Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 01, 2023 | Nov. 03, 2023 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 01, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-5075 | |
Entity Registrant Name | REVVITY, 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 | 123,407,288 | |
Entity Central Index Key | 0000031791 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
RVTY 26 [Member] | ||
Entity Listings [Line Items] | ||
Trading Symbol | RVTY 26 | |
Trading Symbol | RVTY 26 | |
RVTY [Member] | ||
Entity Listings [Line Items] | ||
Trading Symbol | RVTY | |
Trading Symbol | RVTY | |
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. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 670,739 | $ 711,803 | $ 2,054,670 | $ 2,570,608 |
Cost of Goods and Services Sold | 298,223 | 304,759 | 898,457 | 1,017,108 |
Selling, general and administrative expenses | 250,249 | 242,743 | 765,828 | 781,189 |
Research and development expenses | 53,039 | 53,521 | 166,982 | 167,081 |
Operating income from continuing operations | 69,228 | 110,780 | 223,403 | 605,230 |
Interest And Other Expense Net | 18,625 | 28,638 | 71,806 | 91,840 |
Income from continuing operations before income taxes | 50,603 | 82,142 | 151,597 | 513,390 |
Provision for income taxes | 18,134 | 12,634 | 35,661 | 98,211 |
Income from continuing operations | 32,469 | 69,508 | 115,936 | 415,179 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (22,972) | 15,839 | 498,595 | 26,342 |
Net income | $ 9,497 | $ 85,347 | $ 614,531 | $ 441,521 |
Basic earnings (loss) per share: | ||||
Income (loss) from continuing operations (per share) | $ 0.26 | $ 0.55 | $ 0.93 | $ 3.29 |
Gain (loss) on discontinued operations and dispositions (per share) | (0.18) | 0.13 | 3.98 | 0.21 |
Net income (per share) | 0.08 | 0.68 | 4.91 | 3.50 |
Diluted earnings (loss) per share: | ||||
Income (loss) from continuing operations (per share) | 0.26 | 0.55 | 0.93 | 3.28 |
Gain (loss) on discontinued operations and dispositions (per share) | (0.18) | 0.13 | 3.98 | 0.21 |
Net income (per share) | $ 0.08 | $ 0.67 | $ 4.90 | $ 3.49 |
Weighted average shares of common stock outstanding: | ||||
Basic (in shares) | 123,992 | 126,155 | 125,161 | 126,139 |
Diluted (in shares) | 124,203 | 126,540 | 125,335 | 126,544 |
Cash dividends per common share | $ 0.07 | $ 0.07 | $ 0.14 | $ 0.21 |
Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 586,676 | $ 605,457 | $ 1,803,412 | $ 1,984,715 |
Cost of Goods and Services Sold | 265,178 | 271,744 | 797,645 | 879,832 |
Service [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 84,063 | 106,346 | 251,258 | 585,893 |
Cost of Goods and Services Sold | $ 33,045 | $ 33,015 | $ 100,812 | $ 137,276 |
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] 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 | 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) | 0 | 0 | ||||||||
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) | 0 | 0 | ||||||||
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 | 0 | 0 | 0 | 6,000 | (1,000) | 1,000 | (5,000) | 1,000 | ||||
Common stock, Shares, Issued and outstanding | 126,300,000 | 126,300,000 | |||||||||||
Beginning Balance at Jan. 01, 2023 | $ 7,382,876 | $ 126,300 | 2,753,055 | 4,951,018 | (447,497) | ||||||||
Net income | 569,475 | 569,475 | |||||||||||
Dividends | (8,841) | (8,841) | |||||||||||
Exercise of employee stock options and related income tax benefits | 523 | 9 | 514 | ||||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (67,529) | (516) | (67,013) | ||||||||||
Issuance of common stock for long-term incentive program | (11,158) | (188) | (10,970) | ||||||||||
Stock compensation | 3,032 | 0 | 3,032 | 0 | 0 | ||||||||
Ending Balance at Apr. 02, 2023 | 8,033,810 | 125,981 | 2,700,558 | 5,511,652 | (304,381) | ||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | 143,116 | 143,116 | |||||||||||
Beginning Balance at Jan. 01, 2023 | 7,382,876 | 126,300 | 2,753,055 | 4,951,018 | (447,497) | ||||||||
Net income | 614,531 | ||||||||||||
Other comprehensive income (loss) | 68,257 | ||||||||||||
Ending Balance at Oct. 01, 2023 | 7,694,281 | $ 123,349 | 2,410,770 | 5,539,402 | (379,240) | ||||||||
Common stock, Shares, Issued and outstanding | 125,981,000 | 0 | 0 | 0 | 9,000 | (516,000) | 188,000 | 0 | |||||
Beginning Balance at Apr. 02, 2023 | 8,033,810 | $ 125,981 | 2,700,558 | 5,511,652 | (304,381) | ||||||||
Net income | 35,559 | 35,559 | |||||||||||
Dividends | (8,687) | (8,687) | |||||||||||
Exercise of employee stock options and related income tax benefits | 2,692 | 33 | 2,659 | ||||||||||
Issuance of common stock for employee benefit plans | (1,639) | (15) | (1,624) | ||||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (208,146) | (1,707) | (206,439) | ||||||||||
Issuance of common stock for long-term incentive program | (10,793) | (25) | (10,768) | ||||||||||
Stock compensation | 2,889 | 0 | 2,889 | 0 | 0 | ||||||||
Ending Balance at Jul. 02, 2023 | 7,869,958 | $ 124,347 | 2,512,059 | 5,538,524 | (304,972) | ||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | (591) | (591) | |||||||||||
Common stock, Shares, Issued and outstanding | 124,347,000 | 0 | 0 | 0 | 33,000 | (1,707,000) | 15,000 | 25,000 | 0 | ||||
Net income | 9,497 | 9,497 | |||||||||||
Other comprehensive income (loss) | (74,268) | ||||||||||||
Dividends | (8,619) | (8,619) | |||||||||||
Exercise of employee stock options and related income tax benefits | 506 | $ 6 | 500 | ||||||||||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (113,462) | (1,013) | (112,449) | ||||||||||
Issuance of common stock for long-term incentive program | (8,163) | (9) | (8,154) | ||||||||||
Stock compensation | 2,506 | 0 | 2,506 | 0 | 0 | ||||||||
Ending Balance at Oct. 01, 2023 | 7,694,281 | $ 123,349 | $ 2,410,770 | $ 5,539,402 | (379,240) | ||||||||
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | $ (74,268) | $ (74,268) | |||||||||||
Common stock, Shares, Issued and outstanding | 123,349,000 | 123,349,000 | 0 | 0 | 0 | 6,000 | (1,013,000) | 9,000 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Net income | $ 9,497 | $ 85,347 | $ 614,531 | $ 441,521 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, net of income taxes, recognized in other comprehensive income | (74,258) | (190,745) | (22,844) | (487,095) |
Foreign currency translation adjustments, net of income taxes, reclassified to earnings | 0 | 0 | 90,814 | 0 |
Net foreign currency translation adjustments, net of income taxes | (74,258) | (190,745) | 67,970 | (487,095) |
Unrealized (loss) gains on securities, net of income taxes | (10) | 48 | 287 | 5 |
Other comprehensive (loss) income | (74,268) | (190,697) | 68,257 | (487,090) |
Comprehensive income (loss) | $ (64,771) | $ (105,350) | $ 682,788 | $ (45,569) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 01, 2023 | Jan. 01, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,136,721 | $ 454,358 |
Marketable Securities, Current | 292,971 | 0 |
Accounts receivable, net | 644,574 | 612,780 |
Inventories | 435,696 | 405,462 |
Other current assets | 403,275 | 122,254 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 1,693,704 |
Total current assets | 2,913,237 | 3,288,558 |
Property, plant and equipment, net: | ||
Property, plant and equipment, net | 489,747 | 482,950 |
Operating Lease, Right-of-Use Asset | 156,143 | 188,351 |
Intangible assets, net | 3,085,253 | 3,377,174 |
Goodwill | 6,470,139 | 6,481,768 |
Other assets, net | 307,029 | 311,054 |
Total assets | 13,421,548 | 14,129,855 |
Current liabilities: | ||
Current portion of long-term debt | 727,539 | 470,929 |
Accounts payable | 188,302 | 272,826 |
Accrued expenses and other current liabilities | 532,004 | 527,863 |
Current liabilities of discontinued operations | 0 | 272,865 |
Total current liabilities | 1,447,845 | 1,544,483 |
Long-term debt | 3,152,454 | 3,923,347 |
Deferred taxes and long-term liabilities | 993,046 | 1,109,181 |
Operating Lease, Liability, Noncurrent | 133,922 | 169,968 |
Total liabilities | 5,727,267 | 6,746,979 |
Commitments and contingencies (see Note 13) | ||
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 123,349,000 shares and 126,300,000 shares at October 1, 2023 and January 1, 2023, respectively | 123,349 | 126,300 |
Capital in excess of par value | 2,410,770 | 2,753,055 |
Retained earnings | 5,539,402 | 4,951,018 |
Accumulated other comprehensive loss | (379,240) | (447,497) |
Total stockholders’ equity | 7,694,281 | 7,382,876 |
Total liabilities and stockholders’ equity | $ 13,421,548 | $ 14,129,855 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 01, 2023 | Jan. 01, 2023 |
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 | 123,349,000 | 126,300,000 |
Common stock, Shares, Issued and outstanding | 123,349,000 | 126,300,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Operating activities: | ||
Net income | $ 614,531 | $ 441,521 |
Income from discontinued operations, net of income taxes | (498,595) | (26,342) |
Income from continuing operations | 115,936 | 415,179 |
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations: | ||
Restructuring and other costs, net | 15,936 | 15,443 |
Depreciation and amortization | 326,201 | 322,766 |
Gain (Loss) on Extinguishment of Debt | (3,422) | (92) |
Stock-based compensation | 34,229 | 39,776 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,718 | (769) |
Amortization of deferred debt financing costs and accretion of discounts | 5,800 | 6,046 |
Change in fair value of financial securities | 12,842 | 14,321 |
Amortization of acquired inventory revaluation | 0 | 45,039 |
Unrealized foreign exchange loss | (23,679) | 0 |
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested: | ||
Accounts receivable, net | (30,913) | 120,138 |
Inventories | (34,834) | (44,475) |
Accounts payable | (85,394) | (27,968) |
Increase (Decrease) in Accrued Expenses and Other | (322,995) | (360,089) |
Net cash provided by operating activities of continuing operations | 58,783 | 545,315 |
Net cash used in operating activities of discontinued operations | (164,124) | (4,663) |
Net cash (used in) provided by operating activities | (105,341) | 540,652 |
Investing activities: | ||
Capital expenditures | (57,252) | (59,502) |
Proceeds from notes receivable | 0 | 8,890 |
Purchases of Investments | (6,000) | (45,010) |
Purchases of marketable securities | (831,219) | 0 |
Proceeds from marketable securities | 550,000 | 0 |
Proceeds from Divestiture of Businesses | 153 | 5,664 |
Cash paid for acquisitions, net of cash acquired | (2,086) | (7,768) |
Net cash used in investing activities of continuing operations | (346,404) | (97,726) |
Net cash provided by (used in) investing activities of discontinued operations | 2,074,734 | (9,441) |
Net cash provided by (used in) investing activities | 1,728,330 | (107,167) |
Financing activities: | ||
Payments of borrowings | 0 | 220,000 |
Proceeds from borrowings | 0 | 220,000 |
Repayments of Term Loan | 0 | (500,000) |
Repayments of Senior Debt | (517,973) | (7,472) |
Payments of debt financing costs | (15) | 0 |
Settlement of cash flow hedges | 0 | (762) |
Net payments on other credit facilities | 7,218 | (482) |
Payments for acquisition-related contingent consideration | (10,117) | (5) |
Proceeds from issuance of common stock under stock plans | 3,721 | 6,254 |
Purchases of common stock | (384,014) | (56,137) |
Dividends paid | (26,327) | (26,502) |
Net cash used in financing activities | (927,507) | (585,106) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (28,270) | (51,404) |
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalent | 667,212 | (203,025) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period | 470,746 | 619,337 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period | 1,137,958 | 416,312 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | 1,136,721 | 400,741 |
Restricted Cash, Current | 1,237 | 284 |
Restricted Cash, Noncurrent | 0 | 288 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,137,958 | 416,312 |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 0 | 14,999 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Other liability incurred in business combination | 0 | 4,005 |
Non-cash consideration in sale of business | 261,317 | 0 |
Contingent consideration accrued in business combination | $ 0 | $ 4,961 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 01, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Revvity, Inc. (formerly 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 1, 2023, filed with the SEC (the “2022 Form 10-K”). The balance sheet amounts at January 1, 2023 in this report were derived from the Company’s audited 2022 consolidated financial statements included in the 2022 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 1, 2023 and October 2, 2022, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. In March 2023, the Company completed the previously announced sale of certain assets and the equity interests of certain entities constituting the Company’s Applied, Food and Enterprise Services businesses (the “Business”). The Business is reported for all pe |
Revenue (Notes)
Revenue (Notes) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
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 and primary end-markets. Reportable Segments Three Months Ended October 1, 2023 October 2, 2022 Life Sciences Diagnostics Total Life Sciences Diagnostics Total (In thousands) Primary geographical markets Americas $ 159,916 $ 133,679 $ 293,595 $ 165,340 $ 170,478 $ 335,818 Europe 72,638 105,420 178,058 72,150 103,925 176,075 Asia 75,301 123,785 199,086 75,293 124,617 199,910 $ 307,855 $ 362,884 $ 670,739 $ 312,783 $ 399,020 $ 711,803 Primary end-markets Life sciences $ 307,855 $ — $ 307,855 $ 312,783 $ — $ 312,783 Diagnostics — 362,884 362,884 — 399,020 399,020 $ 307,855 $ 362,884 $ 670,739 $ 312,783 $ 399,020 $ 711,803 Reportable Segments Nine Months Ended October 1, 2023 October 2, 2022 Life Sciences Diagnostics Total Life Sciences Diagnostics Total (In thousands) Primary geographical markets Americas $ 508,565 $ 405,885 $ 914,450 $ 499,419 $ 824,024 $ 1,323,443 Europe 227,630 326,942 554,572 215,394 418,328 633,722 Asia 236,454 349,194 585,648 230,671 382,772 613,443 $ 972,649 $ 1,082,021 $ 2,054,670 $ 945,484 $ 1,625,124 $ 2,570,608 Primary end-markets Life sciences $ 972,649 $ — $ 972,649 $ 945,484 $ — $ 945,484 Diagnostics — 1,082,021 1,082,021 — 1,625,124 1,625,124 $ 972,649 $ 1,082,021 $ 2,054,670 $ 945,484 $ 1,625,124 $ 2,570,608 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. No single customer comprises more than 10% of net revenues for the three and nine months ended October 1, 2023 . Contract Balances Contract assets: The unbilled receivables (contract assets) primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The unbilled receivables are transferred to trade receivables when billed to customers. Contract assets are generally classified as current assets and are included in “Accounts receivable, net” in the condensed consolidated balance sheets. Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related services for which transfer of control has not occurred at the balance sheet date. Contract liabilities are classified as either current in “Accounts payable” or “Accrued expenses and other current liabilities” in the condensed consolidated balance sheets based on the timing of when the Company expects to recognize revenue. The contract liability balances at the beginning of each period presented were generally fully recognized in the subsequent three month period. Contract balances were as follows: October 1, January 1, (In thousands) Contract assets $ 59,423 $ 56,631 Contract liabilities (24,314) (30,133) | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 670,739 | $ 711,803 | $ 2,054,670 | $ 2,570,608 |
Americas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 293,595 | 335,818 | 914,450 | 1,323,443 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 178,058 | 176,075 | 554,572 | 633,722 |
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 199,086 | 199,910 | 585,648 | 613,443 |
Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362,884 | 399,020 | 1,082,021 | 1,625,124 |
Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 307,855 | 312,783 | 972,649 | 945,484 |
Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362,884 | 399,020 | 1,082,021 | 1,625,124 |
Diagnostics [Member] | Americas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 133,679 | 170,478 | 405,885 | 824,024 |
Diagnostics [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 105,420 | 103,925 | 326,942 | 418,328 |
Diagnostics [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 123,785 | 124,617 | 349,194 | 382,772 |
Diagnostics [Member] | Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362,884 | 399,020 | 1,082,021 | 1,625,124 |
Diagnostics [Member] | Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 307,855 | 312,783 | 972,649 | 945,484 |
Life Sciences [Member] | Americas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 159,916 | 165,340 | 508,565 | 499,419 |
Life Sciences [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,638 | 72,150 | 227,630 | 215,394 |
Life Sciences [Member] | Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 75,301 | 75,293 | 236,454 | 230,671 |
Life Sciences [Member] | Diagnostics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Life Sciences [Member] | Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 307,855 | $ 312,783 | $ 972,649 | $ 945,484 |
Interest and Other Expense (Inc
Interest and Other Expense (Income), Net | 9 Months Ended |
Oct. 01, 2023 | |
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 1, October 2, October 1, October 2, (In thousands) Interest income $ (23,450) $ (667) $ (53,768) $ (2,024) Interest expense 25,486 25,931 74,231 81,447 Change in fair value of financial securities 13,587 5,106 12,842 14,321 Other components of net periodic pension cost (credit) 497 (2,602) 4,972 (7,718) Foreign exchange losses and other expense, net 2,505 870 33,529 5,814 Total interest and other expense, net $ 18,625 $ 28,638 $ 71,806 $ 91,840 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Oct. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories Inventories consisted of the following: October 1, January 1, (In thousands) Raw materials $ 205,344 $ 190,640 Work in progress 72,130 68,206 Finished goods 158,222 146,616 Total inventories $ 435,696 $ 405,462 |
Debt
Debt | 9 Months Ended |
Oct. 01, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s debt consisted of the following: October 1, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (2,147) $ (2,147) €500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) 528,650 (1,508) (1,404) 525,738 1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”) 500,000 (263) (3,167) 496,570 3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”) 850,000 (1,788) (4,951) 843,261 2.55% Senior Unsecured Notes due in March 2031 (“March 2031 Notes”) 400,000 (103) (2,714) 397,183 2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”) 500,000 (1,243) (3,666) 495,091 3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”) 400,000 (4) (4,168) 395,828 Other Debt Facilities, non-current 930 — — 930 Total Long-Term Debt $ 3,179,580 $ (4,909) $ (22,217) $ 3,152,454 Current Portion of Long-term Debt: 0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”) 717,571 (159) (1,759) 715,653 Other Debt Facilities, current 11,886 — — 11,886 Total Current Portion of Long-Term Debt 729,457 (159) (1,759) 727,539 Total $ 3,909,037 $ (5,068) $ (23,976) $ 3,879,993 During the three months ended October 1, 2023, the Company paid in full $467.1 million of outstanding 0.550% Senior Unsecured Notes that became due in September 2023 (“2023 Notes”). During the nine months ended October 1, 2023, the Company repurchased $54.1 million in aggregate principal amount of the 2024 Notes in open market transactions. At October 1, 2023, the Company had outstanding U.S. treasury securities with a carrying amou nt of $293.0 million w hose proceeds upon maturity are intended to be utilized to repay outstanding debt securities (see Note 12). January 1, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (2,641) $ (2,641) 2024 Notes 771,659 (283) (3,136) 768,240 2026 Notes 533,950 (1,902) (1,779) 530,269 2028 Notes 500,000 (301) (3,631) 496,068 2029 Notes 850,000 (2,000) (5,537) 842,463 March 2031 Notes 400,000 (114) (2,978) 396,908 September 2031 Notes 500,000 (1,353) (3,991) 494,656 2051 Notes 400,000 (4) (4,260) 395,736 Other Debt Facilities, non-current 1,648 — — 1,648 Total Long-Term Debt 3,957,257 (5,957) (27,953) 3,923,347 Current Portion of Long-term Debt: 2023 Notes 467,138 (63) (867) 466,208 Other Debt Facilities, current 4,721 — — 4,721 Total Current Portion of Long-Term Debt 471,859 (63) (867) 470,929 Total $ 4,429,116 $ (6,020) $ (28,820) $ 4,394,276 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 01, 2023 | |
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 1, October 2, October 1, October 2, (In thousands) Number of common shares—basic 123,992 126,155 125,161 126,139 Effect of dilutive securities: Stock options 106 228 125 272 Restricted stock awards 105 157 49 133 Number of common shares—diluted 124,203 126,540 125,335 126,544 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 750 608 750 600 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. 01, 2023 | |
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 adjusted revenue and adjusted 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 2022 Form 10-K. The principal products and services of the Company’s two operating segments are: • Life Sciences . As a result of the sale of the Business, the former Discovery & Analytical Solutions segment is now referred to as the Life Sciences segment. This segment 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. The primary financial measure by which the Company evaluates the performance of its segments is adjusted operating income, which consists of operating income excluding the effects of amortization of intangible assets, adjustments to operations arising from purchase accounting (primarily adjustments to the fair value of acquired inventory that are subsequently recognized), acquisition and divestiture-related costs, and other costs that are not expected to recur or are of a non-cash nature, including primarily restructuring actions. Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, (In thousands) Revenues Life Sciences $ 307,855 $ 312,783 $ 972,649 $ 945,484 Diagnostics 363,090 399,223 1,082,639 1,625,733 Revenue purchase accounting adjustments (206) (203) (618) (609) Total revenues $ 670,739 $ 711,803 $ 2,054,670 $ 2,570,608 Segment Operating Income Life Sciences $ 114,192 $ 116,881 $ 371,410 $ 357,661 Diagnostics 81,741 123,428 241,414 668,981 Corporate (11,323) (16,505) (34,727) (54,673) Subtotal reportable segments operating income 184,610 223,804 578,097 971,969 Amortization of intangible assets (90,920) (91,525) (275,489) (280,469) Purchase accounting adjustments (1,080) (9,621) (3,057) (45,594) Acquisition and divestiture-related costs (12,550) (8,475) (59,080) (25,865) Significant litigation matters and settlements — (629) — 632 Significant environmental matters — — (1,132) — Restructuring and other, net (10,832) (2,774) (15,936) (15,443) Operating income from continuing operations 69,228 110,780 223,403 605,230 Interest and other expense, net (see Note 4) 18,625 28,638 71,806 91,840 Income from continuing operations before income taxes $ 50,603 $ 82,142 $ 151,597 $ 513,390 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Oct. 01, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive loss consisted of the following: October 1, January 1, (In thousands) Foreign currency translation adjustments, net of income taxes $ (378,694) $ (446,664) Unrecognized prior service costs, net of income taxes (798) (798) Unrealized net gains (losses) on marketable securities, net of income taxes 252 (35) Accumulated other comprehensive loss $ (379,240) $ (447,497) Stock Repurchases: On July 22, 2022, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase shares of common stock for an aggregate amount up to $300.0 million under a stock repurchase program (the “Repurchase Program”). During the nine months ended October 1, 2023, the Company repurchased 1,004,544 shares of common stock under the Repurchase Program for an aggregate cost of $131.3 million. On April 27, 2023, 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 $600.0 million under a new stock repurchase program (the “New Repurchase Program”). The New Repurchase Program will expire on April 26, 2025 unless terminated earlier by the Board and may be suspended or discontinued at any time. No shares remain available for repurchase under the Repurchase Program due to its termination. During the three months ended October 1, 2023, the Company repurchased 1,010,736 shares of common stock under the New Repurchase Program for an aggregate cost of $112.1 million. During the nine months ended October 1, 2023, the Company repurchased 2,159,985 shares of common stock under the New Repurchase Program for an aggregate cost of $244.6 million. As of October 1, 2023, $355.4 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 1, 2023, the Company repurchased 2,702 shares of common stock for this purpose at an aggregate cost of $0.3 million. During the nine months ended October 1, 2023, the Company repurchased 72,445 shares of common stock for this purpose at an aggregate cost of $9.8 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 qua rterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2023 and in each quarter of fiscal year 2022. At October 1, 2023, the Company had accrued $8.6 million for dividends declared on July 21, 2023 for the third quarter of fiscal year 2023 that will be paid on November 10, 2023. On October 26, 2023, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2023 that will be payable in February 2024. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Oct. 01, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The Company tests goodwill at least annually for possible impairment. The Company completes the annual testing of impairment for goodwill 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. 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 2, 2023, its annual impairment testing date for fiscal year 2023. There were no impairments measured in the periods presented. While the Company believes that its estimates of current value are reasonable, if actual results differ from the estimates and judgments used, including such items as future cash flows and the volatility inherent in markets which the Company serves, impairment charges against the carrying value of those assets could be required in the future. The changes in the carrying amount of goodwill for the nine months ended October 1, 2023 were as follows: Life Sciences Diagnostics Consolidated (In thousands) Balance at January 1, 2023 $ 4,551,575 $ 1,930,193 $ 6,481,768 Foreign currency translation (8,165) (3,464) (11,629) Balance at October 1, 2023 $ 4,543,410 $ 1,926,729 $ 6,470,139 Identifiable intangible asset balances by category were as follows: October 1, January 1, (In thousands) Patents $ 27,808 $ 28,020 Less: Accumulated amortization (26,070) (26,055) Net patents 1,738 1,965 Trade names and trademarks 142,294 149,453 Less: Accumulated amortization (67,905) (63,590) Net trade names and trademarks 74,389 85,863 Licenses 26,649 62,614 Less: Accumulated amortization (16,031) (54,254) Net licenses 10,618 8,360 Core technology 1,554,957 1,556,740 Less: Accumulated amortization (557,293) (449,689) Net core technology 997,664 1,107,051 Customer relationships 2,915,326 2,943,761 Less: Accumulated amortization (914,482) (775,104) Net customer relationships 2,000,844 2,168,657 In-process research and development — 5,278 Total $ 3,085,253 $ 3,377,174 |
Derivatives And Hedging Activit
Derivatives And Hedging Activities | 9 Months Ended |
Oct. 01, 2023 | |
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. Appro ximat ely 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 and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $362.0 million, $476.9 million and $348.3 million at October 1, 2023, January 1, 2023 and October 2, 2022, 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 1, 2023 and October 2, 2022. 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. 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 1, 2023, 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 $17.3 million and $5.3 million for the three and nine months ended October 1, 2023, respectively, and $30.8 million and $78.8 million for the three and nine months ended October 2, 2022, 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. 01, 2023 | |
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. The Company believes it had no significant concentrations of credit risk as of October 1, 2023. 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 1, 2023. 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 and divestiture 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 1, 2023 and January 1, 2023 classified in one of the three classifications described above: Fair Value Measurements at October 1, 2023 Using: Total Carrying Value at October 1, 2023 Quoted Prices in Significant Other Significant (In thousands) Marketable securities - equity securities $ 12,667 $ 12,667 $ — $ — Foreign exchange derivative assets 796 — 796 — Foreign exchange derivative liabilities (600) — (600) — Contingent consideration assets 15,930 — — 15,930 Contingent consideration liabilities (37,377) — — (37,377) Fair Value Measurements at January 1, 2023 Using: Total Carrying Value at January 1, 2023 Quoted Prices in Significant Other Significant (In thousands) Marketable securities - equity securities $ 11,083 $ 11,083 $ — $ — Foreign exchange derivative assets 2,142 — 2,142 — Foreign exchange derivative liabilities (1,549) — (1,549) — Contingent consideration liabilities (46,618) — — (46,618) Level 1 and Level 2 Valuation Techniques: The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity, fixed-income and U.S. treasury 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 - equity securities: Includes equ ity and mutual fund investments 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 1, 2023 and January 1, 2023, none of the master netting arrangements involved collateral. Level 3 Valuation Techniques: The Company’s Level 3 assets and liabilities are comprised of contingent consideration related to the sale of the Business (see Note 3) and acquisitions. For assets and liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 assets and liabilities. Contingent consideration: Contingent consideration is measured at fair value at the disposition or acquisition date using projected milestone dates, discount rates, volatility, probabilities of success and projected achievement of financial targets, including revenues of the acquired business in many instances. Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model. The fair value of the contingent consideration asset was initially measured using a lattice model and recognized upon the sale of the Business on March 13, 2023. In accordance with the terms of the sale of the Business, the Company is entitled to receive up to $150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital event related to the Business. Potential valuation adjustments may be made as additional information and market factors that impact the expected exit valuation of the Business becomes available, with the impact of such adjustments being recorded in the Company’s condensed consolidated statements of operations. A reconciliation of the contingent consideration assets is as follows: Three Months Ended Nine Months Ended October 1, October 1, (In thousands) Balance at beginning of period $ 15,930 $ — Amount recognized upon the sale of the Business — 15,930 Change in fair value — — Balance at end of period $ 15,930 $ 15,930 The fair values of contingent consideration liabilities 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, with the impact of such adjustments being recorded in the Company’s condensed consolidated statements of operations. A reconciliation of the contingent consideration liabilities is as follows: Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, (In thousands) Balance at beginning of period $ (37,561) $ (48,593) $ (46,618) $ (57,996) Additions — — — (4,961) Amounts paid and foreign currency translation 817 1,887 10,959 5,213 Adjustments recognized in goodwill — — — 12,400 Change in fair value (included within selling, general and administrative expenses) (633) 2,132 (1,718) 770 Balance at end of period $ (37,377) $ (44,574) $ (37,377) $ (44,574) 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 investments in U.S. treasury securities that are classified as held-to-maturity and measured at amortized cost had a fair value of $291.0 million and a carrying value of $293.0 million as of October 1, 2023. All the outstanding investments in U.S. treasury securities had a contractual maturity of less than one year as of October 1, 2023. The Company’s outstanding senior unsecured notes had a fair value of $3,282.3 million and a carrying value of $3,869.3 million as of October 1, 2023. The Company’s outstanding senior unsecured notes had a fair value of $3,812.3 million and a carrying value of $4,390.5 million as of January 1, 2023. 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. |
Contingencies
Contingencies | 9 Months Ended |
Oct. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The 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 $13.4 million and $12.2 million as of October 1, 2023 and January 1, 2023, 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 1, 2023 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 01, 2023 | Jul. 02, 2023 | Apr. 02, 2023 | Oct. 02, 2022 | Jul. 03, 2022 | Apr. 03, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income | $ 9,497 | $ 35,559 | $ 569,475 | $ 85,347 | $ 179,212 | $ 176,962 | $ 614,531 | $ 441,521 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Oct. 01, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended October 1, 2023, Prahlad Singh, Joel S. Goldberg and Tajinder S. Vohra, each an officer for purposes of Section 16 of the Securities Exchange Act of 1934, adopted a “Rule 10b5-1 trading arrangement” as the term is defined in Item 408(a) of Regulation S-K. Rule 10b5-1 Trading Arrangements Name Position Trading Arrangement Adoption Date Duration of Trading Arrangement Aggregate Number of Securities to be Sold under the Trading Arrangement Joel S. Goldberg Senior Vice President, Administration, General Counsel and Secretary August 3, 2023 December 1, 2023 - February 6, 2024 Up to 22,613 Prahlad Singh President and Chief Executive Officer August 4, 2023 December 4, 2023 - February 6, 2024 Up to 31,002 Tajinder S. Vohra Senior Vice President, Global Operations August 4, 2023 December 4, 2023 - February 28, 2024 Up to 7,918 |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Joel S. Goldberg [Member] | |
Trading Arrangements, by Individual | |
Name | Joel S. Goldberg |
Title | Senior Vice President, Administration, General Counsel and Secretary |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 3, 2023 |
Arrangement Duration | 68 days |
Aggregate Available | 22,613 |
Prahlad Singh [Member] | |
Trading Arrangements, by Individual | |
Name | Prahlad Singh |
Title | President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 4, 2023 |
Arrangement Duration | 65 days |
Aggregate Available | 31,002 |
Tajinder S. Vohra [Member] | |
Trading Arrangements, by Individual | |
Name | Tajinder S. Vohra |
Title | Senior Vice President, Global Operations |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 4, 2023 |
Arrangement Duration | 87 days |
Aggregate Available | 7,918 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | In the following tables, revenue is disaggregated by primary geographical markets and primary end-markets. Reportable Segments Three Months Ended October 1, 2023 October 2, 2022 Life Sciences Diagnostics Total Life Sciences Diagnostics Total (In thousands) Primary geographical markets Americas $ 159,916 $ 133,679 $ 293,595 $ 165,340 $ 170,478 $ 335,818 Europe 72,638 105,420 178,058 72,150 103,925 176,075 Asia 75,301 123,785 199,086 75,293 124,617 199,910 $ 307,855 $ 362,884 $ 670,739 $ 312,783 $ 399,020 $ 711,803 Primary end-markets Life sciences $ 307,855 $ — $ 307,855 $ 312,783 $ — $ 312,783 Diagnostics — 362,884 362,884 — 399,020 399,020 $ 307,855 $ 362,884 $ 670,739 $ 312,783 $ 399,020 $ 711,803 Reportable Segments Nine Months Ended October 1, 2023 October 2, 2022 Life Sciences Diagnostics Total Life Sciences Diagnostics Total (In thousands) Primary geographical markets Americas $ 508,565 $ 405,885 $ 914,450 $ 499,419 $ 824,024 $ 1,323,443 Europe 227,630 326,942 554,572 215,394 418,328 633,722 Asia 236,454 349,194 585,648 230,671 382,772 613,443 $ 972,649 $ 1,082,021 $ 2,054,670 $ 945,484 $ 1,625,124 $ 2,570,608 Primary end-markets Life sciences $ 972,649 $ — $ 972,649 $ 945,484 $ — $ 945,484 Diagnostics — 1,082,021 1,082,021 — 1,625,124 1,625,124 $ 972,649 $ 1,082,021 $ 2,054,670 $ 945,484 $ 1,625,124 $ 2,570,608 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, (In thousands) Revenue $ — $ 320,616 $ 175,423 $ 950,821 Cost of revenue — 208,669 124,647 639,937 Selling, general and administrative expenses — 72,380 74,794 223,665 Research and development expenses — 14,174 10,434 50,575 Operating income (loss) — 25,393 (34,452) 36,644 Other (expense) income: (Loss) gain on sale (58) — 835,629 — Other (expense) income, net — (213) 913 (640) Total other (expense) income (58) (213) 836,542 (640) (Loss) income from discontinued operations before income taxes (58) 25,180 802,090 36,004 Provision for income tax 22,914 9,341 303,495 9,662 (Loss) income from discontinued operations $ (22,972) $ 15,839 $ 498,595 $ 26,342 The table below provides a reconciliation of the carrying amounts of the major classes of assets and liabilities of the discontinued operations to the amounts presented separately in the consolidated balance sheets at January 1, 2023. January 1, Cash and cash equivalents $ 14,999 Accounts receivable 343,064 Inventories 210,367 Other current assets 32,063 Total current assets 600,493 Property, plant and equipment, net 60,983 Operating lease right-of-use assets 41,487 Intangible assets, net 202,850 Goodwill 772,812 Other assets, net 15,079 Total long-term assets 1,093,211 Total assets of discontinued operations $ 1,693,704 Accounts payable $ 29,912 Accrued expenses and other current liabilities 161,260 Total current liabilities 191,172 Deferred taxes and long-term liabilities 46,046 Operating lease liabilities 35,647 Total long-term liabilities 81,693 Total liabilities of discontinued operations $ 272,865 The following operating and investing non-cash items from discontinued operations were as follows for the nine months ended: October 1, October 2, (In thousands) Capital expenditures $ 1,292 $ 9,441 Depreciation — 8,011 Amortization — 16,984 |
Interest and Other Expense (I_2
Interest and Other Expense (Income), Net (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
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 1, October 2, October 1, October 2, (In thousands) Interest income $ (23,450) $ (667) $ (53,768) $ (2,024) Interest expense 25,486 25,931 74,231 81,447 Change in fair value of financial securities 13,587 5,106 12,842 14,321 Other components of net periodic pension cost (credit) 497 (2,602) 4,972 (7,718) Foreign exchange losses and other expense, net 2,505 870 33,529 5,814 Total interest and other expense, net $ 18,625 $ 28,638 $ 71,806 $ 91,840 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Net Inventories | Inventories consisted of the following: October 1, January 1, (In thousands) Raw materials $ 205,344 $ 190,640 Work in progress 72,130 68,206 Finished goods 158,222 146,616 Total inventories $ 435,696 $ 405,462 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s debt consisted of the following: October 1, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (2,147) $ (2,147) €500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) 528,650 (1,508) (1,404) 525,738 1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”) 500,000 (263) (3,167) 496,570 3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”) 850,000 (1,788) (4,951) 843,261 2.55% Senior Unsecured Notes due in March 2031 (“March 2031 Notes”) 400,000 (103) (2,714) 397,183 2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”) 500,000 (1,243) (3,666) 495,091 3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”) 400,000 (4) (4,168) 395,828 Other Debt Facilities, non-current 930 — — 930 Total Long-Term Debt $ 3,179,580 $ (4,909) $ (22,217) $ 3,152,454 Current Portion of Long-term Debt: 0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”) 717,571 (159) (1,759) 715,653 Other Debt Facilities, current 11,886 — — 11,886 Total Current Portion of Long-Term Debt 729,457 (159) (1,759) 727,539 Total $ 3,909,037 $ (5,068) $ (23,976) $ 3,879,993 During the three months ended October 1, 2023, the Company paid in full $467.1 million of outstanding 0.550% Senior Unsecured Notes that became due in September 2023 (“2023 Notes”). During the nine months ended October 1, 2023, the Company repurchased $54.1 million in aggregate principal amount of the 2024 Notes in open market transactions. At October 1, 2023, the Company had outstanding U.S. treasury securities with a carrying amou nt of $293.0 million w hose proceeds upon maturity are intended to be utilized to repay outstanding debt securities (see Note 12). January 1, Outstanding Principal Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount (In thousands) Long-Term Debt: Senior Unsecured Revolving Credit Facility $ — $ — $ (2,641) $ (2,641) 2024 Notes 771,659 (283) (3,136) 768,240 2026 Notes 533,950 (1,902) (1,779) 530,269 2028 Notes 500,000 (301) (3,631) 496,068 2029 Notes 850,000 (2,000) (5,537) 842,463 March 2031 Notes 400,000 (114) (2,978) 396,908 September 2031 Notes 500,000 (1,353) (3,991) 494,656 2051 Notes 400,000 (4) (4,260) 395,736 Other Debt Facilities, non-current 1,648 — — 1,648 Total Long-Term Debt 3,957,257 (5,957) (27,953) 3,923,347 Current Portion of Long-term Debt: 2023 Notes 467,138 (63) (867) 466,208 Other Debt Facilities, current 4,721 — — 4,721 Total Current Portion of Long-Term Debt 471,859 (63) (867) 470,929 Total $ 4,429,116 $ (6,020) $ (28,820) $ 4,394,276 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
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 1, October 2, October 1, October 2, (In thousands) Number of common shares—basic 123,992 126,155 125,161 126,139 Effect of dilutive securities: Stock options 106 228 125 272 Restricted stock awards 105 157 49 133 Number of common shares—diluted 124,203 126,540 125,335 126,544 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 750 608 750 600 |
Industry Segment Information (T
Industry Segment Information (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
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 1, October 2, October 1, October 2, (In thousands) Revenues Life Sciences $ 307,855 $ 312,783 $ 972,649 $ 945,484 Diagnostics 363,090 399,223 1,082,639 1,625,733 Revenue purchase accounting adjustments (206) (203) (618) (609) Total revenues $ 670,739 $ 711,803 $ 2,054,670 $ 2,570,608 Segment Operating Income Life Sciences $ 114,192 $ 116,881 $ 371,410 $ 357,661 Diagnostics 81,741 123,428 241,414 668,981 Corporate (11,323) (16,505) (34,727) (54,673) Subtotal reportable segments operating income 184,610 223,804 578,097 971,969 Amortization of intangible assets (90,920) (91,525) (275,489) (280,469) Purchase accounting adjustments (1,080) (9,621) (3,057) (45,594) Acquisition and divestiture-related costs (12,550) (8,475) (59,080) (25,865) Significant litigation matters and settlements — (629) — 632 Significant environmental matters — — (1,132) — Restructuring and other, net (10,832) (2,774) (15,936) (15,443) Operating income from continuing operations 69,228 110,780 223,403 605,230 Interest and other expense, net (see Note 4) 18,625 28,638 71,806 91,840 Income from continuing operations before income taxes $ 50,603 $ 82,142 $ 151,597 $ 513,390 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss consisted of the following: October 1, January 1, (In thousands) Foreign currency translation adjustments, net of income taxes $ (378,694) $ (446,664) Unrecognized prior service costs, net of income taxes (798) (798) Unrealized net gains (losses) on marketable securities, net of income taxes 252 (35) Accumulated other comprehensive loss $ (379,240) $ (447,497) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
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 1, 2023 were as follows: Life Sciences Diagnostics Consolidated (In thousands) Balance at January 1, 2023 $ 4,551,575 $ 1,930,193 $ 6,481,768 Foreign currency translation (8,165) (3,464) (11,629) Balance at October 1, 2023 $ 4,543,410 $ 1,926,729 $ 6,470,139 |
Identifiable Intangible Asset Balances | Identifiable intangible asset balances by category were as follows: October 1, January 1, (In thousands) Patents $ 27,808 $ 28,020 Less: Accumulated amortization (26,070) (26,055) Net patents 1,738 1,965 Trade names and trademarks 142,294 149,453 Less: Accumulated amortization (67,905) (63,590) Net trade names and trademarks 74,389 85,863 Licenses 26,649 62,614 Less: Accumulated amortization (16,031) (54,254) Net licenses 10,618 8,360 Core technology 1,554,957 1,556,740 Less: Accumulated amortization (557,293) (449,689) Net core technology 997,664 1,107,051 Customer relationships 2,915,326 2,943,761 Less: Accumulated amortization (914,482) (775,104) Net customer relationships 2,000,844 2,168,657 In-process research and development — 5,278 Total $ 3,085,253 $ 3,377,174 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
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 1, 2023 and January 1, 2023 classified in one of the three classifications described above: Fair Value Measurements at October 1, 2023 Using: Total Carrying Value at October 1, 2023 Quoted Prices in Significant Other Significant (In thousands) Marketable securities - equity securities $ 12,667 $ 12,667 $ — $ — Foreign exchange derivative assets 796 — 796 — Foreign exchange derivative liabilities (600) — (600) — Contingent consideration assets 15,930 — — 15,930 Contingent consideration liabilities (37,377) — — (37,377) Fair Value Measurements at January 1, 2023 Using: Total Carrying Value at January 1, 2023 Quoted Prices in Significant Other Significant (In thousands) Marketable securities - equity securities $ 11,083 $ 11,083 $ — $ — Foreign exchange derivative assets 2,142 — 2,142 — Foreign exchange derivative liabilities (1,549) — (1,549) — Contingent consideration liabilities (46,618) — — (46,618) |
Reconciliation of Beginning and Ending Level 3 Net Assets | A reconciliation of the contingent consideration assets is as follows: Three Months Ended Nine Months Ended October 1, October 1, (In thousands) Balance at beginning of period $ 15,930 $ — Amount recognized upon the sale of the Business — 15,930 Change in fair value — — Balance at end of period $ 15,930 $ 15,930 |
Disposition of Businesses and A
Disposition of Businesses and Assets, Net (Tables) | 9 Months Ended |
Oct. 01, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Three Months Ended Nine Months Ended October 1, October 2, October 1, October 2, (In thousands) Revenue $ — $ 320,616 $ 175,423 $ 950,821 Cost of revenue — 208,669 124,647 639,937 Selling, general and administrative expenses — 72,380 74,794 223,665 Research and development expenses — 14,174 10,434 50,575 Operating income (loss) — 25,393 (34,452) 36,644 Other (expense) income: (Loss) gain on sale (58) — 835,629 — Other (expense) income, net — (213) 913 (640) Total other (expense) income (58) (213) 836,542 (640) (Loss) income from discontinued operations before income taxes (58) 25,180 802,090 36,004 Provision for income tax 22,914 9,341 303,495 9,662 (Loss) income from discontinued operations $ (22,972) $ 15,839 $ 498,595 $ 26,342 The table below provides a reconciliation of the carrying amounts of the major classes of assets and liabilities of the discontinued operations to the amounts presented separately in the consolidated balance sheets at January 1, 2023. January 1, Cash and cash equivalents $ 14,999 Accounts receivable 343,064 Inventories 210,367 Other current assets 32,063 Total current assets 600,493 Property, plant and equipment, net 60,983 Operating lease right-of-use assets 41,487 Intangible assets, net 202,850 Goodwill 772,812 Other assets, net 15,079 Total long-term assets 1,093,211 Total assets of discontinued operations $ 1,693,704 Accounts payable $ 29,912 Accrued expenses and other current liabilities 161,260 Total current liabilities 191,172 Deferred taxes and long-term liabilities 46,046 Operating lease liabilities 35,647 Total long-term liabilities 81,693 Total liabilities of discontinued operations $ 272,865 The following operating and investing non-cash items from discontinued operations were as follows for the nine months ended: October 1, October 2, (In thousands) Capital expenditures $ 1,292 $ 9,441 Depreciation — 8,011 Amortization — 16,984 |
Basis of Presentation (Basis of
Basis of Presentation (Basis of Presentation) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Jan. 01, 2023 | |
Basis of Presentation [Line Items] | |||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ (28,270) | $ (51,404) | |
Operating Lease, Right-of-Use Asset | $ 156,143 | $ 188,351 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Jan. 01, 2023 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 670,739 | $ 711,803 | $ 2,054,670 | $ 2,570,608 | |
Contract with Customer, Liability, Current | (24,314) | (24,314) | $ (30,133) | ||
Contract with Customer, Asset, Net, Current | 59,423 | 59,423 | 56,631 | ||
Contract with Customer, Asset and Liability [Abstract] | |||||
Contract with Customer, Asset, Net, Current | 59,423 | 59,423 | 56,631 | ||
Contract with Customer, Liability, Current | (24,314) | (24,314) | $ (30,133) | ||
Americas [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 293,595 | 335,818 | 914,450 | 1,323,443 | |
Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 178,058 | 176,075 | 554,572 | 633,722 | |
Asia [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 199,086 | 199,910 | 585,648 | 613,443 | |
Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362,884 | 399,020 | 1,082,021 | 1,625,124 | |
Diagnostics [Member] | Customer Concentration Risk [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,000 | 301,600 | |||
Diagnostics [Member] | Americas [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 133,679 | 170,478 | 405,885 | 824,024 | |
Diagnostics [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 105,420 | 103,925 | 326,942 | 418,328 | |
Diagnostics [Member] | Asia [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 123,785 | 124,617 | 349,194 | 382,772 | |
Life Sciences [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 307,855 | 312,783 | 972,649 | 945,484 | |
Life Sciences [Member] | Americas [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 159,916 | 165,340 | 508,565 | 499,419 | |
Life Sciences [Member] | Europe [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,638 | 72,150 | 227,630 | 215,394 | |
Life Sciences [Member] | Asia [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 75,301 | 75,293 | 236,454 | 230,671 | |
Life Sciences [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 307,855 | 312,783 | 972,649 | 945,484 | |
Life Sciences [Member] | Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Life Sciences [Member] | Life Sciences [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 307,855 | 312,783 | 972,649 | 945,484 | |
Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362,884 | 399,020 | 1,082,021 | 1,625,124 | |
Diagnostics [Member] | Diagnostics [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362,884 | 399,020 | 1,082,021 | 1,625,124 | |
Diagnostics [Member] | Life Sciences [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Jul. 02, 2023 | Jan. 01, 2023 | Jul. 03, 2022 | Jan. 02, 2022 | |
Business Acquisition [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 37,377 | $ 44,574 | $ 37,377 | $ 44,574 | $ 37,561 | $ 46,618 | $ 48,593 | $ 57,996 |
Goodwill | 6,470,139 | 6,470,139 | 6,481,768 | |||||
Interest Expense | 25,486 | $ 25,931 | 74,231 | $ 81,447 | ||||
Diagnostics [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,926,729 | $ 1,926,729 | $ 1,930,193 |
Business Combinations (Fair Val
Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jan. 01, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 6,470,139 | $ 6,481,768 |
Diagnostics [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 1,926,729 | $ 1,930,193 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Mar. 13, 2023 | Jan. 01, 2023 | Aug. 01, 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 | $ (22,972) | $ 15,839 | $ 498,595 | $ 26,342 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | $ 1,693,704 | ||||
Current liabilities of discontinued operations | 0 | 0 | 272,865 | ||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 0 | 14,999 | 0 | 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 | 0 | 320,616 | 175,423 | 950,821 | |||
Disposal Group, Including Discontinued Operation, Accounts Receivable, Net | 343,064 | ||||||
Pre-tax (loss) gain on disposal of business unit | (58) | 0 | 835,629 | 0 | |||
Discontinued Operation, (Benefit From) Provision For Income Taxes | 22,914 | 9,341 | 303,495 | 9,662 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (22,972) | 15,839 | 498,595 | 26,342 | |||
Disposal Group, Including Discontinued Operation, Inventory, Current | 210,367 | ||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 32,063 | ||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 600,493 | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 60,983 | ||||||
Disposal Group, Including Discontinued Operation, Operating lease right-of-use assets, Noncurrent | 41,487 | ||||||
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | 202,850 | ||||||
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent | 772,812 | ||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 15,079 | ||||||
Long-term assets of discontinued operations | 1,093,211 | ||||||
Disposal Group, Including Discontinued Operation, Assets | 1,693,704 | ||||||
Disposal Group, Including Discontinued Operation, Accounts Payable | 29,912 | ||||||
Disposal Group, Including Discontinued Operation, Accrued expenses and other current liabilities | 161,260 | ||||||
Current liabilities of discontinued operations | 191,172 | ||||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 46,046 | ||||||
Disposal Group, Including Discontinued Operation, Operating lease liabilities, Noncurrent | 35,647 | ||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 81,693 | ||||||
Disposal Group, Including Discontinued Operation, Liabilities | 272,865 | ||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 208,669 | 124,647 | 639,937 | |||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 0 | 72,380 | 74,794 | 223,665 | |||
Disposal Group, Including Discontinued Operations, Research and development expenses | 0 | 14,174 | 10,434 | 50,575 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 0 | 25,393 | (34,452) | 36,644 | |||
Discontinued Operation, Total Other (Expense) Income | (58) | (213) | 836,542 | (640) | |||
Discontinued Operation, (Loss) Income from Discontinued Operation, before Income Tax | (58) | 25,180 | 802,090 | 36,004 | |||
Disposal Group, Consideration, Receivable at Closing, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks | $ 75,000 | ||||||
Disposal Group, Consideration, Receivable at Closing, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks, Recognized at Closing | 68,000 | ||||||
Disposal Group, Consideration, Contingent on Exit Valuation | 150,000 | ||||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 14,999 | ||||||
Depreciation Exp, Discontinued Operations | 0 | 8,011 | |||||
Amortization, Discontinued Operations | 0 | 16,984 | |||||
Capital Expenditure, Discontinued Operations | 1,292 | 9,441 | |||||
Discontinued Operation, Other (Expense) Income, net | $ 0 | $ (213) | $ 913 | $ (640) | |||
Disposal Group, including Discontinued Operations, Receivable at Closing, Working Capital Adjustments | 177,500 | ||||||
Disposal Group, including Discontinued Operations, Fair Value of Consideration, Contingent on Exit Valuation | 15,900 | ||||||
Disposal Group, Consideration, Cash Proceeds at Closing | $ 2,140,000 |
Interest and Other Expense (I_3
Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ (23,450) | $ (667) | $ (53,768) | $ (2,024) |
Interest expense | 25,486 | 25,931 | 74,231 | 81,447 |
Gain (Loss) on Extinguishment of Debt | 3,422 | 92 | ||
Change in fair value of financial securities | 13,587 | 5,106 | 12,842 | 14,321 |
Other components of net periodic pension cost (credit) | 497 | (2,602) | 4,972 | (7,718) |
Foreign exchange losses and other expense (income), net | 2,505 | 870 | 33,529 | 5,814 |
Total interest and other expense, net | 18,625 | $ 28,638 | 71,806 | 91,840 |
Unrealized Foreign Exchange Loss | 23,679 | $ 0 | ||
Foreign Exchange (Gains) Losses Related to Proceed from Sale of Business | $ (300) | $ 23,300 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jan. 01, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 205,344 | $ 190,640 |
Work in progress | 72,130 | 68,206 |
Finished goods | 158,222 | 146,616 |
Total inventories, net | $ 435,696 | $ 405,462 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Income Tax Contingency [Line Items] | ||||
Provision for income taxes | $ 18,134 | $ 12,634 | $ 35,661 | $ 98,211 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 01, 2023 | Jan. 01, 2023 | |
Debt Instrument, Unamortized Discount | $ (5,068) | $ (6,020) |
Unamortized Debt Issuance Expense | (23,976) | (28,820) |
Current Portion of Long-Term Debt, Gross | 729,457 | 471,859 |
Debt, Long-term and Short-term, Combined Amount | 3,909,037 | 4,429,116 |
Long-term Debt, Gross | 3,179,580 | 3,957,257 |
Current portion of long-term debt | 727,539 | 470,929 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Long-term Debt | (3,152,454) | (3,923,347) |
Debt, Long-term and Short-term, Combined Amount | 3,879,993 | 4,394,276 |
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | ||
Debt Instrument, Unamortized Discount | (103) | (114) |
Unamortized Debt Issuance Expense | (2,714) | (2,978) |
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 | (397,183) | (396,908) |
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | ||
Debt Instrument, Unamortized Discount | (4) | (4) |
Unamortized Debt Issuance Expense | (4,168) | (4,260) |
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 | (395,828) | (395,736) |
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | ||
Debt Instrument, Unamortized Discount | (1,788) | (2,000) |
Unamortized Debt Issuance Expense | (4,951) | (5,537) |
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 | (843,261) | (842,463) |
Line of Credit, Maturing September 17, 2024 [Member] | ||
Debt Instrument, Unamortized Discount | 0 | |
Long-term Debt | (2,641) | |
Unamortized Debt Issuance Expense | (2,641) | |
Revolving credit facility outstanding balance | 0 | |
1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||
Debt Instrument, Unamortized Discount | (1,508) | (1,902) |
Unamortized Debt Issuance Expense | (1,404) | (1,779) |
Long-term Debt, Gross | 528,650 | 533,950 |
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Long-term Debt | (525,738) | (530,269) |
Other Debt Facilities - Current [Member] | ||
Debt Instrument, Unamortized Discount | 0 | 0 |
Other Long-term Debt, Current | 11,886 | 4,721 |
Unamortized Debt Issuance Expense | 0 | 0 |
Other Debt Facilities - Current [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Other Long-term Debt, Current | 11,886 | 4,721 |
Other Debt Facilities - Non-current [Member] | ||
Debt Instrument, Unamortized Discount | 0 | 0 |
Other Debt Facilities, non-current | 930 | 1,648 |
Unamortized Debt Issuance Expense | 0 | 0 |
Other Debt Facilities - Non-current [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Other Debt Facilities, non-current | 930 | 1,648 |
Line of Credit, Maturing August 24, 2026 [Member] | ||
Debt Instrument, Unamortized Discount | 0 | |
Long-term Debt | (2,147) | |
Unamortized Debt Issuance Expense | (2,147) | |
Revolving credit facility outstanding balance | 0 | |
0.550% Senior Unsecured Notes due 2023 [Member] | ||
Debt Instrument, Unamortized Discount | (63) | |
Unamortized Debt Issuance Expense | (867) | |
Current portion of long-term debt | 467,138 | |
2023 Notes Paid in Q3-2023 | 467,100 | |
0.550% Senior Unsecured Notes due 2023 [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Current portion of long-term debt | 466,208 | |
0.850% Senior Unsecured Notes due 2024 [Member] | ||
Debt Instrument, Unamortized Discount | (159) | (283) |
Unamortized Debt Issuance Expense | (1,759) | (3,136) |
Long-term Debt, Gross | 771,659 | |
Debt Instrument, Repurchase Amount | 54,100 | |
Current portion of long-term debt | 717,571 | |
0.850% Senior Unsecured Notes due 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Long-term Debt | (768,240) | |
Current portion of long-term debt | 715,653 | |
1.900% Senior Unsecured Notes due 2028 [Member] | ||
Debt Instrument, Unamortized Discount | (263) | (301) |
Unamortized Debt Issuance Expense | (3,167) | (3,631) |
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 | (496,570) | (496,068) |
2.250% Senior Unsecured Notes due in 2031 [Member] | ||
Debt Instrument, Unamortized Discount | (1,243) | (1,353) |
Unamortized Debt Issuance Expense | (3,666) | (3,991) |
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 | (495,091) | (494,656) |
Long-term Debt [Member] | ||
Debt Instrument, Unamortized Discount | (4,909) | (5,957) |
Unamortized Debt Issuance Expense | (22,217) | (27,953) |
Long-term Debt - Current Portion [Member] | ||
Debt Instrument, Unamortized Discount | (159) | (63) |
Unamortized Debt Issuance Expense | $ (1,759) | $ (867) |
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. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Earnings Per Share [Abstract] | ||||
Number of common shares-basic | 123,992 | 126,155 | 125,161 | 126,139 |
Effect of dilutive securities, Stock options | 106 | 228 | 125 | 272 |
Effect of dilutive securities, Restricted stock | 105 | 157 | 49 | 133 |
Number of common shares-diluted | 124,203 | 126,540 | 125,335 | 126,544 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 750 | 608 | 750 | 600 |
Industry Segment Information In
Industry Segment Information Industry Segment Information Narrative (Details) | 3 Months Ended |
Oct. 01, 2023 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. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 670,739 | $ 711,803 | $ 2,054,670 | $ 2,570,608 |
Operating income (loss) from continuing operations | 69,228 | 110,780 | 223,403 | 605,230 |
Interest and other expense, net | 18,625 | 28,638 | 71,806 | 91,840 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 50,603 | 82,142 | 151,597 | 513,390 |
Total amortization expense related to finite-lived intangible assets | (90,900) | (91,500) | (275,500) | (280,500) |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Reportable segment operating income (loss) | (11,323) | (16,505) | (34,727) | (54,673) |
Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 362,884 | 399,020 | 1,082,021 | 1,625,124 |
Reportable segment operating income (loss) | 81,741 | 123,428 | 241,414 | 668,981 |
Life Sciences [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 307,855 | 312,783 | 972,649 | 945,484 |
Reportable segment operating income (loss) | 114,192 | 116,881 | 371,410 | 357,661 |
Reportable Segment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 670,739 | 711,803 | 2,054,670 | 2,570,608 |
Reportable Segment Revenue [Member] | Diagnostics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 363,090 | 399,223 | 1,082,639 | 1,625,733 |
Reportable Segment Revenue [Member] | Life Sciences [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 307,855 | 312,783 | 972,649 | 945,484 |
Segment Operating Income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Reportable segment operating income (loss) | 184,610 | 223,804 | 578,097 | 971,969 |
Total amortization expense related to finite-lived intangible assets | (90,920) | (91,525) | (275,489) | (280,469) |
Purchase accounting adjustments | (1,080) | (9,621) | (3,057) | (45,594) |
Business Combination, Acquisition Related Costs | (12,550) | (8,475) | (59,080) | (25,865) |
Significant litigation matters and settlements | 0 | (629) | 0 | |
Significant litigation matters and settlements, Income | 632 | |||
Significant environmental matters | 0 | 0 | (1,132) | 0 |
Restructuring and contract termination charges, net | (10,832) | (2,774) | (15,936) | (15,443) |
Revenue Purchase Accounting Adjustments [Member] | Reportable Segment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (206) | $ (203) | $ (618) | $ (609) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2023 | Oct. 01, 2023 | Jul. 02, 2023 | Apr. 02, 2023 | Oct. 01, 2023 | Apr. 27, 2023 | Jul. 22, 2022 | |
Schedule of Shareholders' Equity [Line Items] | |||||||
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans | 2,702 | 72,445 | |||||
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans | $ 0.3 | $ 9.8 | |||||
Cash dividends (per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | |||
Dividends Payable, Amount | $ 8.6 | $ 8.6 | |||||
Dividends Payable, Date Declared | Jul. 21, 2023 | ||||||
Repurchase Program, 07/22/2022 [Member] | |||||||
Schedule of Shareholders' Equity [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 300 | ||||||
Number of common stock repurchased in open market | 1,004,544 | ||||||
Aggregate Cost of Repurchased Common Shares Under Repurchase Program | $ 131.3 | ||||||
Repurchase Program, 04/27/2023 [Member] | |||||||
Schedule of Shareholders' Equity [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 600 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 355.4 | $ 355.4 | |||||
Number of common stock repurchased in open market | 1,010,736 | 2,159,985 | |||||
Aggregate Cost of Repurchased Common Shares Under Repurchase Program | $ 112.1 | $ 244.6 | |||||
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. 01, 2023 | Jan. 01, 2023 |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation adjustments, net of income taxes | $ (378,694) | $ (446,664) |
Unrecognized prior service costs, net of income taxes | (798) | (798) |
Unrealized net gains (losses) on marketable securities, net of income taxes | 252 | (35) |
Accumulated other comprehensive loss | $ (379,240) | $ (447,497) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from issuance of common stock under stock plans | $ 3,721 | $ 6,254 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jan. 02, 2023 | Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | Jan. 01, 2023 | |
Goodwill and Intangible Assets Net [Line Items] | ||||||
Goodwill | $ 6,470,139 | $ 6,470,139 | $ 6,481,768 | |||
Total amortization expense related to finite-lived intangible assets | 90,900 | $ 91,500 | 275,500 | $ 280,500 | ||
Future Amortization Expense, Remainder of Fiscal Year | 91,100 | 91,100 | ||||
Future Amortization Expense, Year One | 358,600 | 358,600 | ||||
Future Amortization Expense, Year Two | 332,100 | 332,100 | ||||
Future Amortization Expense, Year Three | 326,000 | 326,000 | ||||
Future Amortization Expense, Year Four | 299,100 | 299,100 | ||||
Finite-Lived Intangible Assets, Net | 3,085,253 | 3,085,253 | 3,377,174 | |||
Intangible assets, net | 3,085,253 | 3,085,253 | 3,377,174 | |||
Impairment Testing Date | January 2, 2023 | |||||
Patents [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 27,808 | 27,808 | 28,020 | |||
Less: Accumulated amortization | 26,070 | 26,070 | 26,055 | |||
Finite-Lived Intangible Assets, Net | 1,738 | 1,738 | 1,965 | |||
Trade Names And Trademarks [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 142,294 | 142,294 | 149,453 | |||
Less: Accumulated amortization | 67,905 | 67,905 | 63,590 | |||
Finite-Lived Intangible Assets, Net | 74,389 | 74,389 | 85,863 | |||
Licensing Agreements [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 26,649 | 26,649 | 62,614 | |||
Less: Accumulated amortization | 16,031 | 16,031 | 54,254 | |||
Finite-Lived Intangible Assets, Net | 10,618 | 10,618 | 8,360 | |||
Core Technology [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 1,554,957 | 1,554,957 | 1,556,740 | |||
Less: Accumulated amortization | 557,293 | 557,293 | 449,689 | |||
Finite-Lived Intangible Assets, Net | 997,664 | 997,664 | 1,107,051 | |||
Customer Relationships [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | 2,915,326 | 2,915,326 | 2,943,761 | |||
Less: Accumulated amortization | 914,482 | 914,482 | 775,104 | |||
Finite-Lived Intangible Assets, Net | 2,000,844 | 2,000,844 | 2,168,657 | |||
In-process Research and Development [Member] | ||||||
Goodwill and Intangible Assets Net [Line Items] | ||||||
Gross amortizable intangible assets | $ 0 | $ 0 | $ 5,278 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Oct. 01, 2023 USD ($) | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | $ 6,481,768 |
Foreign currency translation | (11,629) |
Balance at end of period | 6,470,139 |
Diagnostics [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 1,930,193 |
Foreign currency translation | (3,464) |
Balance at end of period | 1,926,729 |
Life Sciences [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 4,551,575 |
Foreign currency translation | (8,165) |
Balance at end of period | $ 4,543,410 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jan. 01, 2023 |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | $ 3,085,253 | $ 3,377,174 |
Intangible assets, net | 3,085,253 | 3,377,174 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 27,808 | 28,020 |
Less: Accumulated amortization | (26,070) | (26,055) |
Net amortizable intangible assets | 1,738 | 1,965 |
Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 142,294 | 149,453 |
Less: Accumulated amortization | (67,905) | (63,590) |
Net amortizable intangible assets | 74,389 | 85,863 |
Licensing Agreements [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 26,649 | 62,614 |
Less: Accumulated amortization | (16,031) | (54,254) |
Net amortizable intangible assets | 10,618 | 8,360 |
Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 1,554,957 | 1,556,740 |
Less: Accumulated amortization | (557,293) | (449,689) |
Net amortizable intangible assets | 997,664 | 1,107,051 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 2,915,326 | 2,943,761 |
Less: Accumulated amortization | (914,482) | (775,104) |
Net amortizable intangible assets | 2,000,844 | 2,168,657 |
In-process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | $ 0 | $ 5,278 |
Derivatives And Hedging Activ_2
Derivatives And Hedging Activities (Details) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 01, 2023 USD ($) | Oct. 02, 2022 USD ($) | Oct. 01, 2023 USD ($) | Oct. 01, 2023 EUR (€) | Oct. 02, 2022 USD ($) | Jan. 01, 2023 USD ($) | |
Derivative [Line Items] | ||||||
Company's business conducted outside United States | 60% | 60% | ||||
Payments for (Proceeds from) Hedge, Financing Activities | $ 0 | $ 762 | ||||
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 | 362,000 | $ 348,300 | $ 362,000 | 348,300 | $ 476,900 | |
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 | $ 17,300 | $ 30,800 | $ 5,300 | $ 78,800 | ||
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. 01, 2023 USD ($) | Oct. 02, 2022 USD ($) | Oct. 01, 2023 EUR (€) | Jul. 02, 2023 USD ($) | Mar. 13, 2023 USD ($) | Jan. 01, 2023 USD ($) | Jan. 01, 2023 EUR (€) | Jul. 03, 2022 USD ($) | Jan. 02, 2022 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 37,377 | $ 44,574 | $ 37,561 | $ 46,618 | $ 48,593 | $ 57,996 | |||
Unamortized Debt Issuance Expense | 23,976 | 28,820 | |||||||
Debt Instrument, Unamortized Discount | (5,068) | (6,020) | |||||||
Payment for Contingent Consideration Liability, Financing Activities | 10,117 | $ 5 | |||||||
Analytical, Food and Enterprise Services businesses [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Disposal Group, Consideration, Contingent on Exit Valuation | $ 150,000 | ||||||||
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Unamortized Debt Issuance Expense | 2,714 | 2,978 | |||||||
Debt Instrument, Unamortized Discount | (103) | (114) | |||||||
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Unamortized Debt Issuance Expense | 4,168 | 4,260 | |||||||
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 | 2,641 | ||||||||
Long-term Debt | 2,641 | ||||||||
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 | 1,404 | 1,779 | |||||||
Debt Instrument, Unamortized Discount | (1,508) | (1,902) | |||||||
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 | 4,951 | 5,537 | |||||||
Debt Instrument, Unamortized Discount | (1,788) | (2,000) | |||||||
Senior Unsecured Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Unsecured senior notes, fair value | $ 3,282,300 | 3,812,300 | |||||||
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. | ||||||||
Quoted Prices In Active Markets (Level 1) [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Carrying value of Investments in US Treasury Securities measured at amortized cost (held-to-maturity) | $ 293,000 | ||||||||
Quoted Prices In Active Markets (Level 1) [Member] | Fair Value, Recurring [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | |||||||
Fair value of Investments in US Treasury Securities measured at amortized cost (held-to-maturity) | 291,000 | ||||||||
Significant Other Observable Inputs (Level 2) [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 3,152,454 | 3,923,347 | |||||||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | |||||||
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 | 397,183 | 396,908 | |||||||
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 | 395,828 | 395,736 | |||||||
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 | 525,738 | 530,269 | |||||||
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 | 843,261 | 842,463 | |||||||
Significant Other Observable Inputs (Level 2) [Member] | Senior Unsecured Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 3,869,300 | 4,390,500 | |||||||
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 | € | € 10.7 | € 3.7 | |||||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 37,377 | $ 46,618 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 | Jan. 01, 2023 | Oct. 02, 2022 | Jul. 03, 2022 | Jan. 02, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 15,930 | $ 15,930 | $ 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 37,377 | $ 37,561 | 46,618 | $ 44,574 | $ 48,593 | $ 57,996 |
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 - equity securities | 12,667 | 11,083 | ||||
Foreign exchange derivative assets | (796) | (2,142) | ||||
Foreign exchange derivative liabilities | (600) | (1,549) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15,930 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 37,377 | 46,618 | ||||
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 - equity securities | 12,667 | 11,083 | ||||
Foreign exchange derivative assets | 0 | 0 | ||||
Foreign exchange derivative liabilities | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 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 - equity securities | 0 | 0 | ||||
Foreign exchange derivative assets | (796) | (2,142) | ||||
Foreign exchange derivative liabilities | (600) | (1,549) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |||||
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 - equity securities | 0 | 0 | ||||
Foreign exchange derivative assets | 0 | 0 | ||||
Foreign exchange derivative liabilities | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15,930 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 37,377 | $ 46,618 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 01, 2023 | Oct. 01, 2023 | |
Fair Value Disclosures [Abstract] | ||
Balance Beginning of period | $ (15,930) | $ 0 |
Amount recognized upon the sale of the Business | 0 | 15,930 |
Change in fair value (included within selling, general and administrative expenses) | 0 | 0 |
Balance end of period | $ (15,930) | $ (15,930) |
Fair Value Measurements (Reco_2
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | Oct. 01, 2023 | Oct. 02, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Balance beginning of period | $ (37,561) | $ (48,593) | $ (46,618) | $ (57,996) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | 0 | 0 | 4,961 |
Amounts paid and foreign currency translation | 817 | 1,887 | 10,959 | 5,213 |
Adjustments recognized in goodwill | 0 | 0 | 0 | 12,400 |
Change in fair value (included within selling, general and administrative expenses) | (633) | 2,132 | (1,718) | 770 |
Balance end of period | $ (37,377) | $ (44,574) | $ (37,377) | $ (44,574) |
Contingencies (Details)
Contingencies (Details) $ in Millions | 9 Months Ended | |
Oct. 01, 2023 USD ($) years | Jan. 01, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Management's estimate of total cost of ultimate disposition | $ | $ 13.4 | $ 12.2 |
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 | Mar. 13, 2023 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, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks | $ 75 |
Subsequent Events (Details)
Subsequent Events (Details) - Analytical, Food and Enterprise Services businesses [Member] - USD ($) $ in Millions | Mar. 13, 2023 | Aug. 01, 2022 |
Subsequent Event [Line Items] | ||
Disposal Group, Consideration | $ 2,450 | |
Disposal Group, Consideration, Contingent on Exit Valuation | $ 150 |