At October 2, 2022, the Company had accrued $8.8 million for dividends declared on July 22, 2022 for the third quarter of fiscal year 2022 that was paid on November 11, 2022. On October 26, 2022, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2022 that will be payable in February 2023. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Oct. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The Company tests goodwill and non-amortizing intangible assets at least annually for possible impairment. The Company completes the annual testing of impairment for goodwill and non-amortizing intangible assets on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill or non-amortizing intangible assets. The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill . The Company performed its annual impairment testing for its reporting units as of January 3, 2022, its annual impairment testing date for fiscal year 2022. The Company concluded that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20% for each reporting unit. F or the fiscal year 2022 impairment analysis, t he range of the long-term terminal growth rates for the Compa ny’s reporting units was 2% to 5% and the range of the discount rates for the reporting units was 7% to 11.5%. Keeping all other variables constant, a 10% change in any one of these input assumptions for the various reporting units would still allow the Company to conclude that there was no impairment of goodwill. The Company has consistently employed the income approach to estimate the current fair value when testing for impairment of goodwill. A number of significant assumptions and estimates are involved in the application of the income approach to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, tax rates, capital spending, discount rates and working capital changes. Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and historical relationships in later years. The income approach is sensitive to changes in long-term terminal growth rates and the discount rates. The long-term terminal growth rates are consistent with the Company’s historical long-term terminal growth rates, as the current economic trends are not expected to affect the long-term terminal growth rates of the Company. The Company corroborates the income approach with a market approach. The changes in the carrying amount of goodwill for the nine months ended October 2, 2022 were as follows: Discovery & Analytical Solutions Diagnostics Consolidated (In thousands) Balance at January 2, 2022 $ 4,656,769 $ 1,970,350 $ 6,627,119 Foreign currency translation (175,974) (74,611) (250,585) Acquisitions, earn-outs and other (6,919) 3,712 (3,207) Balance at October 2, 2022 $ 4,473,876 $ 1,899,451 $ 6,373,327 Identifiable intangible asset balances by category were as follows: October 2, January 2, (In thousands) Patents $ 28,000 $ 28,233 Less: Accumulated amortization (25,997) (25,893) Net patents 2,003 2,340 Trade names and trademarks 143,217 156,864 Less: Accumulated amortization (58,819) (53,975) Net trade names and trademarks 84,398 102,889 Licenses 62,537 62,627 Less: Accumulated amortization (53,801) (52,638) Net licenses 8,736 9,989 Core technology 1,506,442 1,589,264 Less: Accumulated amortization (397,785) (331,906) Net core technology 1,108,657 1,257,358 Customer relationships 2,896,035 3,033,870 Less: Accumulated amortization (703,560) (590,519) Net customer relationships 2,192,475 2,443,351 In-process research and development 4,874 5,920 Total $ 3,401,143 $ 3,821,847 |
Derivatives And Hedging Activit
Derivatives And Hedging Activities | 9 Months Ended |
Oct. 02, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Approx imately 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business. In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows. Principal hedged currencies include the Chinese Renminbi, British Pound, Euro, Singapore Dollar and Swedish Krona. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $348.3 million, $371.9 million and $398.6 million at October 2, 2022, January 2, 2022 and October 3, 2021, respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of the nine months ended October 2, 2022 and October 3, 2021. In addition, in connection with certain intercompany loan agreements utilized to finance its acquisitions and stock repurchase program, the Company enters into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies. The Company records these hedges at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from financing activities within the Company’s condensed consolidated statement of cash flows. The outstanding forward exchange contracts designated as economic hedges, which were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined U.S. Dollar notional amounts of $360.2 million as of January 2, 2022, and combined U.S. Dollar notional amounts of $548.7 million as of October 3, 2021. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the three and nine months ended October 2, 2022 and October 3, 2021. The Company paid $0.8 million and received $2.9 million during the nine months ended October 2, 2022 and October 3, 2021, respectively, from the settlement of these hedges. During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of October 2, 2022, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €497.2 million. The unrealized foreign exchange gains recorded in AOCI related to the net investment hedge were $9.5 million and $57.4 million for the three and nine months ended October 2, 2022, respectively, and $7.5 million and $26.6 million for the three and nine months ended October 3, 2021, respectively. The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable including certain long-term receivables and debt securities. The Company believes it had no significant concentrations of credit risk as of October 2, 2022. The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the nine months ended October 2, 2022. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value. Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of October 2, 2022 and January 2, 2022 classified in one of the three classifications described above: Fair Value Measurements at October 2, 2022 Using: Total Carrying Value at October 2, 2022 Quoted Prices in Significant Other Significant (In thousands) Marketable securities $ 12,746 $ 12,746 $ — $ — Foreign exchange derivative assets 2,175 — 2,175 — Foreign exchange derivative liabilities (2,195) — (2,195) — Contingent consideration (44,574) — — (44,574) Fair Value Measurements at January 2, 2022 Using: Total Carrying Value at January 2, 2022 Quoted Prices in Significant Other Significant (In thousands) Marketable securities $ 53,073 $ 53,073 $ — $ — Foreign exchange derivative assets 3,765 — 3,765 — Foreign exchange derivative liabilities (3,463) — (3,463) — Contingent consideration (57,996) — — (57,996) Level 1 and Level 2 Valuation Techniques: The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity and fixed-income securities as well as derivative contracts. For financial assets and liabilities that utilize Level 1 and Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including common stock price quotes, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities. Marketable securities: Include equity and fixed-income securities measured at fair value using the quoted market prices in active markets at the reporting date. Foreign exchange derivative assets and liabilities: Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company’s condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both October 2, 2022 and January 2, 2022, none of the master netting arrangements involved collateral. Level 3 Valuation Techniques: The Company’s Level 3 liabilities are comprised of contingent consideration related to acquisitions. For liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 liabilities. Contingent consideration: Contingent consideration is measured at fair value at the acquisition date using projected milestone dates, discount rates, probabilities of success and projected revenues (for revenue-based considerations). Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model. The fair values of contingent consideration are calculated on a quarterly basis based on a collaborative effort of the Company’s operations, finance and accounting groups, as appropriate. Potential valuation adjustments are made as additional information becomes available, including the progress towards achieving the revenue targets as compared to initial projections, with the impact of such adjustments being recorded in the Company’s condensed consolidated statements of operations. A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Balance at beginning of period $ (48,593) $ (3,334) $ (57,996) $ (2,953) Additions — (33,431) (4,961) (33,431) Amounts paid and foreign currency translation 1,887 615 5,213 711 Adjustments recognized in goodwill — — 12,400 — Change in fair value (included within selling, general and administrative expenses) 2,132 (1,075) 770 (1,552) Balance at end of period $ (44,574) $ (37,225) $ (44,574) $ (37,225) Financial Instruments Not Recorded at Fair Value The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these assets and liabilities. If measured at fair value, cash and cash equivalents would be classified as Level 1. The Company’s outstanding senior unsecured notes had a fair value of $3,743.6 million and a carrying value of $4,397.9 million as of October 2, 2022. The Company’s outstanding senior unsecured notes had a fair value of $4,612.8 million and a carrying value of $4,479.5 million as of January 2, 2022. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements. The Company’s other debt facilities, including the Company’s senior revolving and term loan credit facilities, had an aggregate carrying value of $3.9 million and $504.5 million as of October 2, 2022 and January 2, 2022, respectively. The carrying value approximates fair value and were classified as Level 2. |
Contingencies
Contingencies | 9 Months Ended |
Oct. 02, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesThe Company is conducting a number of environmental investigations and remedial actions at current and former locations of the Company and, along with other companies, has been named a potentially responsible party (“PRP”) for certain waste disposal sites. The Company accrues for environmental issues in the accounting period that the Company’s responsibility is established and when the cost can be reasonably estimated. The Company has accrued $12.3 million and $11.9 million as of October 2, 2022 and January 2, 2022, respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters and does not include any potential liability for related personal injury or property damage claims. These amounts were included in accrued expenses and other current liabilities. The Company’s environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. The Company is subject to various claims, legal proceedings, regulatory matters, and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at October 2, 2022 would not have a material adverse effect on the Company’s consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. Reportable Segments Three Months Ended October 2, 2022 October 3, 2021 Discovery & Analytical Solutions Diagnostics Total Discovery & Analytical Solutions Diagnostics Total (In thousands) Primary geographical markets Americas $ 165,340 $ 170,478 $ 335,818 $ 106,742 $ 280,367 $ 387,109 Europe 72,150 103,925 176,075 50,726 220,264 270,990 Asia 75,293 124,617 199,910 50,043 153,174 203,217 $ 312,783 $ 399,020 $ 711,803 $ 207,511 $ 653,805 $ 861,316 Primary end-markets Diagnostics $ — $ 399,020 $ 399,020 $ — $ 653,805 $ 653,805 Life sciences 312,783 — 312,783 207,511 — 207,511 $ 312,783 $ 399,020 $ 711,803 $ 207,511 $ 653,805 $ 861,316 Timing of revenue recognition Products and services transferred at a point in time $ 279,235 $ 358,481 $ 637,716 $ 177,869 $ 554,332 $ 732,201 Services transferred over time 33,548 40,539 74,087 29,642 99,473 129,115 $ 312,783 $ 399,020 $ 711,803 $ 207,511 $ 653,805 $ 861,316 Reportable Segments Nine Months Ended October 2, 2022 October 3, 2021 Discovery & Analytical Solutions Diagnostics Total Discovery & Analytical Solutions Diagnostics Total (In thousands) Primary geographical markets Americas $ 499,419 $ 824,024 $ 1,323,443 $ 281,640 $ 1,049,659 $ 1,331,299 Europe 215,394 418,328 633,722 149,437 732,784 882,221 Asia 230,671 382,772 613,443 146,294 440,084 586,378 $ 945,484 $ 1,625,124 $ 2,570,608 $ 577,371 $ 2,222,527 $ 2,799,898 Primary end-markets Diagnostics $ — $ 1,625,124 $ 1,625,124 $ — $ 2,222,527 $ 2,222,527 Life sciences 945,484 — 945,484 577,371 — 577,371 $ 945,484 $ 1,625,124 $ 2,570,608 $ 577,371 $ 2,222,527 $ 2,799,898 Timing of revenue recognition Products and services transferred at a point in time $ 847,030 $ 1,418,540 $ 2,265,570 $ 496,347 $ 1,676,041 $ 2,172,388 Services transferred over time 98,454 206,584 305,038 81,024 546,486 627,510 $ 945,484 $ 1,625,124 $ 2,570,608 $ 577,371 $ 2,222,527 $ 2,799,898 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information presents the combined financial results for the Company and BioLegend as if the acquisition of BioLegend had been completed at the beginning of fiscal year 2020: Three Months Ended Nine Months Ended (In thousands, except per share data) Pro Forma Statement of Operations Information: Revenue $ 942,568 $ 3,040,295 Income from continuing operations 170,174 749,654 Basic earnings per share: Income from continuing operations $ 1.32 $ 5.91 Diluted earnings per share: Income from continuing operations $ 1.32 $ 5.89 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The summary pre-tax operating results of the discontinued operations, were as follows for the three and nine months ended: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Revenue $ 320,616 $ 305,369 $ 950,821 $ 902,946 Cost of revenue 208,669 196,393 639,937 590,960 Selling, general and administrative expenses 71,893 63,173 210,535 190,920 Research and development expenses 14,174 19,187 50,575 54,895 Restructuring and other costs, net 487 200 13,130 2,501 Operating income 25,393 26,416 36,644 63,670 Other expense (income), net 213 (240) 640 (659) Income from discontinued operations before income taxes $ 25,180 $ 26,656 $ 36,004 $ 64,329 |
Schedule of carrying amounts of major classes of assets and liabilities included in discontinued operations [Table Text Block] | The carrying amounts of the major classes of assets and liabilities included in discontinued operations consisted of the following: October 2, January 2, (In thousands) Cash and cash equivalents $ 14,999 $ 14,999 Accounts receivable 306,845 315,851 Inventories 226,724 198,824 Other current assets 30,579 25,700 Total current assets 555,374 Property, plant and equipment, net 57,823 60,073 Operating lease right-of-use assets 38,159 43,735 Intangible assets, net 213,240 241,257 Goodwill 759,618 789,465 Other assets, net 9,762 13,820 Total long-term assets 1,148,350 Total assets of discontinued operations $ 1,657,749 $ 1,703,724 Accounts payable $ 30,748 $ 30,648 Accrued expenses and other current liabilities 121,949 125,601 Total current liabilities 156,249 Deferred taxes and long-term liabilities 48,505 57,918 Operating lease liabilities 33,586 37,965 Total long-term liabilities 95,883 Total liabilities of discontinued operations $ 234,788 $ 252,132 |
Schedule of operating and investing non-cash items from discontinued operations | The following operating and investing non-cash items from discontinued operations were as follows for the nine months ended: October 2, October 3, (In thousands) Depreciation $ 8,011 $ 9,523 Amortization 16,984 26,026 Capital expenditures 9,441 8,393 |
Restructuring and Lease Charg_2
Restructuring and Lease Charges, Net (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Plan Activity [Table Text Block] | The following table summarizes the reductions in headcount, the initial restructuring or contract termination charges by reporting segment, and the dates by which payments were substantially completed, or the dates by which payments are expected to be substantially completed, for restructuring actions implemented during fiscal years 2022 and 2021: Workforce Reductions Closure of Excess Facility Total (Expected) Date Payments Substantially Completed by Headcount Reduction Discovery & Analytical Solutions Diagnostics Discovery & Analytical Solutions Diagnostics Severance Excess Facility (In thousands, except headcount data) Q3 2022 Plan 40 $ 2,074 $ 1,122 $ — — $ 3,196 Q4 FY2022 — Q2 2022 Plan 243 7,336 2,052 — — 9,388 Q3 FY2022 — Q1 2022 Plan 81 5,832 399 — — 6,231 Q4 FY2022 — Q4 2021 Plan 31 3,139 77 150 — 3,366 Q3 FY2022 Q1 FY2023 Q3 2021 Plan 39 420 366 — — 786 Q2 FY2022 — Q2 2021 Plan 25 968 564 — — 1,532 Q1 FY2022 — Q1 2021 Plan 77 3,941 1,615 — — 5,556 Q4 FY2021 — |
Interest and Other Expense (I_2
Interest and Other Expense (Income), Net (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense (Income), Net | Interest and other expense, net, consisted of the following: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Interest income $ (667) $ (544) $ (2,024) $ (1,322) Interest expense 25,931 43,531 81,447 74,407 Change in fair value of financial securities 5,106 19,365 14,321 (8,566) Other components of net periodic pension credit (2,602) (3,537) (7,718) (10,583) Other expense, net 870 1,734 5,814 796 Total interest and other expense, net $ 28,638 $ 60,549 $ 91,840 $ 54,732 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Net Inventories | Inventories consisted of the following: October 2, January 2, (In thousands) Raw materials $ 175,043 $ 166,486 Work in progress 65,486 63,580 Finished goods 137,727 195,824 Total inventories $ 378,256 $ 425,890 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s debt consisted of the following: October 2, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (2,821) $ (2,821) 0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”) 791,949 (325) (3,598) 788,026 €500,000 Principal 1.875% Senior Unsecured Notes due in 2026 ("2026 Notes") 489,400 (1,856) (1,904) 485,640 1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”) 500,000 (312) (3,759) 495,929 3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”) 850,000 (2,049) (5,671) 842,280 2.55% Senior Unsecured Notes due in March 2031 ("March 2031 Notes") 400,000 (116) (3,038) 396,846 2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”) 500,000 (1,381) (3,925) 494,694 3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”) 400,000 (4) (4,249) 395,747 Other Debt Facilities, non-current 1,926 — — 1,926 Total Long-Term Debt $ 3,933,275 $ (6,043) $ (28,965) $ 3,898,267 Current Portion of Long-term Debt: 0.550% Senior Unsecured Notes due in 2023 (“2023 Notes”) 500,000 (86) (1,177) 498,737 Other Debt Facilities, current 4,812 — — 4,812 Total $ 4,438,087 $ (6,129) $ (30,142) $ 4,401,816 During the third quarter of fiscal year 2022, the Company repurchased $8.1 million in aggregate principal amount of the 2024 Notes in open market transactions. In October 2022, the Company repurchased $32.9 million in aggregate principal amount of the 2023 Notes and $12.7 million in aggregate principal amount of the 2024 Notes in open market transactions. January 2, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (3,362) $ (3,362) Unsecured Term Loan Credit Facility 500,000 (14) (658) 499,328 2023 Notes 500,000 (152) (2,093) 497,755 2024 Notes 800,000 (447) (4,945) 794,608 2026 Notes 568,600 (2,538) (2,280) 563,782 2028 Notes 500,000 (348) (4,200) 495,452 2029 Notes 850,000 (2,252) (6,234) 841,514 March 2031 Notes 400,000 (126) (3,294) 396,580 September 2031 Notes 500,000 (1,485) (4,380) 494,135 2051 Notes 400,000 (4) (4,335) 395,661 Other Debt Facilities, non-current 4,284 — — 4,284 Total Long-Term Debt 5,022,884 (7,366) (35,781) 4,979,737 Current Portion of Long-term Debt: Other Debt Facilities, current 4,240 — — 4,240 Total $ 5,027,124 $ (7,366) $ (35,781) $ 4,983,977 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations | The following table reconciles the number of shares utilized in the earnings per share calculations: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Number of common shares—basic 126,155 114,508 126,139 112,836 Effect of dilutive securities: Stock options 228 365 272 367 Restricted stock awards 157 149 133 104 Number of common shares—diluted 126,540 115,022 126,544 113,307 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 608 90 600 237 |
Industry Segment Information (T
Industry Segment Information (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations | Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Discovery & Analytical Solutions Product revenue $ 280,115 $ 174,715 $ 846,730 $ 480,182 Service revenue 32,668 32,796 98,754 97,189 Total revenue 312,783 207,511 945,484 577,371 Operating income (loss) from continuing operations 32,631 (19,263) 106,005 50,624 Diagnostics Product revenue 325,342 467,413 1,137,985 1,461,384 Service revenue 73,678 186,392 487,139 761,143 Total revenue 399,020 653,805 1,625,124 2,222,527 Operating income from continuing operations 94,654 237,903 553,898 965,650 Corporate Operating loss from continuing operations (16,505) (23,079) (54,673) (57,664) Continuing Operations Product revenue 605,457 642,128 1,984,715 1,941,566 Service revenue 106,346 219,188 585,893 858,332 Total revenue 711,803 861,316 2,570,608 2,799,898 Operating income from continuing operations 110,780 195,561 605,230 958,610 Interest and other expense, net 28,638 60,549 91,840 54,732 Income from continuing operations before income taxes $ 82,142 $ 135,012 $ 513,390 $ 903,878 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss consisted of the following: October 2, January 2, (In thousands) Foreign currency translation adjustments, net of income taxes $ (648,905) $ (161,810) Unrecognized prior service costs, net of income taxes (842) (842) Unrealized net losses on securities, net of income taxes (35) (40) Accumulated other comprehensive loss $ (649,782) $ (162,692) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the nine months ended October 2, 2022 were as follows: Discovery & Analytical Solutions Diagnostics Consolidated (In thousands) Balance at January 2, 2022 $ 4,656,769 $ 1,970,350 $ 6,627,119 Foreign currency translation (175,974) (74,611) (250,585) Acquisitions, earn-outs and other (6,919) 3,712 (3,207) Balance at October 2, 2022 $ 4,473,876 $ 1,899,451 $ 6,373,327 |
Identifiable Intangible Asset Balances | Identifiable intangible asset balances by category were as follows: October 2, January 2, (In thousands) Patents $ 28,000 $ 28,233 Less: Accumulated amortization (25,997) (25,893) Net patents 2,003 2,340 Trade names and trademarks 143,217 156,864 Less: Accumulated amortization (58,819) (53,975) Net trade names and trademarks 84,398 102,889 Licenses 62,537 62,627 Less: Accumulated amortization (53,801) (52,638) Net licenses 8,736 9,989 Core technology 1,506,442 1,589,264 Less: Accumulated amortization (397,785) (331,906) Net core technology 1,108,657 1,257,358 Customer relationships 2,896,035 3,033,870 Less: Accumulated amortization (703,560) (590,519) Net customer relationships 2,192,475 2,443,351 In-process research and development 4,874 5,920 Total $ 3,401,143 $ 3,821,847 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis | The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of October 2, 2022 and January 2, 2022 classified in one of the three classifications described above: Fair Value Measurements at October 2, 2022 Using: Total Carrying Value at October 2, 2022 Quoted Prices in Significant Other Significant (In thousands) Marketable securities $ 12,746 $ 12,746 $ — $ — Foreign exchange derivative assets 2,175 — 2,175 — Foreign exchange derivative liabilities (2,195) — (2,195) — Contingent consideration (44,574) — — (44,574) Fair Value Measurements at January 2, 2022 Using: Total Carrying Value at January 2, 2022 Quoted Prices in Significant Other Significant (In thousands) Marketable securities $ 53,073 $ 53,073 $ — $ — Foreign exchange derivative assets 3,765 — 3,765 — Foreign exchange derivative liabilities (3,463) — (3,463) — Contingent consideration (57,996) — — (57,996) |
Reconciliation of Beginning and Ending Level 3 Net Liabilities | A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Balance at beginning of period $ (48,593) $ (3,334) $ (57,996) $ (2,953) Additions — (33,431) (4,961) (33,431) Amounts paid and foreign currency translation 1,887 615 5,213 711 Adjustments recognized in goodwill — — 12,400 — Change in fair value (included within selling, general and administrative expenses) 2,132 (1,075) 770 (1,552) Balance at end of period $ (44,574) $ (37,225) $ (44,574) $ (37,225) |
Disposition of Businesses and A
Disposition of Businesses and Assets, Net (Tables) | 9 Months Ended |
Oct. 02, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The summary pre-tax operating results of the discontinued operations, were as follows for the three and nine months ended: Three Months Ended Nine Months Ended October 2, October 3, October 2, October 3, (In thousands) Revenue $ 320,616 $ 305,369 $ 950,821 $ 902,946 Cost of revenue 208,669 196,393 639,937 590,960 Selling, general and administrative expenses 71,893 63,173 210,535 190,920 Research and development expenses 14,174 19,187 50,575 54,895 Restructuring and other costs, net 487 200 13,130 2,501 Operating income 25,393 26,416 36,644 63,670 Other expense (income), net 213 (240) 640 (659) Income from discontinued operations before income taxes $ 25,180 $ 26,656 $ 36,004 $ 64,329 |
Schedule of operating and investing non-cash items from discontinued operations | The following operating and investing non-cash items from discontinued operations were as follows for the nine months ended: October 2, October 3, (In thousands) Depreciation $ 8,011 $ 9,523 Amortization 16,984 26,026 Capital expenditures 9,441 8,393 |
Basis of Presentation (Basis of
Basis of Presentation (Basis of Presentation) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Jan. 02, 2022 | |
Basis of Presentation [Line Items] | |||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ (51,404) | $ (16,584) | |
Operating Lease, Right-of-Use Asset | $ 160,120 | $ 164,040 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | Jan. 02, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 711,803 | $ 861,316 | $ 2,570,608 | $ 2,799,898 | |
Contract with Customer, Liability, Current | (34,210) | (34,210) | $ (184,898) | ||
Contract with Customer, Asset, Net, Current | 53,162 | 53,162 | 61,999 | ||
Contract with Customer, Asset and Liability [Abstract] | |||||
Contract with Customer, Asset, Net, Current | 53,162 | 53,162 | 61,999 | ||
Contract with Customer, Liability, Current | (34,210) | (34,210) | $ (184,898) | ||
Transferred at Point in Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 637,716 | 732,201 | 2,265,570 | 2,172,388 | |
Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 74,087 | 129,115 | 305,038 | 627,510 | |
Americas [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 335,818 | 387,109 | 1,323,443 | 1,331,299 | |
Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 176,075 | 270,990 | 633,722 | 882,221 | |
Asia [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 199,910 | 203,217 | 613,443 | 586,378 | |
Discovery & Analytical Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,783 | 207,511 | 945,484 | 577,371 | |
Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 279,235 | 177,869 | 847,030 | 496,347 | |
Discovery & Analytical Solutions [Member] | Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,548 | 29,642 | 98,454 | 81,024 | |
Discovery & Analytical Solutions [Member] | Americas [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 165,340 | 106,742 | 499,419 | 281,640 | |
Discovery & Analytical Solutions [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,150 | 50,726 | 215,394 | 149,437 | |
Discovery & Analytical Solutions [Member] | Asia [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 75,293 | 50,043 | 230,671 | 146,294 | |
Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 399,020 | 653,805 | 1,625,124 | 2,222,527 | |
Diagnostics [Member] | Customer Concentration Risk [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,000 | 94,800 | 301,600 | 492,800 | |
Diagnostics [Member] | Transferred at Point in Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 358,481 | 554,332 | 1,418,540 | 1,676,041 | |
Diagnostics [Member] | Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 40,539 | 99,473 | 206,584 | 546,486 | |
Diagnostics [Member] | Americas [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 170,478 | 280,367 | 824,024 | 1,049,659 | |
Diagnostics [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 103,925 | 220,264 | 418,328 | 732,784 | |
Diagnostics [Member] | Asia [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 124,617 | 153,174 | 382,772 | 440,084 | |
Life Sciences [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,783 | 207,511 | 945,484 | 577,371 | |
Life Sciences [Member] | Discovery & Analytical Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,783 | 207,511 | 945,484 | 577,371 | |
Life Sciences [Member] | Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 399,020 | 653,805 | 1,625,124 | 2,222,527 | |
Diagnostics [Member] | Discovery & Analytical Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Diagnostics [Member] | Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 399,020 | $ 653,805 | $ 1,625,124 | $ 2,222,527 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Oct. 02, 2022 USD ($) | Apr. 03, 2022 USD ($) shares | Oct. 03, 2021 USD ($) $ / shares | Jul. 03, 2022 USD ($) | Oct. 02, 2022 USD ($) | Oct. 03, 2021 USD ($) $ / shares | Jan. 02, 2022 USD ($) employees | Sep. 17, 2021 $ / shares | Jul. 04, 2021 USD ($) | Jan. 03, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||||||
Number of Years in Measurement Period from Acquisition Date to Change Underlying Assumptions | 1 year | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 44,574,000 | $ 37,225,000 | $ 48,593,000 | $ 44,574,000 | $ 37,225,000 | $ 57,996,000 | $ 3,334,000 | $ 2,953,000 | ||
Total transaction costs | (8,500,000) | (69,900,000) | (25,900,000) | (72,500,000) | ||||||
Goodwill | 6,373,327,000 | 6,373,327,000 | 6,627,119,000 | |||||||
Business Combination, Contingent Consideration, Liability, Current | 5,300,000 | 5,300,000 | 1,300,000 | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 39,300,000 | 39,300,000 | 56,700,000 | |||||||
Interest Expense | 25,931,000 | 43,531,000 | 81,447,000 | 74,407,000 | ||||||
Business Combination, Contingent Consideration, Liability | 44,600,000 | 44,600,000 | $ 58,000,000 | |||||||
Business Combination, Acquisition Related Costs | 8,500,000 | 69,900,000 | $ 25,900,000 | 72,500,000 | ||||||
Fiscal Year 2022 Acquisitions [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||||
Oxford Immunotec [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Entity Number of Employees | employees | 275 | |||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (5,400,000) | |||||||||
Interest Expense | 23,600,000 | |||||||||
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | $ (183,000) | |||||||||
Business Combination, Consideration Transferred | 981,698,000 | |||||||||
Cash Acquired | (195,010,000) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 71,840,000 | $ 71,840,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 26,507,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 15,527,000 | 15,527,000 | ||||||||
Cash paid to the shareholders | 1,128,584,000 | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 2,910,000 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 3 months 18 days | |||||||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 45,031,000 | |||||||||
Goodwill | 545,262,000 | 545,262,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 61,925,000 | 61,925,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 981,698,000 | |||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 0 | |||||||||
Nexcelom Bioscience [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Entity Number of Employees | employees | 130 | |||||||||
BioLegend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Pro Forma Revenue | 942,568,000 | 3,040,295,000 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 91,700,000 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 25,800,000 | |||||||||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | 0 | |||||||||
Business Combination, Consideration Transferred | 5,688,964,000 | |||||||||
Cash Acquired | (292,377,000) | |||||||||
Cash Acquired from Acquisition | (292,400,000) | |||||||||
Business Acquisition, Cost of Acquired Entity, Consideration Paid in Cash | 3,300,000,000 | |||||||||
Business Acquisition, Cost of Acquired Entity, Consideration Paid in Common Stock | 2,600,000,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 184,704,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 147,200,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 9,330,000 | |||||||||
Entity Number of Employees | employees | 700 | |||||||||
Cash paid to the shareholders | 3,336,115,000 | |||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 6,857,000 | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years 3 months 18 days | |||||||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | $ 0 | |||||||||
Goodwill | 3,509,931,000 | 3,509,931,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 37,461,000 | 37,461,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 5,688,964,000 | |||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | $ 170,174,000 | $ 749,654,000 | ||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 1,320 | $ 5,910 | ||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 1,320 | $ 5,890 | ||||||||
Business Acquisition, Share Price | $ / shares | $ 187.56 | |||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 14,066,799 | |||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,638,369,000 | |||||||||
Acquisition-related stock compensation expense | 5,500,000 | 20,200,000 | ||||||||
Cash Acquired from Acquisition | 292,400,000 | |||||||||
Diagnostics [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 1,899,451,000 | 1,899,451,000 | 1,970,350,000 | |||||||
Discovery & Analytical Solutions [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 4,473,876,000 | 4,473,876,000 | 4,656,769,000 | |||||||
Core Technology [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 290,089,000 | |||||||||
Core Technology [Member] | BioLegend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 782,400,000 | |||||||||
Customer Relationships [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 141,670,000 | |||||||||
Customer Relationships [Member] | BioLegend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,714,800,000 | |||||||||
Trade Names [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 39,476,000 | 39,476,000 | ||||||||
Trade Names [Member] | BioLegend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 38,000,000 | |||||||||
United States of America, Dollars | Fiscal Year 2022 Acquisitions [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | $ 13,300,000 | |||||||||
United States of America, Dollars | Oxford Immunotec [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 590,900,000 | |||||||||
United States of America, Dollars | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 1,200,000,000 | |||||||||
United States of America, Dollars | Nexcelom Bioscience [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 267,300,000 | |||||||||
United States of America, Dollars | BioLegend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 5,700,000,000 | |||||||||
United States of America, Dollars | Fiscal Year 2021 Other Acquisitions [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 318,600,000 | |||||||||
Amortization of intangible assets recognized in acquisition [Member] | BioLegend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 47,000,000 | |||||||||
Amortization of fair value adjustment to acquired inventory [Member] | BioLegend [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 16,600,000 |
Business Combinations (Fair Val
Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Apr. 03, 2022 | Jul. 03, 2022 | Oct. 02, 2022 | Jan. 02, 2022 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 6,373,327 | $ 6,627,119 | ||
Fiscal Year 2022 Acquisitions [Member] | United States of America, Dollars | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 13,300 | |||
Fiscal Year 2021 Other Acquisitions [Member] | United States of America, Dollars | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | $ 318,600 | |||
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 1,128,584 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 0 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 2,910 | |||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | $ (45,031) | |||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | (183) | |||
Cash Acquired | (195,010) | |||
Business Combination, Consideration Transferred | 981,698 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 71,840 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 26,507 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 15,527 | |||
Goodwill | 545,262 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | (80,923) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | (1,197) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (4,628) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (61,925) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 981,698 | |||
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | United States of America, Dollars | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 1,200,000 | |||
BioLegend [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 3,336,115 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 2,638,369 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 6,857 | |||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 0 | |||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | 0 | |||
Cash Acquired | (292,377) | |||
Business Combination, Consideration Transferred | 5,688,964 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 184,704 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 147,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 9,330 | |||
Goodwill | 3,509,931 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | (668,919) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (37,461) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,688,964 | |||
BioLegend [Member] | United States of America, Dollars | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 5,700,000 | |||
Oxford Immunotec [Member] | United States of America, Dollars | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 590,900 | |||
Nexcelom Bioscience [Member] | United States of America, Dollars | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | $ 267,300 | |||
Core Technology [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 290,089 | |||
Core Technology [Member] | BioLegend [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 782,400 | |||
Trade Names [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 39,476 | |||
Trade Names [Member] | BioLegend [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 38,000 | |||
Customer Relationships [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 141,670 | |||
Customer Relationships [Member] | BioLegend [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,714,800 | |||
License | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||
License | BioLegend [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,979 | |||
Diagnostics [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 1,899,451 | 1,970,350 | ||
Discovery & Analytical Solutions [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,473,876 | $ 4,656,769 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | Aug. 01, 2022 | Jan. 02, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 15,839 | $ 20,107 | $ 26,342 | $ 47,626 | ||
Income from discontinued operations before income taxes | 25,180 | 26,656 | 36,004 | 64,329 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 9,341 | 6,549 | 9,662 | 16,703 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 1,657,749 | 1,657,749 | $ 555,374 | |||
Long-term assets of discontinued operations | 0 | 0 | 1,148,350 | |||
Current liabilities of discontinued operations | 234,788 | 234,788 | 156,248 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 | 95,884 | |||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 14,999 | 14,999 | 14,999 | 14,999 | ||
Analytical, Food and Enterprise Services businesses [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Consideration | $ 2,450,000 | |||||
Disposal Group, Including Discontinued Operation, Revenue | 320,616 | 305,369 | 950,821 | 902,946 | ||
Disposal Group, Including Discontinued Operation, Accounts Receivable, Net | 306,845 | 306,845 | 315,851 | |||
Disposal Group, Including Discontinued Operation, Inventory, Current | 226,724 | 226,724 | 198,824 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 30,579 | 30,579 | 25,700 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 555,374 | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 57,823 | 57,823 | ||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 60,073 | |||||
Disposal Group, Including Discontinued Operation, Operating lease right-of-use assets, current | 38,159 | 38,159 | ||||
Disposal Group, Including Discontinued Operation, Operating lease right-of-use assets, Noncurrent | 43,735 | |||||
Disposal Group, Including Discontinued Operation, Intangible Assets, Current | 213,240 | 213,240 | ||||
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | 241,257 | |||||
Disposal Group, Including Discontinued Operation, Goodwill, Current | 759,618 | 759,618 | ||||
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent | 789,465 | |||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 13,820 | |||||
Long-term assets of discontinued operations | 1,148,350 | |||||
Disposal Group, Including Discontinued Operation, Assets | 1,657,749 | 1,657,749 | 1,703,724 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable | 30,748 | 30,748 | 30,648 | |||
Disposal Group, Including Discontinued Operation, Accrued expenses and other current liabilities | 121,949 | 121,949 | 125,601 | |||
Current liabilities of discontinued operations | 156,249 | |||||
Disposal Group, Including Discontinued Operation, Deferred taxes and long-term liabilities, Current | 48,505 | 48,505 | ||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 57,918 | |||||
Disposal Group, Including Discontinued Operation, Operating lease liabilities, Current | 33,586 | 33,586 | ||||
Disposal Group, Including Discontinued Operation, Operating lease liabilities, Noncurrent | 37,965 | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 95,883 | |||||
Disposal Group, Including Discontinued Operation, Liabilities | 234,788 | 234,788 | 252,132 | |||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 208,669 | 196,393 | 639,937 | 590,960 | ||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 71,893 | 63,173 | 210,535 | 190,920 | ||
Disposal Group, Including Discontinued Operations, Research and development expenses | 14,174 | 19,187 | 50,575 | 54,895 | ||
Disposal Group, Including Discontinued Operations, Restructuring and other costs, net | 487 | 200 | 13,130 | 2,501 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 25,393 | 26,416 | 36,644 | 63,670 | ||
Discontinued Operation, Income from Discontinued Operation, before Income Tax | 25,180 | 26,656 | 36,004 | 64,329 | ||
Disposal Group, Consideration, Receivable at Closing | 2,300,000 | |||||
Disposal Group, Consideration, Receivable at Closing, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks | 75,000 | |||||
Disposal Group, Consideration, Contingent on Exit Valuation | $ 150,000 | |||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 14,999 | 14,999 | $ 14,999 | |||
Depreciation Exp, Discontinued Operations | 8,011 | 9,523 | ||||
Amortization, Discontinued Operations | 16,984 | 26,026 | ||||
Capital Expenditure, Discontinued Operations | 9,441 | 8,393 | ||||
Disposal Group, Including Discontinued Operation, Other expense (income), net | 213 | $ (240) | 640 | $ (659) | ||
Disposal Group, Including Discontinued Operation, Other assets, net, Current | $ 9,762 | $ 9,762 |
Restructuring and Lease Charg_3
Restructuring and Lease Charges, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 02, 2022 | Oct. 02, 2022 | |
Diagnostics [Member] | Facility Relocation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | $ 200 | |
Diagnostics [Member] | Contract Termination [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination net pre-tax gains | (100) | |
Discovery & Analytical Solutions [Member] | Facility Relocation [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | 1,400 | |
Discovery & Analytical Solutions [Member] | Contract Termination [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and contract termination charges, net | $ 7,900 | |
Restructuring and contract termination net pre-tax gains | $ (100) |
Restructuring and Lease Charg_4
Restructuring and Lease Charges, Net (Schedule of Initial Charges) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 02, 2022 USD ($) employees | Jul. 03, 2022 USD ($) employees | Apr. 03, 2022 USD ($) employees | Jan. 02, 2022 USD ($) employees | Oct. 03, 2021 USD ($) employees | Jul. 04, 2021 USD ($) employees | Apr. 04, 2021 USD ($) employees | Oct. 02, 2022 USD ($) | |
Q3 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 40 | |||||||
Restructuring and contract termination charges, net | $ 3,196 | |||||||
Q2 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 243 | |||||||
Restructuring and contract termination charges, net | $ 9,388 | |||||||
Q1 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 81 | |||||||
Restructuring and contract termination charges, net | $ 6,231 | |||||||
Q4 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 31 | |||||||
Restructuring and contract termination charges, net | $ 3,366 | |||||||
Q3 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 39 | |||||||
Restructuring and contract termination charges, net | $ 786 | |||||||
Q2 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 25 | |||||||
Restructuring and contract termination charges, net | $ 1,532 | |||||||
Q1 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 77 | |||||||
Restructuring and contract termination charges, net | $ 5,556 | |||||||
Diagnostics [Member] | Employee Severance [Member] | Q3 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 1,122 | |||||||
Diagnostics [Member] | Employee Severance [Member] | Q2 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 2,052 | |||||||
Diagnostics [Member] | Employee Severance [Member] | Q1 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 399 | |||||||
Diagnostics [Member] | Employee Severance [Member] | Q4 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 77 | |||||||
Diagnostics [Member] | Employee Severance [Member] | Q3 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 366 | |||||||
Diagnostics [Member] | Employee Severance [Member] | Q2 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 564 | |||||||
Diagnostics [Member] | Employee Severance [Member] | Q1 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 1,615 | |||||||
Diagnostics [Member] | Facility Closing [Member] | Q3 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 0 | |||||||
Diagnostics [Member] | Facility Closing [Member] | Q2 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 0 | |||||||
Diagnostics [Member] | Facility Closing [Member] | Q1 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 0 | |||||||
Diagnostics [Member] | Facility Closing [Member] | Q4 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 0 | |||||||
Diagnostics [Member] | Facility Closing [Member] | Q3 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 0 | |||||||
Diagnostics [Member] | Facility Closing [Member] | Q2 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 0 | |||||||
Diagnostics [Member] | Facility Closing [Member] | Q1 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 0 | |||||||
Diagnostics [Member] | Facility Relocation [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 200 | |||||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q3 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 2,074 | |||||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q2 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 7,336 | |||||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 5,832 | |||||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q4 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 3,139 | |||||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q3 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 420 | |||||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q2 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 968 | |||||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | 3,941 | |||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 0 | |||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q2 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 0 | |||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2022 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 0 | |||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q4 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 150 | |||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 0 | |||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q2 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 0 | |||||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2021 Restructuring Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 0 | |||||||
Discovery & Analytical Solutions [Member] | Facility Relocation [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and contract termination charges, net | $ 1,400 |
Interest and Other Expense (I_3
Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ (667) | $ (544) | $ (2,024) | $ (1,322) |
Interest expense | 25,931 | 43,531 | 81,447 | 74,407 |
Loss (Gain) on disposition of businesses and assets, net | 0 | (1,970) | ||
Change in fair value of financial securities | 5,106 | 19,365 | 14,321 | (8,566) |
Other components of net periodic pension (credit) cost | (2,602) | (3,537) | (7,718) | (10,583) |
Other expense, net | 870 | 1,734 | 5,814 | 796 |
Total interest and other expense, net | $ 28,638 | $ 60,549 | $ 91,840 | $ 54,732 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Oct. 02, 2022 | Jan. 02, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 175,043 | $ 166,486 |
Work in progress | 65,486 | 63,580 |
Finished goods | 137,727 | 195,824 |
Total inventories, net | $ 378,256 | $ 425,890 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Income Tax Contingency [Line Items] | ||||
Provision for income taxes | $ 12,634 | $ 27,381 | $ 98,211 | $ 198,531 |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 9,341 | $ 6,549 | $ 9,662 | $ 16,703 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Oct. 02, 2022 | Oct. 03, 2021 | Nov. 02, 2022 | Oct. 04, 2022 | Jan. 02, 2022 | |
Debt Instrument, Unamortized Discount | $ (6,129) | $ (7,366) | |||
Unamortized Debt Issuance Expense | (30,142) | (35,781) | |||
Debt, Long-term and Short-term, Combined Amount | 4,438,087 | 5,027,124 | |||
Long-term Debt, Gross | 3,933,275 | 5,022,884 | |||
Repayments of Term Loan | 500,000 | $ 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (3,898,267) | (4,979,737) | |||
Debt, Long-term and Short-term, Combined Amount | 4,401,816 | 4,983,977 | |||
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | |||||
Debt Instrument, Unamortized Discount | (116) | (126) | |||
Unamortized Debt Issuance Expense | (3,038) | (3,294) | |||
Long-term Debt, Gross | 400,000 | 400,000 | |||
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (396,846) | (396,580) | |||
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | |||||
Debt Instrument, Unamortized Discount | (4) | (4) | |||
Unamortized Debt Issuance Expense | (4,249) | (4,335) | |||
Long-term Debt, Gross | 400,000 | 400,000 | |||
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (395,747) | (395,661) | |||
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | |||||
Debt Instrument, Unamortized Discount | (2,049) | (2,252) | |||
Unamortized Debt Issuance Expense | (5,671) | (6,234) | |||
Long-term Debt, Gross | 850,000 | 850,000 | |||
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (842,280) | (841,514) | |||
Line of Credit, Maturing September 17, 2024 [Member] | |||||
Debt Instrument, Unamortized Discount | 0 | ||||
Long-term Debt | (3,362) | ||||
Unamortized Debt Issuance Expense | (3,362) | ||||
Revolving credit facility outstanding balance | 0 | ||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | |||||
Debt Instrument, Unamortized Discount | (1,856) | (2,538) | |||
Unamortized Debt Issuance Expense | (1,904) | (2,280) | |||
Long-term Debt, Gross | 489,400 | 568,600 | |||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (485,640) | (563,782) | |||
Other Debt Facilities - Current [Member] | |||||
Debt Instrument, Unamortized Discount | 0 | 0 | |||
Other Long-term Debt, Current | 4,812 | 4,240 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Other Debt Facilities - Current [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Other Long-term Debt, Current | 4,812 | 4,240 | |||
Other Debt Facilities - Non-current [Member] | |||||
Debt Instrument, Unamortized Discount | 0 | 0 | |||
Other Long-term Debt, Noncurrent | 1,926 | 4,284 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Other Debt Facilities - Non-current [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Other Long-term Debt, Noncurrent | 1,926 | 4,284 | |||
Line of Credit, Maturing August 24, 2026 [Member] | |||||
Debt Instrument, Unamortized Discount | 0 | ||||
Long-term Debt | (2,821) | ||||
Unamortized Debt Issuance Expense | (2,821) | ||||
Revolving credit facility outstanding balance | 0 | ||||
Term Loan Credit Facility Maturing 2024 [Member] | |||||
Debt Instrument, Unamortized Discount | (14) | ||||
Unamortized Debt Issuance Expense | (658) | ||||
Long-term Debt, Gross | 500,000 | ||||
Term Loan Credit Facility Maturing 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (499,328) | ||||
0.550% Senior Unsecured Notes due 2023 [Member] | |||||
Debt Instrument, Unamortized Discount | (86) | (152) | |||
Unamortized Debt Issuance Expense | (1,177) | (2,093) | |||
Long-term Debt, Gross | 500,000 | 500,000 | |||
0.550% Senior Unsecured Notes due 2023 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (498,737) | (497,755) | |||
0.850% Senior Unsecured Notes due 2024 [Member] | |||||
Debt Instrument, Unamortized Discount | (325) | (447) | |||
Unamortized Debt Issuance Expense | (3,598) | (4,945) | |||
Long-term Debt, Gross | 791,949 | 800,000 | |||
Debt Instrument, Repurchase Amount | 8,100 | ||||
0.850% Senior Unsecured Notes due 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (788,026) | (794,608) | |||
1.900% Senior Unsecured Notes due 2028 [Member] | |||||
Debt Instrument, Unamortized Discount | (312) | (348) | |||
Unamortized Debt Issuance Expense | (3,759) | (4,200) | |||
Long-term Debt, Gross | 500,000 | 500,000 | |||
1.900% Senior Unsecured Notes due 2028 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (495,929) | (495,452) | |||
2.250% Senior Unsecured Notes due in 2031 [Member] | |||||
Debt Instrument, Unamortized Discount | (1,381) | (1,485) | |||
Unamortized Debt Issuance Expense | (3,925) | (4,380) | |||
Long-term Debt, Gross | 500,000 | 500,000 | |||
2.250% Senior Unsecured Notes due in 2031 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Long-term Debt | (494,694) | (494,135) | |||
Long-term Debt [Member] | |||||
Debt Instrument, Unamortized Discount | (6,043) | (7,366) | |||
Unamortized Debt Issuance Expense | $ (28,965) | $ (35,781) | |||
Subsequent Event [Member] | 0.550% Senior Unsecured Notes due 2023 [Member] | |||||
Debt Instrument, Repurchase Amount | $ 32,900 | ||||
Subsequent Event [Member] | 0.850% Senior Unsecured Notes due 2024 [Member] | |||||
Debt Instrument, Repurchase Amount | $ 12,700 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Earnings Per Share [Abstract] | ||||
Number of common shares-basic | 126,155 | 114,508 | 126,139 | 112,836 |
Effect of dilutive securities, Stock options | 228 | 365 | 272 | 367 |
Effect of dilutive securities, Restricted stock | 157 | 149 | 133 | 104 |
Number of common shares-diluted | 126,540 | 115,022 | 126,544 | 113,307 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 608 | 90 | 600 | 237 |
Industry Segment Information In
Industry Segment Information Industry Segment Information Narrative (Details) | 3 Months Ended |
Oct. 02, 2022 segments | |
Segment Reporting Information [Line Items] | |
Number of Operating Segment | 2 |
Industry Segment Information (S
Industry Segment Information (Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 711,803 | $ 861,316 | $ 2,570,608 | $ 2,799,898 |
Operating income (loss) from continuing operations | 110,780 | 195,561 | 605,230 | 958,610 |
Interest and other expense, net | 28,638 | 60,549 | 91,840 | 54,732 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 82,142 | 135,012 | 513,390 | 903,878 |
Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 605,457 | 642,128 | 1,984,715 | 1,941,566 |
Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 106,346 | 219,188 | 585,893 | 858,332 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) from continuing operations | (16,505) | (23,079) | (54,673) | (57,664) |
Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 399,020 | 653,805 | 1,625,124 | 2,222,527 |
Operating income (loss) from continuing operations | 94,654 | 237,903 | 553,898 | 965,650 |
Diagnostics [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 325,342 | 467,413 | 1,137,985 | 1,461,384 |
Diagnostics [Member] | Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 73,678 | 186,392 | 487,139 | 761,143 |
Discovery & Analytical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 312,783 | 207,511 | 945,484 | 577,371 |
Operating income (loss) from continuing operations | 32,631 | (19,263) | 106,005 | 50,624 |
Discovery & Analytical Solutions [Member] | Product [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 280,115 | 174,715 | 846,730 | 480,182 |
Discovery & Analytical Solutions [Member] | Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 32,668 | $ 32,796 | $ 98,754 | $ 97,189 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Jan. 01, 2023 | Oct. 02, 2022 | Jul. 03, 2022 | Apr. 03, 2022 | Jan. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Jul. 22, 2022 | Jul. 31, 2020 | |
Schedule of Shareholders' Equity [Line Items] | |||||||||
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans | 624 | 70,653 | |||||||
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans | $ 0.1 | $ 12.8 | |||||||
Cash dividends (per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | |||
Dividends Payable, Amount | $ 8.8 | $ 8.8 | |||||||
Dividends Payable, Date Declared | Jul. 22, 2022 | ||||||||
Repurchase Program, 07/31/2020 [Member] | |||||||||
Schedule of Shareholders' Equity [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 250 | ||||||||
Repurchase Program, 07/22/2022 [Member] | |||||||||
Schedule of Shareholders' Equity [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 300 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 300 | $ 300 | |||||||
Number of common stock repurchased in open market | 0 | ||||||||
Subsequent Event [Member] | |||||||||
Schedule of Shareholders' Equity [Line Items] | |||||||||
Cash dividends (per share) | $ 0.07 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Oct. 02, 2022 | Jan. 02, 2022 |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation adjustments, net of income taxes | $ (648,905) | $ (161,810) |
Unrecognized losses and prior service costs, net of income taxes | (842) | (842) |
Unrealized net losses on securities, net of income taxes | (35) | (40) |
Accumulated other comprehensive loss | $ (649,782) | $ (162,692) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2022 | Oct. 03, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from issuance of common stock under stock plans | $ 6,254 | $ 22,760 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jan. 03, 2022 | Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | Jan. 02, 2022 | |
Goodwill and Intangible Assets Net [Line Items] | ||||||
Goodwill | $ 6,373,327 | $ 6,373,327 | $ 6,627,119 | |||
Total amortization expense related to finite-lived intangible assets | 91,500 | $ 63,300 | 280,500 | $ 158,600 | ||
Future Amortization Expense, Remainder of Fiscal Year | 90,500 | 90,500 | ||||
Future Amortization Expense, Year One | 356,600 | 356,600 | ||||
Future Amortization Expense, Year Two | 348,900 | 348,900 | ||||
Future Amortization Expense, Year Three | 328,800 | 328,800 | ||||
Future Amortization Expense, Year Four | 321,900 | 321,900 | ||||
Finite-Lived Intangible Assets, Net | 3,401,143 | 3,401,143 | 3,821,847 | |||
Intangible assets, net | 3,401,143 | 3,401,143 | 3,821,847 | |||
Impairment Testing Date | January 3, 2022 | |||||
Minimum [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Long-term terminal growth rates for reporting units | 2% | |||||
Discount rates for reporting units | 7% | |||||
Maximum [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Long-term terminal growth rates for reporting units | 5% | |||||
Discount rates for reporting units | 11.50% | |||||
Patents [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 28,000 | 28,000 | 28,233 | |||
Less: Accumulated amortization | 25,997 | 25,997 | 25,893 | |||
Finite-Lived Intangible Assets, Net | 2,003 | 2,003 | 2,340 | |||
Trade Names And Trademarks [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 143,217 | 143,217 | 156,864 | |||
Less: Accumulated amortization | 58,819 | 58,819 | 53,975 | |||
Finite-Lived Intangible Assets, Net | 84,398 | 84,398 | 102,889 | |||
Licensing Agreements [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 62,537 | 62,537 | 62,627 | |||
Less: Accumulated amortization | 53,801 | 53,801 | 52,638 | |||
Finite-Lived Intangible Assets, Net | 8,736 | 8,736 | 9,989 | |||
Core Technology [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 1,506,442 | 1,506,442 | 1,589,264 | |||
Less: Accumulated amortization | 397,785 | 397,785 | 331,906 | |||
Finite-Lived Intangible Assets, Net | 1,108,657 | 1,108,657 | 1,257,358 | |||
Customer Relationships [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 2,896,035 | 2,896,035 | 3,033,870 | |||
Less: Accumulated amortization | 703,560 | 703,560 | 590,519 | |||
Finite-Lived Intangible Assets, Net | 2,192,475 | 2,192,475 | 2,443,351 | |||
In-process Research and Development [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | $ 4,874 | $ 4,874 | $ 5,920 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Oct. 02, 2022 USD ($) | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | $ 6,627,119 |
Foreign currency translation | (250,585) |
Goodwill, Acquisition, Earn Outs and Other Adjustments | (3,207) |
Balance at end of period | 6,373,327 |
Diagnostics [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 1,970,350 |
Foreign currency translation | (74,611) |
Goodwill, Acquisition, Earn Outs and Other Adjustments | 3,712 |
Balance at end of period | 1,899,451 |
Discovery & Analytical Solutions [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 4,656,769 |
Foreign currency translation | (175,974) |
Goodwill, Acquisition, Earn Outs and Other Adjustments | (6,919) |
Balance at end of period | $ 4,473,876 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands | Oct. 02, 2022 | Jan. 02, 2022 |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | $ 3,401,143 | $ 3,821,847 |
Intangible assets, net | 3,401,143 | 3,821,847 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 28,000 | 28,233 |
Less: Accumulated amortization | (25,997) | (25,893) |
Net amortizable intangible assets | 2,003 | 2,340 |
Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 143,217 | 156,864 |
Less: Accumulated amortization | (58,819) | (53,975) |
Net amortizable intangible assets | 84,398 | 102,889 |
Licensing Agreements [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 62,537 | 62,627 |
Less: Accumulated amortization | (53,801) | (52,638) |
Net amortizable intangible assets | 8,736 | 9,989 |
Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 1,506,442 | 1,589,264 |
Less: Accumulated amortization | (397,785) | (331,906) |
Net amortizable intangible assets | 1,108,657 | 1,257,358 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 2,896,035 | 3,033,870 |
Less: Accumulated amortization | (703,560) | (590,519) |
Net amortizable intangible assets | 2,192,475 | 2,443,351 |
In-process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | $ 4,874 | $ 5,920 |
Derivatives And Hedging Activ_2
Derivatives And Hedging Activities (Details) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 02, 2022 USD ($) | Oct. 03, 2021 USD ($) | Oct. 02, 2022 USD ($) | Oct. 02, 2022 EUR (€) | Oct. 03, 2021 USD ($) | Jan. 02, 2022 USD ($) | |
Derivative [Line Items] | ||||||
Company's business conducted outside United States | 60% | 60% | ||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 762 | $ 1,459 | ||||
Payments for (Proceeds from) Hedge, Excluding Pre-issuance Hedge | (800) | (2,900) | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 0 | $ 0 | ||||
European And Asian Currencies [Member] | ||||||
Derivative [Line Items] | ||||||
Maximum maturity period for foreign exchange contracts, in months | 12 months | 12 months | ||||
Duration Of Foreign Currency Derivatives | 30 days | 30 days | ||||
Fair Value Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 348,300 | $ 398,600 | $ 348,300 | 398,600 | $ 371,900 | |
Notional Amount of US Dollar Derivatives [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 548,700 | 548,700 | $ 360,200 | |||
Net Investment Hedging [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized Gain (Loss) on Net Investment Hedge in AOCI | $ 9,500 | $ 7,500 | $ 57,400 | $ 26,600 | ||
Euro Member Countries, Euro | Net Investment Hedging [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Nonderivative Instruments | € | € 497.2 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands, € in Millions | 9 Months Ended | |||||||
Oct. 02, 2022 USD ($) | Oct. 02, 2022 EUR (€) | Jul. 03, 2022 USD ($) | Jan. 02, 2022 USD ($) | Jan. 02, 2022 EUR (€) | Oct. 03, 2021 USD ($) | Jul. 04, 2021 USD ($) | Jan. 03, 2021 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 44,574 | $ 48,593 | $ 57,996 | $ 37,225 | $ 3,334 | $ 2,953 | ||
Unamortized Debt Issuance Expense | 30,142 | 35,781 | ||||||
Debt Instrument, Unamortized Discount | (6,129) | (7,366) | ||||||
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Unamortized Debt Issuance Expense | 3,038 | 3,294 | ||||||
Debt Instrument, Unamortized Discount | (116) | (126) | ||||||
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Unamortized Debt Issuance Expense | 4,249 | 4,335 | ||||||
Debt Instrument, Unamortized Discount | (4) | (4) | ||||||
Line of Credit, Maturing September 17, 2024 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Revolving credit facility outstanding balance | 0 | |||||||
Unamortized Debt Issuance Expense | 3,362 | |||||||
Long-term Debt | 3,362 | |||||||
Debt Instrument, Unamortized Discount | 0 | |||||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Unamortized Debt Issuance Expense | 1,904 | 2,280 | ||||||
Debt Instrument, Unamortized Discount | (1,856) | (2,538) | ||||||
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Unamortized Debt Issuance Expense | 5,671 | 6,234 | ||||||
Debt Instrument, Unamortized Discount | (2,049) | (2,252) | ||||||
Senior Unsecured Notes [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Unsecured senior notes, fair value | $ 3,743,600 | 4,612,800 | ||||||
DNA Labs & Biosense [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Description | Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash. | |||||||
Biosense & Sirion [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Maximum Period | 6 years 2 months 12 days | |||||||
Biosense, Sirion, Qognit, SonoVol & Prisms [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 102,100 | |||||||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 5 years 1 month 6 days | |||||||
Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Long-term Debt | $ 3,898,267 | 4,979,737 | ||||||
Significant Other Observable Inputs (Level 2) [Member] | 2.55 Percent Senior Unsecured Notes due in 2031 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Long-term Debt | 396,846 | 396,580 | ||||||
Significant Other Observable Inputs (Level 2) [Member] | 3.625 Percent Senior Unsecured Notes due in 2051 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Long-term Debt | 395,747 | 395,661 | ||||||
Significant Other Observable Inputs (Level 2) [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Long-term Debt | 485,640 | 563,782 | ||||||
Significant Other Observable Inputs (Level 2) [Member] | 3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Long-term Debt | 842,280 | 841,514 | ||||||
Significant Other Observable Inputs (Level 2) [Member] | Senior Unsecured Notes [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Long-term Debt | $ 4,397,900 | $ 4,479,500 | ||||||
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Facilities, including the senior revolving credit facility [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Other Long-term Debt | € | € 3.9 | € 504.5 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Oct. 02, 2022 | Jul. 03, 2022 | Jan. 02, 2022 | Oct. 03, 2021 | Jul. 04, 2021 | Jan. 03, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 44,574 | $ 48,593 | $ 57,996 | $ 37,225 | $ 3,334 | $ 2,953 |
Fair Value, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Marketable securities | 12,746 | 53,073 | ||||
Foreign exchange derivative assets, net | (2,175) | (3,765) | ||||
Foreign exchange derivative liabilities, net | (2,195) | (3,463) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 44,574 | 57,996 | ||||
Fair Value, Recurring [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Marketable securities | 12,746 | 53,073 | ||||
Foreign exchange derivative assets, net | 0 | 0 | ||||
Foreign exchange derivative liabilities, net | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Marketable securities | 0 | 0 | ||||
Foreign exchange derivative assets, net | (2,175) | (3,765) | ||||
Foreign exchange derivative liabilities, net | (2,195) | (3,463) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Marketable securities | 0 | 0 | ||||
Foreign exchange derivative assets, net | 0 | 0 | ||||
Foreign exchange derivative liabilities, net | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 44,574 | $ 57,996 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2022 | Oct. 03, 2021 | Oct. 02, 2022 | Oct. 03, 2021 | Jan. 02, 2022 | |
Fair Value Disclosures [Abstract] | |||||
Balance beginning of period | $ (48,593) | $ (3,334) | $ (57,996) | $ (2,953) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | 33,431 | 4,961 | 33,431 | |
Payments | 1,887 | 615 | 5,213 | 711 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | 12,400 | 0 | |
Change in fair value (included within selling, general and administrative expenses) | 2,132 | (1,075) | 770 | (1,552) | |
Balance end of period | (44,574) | $ (37,225) | (44,574) | $ (37,225) | |
Business Combination, Contingent Consideration, Liability | $ (44,600) | $ (44,600) | $ (58,000) |
Contingencies (Details)
Contingencies (Details) $ in Millions | 9 Months Ended | |
Oct. 02, 2022 USD ($) years | Jan. 02, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Management's estimate of total cost of ultimate disposition | $ | $ 12.3 | $ 11.9 |
Number of years over which estimated environmental cost will be paid | years | 10 |
Disposition of Businesses and_2
Disposition of Businesses and Assets, Net (Details) $ in Millions | Aug. 01, 2022 USD ($) |
Analytical, Food and Enterprise Services businesses [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Consideration, Receivable at Closing | $ 2,300 |
Subsequent Events (Details)
Subsequent Events (Details) - Analytical, Food and Enterprise Services businesses [Member] $ in Millions | Aug. 01, 2022 USD ($) |
Subsequent Event [Line Items] | |
Disposal Group, Consideration | $ 2,450 |
Disposal Group, Consideration, Receivable at Closing | 2,300 |
Disposal Group, Consideration, Contingent on Exit Valuation | $ 150 |