10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________ 

FORM 10-Q

_______________________________________ 

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 3, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number 001-5075

_______________________________________ 

PerkinElmer, Inc.

(Exact name of Registrant as specified in its Charter)

_______________________________________  

Massachusetts			04-2052042
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
940 Winter Street,	Waltham,	Massachusetts	02451
(Address of principal executive offices)			(Zip Code)

(781) 663-6900

(Registrant’s telephone number, including area code)

______________________________________ 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common stock, $1 par value per share	PKI	The New York Stock Exchange
1.875% Notes due 2026	PKI 21A	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑

As of November 4, 2021, there were outstanding 126,200,192 shares of common stock, $1 par value per share.

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Stockholders' Equity	7
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
	Overview	31
	Critical Accounting Policies and Estimates	31
	Consolidated Results of Continuing Operations	32
	Reporting Segment Results of Continuing Operations	36
	Liquidity and Capital Resources	37
	Dividends	39
	Contractual Obligations	40
	Effects of Recently Adopted and Issued Accounting Pronouncements	40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	40
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 6.	Exhibits	51
Signatures		52

3

PART I. FINANCIAL INFORMATION

Item 1.Unaudited Financial Statements

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) 

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands, except per share data)
Product revenue	$	785,869	$	736,846	$	2,365,180	$	1,763,881
Service revenue	380,815		227,179		1,337,664		664,258
Total revenue	1,166,684		964,025		3,702,844		2,428,139
Cost of product revenue	365,497		299,785		1,070,632		746,469
Cost of service revenue	169,351		136,795		530,036		398,858
Total cost of revenue	534,848		436,580		1,600,668		1,145,327
Selling, general and administrative expenses	339,047		225,249		872,276		654,844
Research and development expenses	68,608		50,131		194,648		148,566
Restructuring and other costs, net	2,211		4,059		13,018		11,075
Operating income from continuing operations	221,970		248,006		1,022,234		468,327
Interest and other expense, net	60,302		14,249		54,027		35,054
Income from continuing operations before income taxes	161,668		233,757		968,207		433,273
Provision for income taxes	33,883		57,021		215,111		85,609
Income from continuing operations	127,785		176,736		753,096		347,664
Loss on disposition of discontinued operations before income taxes	—		—		—		—
Provision for income taxes on discontinued operations and dispositions	47		37		123		138
Loss from discontinued operations and dispositions	(47)		(37)		(123)		(138)
Net income	$	127,738	$	176,699	$	752,973	$	347,526
Basic earnings per share:
Income from continuing operations	$	1.12	$	1.58	$	6.67	$	3.12
Loss from discontinued operations and dispositions	(0.00)		(0.00)		(0.00)		(0.00)
Net income	$	1.12	$	1.58	$	6.67	$	3.12
Diluted earnings per share:
Income from continuing operations	$	1.11	$	1.57	$	6.65	$	3.11
Loss from discontinued operations and dispositions	(0.00)		(0.00)		(0.00)		(0.00)
Net income	$	1.11	$	1.57	$	6.65	$	3.10
Weighted average shares of common stock outstanding:
Basic	114,508		111,684		112,836		111,378
Diluted	115,022		112,292		113,307		111,935
Cash dividends declared per common share	$	0.07	$	0.07	$	0.21	$	0.21

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Net income	$	127,738	$	176,699	$	752,973	$	347,526
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of income taxes	(53,758)		72,862		(114,339)		55,837
Unrealized (loss) gain on securities, net of income taxes	(1)		43		104		42
Other comprehensive (loss) income	(53,759)		72,905		(114,235)		55,879
Comprehensive income	$	73,979	$	249,604	$	638,738	$	403,405

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	October 3, 2021		January 3, 2021
	(In thousands, except share and per share data)
Current assets:
Cash and cash equivalents	$	487,373	$	402,036
Accounts receivable, net	947,805		1,155,109
Inventories	645,419		514,567
Other current assets	170,207		167,208
Total current assets	2,250,804		2,238,920
Property, plant and equipment, net	537,710		368,304
Operating lease right-of-use assets	208,661		207,236
Intangible assets, net	4,160,736		1,365,693
Goodwill	7,420,271		3,447,114
Other assets, net	321,667		333,048
Total assets	$	14,899,849	$	7,960,315
Current liabilities:
Current portion of long-term debt	$	4,485	$	380,948
Accounts payable	320,435		327,325
Accrued expenses and other current liabilities	820,109		943,916
Total current liabilities	1,145,029		1,652,189
Long-term debt	5,099,077		1,609,701
Long-term liabilities	1,512,153		774,531
Operating lease liabilities	185,005		188,402
Total liabilities	7,941,264		4,224,823
Commitments and contingencies (see Note 14)
Stockholders’ equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding	—		—
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 126,200,000 shares and 112,090,000 shares at October 3, 2021 and January 3, 2021, respectively	126,200		112,090
Capital in excess of par value	2,742,750		148,101
Retained earnings	4,235,831		3,507,262
Accumulated other comprehensive loss	(146,196)		(31,961)
Total stockholders’ equity	6,958,585		3,735,492
Total liabilities and stockholders’ equity	$	14,899,849	$	7,960,315

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

	For the Nine-Month Period Ended October 3, 2021
	Common Stock Amount		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Stockholders’ Equity
	(In thousands)
Balance, January 3, 2021	$	112,090	$	148,101	$	3,507,262	$	(31,961)	$	3,735,492
Net income	—		—		379,305		—		379,305
Other comprehensive loss	—		—		—		(72,211)		(72,211)
Dividends	—		—		(7,846)		—		(7,846)
Exercise of employee stock options and related income tax benefits	95		4,892		—		—		4,987
Issuance of common stock for employee stock purchase plans	—		8		—		—		8
Purchases of common stock	(295)		(42,484)		—		—		(42,779)
Issuance of common stock for long-term incentive program	176		4,274		—		—		4,450
Stock compensation	—		899		—		—		899
Balance, April 4, 2021	$	112,066	$	115,690	$	3,878,721	$	(104,172)	$	4,002,305
Net income	—		—		245,930		—		245,930
Other comprehensive income	—		—		—		11,735		11,735
Dividends	—		—		(7,826)		—		(7,826)
Exercise of employee stock options and related income tax benefits	128		9,070		—		—		9,198
Issuance of common stock for employee stock purchase plans	11		1,613		—		—		1,624
Purchases of common stock	(209)		(29,936)		—		—		(30,145)
Issuance of common stock for long-term incentive program	24		4,998		—		—		5,022
Stock compensation	5		1,959		—		—		1,964
Balance, July 4, 2021	$	112,025	$	103,394	$	4,116,825	$	(92,437)	$	4,239,807
Net income	—		—		127,738		—		127,738
Other comprehensive loss	—		—		—		(53,759)		(53,759)
Dividends	—		—		(8,732)		—		(8,732)
Issuance of common stock for business combination, net of issuance costs	14,067		2,624,077		—		—		2,638,144
Exercise of employee stock options and related income tax benefits	107		8,773		—		—		8,880
Purchases of common stock	(1)		(89)		—		—		(90)
Issuance of common stock for long-term incentive program	2		5,114		—		—		5,116
Stock compensation	—		1,481		—		—		1,481
Balance, October 3, 2021	$	126,200	$	2,742,750	$	4,235,831	$	(146,196)	$	6,958,585

7

	For the Nine-Month Period Ended October 4, 2020
	Common Stock Amount		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	(In thousands)
Balance, December 29, 2019	$	111,140	$	90,357	$	2,811,973	$	(199,646)	$	2,813,824
Impact of adopting ASU 2016-13	—		—		(1,328)		—		(1,328)
Net income	—		—		33,665		—		33,665
Other comprehensive loss	—		—		—		(78,681)		(78,681)
Dividends	—		—		(7,779)		—		(7,779)
Exercise of employee stock options and related income tax benefits	21		1,085		—		—		1,106
Issuance of common stock for employee stock purchase plans	14		1,242		—		—		1,256
Purchases of common stock	(66)		(6,276)		—		—		(6,342)
Issuance of common stock for long-term incentive program	197		2,831		—		—		3,028
Stock compensation	—		997		—		—		997
Balance, April 5, 2020	$	111,306	$	90,236	$	2,836,531	$	(278,327)	$	2,759,746
Net income	—		—		137,162		—		137,162
Other comprehensive income	—		—		—		61,655		61,655
Dividends	—		—		(7,803)		—		(7,803)
Exercise of employee stock options and related income tax benefits	175		8,792		—		—		8,967
Issuance of common stock for employee stock purchase plans	14		1,291		—		—		1,305
Purchases of common stock	(4)		(323)		—		—		(327)
Issuance of common stock for long-term incentive program	2		5,123		—		—		5,125
Stock compensation	8		1,625		—		—		1,633
Balance, July 5, 2020	$	111,501	$	106,744	$	2,965,890	$	(216,672)	$	2,967,463
Net income	—		—		176,699		—		176,699
Other comprehensive income	—		—		—		72,905		72,905
Dividends	—		—		(7,839)		—		(7,839)
Exercise of employee stock options and related income tax benefits	369		17,085		—		—		17,454
Issuance of common stock for employee stock purchase plans	—		26		—		—		26
Purchases of common stock	(1)		(158)		—		—		(159)
Issuance of common stock for long-term incentive program	9		4,176		—		—		4,185
Stock compensation	—		947		—		—		947
Balance, October 4, 2020	$	111,878	$	128,820	$	3,134,750	$	(143,767)	$	3,231,681

The accompanying notes are an integral part of these consolidated financial statements.

8

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	October 3, 2021		October 4, 2020
	(In thousands)
Operating activities:
Net income	$	752,973	$	347,526
Loss from discontinued operations and dispositions, net of income taxes	123		138
Income from continuing operations	753,096		347,664
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation	18,957		19,770
Restructuring and other costs, net	13,018		11,075
Depreciation and amortization	232,935		182,521
(Gain) Loss on disposition of businesses and assets, net	(1,970)		886
Change in fair value of contingent consideration	1,553		(8,807)
Amortization of deferred debt financing costs and accretion of discounts	3,224		2,559
Change in fair value of financial securities	(8,566)		—
Asset impairment	3,868		—
Amortization of acquired inventory revaluation	14,728		1,757
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net	242,386		(67,695)
Inventories	6,316		(120,934)
Accounts payable	(37,002)		16,391
Accrued expenses and other	(167,385)		24,893
Net cash provided by operating activities of continuing operations	1,075,158		410,080
Investing activities:
Capital expenditures	(67,459)		(57,391)
Purchases of investments	(19,130)		(9,559)
Proceeds from disposition of businesses and assets	1,460		2,423
Proceeds from surrender of life insurance policies	—		131
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired	(3,967,678)		(3,702)
Net cash used in investing activities of continuing operations	(4,052,807)		(68,098)
Financing activities:
Payments on borrowings	(1,191,125)		(515,210)
Proceeds from borrowings	1,144,282		257,000
Proceeds from term loan	500,000		—
Payments of senior unsecured notes	(339,605)		—
Proceeds from sale of senior unsecured notes	3,086,095		—
Payments of debt financing and equity issuance costs	(30,983)		—
Settlement of cash flow hedges	(1,459)		(2,089)
Net payments on other credit facilities	(12,731)		(8,124)
Payments for acquisition-related contingent consideration	—		(5,200)
Proceeds from issuance of common stock under stock plans	22,760		27,528
Purchases of common stock	(73,013)		(6,829)
Dividends paid	(23,539)		(23,381)
Net cash provided by (used in) financing activities of continuing operations	3,080,682		(276,305)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(16,584)		832

9

Net increase in cash, cash equivalents and restricted cash	86,449		66,509
Cash, cash equivalents and restricted cash at beginning of period	402,613		191,894
Cash, cash equivalents and restricted cash at end of period	$	489,062	$	258,403
Supplemental disclosures of cash flow information
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	$	487,373	$	258,293
Restricted cash included in other current assets	1,689		110
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	489,062	$	258,403
Supplemental disclosures of non-cash investing and financing activities:
Equity issued for business combination, net of issuance costs	$	2,638,369	$	—
Contingent consideration accrued in business combination	34,131		—
Other liability incurred in business combination	7,767		—

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

PERKINELMER, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 3, 2021, filed with the SEC (the “2020 Form 10-K”). The balance sheet amounts at January 3, 2021 in this report were derived from the Company’s audited 2020 consolidated financial statements included in the 2020 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 (“GAAP”) 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 3, 2021 and October 4, 2020, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period.

The Company’s fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending January 2, 2022 ("fiscal year 2021") will include 52 weeks, and the fiscal year ended January 3, 2021 ("fiscal year 2020") included 53 weeks.

Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations.

In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions and adds guidance to reduce complexity in accounting for income taxes. Specifically, this guidance: (1) removes the intraperiod tax allocation exception to the incremental approach; (2) removes the ownership changes in investments exception in determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting and applies this provision on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at the beginning of the period of adoption; and (3) removes the exception to using the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies accounting principles by making other changes, including requiring an entity to: (1) evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction; (2) make a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and to apply this provision retrospectively to all periods presented; and (3) recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and apply this provision either retrospectively for all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The provisions of this guidance (except as specifically mentioned above) are to be applied prospectively upon their effective date. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years. In accordance with ASU 2019-12, the Company adopted the guidance beginning on January 4, 2021. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows.

11

Note 2: Revenue

Disaggregation of revenue

In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments' revenue.

	Reportable Segments
	Three Months Ended
	October 3, 2021						October 4, 2020
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	217,117	$	280,367	$	497,484	$	173,992	$	213,347	$	387,339
Europe	135,940		220,264		356,204		115,281		198,205		313,486
Asia	159,822		153,174		312,996		134,350		128,850		263,200
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025
Primary end-markets
Diagnostics	$	—	$	653,805	$	653,805	$	—	$	540,402	$	540,402
Life sciences	320,067		—		320,067		251,929		—		251,929
Applied markets	192,812		—		192,812		171,694		—		171,694
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025
Timing of revenue recognition
Products and services transferred at a point in time	$	374,147	$	554,332	$	928,479	$	293,460	$	518,867	$	812,327
Services transferred over time	138,732		99,473		238,205		130,163		21,535		151,698
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025

12

	Reportable Segments
	Nine Months Ended
	October 3, 2021						October 4, 2020
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	599,170	$	1,049,659	$	1,648,829	$	503,490	$	475,113	$	978,603
Europe	416,974		732,784		1,149,758		337,435		429,671		767,106
Asia	464,173		440,084		904,257		372,095		310,335		682,430
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139
Primary end-markets
Diagnostics	$	—	$	2,222,527	$	2,222,527	$	—	$	1,215,119	$	1,215,119
Life sciences	905,949		—		905,949		734,782		—		734,782
Applied markets	574,368		—		574,368		478,238		—		478,238
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139
Timing of revenue recognition
Products and services transferred at a point in time	$	1,079,119	$	1,676,041	$	2,755,160	$	827,270	$	1,149,166	$	1,976,436
Services transferred over time	401,198		546,486		947,684		385,750		65,953		451,703
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139

Major Customer Concentration

Revenues from one customer in the Company's Diagnostics segment represent approximately $94.8 million and $492.8 million of the Company's total revenue for the three and nine months ended October 3, 2021, respectively.

Contract Balances

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 consolidated balance sheets. The balance of contract assets as of October 3, 2021 and January 3, 2021 were $57.8 million and $59.5 million, respectively. The amount of unbilled receivables recognized at the beginning of the period that were transferred to trade receivables during the nine months ended October 3, 2021 was $48.9 million. The increase in unbilled receivables during the nine months ended October 3, 2021 as a result of recognition of revenue before billing to customers, excluding amounts transferred to trade receivables during the period, amounted to $47.2 million.

Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related installation 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" or as long-term in "Long-term liabilities" in the consolidated balance sheets based on the timing of when the Company expects to recognize revenue. The balance of contract liabilities as of October 3, 2021 and January 3, 2021 were $209.6 million and $238.1 million, respectively. The additions to contract liabilities during the nine months ended October 3, 2021 due to cash received, excluding amounts recognized as revenue during the period, was $51.3 million. The amount of revenue recognized during the nine months ended October 3, 2021 that was included in the contract liability balance at the beginning of the period was $79.8 million.

Contract costs: The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the period and are included in other current and long-term assets on the consolidated balance sheets. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year

13

or less. These costs include the Company's internal sales force compensation program, as the Company determined that annual compensation is commensurate with annual sales activities.

Transaction price allocated to the remaining performance obligations

The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The estimated revenue expected to be recognized beyond one year in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the period are not material to the Company. The remaining performance obligations primarily include noncancelable purchase orders and noncancelable software subscriptions and cloud service contracts.

Note 3: Business Combinations

Acquisitions in fiscal year 2021

Acquisition of BioLegend, Inc. The Company completed the acquisition of BioLegend, Inc. ("BioLegend") and paid an aggregate consideration of $5.7 billion, net of cash acquired of $292.4 million, reflecting preliminary working capital and other adjustments (the "Aggregate Consideration") that are subject to final adjustments following the closing. The Aggregate Consideration was paid in a combination of $3.3 billion in cash and shares of the Company's common stock having a fair value of approximately $2.6 billion based on the $187.56 per share closing price of the Company's common stock on the New York Stock Exchange on September 17, 2021 (the "Stock Consideration"). The Stock Consideration consisted of 14,066,799 shares of the Company's common stock. The cash consideration was funded through a combination of $2.3 billion in proceeds from the issuance of senior unsecured notes, $500.0 million in proceeds from the Company's term loan credit facility and $310.0 million in proceeds from the Company's revolving credit facility and available cash on hand of $252.6 million. BioLegend is recognized as a leading, global provider of life science antibodies and reagents, headquartered in San Diego, California, with approximately 700 employees. The operations for this acquisition will be reported within the results of the Company's Discovery & Analytical Solutions segment from the acquisition date. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, customer relationships and clone library, acquired as part of this acquisition had a weighted average amortization period of 16.3 years.

BioLegend's revenue and net loss for the period from the acquisition date to October 3, 2021 were $12.1 million and $6.2 million, respectively. The following unaudited pro forma information presents the combined financial results for the Company and BioLegend as if the acquisition of BioLegend had been completed at the beginning of fiscal year 2020:

	Nine Months Ended		Fiscal Year Ended
	October 3, 2021		January 3, 2021
	(In millions, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	3,943	$	4,025
Income from continuing operations	797		552
Basic earnings per share:
Income from continuing operations	$	6.28	$	4.39
Diluted earnings per share:
Income from continuing operations	$	6.26	$	4.37

The unaudited pro forma information for fiscal years 2021 and 2020 have been calculated after applying the Company's accounting policies and the impact of acquisition date fair value adjustments. The fiscal year 2021 unaudited pro forma income from continuing operations was adjusted to exclude approximately $43.2 million of acquisition-related transaction costs and $23.3 million of bridge financing and debt pre-issuance hedging costs that were recognized in expense in the quarter. The fiscal year 2020 pro forma income from continuing operations was adjusted to include these acquisition-related transaction costs and the nonrecurring expenses related to the bridge financing and debt pre-issuance hedging costs and fair value adjustments. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain

14

adjustments, such as fair value adjustment to inventory, increased interest expense on debt obtained to finance the transaction, and increased amortization for the fair value of acquired intangible assets.

The pro forma information does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the combination occurred at the beginning of each period presented, or of future results of the consolidated entities. The actual results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

Other acquisitions in 2021. During the first nine months of fiscal year 2021, the Company also completed the acquisition of six other businesses for aggregate consideration of $1.2 billion. The acquired businesses include Oxford Immunotec Global PLC, a company based in Abingdon, UK with approximately 275 employees, for a total consideration of $590.9 million and Nexcelom Bioscience Holdings, LLC, a company based in Lawrence, Massachusetts with approximately 130 employees, for a total consideration of $267.1 million, and four other businesses, which were acquired for a total consideration of $296.0 million. The excess of the purchase price over the fair value of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, and customer relationships, acquired as part of these acquisitions had a weighted average amortization period of 12.4 years.

The total purchase price for the acquisitions in fiscal year 2021 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:

	Preliminary
	BioLegend		Other
	(In thousands)
Fair value of business combination:
Cash payments	$	3,335,753	1,118,884
Common stock issued	2,638,369		—
Other liability	6,857		910
Contingent consideration	—		34,131
Less: cash acquired	(292,377)		(195,010)
Total	$	5,688,602	$	958,915
Identifiable assets acquired and liabilities assumed:
Current assets	$	184,541	$	73,933
Property, plant and equipment	147,200		26,507
Other assets	9,330		15,564
Identifiable intangible assets:
Core technology and clone library	782,400		285,609
Trade names and patents	38,000		39,620
Licenses	8,979		—
Customer relationships and backlog	1,714,800		141,170
Goodwill	3,511,498		527,402
Deferred taxes	(669,906)		(86,471)
Deferred revenue	—		(1,197)
Debt assumed	—		(4,628)
Liabilities assumed	(38,240)		(58,594)
Total	$	5,688,602	$	958,915

Acquisitions in fiscal year 2020

During the fiscal year 2020, the Company completed the acquisition of four businesses for aggregate consideration of $438.9 million. The acquired businesses were Horizon Discovery Group plc, a company based in Cambridge, UK with approximately 400 employees, which was acquired on December 23, 2020 for a total consideration of $399.8 million (£296.0

15

million), and three other businesses, which were acquired for a total consideration of $39.1 million. The excess of the purchase price over the fair value of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, customer relationships and in-process research and development, acquired as part of these acquisitions had a weighted average amortization period of 11.0 years.

The total purchase price for the acquisitions in fiscal year 2020 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:

	Preliminary
	(In thousands)
Fair value of business combination:
Cash payments	$	437,661
Other liability	1,660
Working capital and other adjustments	(384)
Less: cash acquired	(26,840)
Total	$	412,097
Identifiable assets acquired and liabilities assumed:
Current assets	$	35,532
Property, plant and equipment	20,302
Other assets	18,114
Identifiable intangible assets:
Core technology	65,730
Trade names	5,580
Customer relationships	108,523
In-process research and development ("IPR&D")	10,700
Goodwill	221,960
Deferred taxes	(27,142)
Deferred revenue	(2,031)
Liabilities assumed	(45,171)
Total	$	412,097

The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings.

The allocations of the purchase prices for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair values for assets acquired and liabilities assumed.

As of October 3, 2021, the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $90.7 million. As of October 3, 2021, the Company has recorded contingent consideration obligations of $37.2 million, of which $4.2 million was recorded in accrued expenses and other current liabilities, and $33.0

16

million was recorded in long-term liabilities. As of January 3, 2021, the Company had recorded contingent consideration obligations with an estimated fair value of $3.0 million, of which $2.9 million was recorded in accrued expenses and other current liabilities, and $0.1 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 7.2 years from October 3, 2021, and the remaining weighted average expected earnout period at October 3, 2021 was 6.8 years. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible assets or the recognition of additional contingent consideration which would be recognized as a component of operating expenses from continuing operations.

Total acquisition and divestiture-related costs for the three and nine months ended October 3, 2021 were $72.5 million and $87.6 million, respectively. These amounts included $2.1 million and $13.8 million of incentive award associated with the Company's acquisition of Meizheng Group for the three and nine months ended October 3, 2021, respectively. Net foreign exchange gain, and bridge financing and debt pre-issuance hedging costs, related to the Company's acquisitions for the nine months ended October 3, 2021 amounted to $5.4 million and $23.6 million, respectively. Total acquisition and divestiture-related costs for the three and nine months ended October 4, 2020 were $0.2 million and $7.4 million, respectively. These amounts included $0.2 million and $6.9 million of incentive award associated with the Company's acquisition of Meizheng Group for the three and nine months ended October 4, 2020, respectively. These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other expense, net in the Company's consolidated statements of operations.

Note 4: Restructuring and Other Costs, Net

The Company implemented restructuring plans in the first, second and third quarters of fiscal year 2021 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the "Q1 2021 Plan", "Q2 2021 Plan" and "Q3 2021 Plan", respectively). The Company implemented a restructuring plan in the third quarter of fiscal year 2020 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q3 2020 Plan"). The Company implemented a restructuring plan in the first quarter of fiscal year 2020 consisting of workforce reductions and closure of excess facilities principally intended to realign resources to emphasize growth initiatives (the "Q1 2020 Plan"). Details of the plans initiated in previous years (the “Previous Plans”) are discussed more fully in Note 5 to the audited consolidated financial statements in the 2020 Form 10-K.

The following table summarizes the reductions in headcount, the initial restructuring or contract termination charges by reporting segment, and the dates by which payments were substantially completed, or the dates by which payments are expected to be substantially completed, for restructuring actions implemented during fiscal years 2021 and 2020 in continuing operations:

	Workforce Reductions					Closure of Excess Facility				Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics				Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2021 Plan	39	$	420	$	366	$	—	$	—	$	786	Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—		1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—		5,556		Q4 FY2021	—
Q3 2020 Plan	23	2,080		901		—		—		2,981		Q2 FY2021	—
Q1 2020 Plan	32	2,312		1,134		92		682		4,220		Q4 FY2020	Q1 FY2022

17

The Company has terminated various contractual commitments in connection with certain disposal activities and has recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded net pre-tax charges of $0.4 million in the Discovery & Analytical Solutions segment during the nine months ended October 3, 2021 as a result of these contract terminations.

The Company recorded pre-tax charges of $1.3 million and $3.7 million associated with relocating facilities during the three and nine months ended October 3, 2021, respectively, in the Discovery & Analytical Solutions segment. The Company recorded pre-tax charges of $0.2 million and $0.4 million associated with relocating facilities during the three and nine months ended October 3, 2021, respectively, in the Diagnostics segment. The Company expects to make payments on these relocation activities through end of fiscal year 2022.

Note 5: Interest and Other Expense, Net

Interest and other expense, net, consisted of the following:

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Interest income	$	(544)	$	(205)	$	(1,322)	$	(662)
Interest expense including costs of bridge financing	43,531		12,057		74,407		37,308
Change in fair value of financial securities	19,365		—		(8,566)		—
Other (income) expense, net	(2,050)		2,397		(10,492)		(1,592)
Total interest and other expense, net	$	60,302	$	14,249	$	54,027	$	35,054

Foreign currency transaction (gains) were $(1.1) million and $(0.5) million for the three and nine months ended October 3, 2021, respectively. Foreign currency transaction (gains) losses were $(1.9) million and $1.6 million for the three and nine months ended October 4, 2020, respectively. Net losses from forward currency hedge contracts were $4.8 million and $3.3 million for the three and nine months ended October 3, 2021, respectively. Net losses from forward currency hedge contracts were $6.0 million and $1.9 million for the three and nine months ended October 4, 2020, respectively.

Note 6: Inventories

Inventories consisted of the following:

	October 3, 2021		January 3, 2021
	(In thousands)
Raw materials	$	217,175	$	205,022
Work in progress	72,988		35,160
Finished goods	355,256		274,385
Total inventories	$	645,419	$	514,567

18

Note 7: Debt

The Company’s debt consisted of the following:

	October 3, 2021
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	111,962	$	—	$	(4,075)	$	107,887
Unsecured Term Loan Credit Facility	500,000		—		(1,069)		498,931
0.550% Senior Unsecured Notes due in 2023	500,000		(174)		(2,849)		496,977
0.850% Senior Unsecured Notes due in 2024	800,000		(485)		(5,964)		793,551
1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")	579,750		(2,715)		(2,406)		574,629
1.900% Senior Unsecured Notes due in 2028	500,000		(357)		(4,788)		494,855
3.3% Senior Unsecured Notes due in 2029 ("2029 Notes")	850,000		(2,299)		(6,363)		841,338
2.55% Senior Unsecured Notes due in 2031	400,000		(128)		(3,351)		396,521
2.250% Senior Unsecured Notes due in 2031	500,000		(1,508)		(4,927)		493,565
3.625% Senior Unsecured Notes due in 2051	400,000		(4)		(4,324)		395,672
Other Debt Facilities, non-current	5,151		—		—		5,151
Total Long-Term Debt	$	5,146,863	$	(7,670)	$	(40,116)	$	5,099,077
Current Portion of Long-term Debt:
Other Debt Facilities, current	4,485		—		—		4,485
Total	$	5,151,348	$	(7,670)	$	(40,116)	$	5,103,562

	January 3, 2021
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	158,595	$	—	$	(2,621)	$	155,974
2026 Notes	610,750		(3,253)		(2,782)		604,715
2029 Notes	850,000		(2,496)		(6,908)		840,596
Other Debt Facilities, non-current	8,416		—		—		8,416
Total Long-Term Debt	$	1,627,761	$	(5,749)	$	(12,311)	$	1,609,701
Current Portion of Long-term Debt:
0.6% Senior Unsecured Notes due in 2021 ("2021 Notes")	366,450		(16)		(229)		366,205
Other Debt Facilities, current	14,743		—		—		14,743
Total	$	2,008,954	$	(5,765)	$	(12,540)	$	1,990,649

Senior Unsecured Revolving Credit Facility. On August 24, 2021, the Company terminated its previous senior unsecured revolving credit facility and entered into a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through August 24, 2026. As of October 3, 2021, undrawn letters of credit in the aggregate amount of $11.0 million were treated as issued and outstanding when calculating the borrowing availability under the facility. As of October 3, 2021, the Company had $1.4 billion available for additional borrowing under the facility. Borrowings will

19

bear interest, payable quarterly or, if earlier, at the end of any interest period, at the Company's option at either (a) the base rate (as defined in the credit agreement), or (b) the eurocurrency rate (a publicly published rate), in each case plus a percentage spread based on the credit rating of the Company's debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," and (c) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of October 3, 2021 was 101.5 basis points. The weighted average Eurocurrency interest rate as of October 3, 2021 was 0.02%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.03%, which was the interest applicable to the borrowings outstanding as of October 3, 2021. The credit agreement for the new facility contains customary affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capital ratio that remains applicable for so long as the Company's debt is rated as investment grade. In the event that the Company's debt is not rated as investment grade, the debt-to-capital ratio covenant is replaced with leverage ratio and interest coverage ratio covenants.

Unsecured Term Loan Credit Facility. The Company entered into an unsecured delayed draw term loan credit facility on August 11, 2021 that provided for $500.0 million of term loans available through the earlier of (i) the consummation of the Company's acquisition of BioLegend (with such transaction acquiring BioLegend being the “Acquisition”) and (ii) the date that is five (5) business days after October 25, 2021, and as could be extended through January 31, 2022 in the event that the outside date under the definitive agreement with respect to the Acquisition was extended. On September 16, 2021, the Company borrowed the full $500.0 million from the term loan facility and used the proceeds to partially fund the Acquisition. The interest rates under the senior unsecured term loan credit facility are at either (a) the base rate, as described in the credit agreement, or (b) the eurocurrency rate (a publicly published rate), in each case plus a percentage spread based on the credit rating of the Company’s debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," and (c) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of October 3, 2021 was 113.0 basis points. The weighted average Eurocurrency interest rate as of October 3, 2021 was 0.08%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.21%, which was the interest applicable to the borrowings outstanding as of October 3, 2021. The credit agreement for the facility contains customary affirmative, negative and financial covenants and events of defaults which are substantially similar to those contained in the senior unsecured revolving credit facility.

0.550% Senior Unsecured Notes due in 2023. On September 10, 2021, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in 2023 (the "2023 Notes”) in a registered public offering and received $499.8 million of net proceeds from the issuance. The 2023 Notes were issued at 99.964% of the principal amount, which resulted in a discount of $0.2 million. The 2023 Notes mature in September 2023 and bear interest at an annual rate of 0.550%. Interest on the 2023 Notes is payable semi-annually on March 15th and September 15th each year. The Company may not redeem the 2023 Notes prior to September 15, 2022. On or after September 15, 2022 (twelve months prior to their maturity date), the Company may redeem the 2023 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the 2023 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2023 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the 2023 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

0.850% Senior Unsecured Notes due in 2024. On September 10, 2021, the Company issued $800.0 million aggregate principal amount of senior unsecured notes due in 2024 (the "2024 Notes”) in a registered public offering and received $799.5 million of net proceeds from the issuance. The 2024 Notes were issued at 99.938% of the principal amount, which resulted in a discount of $0.5 million. The 2024 Notes mature in September 2024 and bear interest at an annual rate of 0.850%. Interest on the 2024 Notes is payable semi-annually on March 15th and September 15th each year. The Company may not redeem the 2024 Notes prior to September 15, 2022. On or after September 15, 2022 (twenty-four months prior to their maturity date), the Company may redeem the 2024 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2024 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the 2024 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

1.900% Senior Unsecured Notes due in 2028. On September 10, 2021, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in 2028 (the "2028 Notes”) in a registered public offering and received $499.6 million of net proceeds from the issuance. The 2028 Notes were issued at 99.928% of the principal amount, which resulted in a discount of $0.4 million. The 2028 Notes mature in September 2028 and bear interest at an annual rate of 1.900%. Interest on the 2028 Notes is payable semi-annually on March 15th and September 15th each year. On or after July 15, 2028 (two months prior to their maturity date), the Company may redeem the 2028 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2028 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase

20

the 2028 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

2.55% Senior Unsecured Notes due in 2031. On March 8, 2021, the Company issued $400.0 million aggregate principal amount of senior unsecured notes due in 2031 (the "March 2031 Notes”) in a registered public offering and received $399.9 million of net proceeds from the issuance. The March 2031 Notes were issued at 99.965% of the principal amount, which resulted in a discount of $0.1 million. The March 2031 Notes mature in March 2031 and bear interest at an annual rate of 2.55%. Interest on the March 2031 Notes is payable semi-annually on March 15th and September 15th each year. Prior to December 15, 2030 (three months prior to their maturity date), the Company may redeem the March 2031 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to the greater of (1) 100% of the principal amount of the March 2031 Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued but unpaid as of the date of redemption) assuming that the March 2031 Notes matured on December 15, 2030, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the indenture governing the March 2031 Notes) plus 15 basis points, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. At any time on or after December 15, 2030, the Company may redeem the March 2031 Notes, in whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the March 2031 Notes due to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the March 2031 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the March 2031 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

2.250% Senior Unsecured Notes due in 2031. On September 10, 2021, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in September 2031 (the "September 2031 Notes”) in a registered public offering and received $498.5 million of net proceeds from the issuance. The September 2031 Notes were issued at 99.697% of the principal amount, which resulted in a discount of $1.5 million. The September 2031 Notes mature in September 2031 and bear interest at an annual rate of 2.250%. Interest on the September 2031 Notes is payable semi-annually on March 15th and September 15th each year. On or after June 15, 2031 (three months prior to their maturity date), the Company may redeem the September 2031 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the September 2031 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the September 2031 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the September 2031 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

3.625% Senior Unsecured Notes due in 2051. On March 8, 2021, the Company issued $400.0 million aggregate principal amount of senior unsecured notes due in 2051 (the "2051 Notes”) in a registered public offering and received $400.00 million of net proceeds from the issuance. The 2051 Notes were issued at 99.999% of the principal amount, which resulted in a discount of $4,000. The 2051 Notes mature in March 2051 and bear interest at an annual rate of 3.625%. Interest on the 2051 Notes is payable semi-annually on March 15th and September 15th each year. Prior to September 15, 2050 (six months prior to their maturity date), the Company may redeem the 2051 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2051 Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued but unpaid as of the date of redemption) assuming that the 2051 Notes matured on September 15, 2050, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the indenture governing the 2051 Notes) plus 20 basis points, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. At any time on or after September 15, 2050, the Company may redeem the 2051 Notes, in whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the 2051 Notes due to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2051 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the 2051 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

Note 8: 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,

21

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 3, 2021	October 4, 2020	October 3, 2021	October 4, 2020
	(In thousands)
Number of common shares—basic	114,508	111,684	112,836	111,378
Effect of dilutive securities:
Stock options	365	477	367	476
Restricted stock awards	149	131	104	81
Number of common shares—diluted	115,022	112,292	113,307	111,935
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	90	—	237	294

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.

Note 9: Segment Information

The Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1 to the audited consolidated financial statements in the 2020 Form 10-K.

The principal products and services of the Company's two operating segments are:

•Discovery & Analytical Solutions. Provides products and services targeted towards the life sciences and applied markets.

•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the reproductive health, immunodiagnostics and applied genomics markets. The Diagnostics segment serves the diagnostics market.

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.

22

Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: 

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	318,456	$	245,556	$	903,796	$	686,529
Service revenue	194,423		178,067		576,521		526,491
Total revenue	512,879		423,623		1,480,317		1,213,020
Operating income from continuing operations	7,146		42,689		114,248		110,632
Diagnostics
Product revenue	467,413		491,290		1,461,384		1,077,352
Service revenue	186,392		49,112		761,143		137,767
Total revenue	653,805		540,402		2,222,527		1,215,119
Operating income from continuing operations	237,903		223,819		965,650		413,710
Corporate
Operating loss from continuing operations	(23,079)		(18,502)		(57,664)		(56,015)
Continuing Operations
Product revenue	785,869		736,846		2,365,180		1,763,881
Service revenue	380,815		227,179		1,337,664		664,258
Total revenue	1,166,684		964,025		3,702,844		2,428,139
Operating income from continuing operations	221,970		248,006		1,022,234		468,327
Interest and other expense, net (see Note 5)	60,302		14,249		54,027		35,054
Income from continuing operations before income taxes	$	161,668	$	233,757	$	968,207	$	433,273

Note 10: Stockholders’ Equity

Comprehensive Income:

The components of accumulated other comprehensive loss consisted of the following:

	October 3, 2021		January 3, 2021
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(145,276)	$	(30,937)
Unrecognized prior service costs, net of income taxes	(747)		(747)
Unrealized net losses on securities, net of income taxes	(173)		(277)
Accumulated other comprehensive loss	$	(146,196)	$	(31,961)

Stock Repurchases:

On July 31, 2020, the Company's Board of Directors (the "Board") authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on July 27, 2022 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the nine months ended October 3, 2021, the Company repurchased 433,000 shares of common stock under the Repurchase Program for an aggregate cost of $62.6 million. As of October 3, 2021, $187.4 million remained available for aggregate repurchases of shares under the 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 3, 2021, the Company repurchased 512 shares of common stock for this purpose at an aggregate cost of $0.1 million. During the nine months ended October 3, 2021, the Company repurchased 70,925 shares of common stock for this purpose at an aggregate cost of $10.4 million. The

23

repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2021 and in each quarter of fiscal year 2020. At October 3, 2021, the Company had accrued $8.8 million for dividends declared on July 23, 2021 for the third quarter of fiscal year 2021 that will be paid on November 12, 2021. On October 27, 2021, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2021 that will be payable in February 2022. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Note 11: Goodwill and Intangible Assets, Net

The Company tests goodwill and non-amortizing intangible assets at least annually for possible impairment. Accordingly, the Company completes the annual testing of impairment for goodwill and non-amortizing intangible assets on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill or non-amortizing intangible assets.

The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units as of January 4, 2021, its annual impairment testing date for fiscal year 2021. The Company concluded that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20% for each reporting unit, except for the Company's Tulip reporting unit which had a fair value that was between 10% and 20% more than its carrying value. The range of the long-term terminal growth rates for the Company’s reporting units was 3% to 5% for the fiscal year 2021 impairment analysis. The range for the discount rates for the reporting units was 8.0% to 12.5%. Keeping all other variables constant, a 10% change in any one of these input assumptions for the various reporting units, except for the Tulip reporting unit, would still allow the Company to conclude that there was no impairment of goodwill. As of January 4, 2021, the Company's Tulip reporting unit, which had a goodwill balance of $77.8 million, was at increased risk of an impairment charge given its ongoing weakness due to the impact of COVID-19; however, it is currently performing according to plan.

The Company has consistently employed the income approach to estimate the current fair value when testing for impairment of goodwill. A number of significant assumptions and estimates are involved in the application of the income approach to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, tax rates, capital spending, discount rates and working capital changes. Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and historical relationships in later years. The income approach is sensitive to changes in long-term terminal growth rates and the discount rates. The long-term terminal growth rates are consistent with the Company’s historical long-term terminal growth rates, as the current economic trends are not expected to affect the long-term terminal growth rates of the Company. The Company corroborates the income approach with a market approach.

Non-amortizing intangibles are also subject to an annual impairment test. The Company has consistently employed the relief from royalty model to estimate the current fair value when testing for impairment of non-amortizing intangible assets. The impairment test consists of a comparison of the fair value of the non-amortizing intangible asset with its carrying amount. If the carrying amount of a non-amortizing intangible asset exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of the amortizing intangible asset. In addition, the Company evaluates the remaining useful life of its non-amortizing intangible asset at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful life of the Company's non-amortizing intangible asset is no longer indefinite, the asset will be tested for impairment. This intangible asset will then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization. The Company performed its annual impairment testing as of January 4, 2021 and concluded that there was no impairment of its non-amortizing intangible asset. An assessment of the recoverability of amortizing intangible assets takes place when events have occurred that may give rise to an impairment. No such events occurred during the first nine months of fiscal year 2021.

24

The changes in the carrying amount of goodwill for the nine months ended October 3, 2021 were as follows:

	Discovery & Analytical Solutions		Diagnostics		Consolidated
	(In thousands)
Balance at January 3, 2021	$	1,755,887	$	1,691,227	$	3,447,114
Foreign currency translation	(35,336)		(34,507)		(69,843)
Acquisitions, earn-outs and other	3,720,017		322,983		4,043,000
Balance at October 3, 2021	$	5,440,568	$	1,979,703	$	7,420,271

Identifiable intangible asset balances by category were as follows:

	October 3, 2021		January 3, 2021
	(In thousands)
Patents	$	31,037	$	30,855
Less: Accumulated amortization	(28,641)		(28,440)
Net patents	2,396		2,415
Trade names and trademarks	171,976		98,661
Less: Accumulated amortization	(55,853)		(48,806)
Net trade names and trademarks	116,123		49,855
Licenses	68,297		58,700
Less: Accumulated amortization	(54,069)		(52,452)
Net licenses	14,228		6,248
Core technology	1,842,229		789,799
Less: Accumulated amortization	(458,426)		(398,992)
Net core technology	1,383,803		390,807
Customer relationships	3,184,009		1,357,660
Less: Accumulated amortization	(616,332)		(522,820)
Net customer relationships	2,567,677		834,840
In-process research and development	5,925		10,944
Net amortizable intangible assets	4,090,152		1,295,109
Non-amortizing intangible asset:
Trade name	70,584		70,584
Total	$	4,160,736	$	1,365,693

Total amortization expense related to definite-lived intangible assets was $71.0 million and $184.7 million for the three and nine months ended October 3, 2021, respectively, and $48.9 million and $142.9 million for the three and nine months ended October 4, 2020, respectively. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $101.1 million for the remainder of fiscal year 2021, $414.3 million for fiscal year 2022, $403.1 million for fiscal year 2023, $390.9 million for fiscal year 2024, and $363.3 million for fiscal year 2025.

Note 12: 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. Approximately 70% of the Company’s

25

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 Australian Dollar, British Pound, Euro, Indian Rupee, Singapore Dollar and Swedish Krona. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $398.6 million, $808.0 million and $406.3 million at October 3, 2021, January 3, 2021 and October 4, 2020, 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 3, 2021 and October 4, 2020.

In addition, in connection with certain intercompany loan agreements utilized to finance its acquisitions and stock repurchase program, the Company enters into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies. The Company records these hedges at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from financing activities within the Company’s condensed consolidated statement of cash flows.

The outstanding forward exchange contracts designated as economic hedges, which were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined U.S. Dollar notional amounts of $548.7 million as of October 3, 2021, combined Euro notional amounts of €33.4 million and combined U.S. Dollar notional amounts of $499.0 million as of January 3, 2021, and combined U.S. Dollar notional amounts of $156.2 million as of October 4, 2020. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the three and nine months ended October 3, 2021 and October 4, 2020. The Company received $2.9 million and paid $2.1 million during the nine months ended October 3, 2021 and October 4, 2020, respectively, from the settlement of these hedges.

During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income ("AOCI"), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of October 3, 2021, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €299.7 million. The unrealized foreign exchange (gains) losses recorded in AOCI related to the net investment hedge were $(7.5) million and $(26.6) million for the three and nine months ended October 3, 2021, respectively, and $23.4 million and $24.8 million for the three and nine months ended October 4, 2020, respectively.

During fiscal year 2019, the Company entered into a cross-currency swap designated as a net investment hedge to hedge the Euro currency exposure of the Company’s net investment in certain foreign subsidiaries. This agreement is a contract to exchange fixed-rate payments in one currency for fixed-rate payments in another currency. Changes in the fair value of this swap are recorded in equity as a component of AOCI in the same manner as foreign currency translation adjustments. In assessing the effectiveness of this hedge, the Company uses a method based on changes in spot rates to measure the impact of the foreign currency exchange rate fluctuations on both its foreign subsidiary net investment and the related swap. Under this method, changes in the fair value of the hedging instrument other than those due to changes in the spot rate are initially recorded in AOCI as a translation adjustment, and then are amortized into other (income) expense, net in the condensed consolidated statement of operations using a systematic and rational method over the instrument’s term. Changes in the fair value associated with the effective portion (i.e. those changes due to the spot rate) are recorded in AOCI as a translation adjustment and are released and recognized in earnings only upon the sale or liquidation of the hedged net investment. The cross-currency swap has an initial notional value of €197.4 million, or $220.0 million, and matures on November 15, 2021.

26

Interest on the cross-currency swap is payable semi-annually, in Euro, on May 15th and November 15th of each year based on the Euro notional value and a fixed rate of 2.47%. The Company receives interest in U.S. dollars on May 15th and November 15th of each year based on the U.S. dollar equivalent of the Euro notional value and a fixed rate of 5.00%. At October 3, 2021, the fair value of the cross-currency swap was a $8.5 million loss, which was recorded in AOCI.

During fiscal year 2020, the Company entered into a forward foreign exchange contracts, designated as cash flow hedges, to hedge the 2021 Notes. The effective portion of the gain or loss of the cash flow hedges were reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affected earnings. During the second quarter of fiscal year 2021, the Company redeemed all of its outstanding 2021 Notes and settled the forward foreign exchange contracts that were designated as cash flow hedges. The unrealized foreign exchange losses (gains) recorded in earnings related to the cash flow hedges were $9.5 million for the nine months ended October 3, 2021, and $(10.5) million and $(14.3) million for each of the three and nine months ended October 4, 2020.

During fiscal year 2021, the Company entered into forward foreign exchange contracts, designated as a cash flow hedge, to hedge a portion of the 2026 Notes. The effective portion of the gain or loss of the cash flow hedge will be reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affects earnings. As of October 3, 2021, the total notional amount of the forward foreign exchange contracts that was designated as cash flow hedges was €197.4 million. The unrealized foreign exchange losses recorded in earnings related to the cash flow hedge were $5.0 million and $4.2 million for the three and nine months ended October 3, 2021.

On July 26, 2021, the Company entered into two interest rate swaption agreements (together, the “Swaptions”) with expiration dates of September 30, 2021 in anticipation of issuing notes to fund the acquisition of BioLegend. The first swaption had a term of 2 months and hedged an anticipated 10-year note offering, with a notional value of $500.0 million. The second swaption had a term of 2 months and hedged an anticipated 7-year note offering, with a notional value of $500.0 million. The Company designated the Swaptions as qualifying hedging instruments and accounted for these derivatives as cash flow hedges.

On September 8, 2021, the Company sold both swaptions, and as a result, recognized a loss of $8.2 million in interest and other expense, net for the three and nine months ended October 3, 2021. The Company also recorded other comprehensive income of $3.8 million, which will be amortized to interest and other expense (income), net over the 7 and 10 year terms, respectively of the related permanent financing.

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.

Note 13: 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 3, 2021.

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 3, 2021. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value.

Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible.

27

The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of October 3, 2021 and January 3, 2021 classified in one of the three classifications described above:

			Fair Value Measurements at October 3, 2021 Using:
	Total Carrying Value at October 3, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	45,744	$	45,744	$	—	$	—
Foreign exchange derivative assets	808		—		808		—
Foreign exchange derivative liabilities	(21,294)		—		(21,294)		—
Contingent consideration	(37,225)		—		—		(37,225)

			Fair Value Measurements at January 3, 2021 Using:
	Total Carrying Value at January 3, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
	(In thousands)
Marketable securities	$	2,154	$	2,154	$	—	$	—
Foreign exchange derivative assets	31,248		—		31,248		—
Foreign exchange derivative liabilities	(21,413)		—		(21,413)		—
Contingent consideration	(2,953)		—		—		(2,953)

Level 1 and Level 2 Valuation Techniques:    The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity and fixed-income securities as well as derivative contracts. For financial assets and liabilities that utilize Level 1 and Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including common stock price quotes, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities.

Marketable securities:    Include equity and fixed-income securities measured at fair value using the quoted market prices in active markets at the reporting date.

Foreign exchange derivative assets and liabilities:    Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both October 3, 2021 and January 3, 2021, none of the master netting arrangements involved collateral.

Level 3 Valuation Techniques:    The Company’s Level 3 liabilities are comprised of contingent consideration related to acquisitions. For liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 liabilities.

Contingent consideration:    Contingent consideration is measured at fair value at the acquisition date using projected milestone dates, discount rates, probabilities of success and projected revenues (for revenue-based considerations). Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model.

The fair values of contingent consideration are calculated on a quarterly basis based on a collaborative effort of the Company’s operations, finance and accounting groups, as appropriate. Potential valuation adjustments are made as additional information becomes available, including the progress towards achieving the revenue targets as compared to initial projections, with the impact of such adjustments being recorded in the Company's consolidated statements of operations.

As of October 3, 2021, the Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $90.7 million. The expected maximum earnout period for the acquisitions with open contingency periods does not exceed 7.2 years from October 3, 2021, and the remaining weighted average expected earnout period at October 3, 2021 was 6.8 years.

28

A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows:

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Balance at beginning of period	$	(3,334)	$	(13,726)	$	(2,953)	$	(35,481)
Additions	(33,431)		—		(33,431)		—
Amounts paid and foreign currency translation	615		(144)		711		10,165
Reclassified to other current liabilities for achieved milestones	—		13,692		—		13,692
Change in fair value (included within selling, general and administrative expenses)	(1,075)		(2,639)		(1,552)		8,807
Balance at end of period	$	(37,225)	$	(2,817)	$	(37,225)	$	(2,817)

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these assets and liabilities. If measured at fair value, cash and cash equivalents would be classified as Level 1.

The Company's outstanding senior unsecured notes had a fair value of $4,675.9 million and a carrying value of $4,487.1 million as of October 3, 2021. The Company's outstanding senior unsecured notes had a fair value of $1,984.3 million and a carrying value of $1,811.5 million as of January 3, 2021. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements.

The Company’s other debt facilities, including the Company's senior revolving and term loan credit facilities, had an aggregate carrying value of $616.5 million and $179.1 million as of October 3, 2021 and January 3, 2021, respectively. As of October 3, 2021, these included bank loans in the aggregate amount of $9.6 million bearing fixed interest rates between 1.1% and 8.9% and a bank loan in the amount of $0.02 million bearing a variable interest rate based on the Euribor rate plus a margin of 1.5%. The Company had no change in credit standing during the first nine months of fiscal year 2021. Consequently, the carrying value approximates fair value and were classified as Level 2.

As of October 3, 2021, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on the evaluation of its counterparties’ credit risks.

Note 14: 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 $12.2 million and $12.9 million as of October 3, 2021 and January 3, 2021, 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 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

29

information available at this time, the total cost of resolving these contingencies at October 3, 2021 would not have a material adverse effect on the Company’s condensed 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.

30

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

This quarterly report on Form 10-Q, including the following management’s discussion and analysis, contains forward-looking information that you should read in conjunction with the condensed consolidated financial statements and notes to the condensed consolidated financial statements that we have included elsewhere in this report. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “plans,” “anticipates,” “intends,” “expects,” “will” and similar expressions are intended to identify forward-looking statements. Our actual results may differ materially from the plans, intentions or expectations we disclose in the forward-looking statements we make. We have included important factors below under the heading “Risk Factors” in Part II, Item 1A. that we believe could cause actual results to differ materially from the forward-looking statements we make. We are not obligated to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

We are a leading provider of products, services and solutions for the diagnostics, life sciences and applied markets. Through our advanced technologies and differentiated solutions, we address critical issues that help to improve lives and the world around us.

The principal products and services of our two operating segments are:

•Discovery & Analytical Solutions. Provides products and services targeted towards the life sciences and applied markets.

•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the reproductive health, immunodiagnostics and applied genomics markets. The Diagnostics segment serves the diagnostics market.

Overview of the Third Quarter of Fiscal Year 2021

Our fiscal year ends on the Sunday nearest December 31. We report fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending January 2, 2022 ("fiscal year 2021") will include 52 weeks, and the fiscal year ended January 3, 2021 ("fiscal year 2020") included 53 weeks.

Our overall revenue in the third quarter of fiscal year 2021 was $1,166.7 million and increased $202.7 million, or 21%, as compared to the third quarter of fiscal year 2020, reflecting an increase of $113.4 million, or 21%, in our Diagnostics segment revenue and an increase of $89.3 million, or 21%, in our Discovery & Analytical Solutions segment revenue. The increase in our Diagnostics segment revenue for the third quarter of fiscal year 2021 was driven by growth across our core portfolio and COVID-19 product offerings. The increase in our Discovery & Analytical Solutions segment revenue for the third quarter of fiscal year 2021 was driven by an increase in our life sciences market and applied markets revenue, as well as favorable changes in foreign exchange rates. The increase in our life sciences market revenue was the result of an increase in revenue in our pharmaceutical and biotechnology markets, as well as an increase in revenue from our academia and governmental markets. The increase in our applied markets revenue was driven by increased demand from our industrial, environmental and food markets.

Our consolidated gross margins decreased 56 basis points in the third quarter of fiscal year 2021, as compared to the third quarter of fiscal year 2020, primarily due to increased amortization expense partially offset by a favorable shift in product mix and service productivity. Our consolidated operating margins decreased 670 basis points in the third quarter of fiscal year 2021, as compared to the third quarter of fiscal year 2020, primarily due to increased costs related to amortization of acquired intangible assets, and investments in new product development and growth initiatives, which were partially offset by higher sales volume leverage and increased sales of our COVID-19 products offerings. Costs are also expected to increase in the fourth quarter of fiscal year 2021 mainly as a result of expected amortization expense of $40.7 million related to the acquisition of BioLegend.

Overall, we believe that our strategic priorities and recent portfolio transformations, coupled with our expanded range of product offerings, leading market positions, global scale and financial strength provide us with a foundation for continued growth.

Critical Accounting Policies and Estimates

The preparation of condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an

31

ongoing basis, we evaluate our estimates, including those related to revenue recognition, accounting for business combinations and dispositions, and pensions and other postretirement benefits. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting policies are those policies that affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements. We believe our critical accounting policies include our policies regarding revenue recognition, business combinations, value of long-lived assets, including goodwill and other intangibles and employee compensation and benefits.

For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended January 3, 2021 (our “2020 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the nine months ended October 3, 2021.

Consolidated Results of Continuing Operations

Revenue

Revenue for the three months ended October 3, 2021 was $1,166.7 million, as compared to $964.0 million for the three months ended October 4, 2020, an increase of $202.7 million, or approximately 21%, which includes an approximate 8% increase in revenue attributable to acquisitions and divestitures and a 1% increase in revenue attributable to favorable changes in foreign exchange rates. The analysis in the remainder of this paragraph compares segment revenue for the three months ended October 3, 2021 as compared to the three months ended October 4, 2020 and includes the effect of foreign exchange rate fluctuations, acquisitions and divestitures. Our Diagnostics segment revenue was $653.8 million for the three months ended October 3, 2021, as compared to $540.4 million for the three months ended October 4, 2020, an increase of $113.4 million, or 21%, primarily due to growth across our core portfolio and COVID-19 product offerings. Our Discovery & Analytical Solutions segment revenue was $512.9 million for the three months ended October 3, 2021, as compared to $423.6 million for the three months ended October 4, 2020, an increase of $89.3 million, or 21%, driven by an increase in our life sciences market and applied markets revenue, as well as favorable changes in foreign exchange rates. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.2 million of revenue for each of the three months ended October 3, 2021 and October 4, 2020 that otherwise would have been recorded by the acquired businesses during each of the respective periods.

Revenue for the nine months ended October 3, 2021 was $3,702.8 million, as compared to $2,428.1 million for the nine months ended October 4, 2020, an increase of $1,274.7 million, or approximately 52%, which includes an approximate 7% increase in revenue attributable to acquisitions and divestitures and a 3% increase in revenue attributable to favorable changes in foreign exchange rates. The analysis in the remainder of this paragraph compares segment revenue for the nine months ended October 3, 2021 as compared to the nine months ended October 4, 2020 and includes the effect of foreign exchange rate fluctuations, acquisitions and divestitures. Our Diagnostics segment revenue was $2,222.5 million for the nine months ended October 3, 2021, as compared to $1,215.1 million for the nine months ended October 4, 2020, an increase of $1,007.4 million, or 83%, primarily due to growth across our core portfolio and COVID-19 product offerings. Our Discovery & Analytical Solutions segment revenue was $1,480.3 million for the nine months ended October 3, 2021, as compared to $1,213.0 million for the nine months ended October 4, 2020, an increase of $267.3 million, or 22%, driven by an increase in our life sciences market and applied markets revenue, as well as favorable changes in foreign exchange rates. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $2.4 million of revenue for the nine months ended October 3, 2021 and $0.6 million of revenue for the nine months ended October 4, 2020 that otherwise would have been recorded by the acquired businesses during each of the respective periods.

Cost of Revenue

Cost of revenue for the three months ended October 3, 2021 was $534.8 million, as compared to $436.6 million for the three months ended October 4, 2020, an increase of $98.3 million, or approximately 23%. As a percentage of revenue, cost of revenue increased to 45.8% for the three months ended October 3, 2021, from 45.3% for the three months ended October 4, 2020, resulting in a decrease in gross margin of 56 basis points to 54.2% for the three months ended October 3, 2021, from 54.7% for the three months ended October 4, 2020. Amortization of intangible assets increased and was $32.1 million for the three months ended October 3, 2021, as compared to $16.7 million for the three months ended October 4, 2020. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions added an incremental

32

expense of $9.4 million for the three months ended October 3, 2021, as compared to $0.3 million for the three months ended October 4, 2020. The overall decrease in gross margin was partially offset by a favorable shift in product mix and service productivity.

Cost of revenue for the nine months ended October 3, 2021 was $1,600.7 million, as compared to $1,145.3 million for the nine months ended October 4, 2020, an increase of $455.3 million, or approximately 40%. As a percentage of revenue, cost of revenue decreased to 43.2% for the nine months ended October 3, 2021, from 47.2% for the nine months ended October 4, 2020, resulting in an increase in gross margin of 394 basis points to 56.8% for the nine months ended October 3, 2021, from 52.8% for the nine months ended October 4, 2020. Amortization of intangible assets increased and was $75.1 million for the nine months ended October 3, 2021, as compared to $48.8 million for the nine months ended October 4, 2020. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions added an incremental expense of $14.7 million for the nine months ended October 3, 2021, as compared to $1.8 million for the nine months ended October 4, 2020. The overall increase in gross margin was primarily the result of higher volume and a favorable shift in product mix and service productivity, partially offset by increased amortization expense.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended October 3, 2021 were $339.0 million, as compared to $225.2 million for the three months ended October 4, 2020, an increase of $113.8 million, or 50.5%. As a percentage of revenue, selling, general and administrative expenses increased and were 29.1% for the three months ended October 3, 2021, as compared to 23.4% for the three months ended October 4, 2020. Amortization of intangible assets increased and was $38.9 million for the three months ended October 3, 2021, as compared to $32.2 million for the three months ended October 4, 2020. Amortization expense is expected to continue to increase as a result of the recent business combinations. Purchase accounting adjustments added an incremental expense of $1.2 million for the three months ended October 3, 2021, of which $1.1 million was change in contingent consideration and $0.1 million was increased depreciation on property, plant and equipment, as compared to $2.6 million of change in contingent consideration for the three months ended October 4, 2020. Acquisition and divestiture-related expenses added an incremental expense of $49.1 million for the three months ended October 3, 2021, as compared to $0.2 million for the three months ended October 4, 2020. Asset impairment costs added an incremental expense of $3.9 million for the three months ended October 3, 2021. In addition to the above items, the increase in selling, general and administrative expenses was primarily the result of costs related to investments in people, digital capabilities innovation, and recent acquisitions amplified by pandemic-related cost controls and disruptions in the prior year.

Selling, general and administrative expenses for the nine months ended October 3, 2021 were $872.3 million, as compared to $654.8 million for the nine months ended October 4, 2020, an increase of $217.4 million, or 33.2%. As a percentage of revenue, selling, general and administrative expenses decreased and were 23.6% for the nine months ended October 3, 2021, as compared to 27.0% for the nine months ended October 4, 2020. Amortization of intangible assets increased and was $109.6 million for the nine months ended October 3, 2021, as compared to $94.1 million for the nine months ended October 4, 2020. Amortization expense is expected to continue to increase as a result of the recent business combinations. Purchase accounting adjustments added an incremental expense of $1.6 million for the nine months ended October 3, 2021, of which $1.5 million was change in contingent consideration and $0.1 million was increased depreciation on property, plant and equipment, as compared to decreasing expenses by $8.8 million of change in contingent consideration for the nine months ended October 4, 2020. Acquisition and divestiture-related expenses added an incremental expense of $69.4 million for the nine months ended October 3, 2021, as compared to $7.4 million for the nine months ended October 4, 2020. Asset impairment costs added an incremental expense of $3.9 million for the nine months ended October 3, 2021. Legal costs for significant litigation matters and settlements added an incremental expense of $3.6 million for the nine months ended October 4, 2020. Costs for significant environmental matters added an incremental expense of $5.2 million for the nine months ended October 4, 2020. In addition to the above items, the increase in selling, general and administrative expenses was primarily the result of costs related to investments in people, digital capabilities innovation, and recent acquisitions amplified by pandemic-related cost controls and disruptions in the prior year.

Research and Development Expenses

Research and development expenses for the three months ended October 3, 2021 were $68.6 million, as compared to $50.1 million for the three months ended October 4, 2020, an increase of $18.5 million, or 36.9%. As a percentage of revenue, research and development expenses increased and were 5.9% for the three months ended October 3, 2021, as compared to 5.2% for the three months ended October 4, 2020. The increase in research and development expenses was driven by our investments in new product development.

Research and development expenses for the nine months ended October 3, 2021 were $194.6 million, as compared to $148.6 million for the nine months ended October 4, 2020, an increase of $46.1 million, or 31.0%. As a percentage of revenue, research and development expenses decreased and were 5.3% for the nine months ended October 3, 2021, as compared to 6.1%

33

for the nine months ended October 4, 2020. The increase in research and development expenses was driven by our investments in new product development.

Restructuring and Other Costs, Net

We implemented restructuring plans in the first, second and third quarters of fiscal year 2021 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the "Q1 2021 Plan", "Q2 2021 Plan" and "Q3 2021 Plan", respectively). We implemented a restructuring plan in the third quarter of fiscal year 2020 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q3 2020 Plan"). We implemented a restructuring plan in the first quarter of fiscal year 2020 consisting of workforce reductions and closure of excess facilities principally intended to realign resources to emphasize growth initiatives (the "Q1 2020 Plan"). Details of the plans initiated in previous years (the “Previous Plans”) are discussed more fully in Note 5 to the audited consolidated financial statements in the 2020 Form 10-K.

The following table summarizes the reductions in headcount, the initial restructuring or contract termination charges by reporting segment, and the dates by which payments were substantially completed, or the dates by which payments are expected to be substantially completed, for restructuring actions implemented during fiscal years 2021 and 2020 in continuing operations:

	Workforce Reductions					Closure of Excess Facility				Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics				Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2021 Plan	39	$	420	$	366	$	—	$	—	$	786	Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—		1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—		5,556		Q4 FY2021	—
Q3 2020 Plan	23	2,080		901		—		—		2,981		Q2 FY2021	—
Q1 2020 Plan	32	2,312		1,134		92		682		4,220		Q4 FY2020	Q1 FY2022

We terminated various contractual commitments in connection with certain disposal activities and have recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to us. We recorded net pre-tax charges of $0.4 million in the Discovery & Analytical Solutions segment during the nine months ended October 3, 2021 as a result of these contract terminations.

We recorded pre-tax charges of $1.3 million and $3.7 million associated with relocating facilities during the three and nine months ended October 3, 2021, respectively, in the Discovery & Analytical Solutions segment. We recorded pre-tax charges of $0.2 million and $0.4 million associated with relocating facilities during the three and nine months ended October 3, 2021, respectively, in the Diagnostics segment. We expect to make payments on these relocation activities through end of fiscal year 2022.

Interest and Other Expense, Net

Interest and other expense, net, consisted of the following:

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Interest income	$	(544)	$	(205)	$	(1,322)	$	(662)
Interest expense	43,531		12,057		74,407		37,308
Change in fair value of financial securities	19,365		—		(8,566)		—
Other (income) expense, net	(2,050)		2,397		(10,492)		(1,592)
Total interest and other expense, net	$	60,302	$	14,249	$	54,027	$	35,054

34

Interest and other expense, net, for the three months ended October 3, 2021 was $60.3 million, as compared to $14.2 million for the three months ended October 4, 2020, an increase of $46.1 million. The increase in interest and other expense, net, for the three months ended October 3, 2021, as compared to the three months ended October 4, 2020, was primarily due to an increase of $31.5 million in interest expense, which was the result of $23.3 million of bridge financing and debt pre-issuance hedging costs that were recognized in expense in the quarter and an overall increase in debt, for the three months ended October 3, 2021, as compared to the three months ended October 4, 2020 and a change in fair value of financial securities of $19.4 million that was recognized during the three months ended October 3, 2021, partially offset by an increase in other (income) expense, net of $4.4 million. The increase of $4.4 million in other (income) expense, net for the three months ended October 3, 2021, as compared to the three months ended October 4, 2020, consisted primarily of higher periodic pension credit, gain on disposal and a lower foreign exchange loss related to foreign currency transactions and translation during the three months ended October 3, 2021. The other components of net periodic pension credit were $3.8 million and $1.6 million for the three months ended October 3, 2021 and October 4, 2020, respectively. These amounts were included in other (income) expense, net. Interest expense will continue to increase in 2022 as a result of increased debt.

Interest and other expense, net, for the nine months ended October 3, 2021 was $54.0 million, as compared to $35.1 million for the nine months ended October 4, 2020, an increase of $19.0 million. The increase in interest and other expense, net, for the nine months ended October 3, 2021, as compared to the nine months ended October 4, 2020, was primarily due to an increase of $37.1 million in interest expense, which was the result of $23.3 million of bridge financing and debt pre-issuance hedging costs that were recognized in expense in the quarter and an overall increase in debt, for the nine months ended October 3, 2021, as compared to the nine months ended October 4, 2020, partially offset by an increase in other (income) expense, net of $8.9 million and a change in fair value of financial securities of $8.6 million that was recognized during the nine months ended October 3, 2021. The increase of $8.9 million in other (income) expense, net for the nine months ended October 3, 2021, as compared to the nine months ended October 4, 2020, consisted primarily of higher periodic pension credit and a lower foreign exchange loss related to foreign currency transactions and translation during the nine months ended October 3, 2021. The other components of net periodic pension credit were $11.3 million and $4.9 million for the nine months ended October 3, 2021 and October 4, 2020, respectively. These amounts were included in other (income) expense, net. Interest expense will continue to increase in 2022 as a result of increased debt.

Provision for Income Taxes

For the three months ended October 3, 2021, the provision for income taxes from continuing operations was $33.9 million, as compared to $57.0 million for the three months ended October 4, 2020. For the nine months ended October 3, 2021, the provision for income taxes from continuing operations was $215.1 million, as compared to $85.6 million for the nine months ended October 4, 2020.

The effective tax rate from continuing operations was 21.0% and 22.2%, for the three and nine months ended October 3, 2021, respectively, as compared to 24.4% and 19.8%, for the three and nine months ended October 4, 2020, respectively. The lower effective tax rate during the three months ended October 3, 2021, as compared to the three months ended October 4, 2020, was due to a one-time discrete expense item recorded in the three months ended October 4, 2020, partially offset by certain higher tax rate jurisdictions projected to have higher income in fiscal year 2021 as compared to fiscal year 2020.

The net tax (benefit) expense related to discrete items was $(0.5) million for the three months ended October 3, 2021, as compared to a $15.2 million accrual for a foreign filing position and other discrete items of $(2.3) million for the three months ended October 4, 2020. The higher effective tax rate during the nine months ended October 3, 2021, as compared to the nine months ended October 4, 2020, was due to certain higher tax rate jurisdictions projected to have higher income in fiscal year 2021 as compared to fiscal year 2020 and a net tax expense related to discrete items of $8.6 million for the nine months ended October 3, 2021, as compared to $7.4 million of net tax expense for the nine months ended October 4, 2020.

During the nine months ended October 3, 2021, the Company recognized discrete tax expense of $13.7 million due to the remeasurement of United Kingdom deferred tax liabilities on long-lived purchase accounting intangibles and a $1.5 million tax benefit related to other net United Kingdom deferred tax assets and liabilities in connection with United Kingdom Finance Act 2021, which increased the United Kingdom corporation tax from 19% to 25%, effective April 1, 2023. The remaining discrete tax benefit for the nine months ended October 3, 2021, excluding the United Kingdom rate change, was $3.6 million primarily related to excess tax benefits on stock compensation of $5.0 million and $6.4 million resulting from a transaction that was completed during the second quarter of fiscal year 2021, offset by an accrual for uncertain tax positions of $4.2 million, and return to provision adjustments of $3.6 million. The discrete tax benefit for the first nine months of fiscal year 2020 was $7.4 million and consisted primarily of a $15.2 million accrual related to a foreign filing position, as well as interest on uncertain tax positions of $1.5 million and $1.2 million related to foreign tax rate changes, partially offset by recognition of excess tax benefits on stock compensation of $7.6 million and a valuation allowance release of $3.8 million.

35

Reporting Segment Results of Continuing Operations

Discovery & Analytical Solutions

Revenue for the three months ended October 3, 2021 was $512.9 million, as compared to $423.6 million for the three months ended October 4, 2020, an increase of $89.3 million, or 21%, which includes an approximate 10% increase in revenue attributable to acquisitions and divestitures and a 1% increase in revenue attributable to favorable changes in foreign exchange rates. The life sciences market revenue accounted for $68.1 million of the increase while the applied markets revenue was $21.1 million of the increase. The analysis in the remainder of this paragraph compares selected revenue by end market for the three months ended October 3, 2021, as compared to the three months ended October 4, 2020, and includes the effect of foreign exchange fluctuations, acquisitions and divestitures. The increase in our life sciences market revenue was driven by increased demand from our pharmaceutical, biotechnology, academia and governmental markets. The increase in our applied markets revenue was driven by increased demand from our industrial, environmental and food markets.

Revenue for the nine months ended October 3, 2021 was $1,480.3 million, as compared to $1,213.0 million for the nine months ended October 4, 2020, an increase of $267.3 million, or 22%, which includes an approximate 7% increase in revenue attributable to acquisitions and divestitures and a 3% increase in revenue attributable to favorable changes in foreign exchange rates. The life sciences market revenue accounted for $171.2 million of the increase while the applied markets revenue was $96.1 million of the increase. The analysis in the remainder of this paragraph compares selected revenue by end market for the nine months ended October 3, 2021, as compared to the nine months ended October 4, 2020, and includes the effect of foreign exchange fluctuations, acquisitions and divestitures. The increase in our life sciences market revenue was driven by increased demand from our pharmaceutical, biotechnology, academia and governmental markets. The increase in our applied markets revenue was driven by increased demand from our industrial, environmental and food markets.

Operating income from continuing operations for the three months ended October 3, 2021 was $7.1 million, as compared to $42.7 million for the three months ended October 4, 2020, a decrease of $35.5 million, or 83%. Amortization of intangible assets was $33.4 million for the three months ended October 3, 2021, as compared to $17.6 million for the three months ended October 4, 2020. Restructuring and other charges, net, were $1.6 million for the three months ended October 3, 2021, as compared to $2.0 million for the three months ended October 4, 2020. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $5.5 million for the three months ended October 3, 2021, as compared to zero for the three months ended October 4, 2020. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $47.2 million for the three months ended October 3, 2021, as compared to $0.2 million for the three months ended October 4, 2020. Excluding the factors noted above, operating income increased for the three months ended October 3, 2021, as compared to the three months ended October 4, 2020, primarily as a result of higher sales volume and favorable product mix, partially offset by increased investments in new product development and growth initiatives.

Operating income from continuing operations for the nine months ended October 3, 2021 was $114.2 million, as compared to $110.6 million for the nine months ended October 4, 2020, an increase of $3.6 million, or 3%. Amortization of intangible assets was $76.9 million for the nine months ended October 3, 2021, as compared to $58.8 million for the nine months ended October 4, 2020. Restructuring and other charges, net, were $9.4 million for the nine months ended October 3, 2021, as compared to $6.7 million for the nine months ended October 4, 2020. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $7.2 million for the nine months ended October 3, 2021, as compared to $1.0 million for the nine months ended October 4, 2020. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $63.7 million for the nine months ended October 3, 2021, as compared to decreasing expenses by $5.3 million for the nine months ended October 4, 2020. Legal costs for significant litigation matters and settlements was $2.4 million for the nine months ended October 4, 2020. Excluding the factors noted above, operating income increased for the nine months ended October 3, 2021, as compared to the nine months ended October 4, 2020, primarily as a result of higher sales volume and favorable product mix, partially offset by increased investments in new product development and growth initiatives.

Diagnostics

Revenue for the three months ended October 3, 2021 was $653.8 million, as compared to $540.4 million for the three months ended October 4, 2020, an increase of $113.4 million, or 21%, which includes an approximate 7% increase in revenue attributable to acquisitions and divestitures and a 2% increase in revenue attributable to favorable changes in foreign exchange rates. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.2 million of revenue in our Diagnostics segment for each of the three months ended October 3, 2021 and October 4, 2020 that otherwise would have been recorded by the acquired businesses during each of the respective

36

periods. The increase in our Diagnostics segment revenue for the three months ended October 3, 2021 was driven by growth across our core portfolio and COVID-19 product offerings.

Revenue for the nine months ended October 3, 2021 was $2,222.5 million, as compared to $1,215.1 million for the nine months ended October 4, 2020, an increase of $1,007.4 million, or 83%, which includes an approximate 6% increase in revenue attributable to acquisitions and divestitures and 3% increase in revenue attributable to favorable changes in foreign exchange rates. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.6 million of revenue in our Diagnostics segment for each of the nine months ended October 3, 2021 and October 4, 2020 that otherwise would have been recorded by the acquired businesses during each of the respective periods. The increase in our Diagnostics segment revenue for the nine months ended October 3, 2021 was driven by growth across our core and COVID-19 portfolio.

Operating income from continuing operations for the three months ended October 3, 2021 was $237.9 million, as compared to $223.8 million for the three months ended October 4, 2020, an increase of $14.1 million, or 6%. Amortization of intangible assets increased and was $37.5 million for the three months ended October 3, 2021, as compared to $31.3 million for the three months ended October 4, 2020. Restructuring and other charges, net, were $0.6 million for the three months ended October 3, 2021, as compared to $2.1 million for the three months ended October 4, 2020. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $3.9 million for the three months ended October 3, 2021, as compared to $0.3 million for the three months ended October 4, 2020. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $3.2 million for the three months ended October 3, 2021, as compared to $2.9 million for the three months ended October 4, 2020. Excluding the factors noted above, operating income increased for the three months ended October 3, 2021, as compared to the three months ended October 4, 2020, primarily as a result of higher sales volume and favorable product mix, partially offset by increased investments in new product development and growth initiatives.

Operating income from continuing operations for the nine months ended October 3, 2021 was $965.7 million, as compared to $413.7 million for the nine months ended October 4, 2020, an increase of $551.9 million, or 133%. Amortization of intangible assets increased and was $107.7 million for the nine months ended October 3, 2021, as compared to $84.0 million for the nine months ended October 4, 2020. Restructuring and other charges, net, were $3.7 million for the nine months ended October 3, 2021, as compared to $4.3 million for the nine months ended October 4, 2020. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $7.6 million for the nine months ended October 3, 2021, as compared to $0.8 million for the nine months ended October 4, 2020. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $9.8 million for the nine months ended October 3, 2021, as compared to $4.4 million for the nine months ended October 4, 2020. Legal costs for significant litigation matters and settlements was $1.2 million for the nine months ended October 4, 2020. Excluding the factors noted above, operating income increased for the nine months ended October 3, 2021, as compared to the nine months ended October 4, 2020, primarily as a result of higher sales volume and favorable product mix, partially offset by increased investments in new product development and growth initiatives.

Liquidity and Capital Resources

We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are from our operations and the capital markets, particularly the debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, smaller acquisitions, interest payments on our debt and dividends on our common stock. However, we expect to use external sources to satisfy the balance of our debt when due and fund any larger acquisitions and other long-term liabilities, such as contributions to our postretirement benefit plans.

Principal factors that could affect the availability of our internally generated funds include:

•changes in sales due to weakness in markets in which we sell our products and services, and

•changes in our working capital requirements and capital expenditures.

Principal factors that could affect our ability to obtain cash from external sources include:

•financial covenants contained in the financial instruments controlling our borrowings that limit our total borrowing capacity,

•increases in interest rates applicable to our outstanding variable rate debt,

37

•a ratings downgrade that could limit the amount we can borrow under our senior unsecured revolving credit facility and our overall access to the corporate debt market,

•increases in interest rates or credit spreads, as well as limitations on the availability of credit, that affect our ability to borrow under future potential facilities on a secured or unsecured basis,

•a decrease in the market price for our common stock, and

•volatility in the public debt and equity markets, including as a result of the COVID-19 pandemic.

At October 3, 2021, we had cash and cash equivalents of $487.4 million, of which $413.0 million was held by our non-U.S. subsidiaries, and we had $1,377.1 million of additional borrowing capacity available under our senior unsecured revolving credit facility. We had no other liquid investments at October 3, 2021.

We utilize a variety of tax planning and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed. We use our non-U.S. cash for needs outside of the U.S. including foreign operations, capital investments, acquisitions and repayment of debt. In addition, we transfer cash to the U.S. using nontaxable returns of capital, distribution of previously taxed income, as well as dividends, where the related income tax cost is managed efficiently. We have accrued tax expense on the unremitted earnings of foreign subsidiaries as required by the Tax Cuts and Jobs Act of 2017 (the "Tax Act") and where the foreign earnings are not considered permanently reinvested. In accordance with the Tax Act, we are making scheduled annual cash payments on our accrued transition tax. The tax cost and related tax payments are not expected to be material to the execution of our business, investment and acquisition strategies.

On July 31, 2020, our Board of Directors (the "Board") authorized us to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on July 27, 2022 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the nine months ended October 3, 2021, we repurchased 433,000 shares of common stock under the Repurchase Program for an aggregate cost of $62.6 million. As of October 3, 2021, $187.4 million remained available for aggregate repurchases of shares under the Repurchase Program.

Distressed global financial markets could adversely impact general economic conditions by reducing liquidity and credit availability, creating increased volatility in security prices, widening credit spreads and decreasing valuations of certain investments. The widening of credit spreads may create a less favorable environment for certain of our businesses and may affect the fair value of financial instruments that we issue or hold. Increases in credit spreads, as well as limitations on the availability of credit at rates we consider to be reasonable, could affect our ability to borrow under future potential facilities on a secured or unsecured basis, which may adversely affect our liquidity and results of operations. In difficult global financial markets, we may be forced to fund our operations at a higher cost, or we may be unable to raise as much funding as we need to support our business activities.

During the nine months ended October 3, 2021 and October 4, 2020, we contributed $5.5 million and $5.2 million, respectively, in the aggregate, to pension plans outside of the United States. During the nine months ended October 3, 2021, we contributed $20.0 million to our defined benefit pension plan in the United States for the plan year 2019. We expect to contribute an additional $1.7 million by the end of fiscal year 2021 to pension plans outside of the United States. We could potentially have to make additional contributions in future periods for all pension plans. We expect to use existing cash and external sources to satisfy future contributions to our pension plans.

Our pension plans have not experienced a material impact on liquidity or counterparty exposure due to the volatility and uncertainty in the credit markets. We recognize actuarial gains and losses in operating results in the fourth quarter of the year in which the gains and losses occur, unless there is an interim remeasurement required for one of our plans. It is difficult to reliably predict the magnitude of such adjustments for gains and losses in fiscal year 2021. These adjustments are primarily driven by events and circumstances beyond our control, including changes in interest rates, the performance of the financial markets and mortality assumptions. To the extent the discount rates decrease or the value of our pension and postretirement investments decrease, a loss to operations will be recorded in fiscal year 2021. Conversely, to the extent the discount rates increase or the value of our pension and postretirement investments increase more than expected, a gain will be recorded in fiscal year 2021.

Cash Flows

Operating Activities. Net cash provided by operating activities was $1,075.2 million for the nine months ended October 3, 2021, as compared to $410.1 million for the nine months ended October 4, 2020, an increase of $665.1 million. The cash provided by operating activities for the nine months ended October 3, 2021 was principally a result of income from continuing operations of $753.1 million, and adjustments for non-cash charges aggregating to $277.7 million, including depreciation and

38

amortization of $232.9 million, partially offset by a net cash usage in working capital of $44.3 million. During the nine months ended October 3, 2021, we contributed $5.5 million, in the aggregate, to pension plans outside of the United States and $20.0 million to our defined benefit pension plan in the United States for the plan year 2019.

Investing Activities. Net cash used in investing activities was $4,052.8 million for the nine months ended October 3, 2021, as compared to $68.1 million for the nine months ended October 4, 2020, an increase of $3,984.7 million. For the nine months ended October 3, 2021, the net cash used in investing activities was a result of cash used for acquisitions of $3,967.7 million, capital expenditures of $67.5 million and purchases of investments of $19.1 million, which were partially offset by $1.5 million of proceeds from disposition of businesses and assets. Cash used for acquisitions and capital expenditures for the nine months ended October 4, 2020 was $3.7 million and $57.4 million, respectively. The capital expenditures in each period were primarily for manufacturing, software and other capital equipment purchases. During the nine months ended October 4, 2020, we used $9.6 million for purchases of investments, which was partially offset by $2.4 million of proceeds from disposition of businesses and assets and $0.1 million of proceeds from surrender of life insurance policies.

Financing Activities. Net cash provided by financing activities was $3,080.7 million for the nine months ended October 3, 2021, as compared to net cash used in financing activities of $276.3 million for the nine months ended October 4, 2020, an increase in cash provided by financing activities of $3,357.0 million. The cash provided by financing activities during the nine months ended October 3, 2021 was a result of proceeds from the sale of unsecured senior notes, proceeds from borrowings, proceeds from a term loan and proceeds from the issuance of common stock under stock plans. During the nine months ended October 3, 2021, proceeds from the sale of unsecured senior notes were $3,086.1 million, proceeds from term loan were $500.0 million and our debt borrowings totaled $1,144.3 million. These were partially offset by payments on borrowings of $1,191.1 million, payments of senior unsecured notes of $339.6 million and debt issuance costs of $31.0 million during the nine months ended October 3, 2021. This compares to debt borrowings of $257.0 million, which were more than offset by debt payments of $515.2 million during the nine months ended October 4, 2020. Proceeds from the issuance of common stock under our stock plans were $22.8 million during the nine months ended October 3, 2021, as compared to $27.5 million for the nine months ended October 4, 2020. This cash provided by financing activities during the nine months ended October 3, 2021 was partially offset by repurchases of our common stock, payments of dividends, net payments on other credit facilities and settlement of cash flow hedges. During the nine months ended October 3, 2021, we repurchased 433,000 shares of common stock under the Repurchase Program and 70,925 shares of our 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 our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans, for a total cost of $73.0 million. This compares to repurchases of 71,350 shares of our common stock pursuant to our equity incentive plans for the nine months ended October 4, 2020, for a total cost of $6.8 million. During the nine months ended October 3, 2021, we paid $23.5 million in dividends as compared to $23.4 million for the nine months ended October 4, 2020. During the nine months ended October 3, 2021, we had net payments on other credit facilities of $12.7 million as compared to $8.1 million for the nine months ended October 4, 2020. We paid $1.5 million in settlement of hedges during the nine months ended October 3, 2021, as compared to $2.1 million in cash paid for settlement of hedges for the nine months ended October 4, 2020. We paid acquisition-related contingent consideration of $5.2 million during the nine months ended October 4, 2020.

Borrowing Arrangements

See Note 7, Debt, in the Notes to Condensed Consolidated Financial Statements for a detailed discussion of our borrowing arrangements.

Dividends

Our Board declared a regular quarterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2021 and in each quarter of fiscal year 2020. At October 3, 2021, we had accrued $8.8 million for dividends declared on July 23, 2021 for the third quarter of fiscal year 2021 that will be paid on November 12, 2021. On October 27, 2021, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2021 that will be payable in February 2022. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

39

Contractual Obligations

Except as discussed in Note 7, Debt, and Note 12, Derivatives and Hedging Activities, in the Notes to Condensed Consolidated Financial Statements, our contractual obligations, as described in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2020 Form 10-K have not changed materially.

Effects of Recently Adopted and Issued Accounting Pronouncements

See Note 1, Basis of Presentation, in the Notes to Condensed Consolidated Financial Statements for a summary of recently adopted and issued accounting pronouncements.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

Market Risk. We are exposed to market risk, including changes in interest rates and currency exchange rates. To manage the volatility relating to these exposures, we enter into various derivative transactions pursuant to our policies to hedge against known or forecasted market exposures. We briefly describe several of the market risks we face below. Our market risks are not materially different from the disclosure provided under the heading, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2020 Form 10-K.

Foreign Currency Exchange Risk—Value-at-Risk Disclosure. We continue to measure foreign currency risk using the Value-at-Risk model described in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2020 Form 10-K. The measures for our Value-at-Risk analysis have not changed materially.

Interest Rate Risk. As described above, our debt portfolio includes variable rate instruments. Fluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest, and our earnings. To manage the volatility relating to these exposures, we periodically enter into various derivative transactions pursuant to our policies to hedge against known or forecasted interest rate exposures.

Interest Rate Risk—Sensitivity. Our 2020 Form 10-K presents sensitivity measures for our interest rate risk. The measures for our sensitivity analysis have not changed materially. More information is available in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2020 Form 10-K for our sensitivity disclosure.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of our fiscal quarter ended October 3, 2021. The term “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to provide reasonable assurance that information required to be disclosed by the company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of the end of our fiscal quarter ended October 3, 2021, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended October 3, 2021 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact to our internal controls over financial reporting despite the fact that many of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the effect of the COVID-19 situation on our internal controls to minimize the impact on their design and operating effectiveness.

40

PART II. OTHER INFORMATION

Item 1.Legal Proceedings

We are subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of our business activities. Although we have established accruals for potential losses that we believe are probable and reasonably estimable, in the opinion of our management, based on its review of the information available at this time, the total cost of resolving these contingencies at October 3, 2021 should not have a material adverse effect on our condensed 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 us.

Item 1A.Risk Factors

The following important factors affect our business and operations generally or affect multiple segments of our business and operations:

Risks Related to our Business Operations and Industry

If the markets into which we sell our products decline or do not grow as anticipated due to a decline in general economic conditions, or there are uncertainties surrounding the approval of government or industrial funding proposals, or there are unfavorable changes in government regulations, we may see an adverse effect on the results of our business operations.

Our customers include pharmaceutical and biotechnology companies, laboratories, academic and research institutions, public health authorities, private healthcare organizations, doctors and government agencies. Our quarterly revenue and results of operations are highly dependent on the volume and timing of orders received during the quarter. In addition, our revenues and earnings forecasts for future quarters are often based on the expected trends in our markets. However, the markets we serve do not always experience the trends that we may expect. Negative fluctuations in our customers’ markets, the inability of our customers to secure credit or funding, restrictions in capital expenditures, general economic conditions, cuts in government funding or unfavorable changes in government regulations would likely result in a reduction in demand for our products and services. In addition, government funding is subject to economic conditions and the political process, which is inherently fluid and unpredictable. Our revenues may be adversely affected if our customers delay or reduce purchases as a result of uncertainties surrounding the approval of government or industrial funding proposals. Such declines could harm our consolidated financial position, results of operations, cash flows and trading price of our common stock, and could limit our ability to sustain profitability.

    The pandemic caused by coronavirus disease 2019 (“COVID-19”) is having, and may continue to have, a negative effect on the demand for certain of our products and our global operations including our manufacturing capabilities, logistics and supply chain that may materially and adversely impact our business, financial conditions, results of operations and cash flows.

We face risks related to public health crises and pandemics, including the COVID-19 pandemic that was first reported in December 2019 and has since spread to all geographic regions where our products are produced and sold. The global impact of COVID-19 has resulted in an adverse impact on our operations, supply chains and distribution systems, as significant global mitigation measures, including government-directed quarantines, social distancing and shelter-in-place mandates, travel restrictions and/or bans, have been implemented, and in some areas relaxed, and then implemented again. Continued uncertainty with respect to the severity and duration of the COVID-19 pandemic has contributed to the volatility of financial markets. The COVID-19 pandemic has caused extended global economic disruption, and a global recession is possible.

We have experienced significant reductions in demand for certain of our products due to the COVID-19 pandemic and although the severity and duration of the COVID-19 pandemic cannot be reasonably estimated at this time, additional impacts that we may experience include, but are not limited to: fluctuations in our stock price due to market volatility; further decreases in demand for certain of our products; reduced profitability; large-scale supply chain disruptions impeding our ability to ship and/or receive product; potential interruptions of, or limitations on manufacturing operations imposed by local, state or federal governments; shortages of key raw materials or components; workforce absenteeism and distraction; labor shortages including those resulting from unwillingness to comply with vaccination or other requirements; customer credit concerns; cybersecurity risks and data accessibility disruptions due to remote working arrangements; reduced sources of liquidity; increased borrowing costs; fluctuations in foreign currency markets; potential impairment in the carrying value of goodwill; other asset impairment charges; increased obligations related to our pension and other postretirement benefit plans; and deferred tax valuation allowances.

41

The rapid and continually evolving development of the COVID-19 situation, and the extent to which ongoing mitigation measures will be effective, precludes any prediction as to its ultimate impact. However, we currently anticipate that business disruptions and market volatility resulting from the COVID-19 pandemic will continue to have a material adverse impact on the growth rate of certain of our businesses, and may also have a material adverse impact on our overall financial condition, results of operations and cash flows.

Our Diagnostics segment has experienced an increase in revenue resulting from increased demand for our immunodiagnostics and applied genomics COVID-19 product offerings as well as from the COVID-19 testing laboratory facilities we have developed with the State of California and the United Kingdom. Significant demand for these products is expected to continue into the fourth quarter of our fiscal year 2021, but the overall sustainability of the increase in associated revenue and valuation of our inventory remains largely contingent upon consumer demand for COVID-19 testing as well as our ability to develop and produce COVID-19 products and successfully staff and manage the laboratories.

Our growth is subject to global economic and political conditions, and operational disruptions at our facilities.

Our business is affected by global economic and political conditions as well as the state of the financial markets, particularly as the United States and other countries balance concerns around debt, inflation, growth and budget allocations in their policy initiatives. There can be no assurance that global economic conditions and financial markets will not worsen and that we will not experience any adverse effects that may be material to our consolidated cash flows, results of operations, financial position or our ability to access capital, such as the adverse effects resulting from a prolonged shutdown in government operations both in the United States and internationally. Our business is also affected by local economic environments, including inflation, recession, financial liquidity and currency volatility or devaluation. Political changes, some of which may be disruptive, could interfere with our supply chain, our customers and all of our activities in a particular location.

While we take precautions to prevent production or service interruptions at our global facilities, a major earthquake, fire, flood, power loss or other catastrophic event that results in the destruction or delay of any of our critical business operations could result in our incurring significant liability to customers or other third parties, cause significant reputational damage or have a material adverse effect on our business, operating results or financial condition.

Certain of these risks can be hedged to a limited degree using financial instruments, or other measures, and some of these risks are insurable, but any such mitigation efforts are costly and may not always be fully successful. Our ability to engage in such mitigation efforts has decreased or become even more costly as a result of recent market developments.

If we do not introduce new products in a timely manner, we may lose market share and be unable to achieve revenue growth targets.

We sell many of our products in industries characterized by rapid technological change, frequent new product and service introductions, and evolving customer needs and industry standards. Many of the businesses competing with us in these industries have significant financial and other resources to invest in new technologies, substantial intellectual property portfolios, substantial experience in new product development, regulatory expertise, manufacturing capabilities, and established distribution channels to deliver products to customers. Our products could become technologically obsolete over time, or we may invest in technology that does not lead to revenue growth or continue to sell products for which the demand from our customers is declining, in which case we may lose market share or not achieve our revenue growth targets. The success of our new product offerings will depend upon several factors, including our ability to:

•accurately anticipate customer needs,

•innovate and develop new reliable technologies and applications,

•receive regulatory approvals in a timely manner,

•successfully commercialize new technologies in a timely manner,

•price our products competitively, and manufacture and deliver our products in sufficient volumes and on time, and

•differentiate our offerings from our competitors’ offerings.

Many of our products are used by our customers to develop, test and manufacture their products. We must anticipate industry trends and consistently develop new products to meet our customers’ expectations. In developing new products, we may be required to make significant investments before we can determine the commercial viability of the new product. If we fail to accurately foresee our customers’ needs and future activities, we may invest heavily in research and development of products that do not lead to significant revenue. We may also suffer a loss in market share and potential revenue if we are unable to commercialize our technology in a timely and efficient manner.

42

In addition, some of our licensed technology is subject to contractual restrictions, which may limit our ability to develop or commercialize products for some applications.

We may not be able to successfully execute acquisitions or divestitures, license technologies, integrate acquired businesses or licensed technologies into our existing businesses, or make acquired businesses or licensed technologies profitable.

We have in the past supplemented, and may in the future supplement, our internal growth by acquiring businesses and licensing technologies that complement or augment our existing product lines, such as our recent acquisition of BioLegend, Inc. However, we may be unable to identify or complete promising acquisitions or license transactions for many reasons, such as:

•competition among buyers and licensees,

•the high valuations of businesses and technologies,

•the need for regulatory and other approval, and

•our inability to raise capital to fund these acquisitions.

Some of the businesses we acquire may be unprofitable or marginally profitable, or may increase the variability of our revenue recognition. If, for example, we are unable to successfully commercialize products and services related to significant in-process research and development that we have capitalized, we may have to impair the value of such assets. Accordingly, the earnings or losses of acquired businesses may dilute our earnings. For these acquired businesses to achieve acceptable levels of profitability, we would have to improve their management, operations, products and market penetration. We may not be successful in this regard and may encounter other difficulties in integrating acquired businesses into our existing operations, such as incompatible management, information or other systems, cultural differences, loss of key personnel, unforeseen regulatory requirements, previously undisclosed liabilities or difficulties in predicting financial results. Additionally, if we are not successful in selling businesses we seek to divest, the activity of such businesses may dilute our earnings and we may not be able to achieve the expected benefits of such divestitures. As a result, our financial results may differ from our forecasts or the expectations of the investment community in a given quarter or over the long term.

To finance our acquisitions, we may have to raise additional funds, either through public or private financings. We may be unable to obtain such funds or may be able to do so only on terms unacceptable to us. We may also incur expenses related to completing acquisitions or licensing technologies, or in evaluating potential acquisitions or technologies, which may adversely impact our profitability.

If we do not compete effectively, our business will be harmed.

We encounter aggressive competition from numerous competitors in many areas of our business. We may not be able to compete effectively with all of these competitors. To remain competitive, we must develop new products and periodically enhance our existing products. We anticipate that we may also have to adjust the prices of many of our products to stay competitive. In addition, new competitors, technologies or market trends may emerge to threaten or reduce the value of entire product lines.

Our quarterly operating results could be subject to significant fluctuation, and we may not be able to adjust our operations to effectively address changes we do not anticipate, which could increase the volatility of our stock price and potentially cause losses to our shareholders.

Given the nature of the markets in which we participate, we cannot reliably predict future revenue and profitability. Changes in competitive, market and economic conditions may require us to adjust our operations, and we may not be able to make those adjustments or make them quickly enough to adapt to changing conditions. A high proportion of our costs are fixed in the short term, due in part to our research and development and manufacturing costs. As a result, small declines in sales could disproportionately affect our operating results in a quarter. Factors that may affect our quarterly operating results include:

•demand for and market acceptance of our products,

•competitive pressures resulting in lower selling prices,

•changes in the level of economic activity in regions in which we do business, including as a result of COVID-19 and other global health crises or pandemics,

•changes in general economic conditions or government funding,

•settlements of income tax audits,

43

•expenses incurred in connection with claims related to environmental conditions at locations where we conduct or formerly conducted operations,

•contract termination and litigation costs,

•differing tax laws and changes in those laws, or changes in the countries in which we are subject to taxation,

•changes in our effective tax rate,

•changes in industries, such as pharmaceutical and biomedical,

•changes in the portions of our revenue represented by our various products and customers,

•our ability to introduce new products,

•our competitors’ announcement or introduction of new products, services or technological innovations,

•costs of raw materials, labor, energy or supplies,

•changes in healthcare or other reimbursement rates paid by government agencies and other third parties for certain of our products and services,

•our ability to realize the benefit of ongoing productivity initiatives,

•changes in the volume or timing of product orders,

•fluctuation in the expense related to the mark-to-market adjustment on postretirement benefit plans,

•changes in our assumptions underlying future funding of pension obligations,

•changes in assumptions used to determine contingent consideration in acquisitions, and

•changes in foreign currency exchange rates.

A significant disruption in third-party package delivery and import/export services, or significant increases in prices for those services, could interfere with our ability to ship products, increase our costs and lower our profitability.

We ship a significant portion of our products to our customers through independent package delivery and import/export companies, including UPS and Federal Express in the United States; TNT, UPS and DHL in Europe; and UPS in Asia. We also ship our products through other carriers, including commercial airlines, freight carriers, national trucking firms, overnight carrier services and the United States Postal Service. If one or more of the package delivery or import/export providers experiences a significant disruption in services or institutes a significant price increase, including a service disruption as a result of the COVID-19 pandemic, we may have to seek alternative providers and the delivery of our products could be prevented or delayed. Such events could cause us to incur increased shipping costs that could not be passed on to our customers, negatively impacting our profitability and our relationships with certain of our customers.

Disruptions in the supply of raw materials, certain key components and other goods from our limited or single source suppliers could have an adverse effect on the results of our business operations, and could damage our relationships with customers.

The production of our products requires a wide variety of raw materials, key components and other goods that are generally available from alternate sources of supply. However, certain critical raw materials, key components and other goods required for the production and sale of some of our principal products are available from limited or single sources of supply. We generally have multi-year contracts with no minimum purchase requirements with these suppliers, but those contracts may not fully protect us from a failure by certain suppliers to supply critical materials or from the delays inherent in being required to change suppliers and, in some cases, validate new raw materials. Such raw materials, key components and other goods can usually be obtained from alternative sources with the potential for an increase in price, decline in quality or delay in delivery. A prolonged inability to obtain certain raw materials, key components or other goods is possible and could have an adverse effect on our business operations, and could damage our relationships with customers. In addition, a global health crisis or pandemic such as the COVID-19 pandemic could have a significant adverse effect on our supply chain.

We are subject to the rules of the Securities and Exchange Commission requiring disclosure as to whether certain materials known as conflict minerals (tantalum, tin, gold, tungsten and their derivatives) that may be contained in our products are mined from the Democratic Republic of the Congo and adjoining countries. As a result of these rules, we may incur additional costs in complying with the disclosure requirements and in satisfying those customers who require that the components used in our products be certified as conflict-free, and the potential lack of availability of these materials at competitive prices could increase our production costs.

44

If we do not retain our key personnel, our ability to execute our business strategy will be limited.

Our success depends to a significant extent upon the continued service of our executive officers and key management and technical personnel, particularly our experienced engineers and scientists, and on our ability to continue to attract, retain, and motivate qualified personnel. The competition for these employees is intense. The loss of the services of key personnel could have a material adverse effect on our operating results. In addition, there could be a material adverse effect on us should the turnover rates for key personnel increase significantly or if we are unable to continue to attract qualified personnel. We do not maintain any key person life insurance policies on any of our officers or employees.

Our success also depends on our ability to execute leadership succession plans. The inability to successfully transition key management roles could have a material adverse effect on our operating results.

If we experience a significant disruption in, or breach in security of, our information technology systems or those of our customers, suppliers or other third parties, or cybercrime, resulting in inappropriate access to or inadvertent transfer of information or assets, or if we fail to implement new systems, software and technologies successfully, our business could be adversely affected.

We rely on several centralized information technology systems throughout our company to develop, manufacture and provide products and services, keep financial records, process orders, manage inventory, process shipments to customers and operate other critical functions. Our and our third-party service providers' information technology systems may be susceptible to damage, disruptions or shutdowns due to power outages, hardware failures, computer viruses, attacks by computer hackers, telecommunication failures, user errors, catastrophes or other unforeseen events. If we were to experience a prolonged system disruption in the information technology systems that involve our interactions with customers, suppliers or other third parties, it could result in the loss of sales and customers and significant incremental costs, which could adversely affect our business. In addition, security breaches of our information technology systems or cybercrime, resulting in inappropriate access to or inadvertent transfer of information or assets, could result in losses or misappropriation of assets or unauthorized disclosure of confidential information belonging to us or to our employees, partners, customers or suppliers, which could result in our suffering significant financial or reputational damage.

Our results of operations will be adversely affected if we fail to realize the full value of our intangible assets.

As of October 3, 2021, our total assets included $11.6 billion of net intangible assets. Net intangible assets consist principally of goodwill associated with acquisitions and costs associated with securing patent rights, trademark rights, customer relationships, core technology and technology licenses and in-process research and development, net of accumulated amortization. We test certain of these items—specifically all of those that are considered “non-amortizing”—at least annually for potential impairment by comparing the carrying value to the fair market value of the reporting unit to which they are assigned. All of our amortizing intangible assets are also evaluated for impairment should events occur that call into question the value of the intangible assets.

Adverse changes in our business, adverse changes in the assumptions used to determine the fair value of our reporting units, or the failure to grow our Discovery & Analytical Solutions and Diagnostics segments may result in impairment of our intangible assets, which could adversely affect our results of operations.

Risks Related to our Intellectual Property

We may not be successful in adequately protecting our intellectual property.

Patent and trade secret protection is important to us because developing new products, processes and technologies gives us a competitive advantage, although it is time-consuming and expensive. We own many United States and foreign patents and intend to apply for additional patents. Patent applications we file, however, may not result in issued patents or, if they do, the claims allowed in the patents may be narrower than what is needed to protect fully our products, processes and technologies. The expiration of our previously issued patents may cause us to lose a competitive advantage in certain of the products and services we provide. Similarly, applications to register our trademarks may not be granted in all countries in which they are filed. For our intellectual property that is protected by keeping it secret, such as trade secrets and know-how, we may not use adequate measures to protect this intellectual property.

Third parties have in the past and may in the future also challenge the validity of our issued patents, may circumvent or “design around” our patents and patent applications, or claim that our products, processes or technologies infringe their patents. In addition, third parties may assert that our product names infringe their trademarks. We may incur significant expense in legal proceedings to protect our intellectual property against infringement by third parties or to defend against claims of infringement by third parties. Claims by third parties in pending or future lawsuits could result in awards of substantial damages against us or

45

court orders that could effectively prevent us from manufacturing, using, importing or selling our products in the United States or other countries.

If we are unable to renew our licenses or otherwise lose our licensed rights, we may have to stop selling products or we may lose competitive advantage.

We may not be able to renew our existing licenses, or licenses we may obtain in the future, on terms acceptable to us, or at all. If we lose the rights to a patented or other proprietary technology, we may need to stop selling products incorporating that technology and possibly other products, redesign our products or lose a competitive advantage. Potential competitors could in-license technologies that we fail to license and potentially erode our market share.

Our licenses typically subject us to various economic and commercialization obligations. If we fail to comply with these obligations, we could lose important rights under a license, such as the right to exclusivity in a market, or incur losses for failing to comply with our contractual obligations. In some cases, we could lose all rights under the license. In addition, rights granted under the license could be lost for reasons out of our control. For example, the licensor could lose patent protection for a number of reasons, including invalidity of the licensed patent, or a third-party could obtain a patent that curtails our freedom to operate under one or more licenses.

Risks Related to Legal, Government and Regulatory Matters

The manufacture and sale of products and services may expose us to product and other liability claims for which we could have substantial liability.

We face an inherent business risk of exposure to product and other liability claims if our products, services or product candidates are alleged or found to have caused injury, damage or loss. We may be unable to obtain insurance with adequate levels of coverage for potential liability on acceptable terms or claims of this nature may be excluded from coverage under the terms of any insurance policy that we obtain. If we are unable to obtain such insurance or the amounts of any claims successfully brought against us substantially exceed our coverage, then our business could be adversely impacted.

If we fail to maintain satisfactory compliance with the regulations of the United States Food and Drug Administration and other governmental agencies in the United States and abroad, we may be forced to recall products and cease their manufacture and distribution, and we could be subject to civil, criminal or monetary penalties.

Our operations are subject to regulation by different state and federal government agencies in the United States and other countries, as well as to the standards established by international standards bodies. If we fail to comply with those regulations or standards, we could be subject to fines, penalties, criminal prosecution or other sanctions. Some of our products are subject to regulation by the United States Food and Drug Administration and similar foreign and domestic agencies. These regulations govern a wide variety of product activities, from design and development to labeling, manufacturing, promotion, sales and distribution. If we fail to comply with those regulations or standards, we may have to recall products, cease their manufacture and distribution, and may be subject to fines or criminal prosecution.

We are also subject to a variety of laws, regulations and standards that govern, among other things, the importation and exportation of products, the handling, transportation and manufacture of toxic or hazardous substances, the collection, storage, transfer, use, disclosure, retention and other processing of personal data, and our business practices in the United States and abroad such as anti-bribery, anti-corruption and competition laws. This requires that we devote substantial resources to maintaining our compliance with those laws, regulations and standards. A failure to do so could result in the imposition of civil, criminal or monetary penalties having a material adverse effect on our operations.

Changes in governmental regulations may reduce demand for our products or increase our expenses.

We compete in markets in which we or our customers must comply with federal, state, local and foreign regulations, such as environmental, health and safety, data privacy and food and drug regulations. We develop, configure and market our products to meet customer needs created by these regulations. Any significant change in these regulations could reduce demand for our products or increase our costs of producing these products.

The healthcare industry is highly regulated and if we fail to comply with its extensive system of laws and regulations, we could suffer fines and penalties or be required to make significant changes to our operations which could have a significant adverse effect on the results of our business operations.

The healthcare industry, including the genetic screening market, is subject to extensive and frequently changing international and United States federal, state and local laws and regulations. In addition, legislative provisions relating to

46

healthcare fraud and abuse, patient privacy violations and misconduct involving government insurance programs provide federal enforcement personnel with substantial powers and remedies to pursue suspected violations. We believe that our business will continue to be subject to increasing regulation as the federal government continues to strengthen its position on healthcare matters, the scope and effect of which we cannot predict. If we fail to comply with applicable laws and regulations, we could suffer civil and criminal damages, fines and penalties, exclusion from participation in governmental healthcare programs, and the loss of various licenses, certificates and authorizations necessary to operate our business, as well as incur liabilities from third-party claims, all of which could have a significant adverse effect on our business.

Risks Related to our Foreign Operations

    Economic, political and other risks associated with foreign operations could adversely affect our international sales and profitability.

Because we sell our products worldwide, our businesses are subject to risks associated with doing business internationally. Our sales originating outside the United States represented the majority of our total revenue in fiscal year 2020. We anticipate that sales from international operations will continue to represent a substantial portion of our total revenue. In addition, many of our manufacturing facilities, employees and suppliers are located outside the United States. Accordingly, our future results of operations could be harmed by a variety of factors, including:

•changes in actual, or from projected, foreign currency exchange rates,

•a global health crisis of unknown duration, such as the COVID-19 pandemic,

•changes in a country’s or region’s political or economic conditions, particularly in developing or emerging markets,

•longer payment cycles of foreign customers and timing of collections in foreign jurisdictions,

•trade protection measures including embargoes and tariffs, such as the tariffs recently implemented by the U.S. government on certain imports from China and by the Chinese government on certain imports from the U.S., the extent and impact of which have yet to be fully determined,

•import or export licensing requirements and the associated potential for delays or restrictions in the shipment of our products or the receipt of products from our suppliers,

•policies in foreign countries benefiting domestic manufacturers or other policies detrimental to companies headquartered in the United States,

•differing tax laws and changes in those laws, or changes in the countries in which we are subject to tax,

•adverse income tax audit settlements or loss of previously negotiated tax incentives,

•differing business practices associated with foreign operations,

•difficulty in transferring cash between international operations and the United States,

•difficulty in staffing and managing widespread operations,

•differing labor laws and changes in those laws,

•differing protection of intellectual property and changes in that protection,

•expanded enforcement of laws related to data protection and personal privacy,

•increasing global enforcement of anti-bribery and anti-corruption laws, and

•differing regulatory requirements and changes in those requirements.

The United Kingdom's withdrawal from the European Union could adversely impact our results of operations.

Nearly 10% of our net sales from continuing operations in fiscal year 2020 came from the United Kingdom. Following the referendum vote in the United Kingdom in June 2016 in favor of leaving the European Union, on January 31, 2020, the country formally withdrew from the European Union (commonly referred to as “Brexit”) and, on December 24, 2020, the United Kingdom and the European Union entered into a Trade and Cooperation Agreement to govern the relationship between the United Kingdom and the European Union following Brexit. The potential effects of Brexit remain uncertain. Brexit has caused, and may continue to create, volatility in global stock markets and regional and global economic uncertainty particularly in the United Kingdom financial and banking markets. Weakening of economic conditions or economic uncertainties tend to harm our

47

business, and if such conditions worsen in the United Kingdom or in the rest of Europe, it may have a material adverse effect on our operations and sales.

Any significant weakening of the Great Britain Pound to the U.S. dollar will have an adverse impact on our European revenues due to the importance of our sales in the United Kingdom. Currency exchange rates in the pound sterling and the euro with respect to each other and the U.S. dollar have already been adversely affected by Brexit and that may continue to be the case.

Risks Related to our Debt

We have a substantial amount of outstanding debt, which could impact our ability to obtain future financing and limit our ability to make other expenditures in the conduct of our business.

We have a substantial amount of debt and other financial obligations. Our debt level and related debt service obligations could have negative consequences, including:

•requiring us to dedicate significant cash flow from operations to the payment of principal and interest on our debt, which reduces the funds we have available for other purposes, such as acquisitions and stock repurchases;

•reducing our flexibility in planning for or reacting to changes in our business and market conditions;

•exposing us to interest rate risk as a portion of our debt obligations are at variable rates;

•increasing our foreign currency risk as a portion of our debt obligations are in denominations other than the US dollar; and

•increasing the chances of a downgrade of our debt ratings due to the amount or intended purpose of our debt obligations.

We may incur additional indebtedness in the future to meet future financing needs. If we add new debt, the risks described above could increase. In addition, the market for both public and private debt offerings could experience liquidity concerns and increased volatility as a result of the COVID-19 pandemic, which could ultimately increase our borrowing costs and limit our ability to obtain future financing.

Restrictions in our senior unsecured revolving credit facility and other debt instruments may limit our activities.

Our senior unsecured revolving credit facility, unsecured term loan credit facility, senior unsecured notes due in 2023 ("2023 Notes"), senior unsecured notes due in 2024 ("2024 Notes"), senior unsecured notes due in 2026 ("2026 Notes"), senior unsecured notes due in 2028 ("2028 Notes"), senior unsecured notes due in 2029 ("2029 Notes"), senior unsecured notes due in 2031 ("March 2031 Notes"), senior unsecured notes due in 2031 ("September 2031 Notes") and senior unsecured notes due in 2051 ("2051 Notes") include restrictive covenants that limit our ability to engage in activities that could otherwise benefit our company. These include restrictions on our ability and the ability of our subsidiaries to:

•pay dividends on, redeem or repurchase our capital stock,

•sell assets,

•incur obligations that restrict our subsidiaries’ ability to make dividend or other payments to us,

•guarantee or secure indebtedness,

•enter into transactions with affiliates, and

•consolidate, merge or transfer all, or substantially all, of our assets and the assets of our subsidiaries on a consolidated basis.

We are also required to meet specified financial ratios under the terms of certain of our existing debt instruments. Our ability to comply with these financial restrictions and covenants is dependent on our future performance, which is subject to prevailing economic conditions and other factors, including factors that are beyond our control, such as foreign exchange rates, interest rates, changes in technology and changes in the level of competition. In addition, if we are unable to maintain our investment grade credit rating, our borrowing costs would increase and we would be subject to different and potentially more restrictive financial covenants under some of our existing debt instruments.

Any future indebtedness that we incur may include similar or more restrictive covenants. Our failure to comply with any of the restrictions in our senior unsecured revolving credit facility, unsecured term loan credit facility, the 2023 Notes, the 2024 Notes, the 2026 Notes, the 2028 Notes, the 2029 Notes, the March 2031 Notes, the September 2031 Notes, the 2051 Notes or

48

any future indebtedness may result in an event of default under those debt instruments, which could permit acceleration of the debt under those debt instruments, and require us to prepay that debt before its scheduled due date under certain circumstances.

Discontinuation, reform, or replacement of LIBOR may adversely affect our variable rate debt.

Our indebtedness under our senior unsecured revolving credit facility and unsecured term loan credit facility bear interest at fluctuating interest rates, primarily based on the London Interbank Offered Rate (“LIBOR”) for deposits of U.S. dollars. In July 2017, the United Kingdom Financial Conduct Authority (the authority that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The discontinuation date for submission and publication of rates for certain tenors of U.S. dollar LIBOR (1-month, 3-month, 6-month, and 12-month) was subsequently extended by the ICE Benchmark Administration (the administrator of LIBOR) until June 30, 2023. It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2023. The Alternative Reference Rates Committee in the United States has proposed that the Secured Overnight Financing Rate (“SOFR”), calculated using short-term repurchase agreements backed by U.S. Treasury securities, is the rate that represents best practice as the alternative to U.S. dollar LIBOR for use in derivatives and other financial contracts that are currently indexed to LIBOR. If LIBOR is discontinued, reformed or replaced, we expect that our indebtedness under our senior unsecured revolving credit facility and unsecured term loan credit facility will be indexed to a replacement benchmark based on SOFR. Any such change could cause the effective interest rate under our senior unsecured revolving credit facility and unsecured term loan credit facility and our overall interest expense to increase, in which event we may have difficulties making interest payments and funding our other fixed costs, and our available cash flow for general corporate requirements may be adversely affected.

Risks Related to Ownership of our Common Stock

Our share price will fluctuate.

Over the last several years, stock markets in general and our common stock in particular have experienced significant price and volume volatility. Both the market price and the daily trading volume of our common stock may continue to be subject to significant fluctuations due not only to general stock market conditions but also to a change in sentiment in the market regarding our operations and business prospects. In addition to the risk factors discussed above, the price and volume volatility of our common stock may be affected by:

•operating results that vary from our financial guidance or the expectations of securities analysts and investors,

•the financial performance of the major end markets that we target,

•the operating and securities price performance of companies that investors consider to be comparable to us,

•announcements of strategic developments, acquisitions and other material events by us or our competitors,

•changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, commodity and equity prices and the value of financial assets, and

•changes to economic conditions arising from global health crises such as the COVID-19 pandemic.

Dividends on our common stock could be reduced or eliminated in the future.

On July 23, 2021, we announced that our Board of Directors (our "Board") had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2021 that will be paid on November 12, 2021. On October 27, 2021, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2021 that will be payable in February 2022. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

    Stock Repurchases

49

The following table provides information with respect to the shares of common stock repurchased by us for the periods indicated.

	Issuer Repurchases of Equity Securities
Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)	Maximum Number (or Approximate Dollar Value) Shares that May Yet Be Purchased Under the Plans or Programs
July 5, 2021—August 1, 2021	175	$	152.59	—	$	187,415,787
August 2, 2021—August 29, 2021	52	184.61		—	187,415,787
August 30, 2021—October 3, 2021	285	185.87		—	187,415,787
Activity for quarter ended October 3, 2021	512	$	174.37	—	$	187,415,787

 ____________________

(1)Our Board of Directors (our "Board") has authorized us 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 our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans. During the three months ended October 3, 2021, we repurchased 512 shares of common stock for this purpose at an aggregate cost of $0.1 million. During the nine months ended October 3, 2021, we repurchased 70,925 shares of common stock for this purpose at an aggregate cost of $10.4 million.

(2)On July 31, 2020, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on July 27, 2022 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the nine months ended October 3, 2021, we repurchased 433,000 shares of common stock under the Repurchase Program for an aggregate cost of $62.6 million. As of October 3, 2021, $187.4 million remained available for aggregate repurchases of shares under the Repurchase Program.

50

Item 6.Exhibits

Exhibit Number	Exhibit Name
2.1(1)	Agreement and Plan of Merger, dated as of July 25, 2021, by and among PerkinElmer, Inc., Burton Acquisition I, Inc., Burton Acquisition II, Inc., BioLegend, Inc. and Gene Lay, solely in his capacity as the Stockholder Representative, filed with the Commission on July 27, 2021 as Exhibit 2.1 to our current report on Form 8-K (File No. 001-05075) and herein incorporated by reference.
4.1	Seventh Supplemental Indenture, dated as of September 10, 2021, by and between the Company and U.S. Bank National Association, as trustee (including the form of note contained therein), filed with the Commission on September 10, 2021 as Exhibit 4.2 to our current report on Form 8-K (File No. 001-05075) and herein incorporated by reference.
10.1	Term Loan Credit Agreement, dated as of August 11, 2021, among PerkinElmer, Inc., Bank of America, N.A. as Administrative Agent and the Lenders party thereto, filed with the Commission on August 12, 2021 as Exhibit 99.1 to our current report on Form 8-K (File No. 001-05075) and herein incorporated by reference.
10.2	Credit Agreement, dated as of August 24, 2021, among PerkinElmer, Inc., PerkinElmer Health Sciences, Inc., PerkinElmer Life Sciences International Holdings, PerkinElmer Global Holdings S.à r.l. and PerkinElmer Health Sciences B.V. as Borrowers, Bank of America, N.A. as Administrative Agent, Swing Line Lender and an L/C Issuer, the Lenders party thereto and the other L/C Issuers party thereto, filed with the Commission on August 25, 2021 as Exhibit 99.1 to our current report on Form 8-K (File No. 001-05075) and herein incorporated by reference.
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

____________________________

(1) The exhibits and schedules to this agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish copies of any of such exhibits or schedules to the SEC upon request.

Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language):  

(i) Cover Page, Form 10-Q, Quarterly Report for the quarterly period ended October 3, 2021 (ii) Condensed Consolidated Statements of Operations for the three and nine months ended October 3, 2021 and October 4, 2020, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 3, 2021 and October 4, 2020, (iv) Condensed Consolidated Balance Sheets at October 3, 2021 and January 3, 2021, (v) Condensed Consolidated Statements of Stockholders' Equity for the nine months ended October 3, 2021 and October 4, 2020, (vi) Condensed Consolidated Statements of Cash Flows for the nine months ended October 3, 2021 and October 4, 2020, and (vii) Notes to Condensed Consolidated Financial Statements.

51

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PERKINELMER, INC.
November 9, 2021	By:	/s/    JAMES M. MOCK
		James M. Mock Senior Vice President and Chief Financial Officer (Principal Financial Officer)

	PERKINELMER, INC.
November 9, 2021	By:	/s/    ANDREW OKUN
		Andrew Okun Vice President, Chief Accounting Officer and Treasurer (Principal Accounting Officer)

52

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Prahlad Singh, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of PerkinElmer, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 9, 2021	/s/    PRAHLAD SINGH, PhD
		Prahlad Singh, PhD President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, James M. Mock, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of PerkinElmer, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 9, 2021	/s/    JAMES M. MOCK
		James M. Mock Senior Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of PerkinElmer, Inc. (the “Company”) for the period ended October 3, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Prahlad Singh, President and Chief Executive Officer of the Company, and James M. Mock, Senior Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) Based on my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) Based on my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	November 9, 2021	/S/    PRAHLAD SINGH, PhD
		Prahlad Singh, PhD President and Chief Executive Officer
Dated:	November 9, 2021	/S/    JAMES M. MOCK
		James M. Mock Senior Vice President and Chief Financial Officer

XML

Cover Page - shares	9 Months Ended
	Oct. 03, 2021	Nov. 04, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 03, 2021
Document Transition Report	false
Entity File Number	001-5075
Entity Registrant Name	PERKINELMER, INC
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2052042
Entity Address, Address Line One	940 Winter Street,
Entity Address, City or Town	Waltham,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	663-6900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,200,192
Entity Central Index Key	0000031791
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--01-02
PKI [Member]
Entity Listings [Line Items]
Trading Symbol	PKI
Trading Symbol	PKI
PKI 21A [Member]
Entity Listings [Line Items]
Trading Symbol	PKI 21A
Trading Symbol	PKI 21A
Common stock, $1 par value per share [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $1 par value per share
Title of 12(b) Security	Common stock, $1 par value per share
1.875% Notes due 2026 [Member]
Entity Listings [Line Items]
Title of 12(b) Security	1.875% Notes due 2026
Title of 12(b) Security	1.875% Notes due 2026
NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Listings [Line Items]
Security Exchange Name	NYSE
Security Exchange Name	NYSE

XML

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,166,684	$ 964,025	$ 3,702,844	$ 2,428,139
Cost of Goods and Services Sold	534,848	436,580	1,600,668	1,145,327
Selling, general and administrative expenses	339,047	225,249	872,276	654,844
Research and development expenses	68,608	50,131	194,648	148,566
Restructuring and other costs, net	2,211	4,059	13,018	11,075
Operating income from continuing operations	221,970	248,006	1,022,234	468,327
Interest And Other Expense Net	60,302	14,249	54,027	35,054
Income from continuing operations before income taxes	161,668	233,757	968,207	433,273
Provision for income taxes	33,883	57,021	215,111	85,609
Income from continuing operations	127,785	176,736	753,096	347,664
Loss on disposition of discontinued operations before income taxes	0	0	0	0
Provision for income taxes on discontinued operations and dispositions	47	37	123	138
Loss from discontinued operations and dispositions	(47)	(37)	(123)	(138)
Net income	$ 127,738	$ 176,699	$ 752,973	$ 347,526
Basic earnings (loss) per share:
Income (loss) from continuing operations (per share)	$ 1.12	$ 1.58	$ 6.67	$ 3.12
Gain (loss) on discontinued operations and dispositions (per share)	(0.00)	(0.00)	(0.00)	(0.00)
Net income (per share)	1.12	1.58	6.67	3.12
Diluted earnings (loss) per share:
Income (loss) from continuing operations (per share)	1.11	1.57	6.65	3.11
Gain (loss) on discontinued operations and dispositions (per share)	(0.00)	(0.00)	(0.00)	(0.00)
Net income (per share)	$ 1.11	$ 1.57	$ 6.65	$ 3.10
Weighted average shares of common stock outstanding:
Basic (in shares)	114,508	111,684	112,836	111,378
Diluted (in shares)	115,022	112,292	113,307	111,935
Cash dividends per common share	$ 0.07	$ 0.07	$ 0.21	$ 0.21
Product [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 785,869	$ 736,846	$ 2,365,180	$ 1,763,881
Cost of Goods and Services Sold	365,497	299,785	1,070,632	746,469
Service [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	380,815	227,179	1,337,664	664,258
Cost of Goods and Services Sold	$ 169,351	$ 136,795	$ 530,036	$ 398,858

XML

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Amount [Member]	Capital In Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 29, 2019	$ 2,813,824	$ 111,140	$ 90,357	$ 2,811,973	$ (199,646)
Net income	33,665			33,665
Dividends	(7,779)			(7,779)
Exercise of employee stock options and related income tax benefits	1,106	21	1,085
Issuance of common stock for employee benefit plans	(1,256)	(14)	(1,242)	0	0
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(6,342)	(66)	(6,276)
Issuance of common stock for long-term incentive program	(3,028)	(197)	(2,831)
Stock compensation	997	0	997	0	0
Ending Balance at Apr. 05, 2020	2,759,746	111,306	90,236	2,836,531	(278,327)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	(78,681)				(78,681)
Beginning Balance at Dec. 29, 2019	2,813,824	111,140	90,357	2,811,973	(199,646)
Net income	347,526
Other comprehensive income (loss)	55,879
Ending Balance at Oct. 04, 2020	3,231,681	111,878	128,820	3,134,750	(143,767)
Cumulative Effect of New Accounting Pronouncement in Period of Adoption | Accounting Standards Update 2016-02 [Member]	(1,328)	0	0	(1,328)	0
Beginning Balance at Apr. 05, 2020	2,759,746	111,306	90,236	2,836,531	(278,327)
Net income	137,162			137,162
Dividends	(7,803)			(7,803)
Exercise of employee stock options and related income tax benefits	8,967	175	8,792
Issuance of common stock for employee benefit plans	(1,305)	(14)	(1,291)	0	0
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(327)	(4)	(323)
Issuance of common stock for long-term incentive program	(5,125)	(2)	(5,123)
Stock compensation	1,633	8	1,625	0	0
Ending Balance at Jul. 05, 2020	2,967,463	111,501	106,744	2,965,890	(216,672)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	61,655				61,655
Net income	176,699			176,699
Other comprehensive income (loss)	72,905
Dividends	(7,839)			(7,839)
Exercise of employee stock options and related income tax benefits	17,454	369	17,085
Issuance of common stock for employee benefit plans				0	0
Issuance of common stock for employee stock purchase plans	26	0	26
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(159)	(1)	(158)
Issuance of common stock for long-term incentive program	(4,185)	(9)	(4,176)
Stock compensation	947	0	947	0	0
Ending Balance at Oct. 04, 2020	3,231,681	111,878	128,820	3,134,750	(143,767)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	72,905				72,905
Beginning Balance at Jan. 03, 2021	3,735,492	112,090	148,101	3,507,262	(31,961)
Net income	379,305			379,305
Dividends	(7,846)			(7,846)
Exercise of employee stock options and related income tax benefits	4,987	95	4,892
Issuance of common stock for employee benefit plans	(8)	0	(8)
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(42,779)	(295)	(42,484)
Issuance of common stock for long-term incentive program	(4,450)	(176)	(4,274)
Stock compensation	899	0	899	0	0
Ending Balance at Apr. 04, 2021	4,002,305	112,066	115,690	3,878,721	(104,172)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	(72,211)				(72,211)
Beginning Balance at Jan. 03, 2021	3,735,492	112,090	148,101	3,507,262	(31,961)
Net income	752,973
Other comprehensive income (loss)	(114,235)
Ending Balance at Oct. 03, 2021	6,958,585	126,200	2,742,750	4,235,831	(146,196)
Beginning Balance at Apr. 04, 2021	4,002,305	112,066	115,690	3,878,721	(104,172)
Net income	245,930			245,930
Dividends	(7,826)			(7,826)
Exercise of employee stock options and related income tax benefits	9,198	128	9,070
Issuance of common stock for employee benefit plans	(1,624)	(11)	(1,613)
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(30,145)	(209)	(29,936)
Issuance of common stock for long-term incentive program	(5,022)	(24)	(4,998)
Stock compensation	1,964	5	1,959	0	0
Ending Balance at Jul. 04, 2021	4,239,807	$ 112,025	103,394	4,116,825	(92,437)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	11,735				11,735
Net income	127,738			127,738
Other comprehensive income (loss)	(53,759)
Dividends	(8,732)			(8,732)
Stock Issued During Period, Shares, Acquisitions		14,067
Stock Issued During Period, Shares, Acquisitions	2,638,144		2,624,077	0
Exercise of employee stock options and related income tax benefits	8,880	$ 107	8,773
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(90)	(1)	(89)
Issuance of common stock for long-term incentive program	(5,116)	(2)	(5,114)
Stock compensation	1,481	0	1,481	0	0
Ending Balance at Oct. 03, 2021	6,958,585	$ 126,200	$ 2,742,750	$ 4,235,831	(146,196)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	$ (53,759)				$ (53,759)

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Net income	$ 127,738	$ 176,699	$ 752,973	$ 347,526
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments, net of income taxes	(53,758)	72,862	(114,339)	55,837
Unrealized (loss) gain on securities, net of income taxes	(1)	43	104	42
Other comprehensive (loss) income	(53,759)	72,905	(114,235)	55,879
Comprehensive income	$ 73,979	$ 249,604	$ 638,738	$ 403,405

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021
Current assets:
Cash and cash equivalents	$ 487,373	$ 402,036
Accounts receivable, net	947,805	1,155,109
Inventories	645,419	514,567
Other current assets	170,207	167,208
Total current assets	2,250,804	2,238,920
Property, plant and equipment, net:
Property, plant and equipment, net	537,710	368,304
Operating Lease, Right-of-Use Asset	208,661	207,236
Intangible assets, net	4,160,736	1,365,693
Goodwill	7,420,271	3,447,114
Other assets, net	321,667	333,048
Total assets	14,899,849	7,960,315
Current liabilities:
Current portion of long-term debt	4,485	380,948
Accounts payable	320,435	327,325
Accrued expenses and other current liabilities	820,109	943,916
Total current liabilities	1,145,029	1,652,189
Long-term debt	5,099,077	1,609,701
Long-term liabilities	1,512,153	774,531
Operating Lease, Liability, Noncurrent	185,005	188,402
Total liabilities	7,941,264	4,224,823
Commitments and contingencies (see Note 14)
Stockholders' equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding	0	0
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 126,200,000 shares and 112,090,000 shares at October 3, 2021 and January 3, 2021, respectively	126,200	112,090
Capital in excess of par value	2,742,750	148,101
Retained earnings	4,235,831	3,507,262
Accumulated other comprehensive loss	(146,196)	(31,961)
Total stockholders’ equity	6,958,585	3,735,492
Total liabilities and stockholders’ equity	$ 14,899,849	$ 7,960,315

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 03, 2021	Jan. 03, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	126,200,000	112,090,000
Common stock, outstanding	126,200,000	112,090,000

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020
Operating activities:
Net income	$ 752,973	$ 347,526
Loss from discontinued operations and dispositions, net of income taxes	123	138
Income from continuing operations	753,096	347,664
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations:
Restructuring and other costs, net	13,018	11,075
Depreciation and amortization	232,935	182,521
Loss (Gain) on disposition of businesses and assets, net	(1,970)	886
Stock-based compensation	18,957	19,770
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	1,553	(8,807)
Amortization of deferred debt financing costs and accretion of discounts	3,224	2,559
Change in fair value of financial securities	(8,566)	0
Asset Impairment Charges	3,868	0
Amortization of acquired inventory revaluation	14,728	1,757
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested:
Accounts receivable, net	242,386	(67,695)
Inventories	6,316	(120,934)
Accounts payable	(37,002)	16,391
Accrued expenses and other	(167,385)	24,893
Net cash provided by operating activities	1,075,158	410,080
Investing activities:
Capital expenditures	(67,459)	(57,391)
Proceeds from surrender of life insurance policies	0	131
Payments to Acquire Investments	(19,130)	(9,559)
Proceeds from Divestiture of Businesses	1,460	2,423
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired	(3,967,678)	(3,702)
Net cash used in investing activities	(4,052,807)	(68,098)
Financing activities:
Payments of borrowings	1,191,125	515,210
Proceeds from borrowings	1,144,282	257,000
Proceeds from term loan	500,000	0
Repayments of Senior Debt	(339,605)	0
Proceeds from sale of senior debt	3,086,095	0
Payments of debt financing and equity issuance costs	(30,983)	0
Settlement of cash flow hedges	(1,459)	(2,089)
Net payments on other credit facilities	(12,731)	(8,124)
Payments for acquisition-related contingent consideration	0	(5,200)
Proceeds from issuance of common stock under stock plans	22,760	27,528
Purchases of common stock	(73,013)	(6,829)
Dividends paid	(23,539)	(23,381)
Net cash provided by (used in) financing activities	3,080,682	(276,305)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(16,584)	832
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalent	86,449	66,509
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period	402,613	191,894
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	489,062	258,403
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	487,373	258,293
Restricted Cash, Current	1,689	110
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	489,062	258,403
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Equity issued for business combination, net of issuance costs	2,638,369	0
Contingent consideration incurred in business combination	34,131	0
Other liability incurred in business combination	$ 7,767	$ 0

XML

Basis of Presentation

9 Months Ended

Oct. 03, 2021

Accounting Policies [Abstract]

Basis of Accounting [Text Block]

Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 3, 2021, filed with the SEC (the “2020 Form 10-K”). The balance sheet amounts at January 3, 2021 in this report were derived from the Company’s audited 2020 consolidated financial statements included in the 2020 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 (“GAAP”) 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 3, 2021 and October 4, 2020, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period.

The Company’s fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending January 2, 2022 ("fiscal year 2021") will include 52 weeks, and the fiscal year ended January 3, 2021 ("fiscal year 2020") included 53 weeks.

Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations.

In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions and adds guidance to reduce complexity in accounting for income taxes. Specifically, this guidance: (1) removes the intraperiod tax allocation exception to the incremental approach; (2) removes the ownership changes in investments exception in determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting and applies this provision on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at the beginning of the period of adoption; and (3) removes the exception to using the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies accounting principles by making other changes, including requiring an entity to: (1) evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction; (2) make a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and to apply this provision retrospectively to all periods presented; and (3) recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and apply this provision either retrospectively for all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The provisions of this guidance (except as specifically mentioned above) are to be applied prospectively upon their effective date. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years. In accordance with ASU 2019-12, the Company adopted the guidance beginning on January 4, 2021. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows.

XML

Revenue (Notes) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Oct. 03, 2021

Oct. 04, 2020

Oct. 03, 2021

Oct. 04, 2020

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer [Text Block]

Revenue

Disaggregation of revenue

In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments' revenue.

	Reportable Segments
	Three Months Ended
	October 3, 2021						October 4, 2020
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	217,117	$	280,367	$	497,484	$	173,992	$	213,347	$	387,339
Europe	135,940		220,264		356,204		115,281		198,205		313,486
Asia	159,822		153,174		312,996		134,350		128,850		263,200
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025
Primary end-markets
Diagnostics	$	—	$	653,805	$	653,805	$	—	$	540,402	$	540,402
Life sciences	320,067		—		320,067		251,929		—		251,929
Applied markets	192,812		—		192,812		171,694		—		171,694
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025
Timing of revenue recognition
Products and services transferred at a point in time	$	374,147	$	554,332	$	928,479	$	293,460	$	518,867	$	812,327
Services transferred over time	138,732		99,473		238,205		130,163		21,535		151,698
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025

	Reportable Segments
	Nine Months Ended
	October 3, 2021						October 4, 2020
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	599,170	$	1,049,659	$	1,648,829	$	503,490	$	475,113	$	978,603
Europe	416,974		732,784		1,149,758		337,435		429,671		767,106
Asia	464,173		440,084		904,257		372,095		310,335		682,430
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139
Primary end-markets
Diagnostics	$	—	$	2,222,527	$	2,222,527	$	—	$	1,215,119	$	1,215,119
Life sciences	905,949		—		905,949		734,782		—		734,782
Applied markets	574,368		—		574,368		478,238		—		478,238
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139
Timing of revenue recognition
Products and services transferred at a point in time	$	1,079,119	$	1,676,041	$	2,755,160	$	827,270	$	1,149,166	$	1,976,436
Services transferred over time	401,198		546,486		947,684		385,750		65,953		451,703
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139

Major Customer Concentration

Revenues from one customer in the Company's Diagnostics segment represent approximately $94.8 million and $492.8 million of the Company's total revenue for the three and nine months ended October 3, 2021, respectively.

Contract Balances

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 consolidated balance sheets. The balance of contract assets as of October 3, 2021 and January 3, 2021 were $57.8 million and $59.5 million, respectively. The amount of unbilled receivables recognized at the beginning of the period that were transferred to trade receivables during the nine months ended October 3, 2021 was $48.9 million. The increase in unbilled receivables during the nine months ended October 3, 2021 as a result of recognition of revenue before billing to customers, excluding amounts transferred to trade receivables during the period, amounted to $47.2 million.

Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related installation 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" or as long-term in "Long-term liabilities" in the consolidated balance sheets based on the timing of when the Company expects to recognize revenue. The balance of contract liabilities as of October 3, 2021 and January 3, 2021 were $209.6 million and $238.1 million, respectively. The additions to contract liabilities during the nine months ended October 3, 2021 due to cash received, excluding amounts recognized as revenue during the period, was $51.3 million. The amount of revenue recognized during the nine months ended October 3, 2021 that was included in the contract liability balance at the beginning of the period was $79.8 million.

Contract costs: The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the period and are included in other current and long-term assets on the consolidated balance sheets. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year

or less. These costs include the Company's internal sales force compensation program, as the Company determined that annual compensation is commensurate with annual sales activities.

Transaction price allocated to the remaining performance obligations

The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The estimated revenue expected to be recognized beyond one year in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the period are not material to the Company. The remaining performance obligations primarily include noncancelable purchase orders and noncancelable software subscriptions and cloud service contracts.

Revenue from Contract with Customer, Excluding Assessed Tax

$ 1,166,684

$ 964,025

$ 3,702,844

$ 2,428,139

Transferred at Point in Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

928,479

812,327

2,755,160

1,976,436

Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

238,205

151,698

947,684

451,703

Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

497,484

387,339

1,648,829

978,603

Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

356,204

313,486

1,149,758

767,106

Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

312,996

263,200

904,257

682,430

Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

653,805

540,402

2,222,527

1,215,119

Life Sciences [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

320,067

251,929

905,949

734,782

Applied Markets [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

192,812

171,694

574,368

478,238

Discovery & Analytical Solutions [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

512,879

423,623

1,480,317

1,213,020

Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

374,147

293,460

1,079,119

827,270

Discovery & Analytical Solutions [Member] | Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

138,732

130,163

401,198

385,750

Discovery & Analytical Solutions [Member] | Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

217,117

173,992

599,170

503,490

Discovery & Analytical Solutions [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

135,940

115,281

416,974

337,435

Discovery & Analytical Solutions [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

159,822

134,350

464,173

372,095

Discovery & Analytical Solutions [Member] | Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

0

0

0

0

Discovery & Analytical Solutions [Member] | Life Sciences [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

320,067

251,929

905,949

734,782

Discovery & Analytical Solutions [Member] | Applied Markets [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

192,812

171,694

574,368

478,238

Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

653,805

540,402

2,222,527

1,215,119

Diagnostics [Member] | Transferred at Point in Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

554,332

518,867

1,676,041

1,149,166

Diagnostics [Member] | Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

99,473

21,535

546,486

65,953

Diagnostics [Member] | Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

280,367

213,347

1,049,659

475,113

Diagnostics [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

220,264

198,205

732,784

429,671

Diagnostics [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

153,174

128,850

440,084

310,335

Diagnostics [Member] | Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

653,805

540,402

2,222,527

1,215,119

Diagnostics [Member] | Life Sciences [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

0

0

0

0

Diagnostics [Member] | Applied Markets [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 0

$ 0

$ 0

$ 0

XML

Business Combinations

9 Months Ended

Oct. 03, 2021

Business Combinations [Abstract]

Business Combinations

Business Combinations

Acquisitions in fiscal year 2021

Acquisition of BioLegend, Inc. The Company completed the acquisition of BioLegend, Inc. ("BioLegend") and paid an aggregate consideration of $5.7 billion, net of cash acquired of $292.4 million, reflecting preliminary working capital and other adjustments (the "Aggregate Consideration") that are subject to final adjustments following the closing. The Aggregate Consideration was paid in a combination of $3.3 billion in cash and shares of the Company's common stock having a fair value of approximately $2.6 billion based on the $187.56 per share closing price of the Company's common stock on the New York Stock Exchange on September 17, 2021 (the "Stock Consideration"). The Stock Consideration consisted of 14,066,799 shares of the Company's common stock. The cash consideration was funded through a combination of $2.3 billion in proceeds from the issuance of senior unsecured notes, $500.0 million in proceeds from the Company's term loan credit facility and $310.0 million in proceeds from the Company's revolving credit facility and available cash on hand of $252.6 million. BioLegend is recognized as a leading, global provider of life science antibodies and reagents, headquartered in San Diego, California, with approximately 700 employees. The operations for this acquisition will be reported within the results of the Company's Discovery & Analytical Solutions segment from the acquisition date. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, customer relationships and clone library, acquired as part of this acquisition had a weighted average amortization period of 16.3 years.

BioLegend's revenue and net loss for the period from the acquisition date to October 3, 2021 were $12.1 million and $6.2 million, respectively. The following unaudited pro forma information presents the combined financial results for the Company and BioLegend as if the acquisition of BioLegend had been completed at the beginning of fiscal year 2020:

	Nine Months Ended		Fiscal Year Ended
	October 3, 2021		January 3, 2021
	(In millions, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	3,943	$	4,025
Income from continuing operations	797		552
Basic earnings per share:
Income from continuing operations	$	6.28	$	4.39
Diluted earnings per share:
Income from continuing operations	$	6.26	$	4.37

The unaudited pro forma information for fiscal years 2021 and 2020 have been calculated after applying the Company's accounting policies and the impact of acquisition date fair value adjustments. The fiscal year 2021 unaudited pro forma income from continuing operations was adjusted to exclude approximately $43.2 million of acquisition-related transaction costs and $23.3 million of bridge financing and debt pre-issuance hedging costs that were recognized in expense in the quarter. The fiscal year 2020 pro forma income from continuing operations was adjusted to include these acquisition-related transaction costs and the nonrecurring expenses related to the bridge financing and debt pre-issuance hedging costs and fair value adjustments. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain

adjustments, such as fair value adjustment to inventory, increased interest expense on debt obtained to finance the transaction, and increased amortization for the fair value of acquired intangible assets.

The pro forma information does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the combination occurred at the beginning of each period presented, or of future results of the consolidated entities. The actual results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

Other acquisitions in 2021. During the first nine months of fiscal year 2021, the Company also completed the acquisition of six other businesses for aggregate consideration of $1.2 billion. The acquired businesses include Oxford Immunotec Global PLC, a company based in Abingdon, UK with approximately 275 employees, for a total consideration of $590.9 million and Nexcelom Bioscience Holdings, LLC, a company based in Lawrence, Massachusetts with approximately 130 employees, for a total consideration of $267.1 million, and four other businesses, which were acquired for a total consideration of $296.0 million. The excess of the purchase price over the fair value of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, and customer relationships, acquired as part of these acquisitions had a weighted average amortization period of 12.4 years.

The total purchase price for the acquisitions in fiscal year 2021 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:

	Preliminary
	BioLegend		Other
	(In thousands)
Fair value of business combination:
Cash payments	$	3,335,753	1,118,884
Common stock issued	2,638,369		—
Other liability	6,857		910
Contingent consideration	—		34,131
Less: cash acquired	(292,377)		(195,010)
Total	$	5,688,602	$	958,915
Identifiable assets acquired and liabilities assumed:
Current assets	$	184,541	$	73,933
Property, plant and equipment	147,200		26,507
Other assets	9,330		15,564
Identifiable intangible assets:
Core technology and clone library	782,400		285,609
Trade names and patents	38,000		39,620
Licenses	8,979		—
Customer relationships and backlog	1,714,800		141,170
Goodwill	3,511,498		527,402
Deferred taxes	(669,906)		(86,471)
Deferred revenue	—		(1,197)
Debt assumed	—		(4,628)
Liabilities assumed	(38,240)		(58,594)
Total	$	5,688,602	$	958,915

Acquisitions in fiscal year 2020

During the fiscal year 2020, the Company completed the acquisition of four businesses for aggregate consideration of $438.9 million. The acquired businesses were Horizon Discovery Group plc, a company based in Cambridge, UK with approximately 400 employees, which was acquired on December 23, 2020 for a total consideration of $399.8 million (£296.0

million), and three other businesses, which were acquired for a total consideration of $39.1 million. The excess of the purchase price over the fair value of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, customer relationships and in-process research and development, acquired as part of these acquisitions had a weighted average amortization period of 11.0 years.

The total purchase price for the acquisitions in fiscal year 2020 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:

	Preliminary
	(In thousands)
Fair value of business combination:
Cash payments	$	437,661
Other liability	1,660
Working capital and other adjustments	(384)
Less: cash acquired	(26,840)
Total	$	412,097
Identifiable assets acquired and liabilities assumed:
Current assets	$	35,532
Property, plant and equipment	20,302
Other assets	18,114
Identifiable intangible assets:
Core technology	65,730
Trade names	5,580
Customer relationships	108,523
In-process research and development ("IPR&D")	10,700
Goodwill	221,960
Deferred taxes	(27,142)
Deferred revenue	(2,031)
Liabilities assumed	(45,171)
Total	$	412,097

The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings.

The allocations of the purchase prices for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair values for assets acquired and liabilities assumed.

As of October 3, 2021, the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $90.7 million. As of October 3, 2021, the Company has recorded contingent consideration obligations of $37.2 million, of which $4.2 million was recorded in accrued expenses and other current liabilities, and $33.0

million was recorded in long-term liabilities. As of January 3, 2021, the Company had recorded contingent consideration obligations with an estimated fair value of $3.0 million, of which $2.9 million was recorded in accrued expenses and other current liabilities, and $0.1 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 7.2 years from October 3, 2021, and the remaining weighted average expected earnout period at October 3, 2021 was 6.8 years. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible assets or the recognition of additional contingent consideration which would be recognized as a component of operating expenses from continuing operations.

Total acquisition and divestiture-related costs for the three and nine months ended October 3, 2021 were $72.5 million and $87.6 million, respectively. These amounts included $2.1 million and $13.8 million of incentive award associated with the Company's acquisition of Meizheng Group for the three and nine months ended October 3, 2021, respectively. Net foreign exchange gain, and bridge financing and debt pre-issuance hedging costs, related to the Company's acquisitions for the nine months ended October 3, 2021 amounted to $5.4 million and $23.6 million, respectively. Total acquisition and divestiture-related costs for the three and nine months ended October 4, 2020 were $0.2 million and $7.4 million, respectively. These amounts included $0.2 million and $6.9 million of incentive award associated with the Company's acquisition of Meizheng Group for the three and nine months ended October 4, 2020, respectively. These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other expense, net in the Company's consolidated statements of operations.

XML

Restructuring and Lease Charges, Net

9 Months Ended

Oct. 03, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Lease Charges, Net

Restructuring and Other Costs, Net

The Company implemented restructuring plans in the first, second and third quarters of fiscal year 2021 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the "Q1 2021 Plan", "Q2 2021 Plan" and "Q3 2021 Plan", respectively). The Company implemented a restructuring plan in the third quarter of fiscal year 2020 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q3 2020 Plan"). The Company implemented a restructuring plan in the first quarter of fiscal year 2020 consisting of workforce reductions and closure of excess facilities principally intended to realign resources to emphasize growth initiatives (the "Q1 2020 Plan"). Details of the plans initiated in previous years (the “Previous Plans”) are discussed more fully in Note 5 to the audited consolidated financial statements in the 2020 Form 10-K.

The following table summarizes the reductions in headcount, the initial restructuring or contract termination charges by reporting segment, and the dates by which payments were substantially completed, or the dates by which payments are expected to be substantially completed, for restructuring actions implemented during fiscal years 2021 and 2020 in continuing operations:

	Workforce Reductions					Closure of Excess Facility				Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics				Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2021 Plan	39	$	420	$	366	$	—	$	—	$	786	Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—		1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—		5,556		Q4 FY2021	—
Q3 2020 Plan	23	2,080		901		—		—		2,981		Q2 FY2021	—
Q1 2020 Plan	32	2,312		1,134		92		682		4,220		Q4 FY2020	Q1 FY2022

The Company has terminated various contractual commitments in connection with certain disposal activities and has recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded net pre-tax charges of $0.4 million in the Discovery & Analytical Solutions segment during the nine months ended October 3, 2021 as a result of these contract terminations.

The Company recorded pre-tax charges of $1.3 million and $3.7 million associated with relocating facilities during the three and nine months ended October 3, 2021, respectively, in the Discovery & Analytical Solutions segment. The Company recorded pre-tax charges of $0.2 million and $0.4 million associated with relocating facilities during the three and nine months ended October 3, 2021, respectively, in the Diagnostics segment. The Company expects to make payments on these relocation activities through end of fiscal year 2022.

XML

Interest and Other Expense (Income), Net

9 Months Ended

Oct. 03, 2021

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 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Interest income	$	(544)	$	(205)	$	(1,322)	$	(662)
Interest expense including costs of bridge financing	43,531		12,057		74,407		37,308
Change in fair value of financial securities	19,365		—		(8,566)		—
Other (income) expense, net	(2,050)		2,397		(10,492)		(1,592)
Total interest and other expense, net	$	60,302	$	14,249	$	54,027	$	35,054

Foreign currency transaction (gains) were $(1.1) million and $(0.5) million for the three and nine months ended October 3, 2021, respectively. Foreign currency transaction (gains) losses were $(1.9) million and $1.6 million for the three and nine months ended October 4, 2020, respectively. Net losses from forward currency hedge contracts were $4.8 million and $3.3 million for the three and nine months ended October 3, 2021, respectively. Net losses from forward currency hedge contracts were $6.0 million and $1.9 million for the three and nine months ended October 4, 2020, respectively.

XML

Inventories, Net

9 Months Ended

Oct. 03, 2021

Inventory Disclosure [Abstract]

Inventories, Net

Inventories

Inventories consisted of the following:

	October 3, 2021		January 3, 2021
	(In thousands)
Raw materials	$	217,175	$	205,022
Work in progress	72,988		35,160
Finished goods	355,256		274,385
Total inventories	$	645,419	$	514,567

XML

Debt

9 Months Ended

Oct. 03, 2021

Debt Disclosure [Abstract]

Debt

Debt

The Company’s debt consisted of the following:

	October 3, 2021
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	111,962	$	—	$	(4,075)	$	107,887
Unsecured Term Loan Credit Facility	500,000		—		(1,069)		498,931
0.550% Senior Unsecured Notes due in 2023	500,000		(174)		(2,849)		496,977
0.850% Senior Unsecured Notes due in 2024	800,000		(485)		(5,964)		793,551
1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")	579,750		(2,715)		(2,406)		574,629
1.900% Senior Unsecured Notes due in 2028	500,000		(357)		(4,788)		494,855
3.3% Senior Unsecured Notes due in 2029 ("2029 Notes")	850,000		(2,299)		(6,363)		841,338
2.55% Senior Unsecured Notes due in 2031	400,000		(128)		(3,351)		396,521
2.250% Senior Unsecured Notes due in 2031	500,000		(1,508)		(4,927)		493,565
3.625% Senior Unsecured Notes due in 2051	400,000		(4)		(4,324)		395,672
Other Debt Facilities, non-current	5,151		—		—		5,151
Total Long-Term Debt	$	5,146,863	$	(7,670)	$	(40,116)	$	5,099,077
Current Portion of Long-term Debt:
Other Debt Facilities, current	4,485		—		—		4,485
Total	$	5,151,348	$	(7,670)	$	(40,116)	$	5,103,562

	January 3, 2021
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	158,595	$	—	$	(2,621)	$	155,974
2026 Notes	610,750		(3,253)		(2,782)		604,715
2029 Notes	850,000		(2,496)		(6,908)		840,596
Other Debt Facilities, non-current	8,416		—		—		8,416
Total Long-Term Debt	$	1,627,761	$	(5,749)	$	(12,311)	$	1,609,701
Current Portion of Long-term Debt:
0.6% Senior Unsecured Notes due in 2021 ("2021 Notes")	366,450		(16)		(229)		366,205
Other Debt Facilities, current	14,743		—		—		14,743
Total	$	2,008,954	$	(5,765)	$	(12,540)	$	1,990,649

Senior Unsecured Revolving Credit Facility. On August 24, 2021, the Company terminated its previous senior unsecured revolving credit facility and entered into a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through August 24, 2026. As of October 3, 2021, undrawn letters of credit in the aggregate amount of $11.0 million were treated as issued and outstanding when calculating the borrowing availability under the facility. As of October 3, 2021, the Company had $1.4 billion available for additional borrowing under the facility. Borrowings will

bear interest, payable quarterly or, if earlier, at the end of any interest period, at the Company's option at either (a) the base rate (as defined in the credit agreement), or (b) the eurocurrency rate (a publicly published rate), in each case plus a percentage spread based on the credit rating of the Company's debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," and (c) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of October 3, 2021 was 101.5 basis points. The weighted average Eurocurrency interest rate as of October 3, 2021 was 0.02%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.03%, which was the interest applicable to the borrowings outstanding as of October 3, 2021. The credit agreement for the new facility contains customary affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capital ratio that remains applicable for so long as the Company's debt is rated as investment grade. In the event that the Company's debt is not rated as investment grade, the debt-to-capital ratio covenant is replaced with leverage ratio and interest coverage ratio covenants.

Unsecured Term Loan Credit Facility. The Company entered into an unsecured delayed draw term loan credit facility on August 11, 2021 that provided for $500.0 million of term loans available through the earlier of (i) the consummation of the Company's acquisition of BioLegend (with such transaction acquiring BioLegend being the “Acquisition”) and (ii) the date that is five (5) business days after October 25, 2021, and as could be extended through January 31, 2022 in the event that the outside date under the definitive agreement with respect to the Acquisition was extended. On September 16, 2021, the Company borrowed the full $500.0 million from the term loan facility and used the proceeds to partially fund the Acquisition. The interest rates under the senior unsecured term loan credit facility are at either (a) the base rate, as described in the credit agreement, or (b) the eurocurrency rate (a publicly published rate), in each case plus a percentage spread based on the credit rating of the Company’s debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," and (c) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of October 3, 2021 was 113.0 basis points. The weighted average Eurocurrency interest rate as of October 3, 2021 was 0.08%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.21%, which was the interest applicable to the borrowings outstanding as of October 3, 2021. The credit agreement for the facility contains customary affirmative, negative and financial covenants and events of defaults which are substantially similar to those contained in the senior unsecured revolving credit facility.

0.550% Senior Unsecured Notes due in 2023. On September 10, 2021, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in 2023 (the "2023 Notes”) in a registered public offering and received $499.8 million of net proceeds from the issuance. The 2023 Notes were issued at 99.964% of the principal amount, which resulted in a discount of $0.2 million. The 2023 Notes mature in September 2023 and bear interest at an annual rate of 0.550%. Interest on the 2023 Notes is payable semi-annually on March 15th and September 15th each year. The Company may not redeem the 2023 Notes prior to September 15, 2022. On or after September 15, 2022 (twelve months prior to their maturity date), the Company may redeem the 2023 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the 2023 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2023 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the 2023 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

0.850% Senior Unsecured Notes due in 2024. On September 10, 2021, the Company issued $800.0 million aggregate principal amount of senior unsecured notes due in 2024 (the "2024 Notes”) in a registered public offering and received $799.5 million of net proceeds from the issuance. The 2024 Notes were issued at 99.938% of the principal amount, which resulted in a discount of $0.5 million. The 2024 Notes mature in September 2024 and bear interest at an annual rate of 0.850%. Interest on the 2024 Notes is payable semi-annually on March 15th and September 15th each year. The Company may not redeem the 2024 Notes prior to September 15, 2022. On or after September 15, 2022 (twenty-four months prior to their maturity date), the Company may redeem the 2024 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2024 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the 2024 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

1.900% Senior Unsecured Notes due in 2028. On September 10, 2021, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in 2028 (the "2028 Notes”) in a registered public offering and received $499.6 million of net proceeds from the issuance. The 2028 Notes were issued at 99.928% of the principal amount, which resulted in a discount of $0.4 million. The 2028 Notes mature in September 2028 and bear interest at an annual rate of 1.900%. Interest on the 2028 Notes is payable semi-annually on March 15th and September 15th each year. On or after July 15, 2028 (two months prior to their maturity date), the Company may redeem the 2028 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2028 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase

the 2028 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

2.55% Senior Unsecured Notes due in 2031. On March 8, 2021, the Company issued $400.0 million aggregate principal amount of senior unsecured notes due in 2031 (the "March 2031 Notes”) in a registered public offering and received $399.9 million of net proceeds from the issuance. The March 2031 Notes were issued at 99.965% of the principal amount, which resulted in a discount of $0.1 million. The March 2031 Notes mature in March 2031 and bear interest at an annual rate of 2.55%. Interest on the March 2031 Notes is payable semi-annually on March 15th and September 15th each year. Prior to December 15, 2030 (three months prior to their maturity date), the Company may redeem the March 2031 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to the greater of (1) 100% of the principal amount of the March 2031 Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued but unpaid as of the date of redemption) assuming that the March 2031 Notes matured on December 15, 2030, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the indenture governing the March 2031 Notes) plus 15 basis points, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. At any time on or after December 15, 2030, the Company may redeem the March 2031 Notes, in whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the March 2031 Notes due to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the March 2031 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the March 2031 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

2.250% Senior Unsecured Notes due in 2031. On September 10, 2021, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due in September 2031 (the "September 2031 Notes”) in a registered public offering and received $498.5 million of net proceeds from the issuance. The September 2031 Notes were issued at 99.697% of the principal amount, which resulted in a discount of $1.5 million. The September 2031 Notes mature in September 2031 and bear interest at an annual rate of 2.250%. Interest on the September 2031 Notes is payable semi-annually on March 15th and September 15th each year. On or after June 15, 2031 (three months prior to their maturity date), the Company may redeem the September 2031 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the September 2031 Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the September 2031 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the September 2031 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of repurchase.

3.625% Senior Unsecured Notes due in 2051. On March 8, 2021, the Company issued $400.0 million aggregate principal amount of senior unsecured notes due in 2051 (the "2051 Notes”) in a registered public offering and received $400.00 million of net proceeds from the issuance. The 2051 Notes were issued at 99.999% of the principal amount, which resulted in a discount of $4,000. The 2051 Notes mature in March 2051 and bear interest at an annual rate of 3.625%. Interest on the 2051 Notes is payable semi-annually on March 15th and September 15th each year. Prior to September 15, 2050 (six months prior to their maturity date), the Company may redeem the 2051 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to the greater of (1) 100% of the principal amount of the 2051 Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued but unpaid as of the date of redemption) assuming that the 2051 Notes matured on September 15, 2050, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the indenture governing the 2051 Notes) plus 20 basis points, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. At any time on or after September 15, 2050, the Company may redeem the 2051 Notes, in whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the 2051 Notes due to be redeemed plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indenture governing the 2051 Notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the 2051 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

XML

Earnings Per Share

9 Months Ended

Oct. 03, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareBasic 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 3, 2021	October 4, 2020	October 3, 2021	October 4, 2020
	(In thousands)
Number of common shares—basic	114,508	111,684	112,836	111,378
Effect of dilutive securities:
Stock options	365	477	367	476
Restricted stock awards	149	131	104	81
Number of common shares—diluted	115,022	112,292	113,307	111,935
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	90	—	237	294

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.

XML

Industry Segment Information

9 Months Ended

Oct. 03, 2021

Segment Reporting [Abstract]

Industry Segment Information

Segment Information

The Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1 to the audited consolidated financial statements in the 2020 Form 10-K.

The principal products and services of the Company's two operating segments are:

•Discovery & Analytical Solutions. Provides products and services targeted towards the life sciences and applied markets.

•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the reproductive health, immunodiagnostics and applied genomics markets. The Diagnostics segment serves the diagnostics market.

The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments.

Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: 

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	318,456	$	245,556	$	903,796	$	686,529
Service revenue	194,423		178,067		576,521		526,491
Total revenue	512,879		423,623		1,480,317		1,213,020
Operating income from continuing operations	7,146		42,689		114,248		110,632
Diagnostics
Product revenue	467,413		491,290		1,461,384		1,077,352
Service revenue	186,392		49,112		761,143		137,767
Total revenue	653,805		540,402		2,222,527		1,215,119
Operating income from continuing operations	237,903		223,819		965,650		413,710
Corporate
Operating loss from continuing operations	(23,079)		(18,502)		(57,664)		(56,015)
Continuing Operations
Product revenue	785,869		736,846		2,365,180		1,763,881
Service revenue	380,815		227,179		1,337,664		664,258
Total revenue	1,166,684		964,025		3,702,844		2,428,139
Operating income from continuing operations	221,970		248,006		1,022,234		468,327
Interest and other expense, net (see Note 5)	60,302		14,249		54,027		35,054
Income from continuing operations before income taxes	$	161,668	$	233,757	$	968,207	$	433,273

XML

Stockholders' Equity

9 Months Ended

Oct. 03, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

The components of accumulated other comprehensive loss consisted of the following:

	October 3, 2021		January 3, 2021
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(145,276)	$	(30,937)
Unrecognized prior service costs, net of income taxes	(747)		(747)
Unrealized net losses on securities, net of income taxes	(173)		(277)
Accumulated other comprehensive loss	$	(146,196)	$	(31,961)

Stock Repurchases:

On July 31, 2020, the Company's Board of Directors (the "Board") authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on July 27, 2022 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the nine months ended October 3, 2021, the Company repurchased 433,000 shares of common stock under the Repurchase Program for an aggregate cost of $62.6 million. As of October 3, 2021, $187.4 million remained available for aggregate repurchases of shares under the 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 3, 2021, the Company repurchased 512 shares of common stock for this purpose at an aggregate cost of $0.1 million. During the nine months ended October 3, 2021, the Company repurchased 70,925 shares of common stock for this purpose at an aggregate cost of $10.4 million. The

repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2021 and in each quarter of fiscal year 2020. At October 3, 2021, the Company had accrued $8.8 million for dividends declared on July 23, 2021 for the third quarter of fiscal year 2021 that will be paid on November 12, 2021. On October 27, 2021, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2021 that will be payable in February 2022. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

XML

Stock Plans

9 Months Ended

Oct. 03, 2021

Share-based Payment Arrangement [Abstract]

Stock Plans

Stock Plans

The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three and nine months ended October 3, 2021 and October 4, 2020:

	Three Months Ended
	October 3, 2021		October 4, 2020
	(In thousands)
Cost of revenue	$	692	$	253
Research and development expenses	366		316
Selling, general and administrative expenses	6,146		9,034
Total stock-based compensation expense	$	7,204	$	9,603

The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $4.1 million and $2.2 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. Stock-based compensation costs capitalized as part of inventory were $0.5 million and $0.3 million as of October 3, 2021 and October 4, 2020, respectively.

Stock Options: The fair value of each option grant is estimated using the Black-Scholes option pricing model. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:

	Three and Nine Months Ended
	October 3, 2021		October 4, 2020
Risk-free interest rate	0.6	%	0.9	%
Expected dividend yield	0.2	%	0.3	%
Expected term	5 years		5 years
Expected stock volatility	27.3	%	23.8	%

The following table summarizes stock option activity for the nine months ended October 3, 2021:

	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual  Term	Total Intrinsic Value
	(In thousands)			(In years)	(In millions)
Outstanding at January 3, 2021	961	$	74.40
Granted	162	134.53
Exercised	(96)	53.98
Forfeited	(7)	88.54
Outstanding at October 3, 2021	1,020	$	85.78	4.3	$	46.2
Exercisable at October 3, 2021	640	$	72.63	3.2	$	36.7

The weighted-average per-share grant-date fair value of options granted during the nine months ended October 3, 2021 and October 4, 2020 was $65.80 and $18.98. The total intrinsic value of options exercised during the three and nine months ended October 3, 2021 and October 4, 2020 was $9.5 million and $7.8 million, respectively. Cash received from option exercises for the nine months ended October 3, 2021 and October 4, 2020 was $5.0 million and $1.1 million, respectively.

The total compensation expense recognized related to the Company’s outstanding options was $0.9 million and $0.8 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively.

There was $8.9 million of total unrecognized compensation cost related to nonvested stock options granted as of October 3, 2021. This cost is expected to be recognized over a weighted-average period of 2.3 years.

Restricted Stock Awards: The following table summarizes restricted stock award activity for the nine months ended October 3, 2021:

	Number of Shares	Weighted- Average Grant- Date Fair Value
	(In thousands)
Nonvested at January 3, 2021	296	$	85.67
Granted	102	129.27
Vested	(102)	83.16
Forfeited	(5)	86.90
Nonvested at October 3, 2021	291	$	101.83

The fair value of restricted stock awards vested during the three and nine months ended October 3, 2021 and October 4, 2020 was $8.5 million and $1.4 million, respectively. The total compensation expense recognized related to the Company’s outstanding restricted stock awards was $2.8 million and $2.7 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively.

As of October 3, 2021, there was $23.4 million of total unrecognized compensation cost related to nonvested restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.8 years.

Performance Restricted Stock Units: As part of the Company's executive compensation program, the Company granted 77,373 performance restricted stock units during the nine months ended October 3, 2021 that will vest based on performance of the Company. The weighted-average per-share grant date fair value of performance restricted stock units granted during the nine months ended October 3, 2021 was $113.44. During the nine months ended October 3, 2021, no performance restricted stock units were forfeited. The total compensation expense recognized related to performance restricted stock units was $1.4 million and $2.0 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. As of October 3, 2021, there were 128,386 performance restricted stock units outstanding.

Performance Units: No performance units were granted during the nine months ended October 3, 2021. During the nine months ended October 3, 2021, no performance units were forfeited. The total compensation expense (income) recognized related to performance units was $0.1 million and $3.3 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. As of October 3, 2021, there were no performance units outstanding.

Stock Awards: The Company’s stock award program provides an annual equity award to non-employee directors. During the nine months ended October 3, 2021, the Company awarded no shares to non-employee directors. The total compensation expense recognized related to the stock awards were minimal for the nine months ended October 4, 2020.

Employee Stock Purchase Plan: During the nine months ended October 3, 2021, the Company issued 58 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $136.33 per share. During the nine months ended October 4, 2020, the Company issued 13,612 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $92.25 per share. At October 3, 2021, an aggregate of 0.8 million shares of the Company’s common stock remained available for sale to employees out of the 5.0 million shares authorized by shareholders for issuance under this plan.

XML

Goodwill and Intangible Assets, Net

9 Months Ended

Oct. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

The Company tests goodwill and non-amortizing intangible assets at least annually for possible impairment. Accordingly, the Company completes the annual testing of impairment for goodwill and non-amortizing intangible assets on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill or non-amortizing intangible assets.

The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units as of January 4, 2021, its annual impairment testing date for fiscal year 2021. The Company concluded that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20% for each reporting unit, except for the Company's Tulip reporting unit which had a fair value that was between 10% and 20% more than its carrying value. The range of the long-term terminal growth rates for the Company’s reporting units was 3% to 5% for the fiscal year 2021 impairment analysis. The range for the discount rates for the reporting units was 8.0% to 12.5%. Keeping all other variables constant, a 10% change in any one of these input assumptions for the various reporting units, except for the Tulip reporting unit, would still allow the Company to conclude that there was no impairment of goodwill. As of January 4, 2021, the Company's Tulip reporting unit, which had a goodwill balance of $77.8 million, was at increased risk of an impairment charge given its ongoing weakness due to the impact of COVID-19; however, it is currently performing according to plan.

The Company has consistently employed the income approach to estimate the current fair value when testing for impairment of goodwill. A number of significant assumptions and estimates are involved in the application of the income approach to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, tax rates, capital spending, discount rates and working capital changes. Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and historical relationships in later years. The income approach is sensitive to changes in long-term terminal growth rates and the discount rates. The long-term terminal growth rates are consistent with the Company’s historical long-term terminal growth rates, as the current economic trends are not expected to affect the long-term terminal growth rates of the Company. The Company corroborates the income approach with a market approach.

Non-amortizing intangibles are also subject to an annual impairment test. The Company has consistently employed the relief from royalty model to estimate the current fair value when testing for impairment of non-amortizing intangible assets. The impairment test consists of a comparison of the fair value of the non-amortizing intangible asset with its carrying amount. If the carrying amount of a non-amortizing intangible asset exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of the amortizing intangible asset. In addition, the Company evaluates the remaining useful life of its non-amortizing intangible asset at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful life of the Company's non-amortizing intangible asset is no longer indefinite, the asset will be tested for impairment. This intangible asset will then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization. The Company performed its annual impairment testing as of January 4, 2021 and concluded that there was no impairment of its non-amortizing intangible asset. An assessment of the recoverability of amortizing intangible assets takes place when events have occurred that may give rise to an impairment. No such events occurred during the first nine months of fiscal year 2021.

The changes in the carrying amount of goodwill for the nine months ended October 3, 2021 were as follows:

	Discovery & Analytical Solutions		Diagnostics		Consolidated
	(In thousands)
Balance at January 3, 2021	$	1,755,887	$	1,691,227	$	3,447,114
Foreign currency translation	(35,336)		(34,507)		(69,843)
Acquisitions, earn-outs and other	3,720,017		322,983		4,043,000
Balance at October 3, 2021	$	5,440,568	$	1,979,703	$	7,420,271

Identifiable intangible asset balances by category were as follows:

	October 3, 2021		January 3, 2021
	(In thousands)
Patents	$	31,037	$	30,855
Less: Accumulated amortization	(28,641)		(28,440)
Net patents	2,396		2,415
Trade names and trademarks	171,976		98,661
Less: Accumulated amortization	(55,853)		(48,806)
Net trade names and trademarks	116,123		49,855
Licenses	68,297		58,700
Less: Accumulated amortization	(54,069)		(52,452)
Net licenses	14,228		6,248
Core technology	1,842,229		789,799
Less: Accumulated amortization	(458,426)		(398,992)
Net core technology	1,383,803		390,807
Customer relationships	3,184,009		1,357,660
Less: Accumulated amortization	(616,332)		(522,820)
Net customer relationships	2,567,677		834,840
In-process research and development	5,925		10,944
Net amortizable intangible assets	4,090,152		1,295,109
Non-amortizing intangible asset:
Trade name	70,584		70,584
Total	$	4,160,736	$	1,365,693

Total amortization expense related to definite-lived intangible assets was $71.0 million and $184.7 million for the three and nine months ended October 3, 2021, respectively, and $48.9 million and $142.9 million for the three and nine months ended October 4, 2020, respectively. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $101.1 million for the remainder of fiscal year 2021, $414.3 million for fiscal year 2022, $403.1 million for fiscal year 2023, $390.9 million for fiscal year 2024, and $363.3 million for fiscal year 2025

XML

Warranty Reserves

9 Months Ended

Oct. 03, 2021

Product Warranties Disclosures [Abstract]

Warranty Reserves

Warranty Reserves

The Company provides warranty protection for certain products usually for a period of one year beyond the date of sale. The majority of costs associated with warranty obligations include the replacement of parts and the time for service personnel to respond to repair and replacement requests. A warranty reserve is recorded based upon historical results, supplemented by management’s expectations of future costs. Warranty reserves are included in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets.

A summary of warranty reserve activity is as follows:

	Three Months Ended
	October 3, 2021		October 4, 2020
	(In thousands)
Balance at beginning of period	$	12,073	$	8,812
Provision charged to income	3,691		2,712
Payments	(6,182)		(3,266)
Adjustments to previously provided warranties, net	2,455		1,052
Foreign currency translation and acquisitions	(190)		(269)
Balance at end of period	$	11,847	$	9,041

XML

Employee Benefit Plans

9 Months Ended

Oct. 03, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Postretirement Benefit Plans

The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans:

	Defined Benefit Pension Benefits				Postretirement Medical Benefits
	Three Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Service and administrative costs	$	1,338	$	1,688	$	15	$	18
Interest cost	2,376		3,138		17		23
Expected return on plan assets	(6,121)		(5,371)		(397)		(347)
Net periodic pension credit	$	(2,407)	$	(545)	$	(365)	$	(306)
	Defined Benefit Pension Benefits				Postretirement Medical Benefits
	Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Service and administrative costs	$	2,672	$	3,595	$	29	$	36
Interest cost	4,753		6,282		34		47
Expected return on plan assets	(12,248)		(10,755)		(794)		(694)
Net periodic benefit credit	$	(4,823)	$	(878)	$	(731)	$	(611)

During the nine months ended October 3, 2021 and October 4, 2020, the Company contributed $5.5 million and $5.2 million, respectively, in the aggregate, to pension plans outside of the United States. During the nine months ended October 3, 2021, the Company contributed $20.0 million to its defined benefit pension plan in the United States for the plan year 2019.

The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in the fourth quarter of the year in which the gains and losses occur, in accordance with the Company's accounting method for defined benefit pension plans and other postretirement benefits as described in Note 1 of the Company's audited consolidated financial statements and notes included in its 2020 Form 10-K. Such adjustments for gains and losses are primarily driven by events and circumstances beyond the Company's control, including changes in interest rates, the performance of the financial markets and mortality assumptions. Service costs for plans in active accrual are included in operating expenses.

XML

Derivatives And Hedging Activities

9 Months Ended

Oct. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Derivatives and Hedging ActivitiesThe 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. Approximately 70% 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 Australian Dollar, British Pound, Euro, Indian Rupee, Singapore Dollar and Swedish Krona. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $398.6 million, $808.0 million and $406.3 million at October 3, 2021, January 3, 2021 and October 4, 2020, 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 3, 2021 and October 4, 2020.

In addition, in connection with certain intercompany loan agreements utilized to finance its acquisitions and stock repurchase program, the Company enters into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies. The Company records these hedges at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from financing activities within the Company’s condensed consolidated statement of cash flows.

The outstanding forward exchange contracts designated as economic hedges, which were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined U.S. Dollar notional amounts of $548.7 million as of October 3, 2021, combined Euro notional amounts of €33.4 million and combined U.S. Dollar notional amounts of $499.0 million as of January 3, 2021, and combined U.S. Dollar notional amounts of $156.2 million as of October 4, 2020. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the three and nine months ended October 3, 2021 and October 4, 2020. The Company received $2.9 million and paid $2.1 million during the nine months ended October 3, 2021 and October 4, 2020, respectively, from the settlement of these hedges.

During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income ("AOCI"), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of October 3, 2021, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €299.7 million. The unrealized foreign exchange (gains) losses recorded in AOCI related to the net investment hedge were $(7.5) million and $(26.6) million for the three and nine months ended October 3, 2021, respectively, and $23.4 million and $24.8 million for the three and nine months ended October 4, 2020, respectively.

During fiscal year 2019, the Company entered into a cross-currency swap designated as a net investment hedge to hedge the Euro currency exposure of the Company’s net investment in certain foreign subsidiaries. This agreement is a contract to exchange fixed-rate payments in one currency for fixed-rate payments in another currency. Changes in the fair value of this swap are recorded in equity as a component of AOCI in the same manner as foreign currency translation adjustments. In assessing the effectiveness of this hedge, the Company uses a method based on changes in spot rates to measure the impact of the foreign currency exchange rate fluctuations on both its foreign subsidiary net investment and the related swap. Under this method, changes in the fair value of the hedging instrument other than those due to changes in the spot rate are initially recorded in AOCI as a translation adjustment, and then are amortized into other (income) expense, net in the condensed consolidated statement of operations using a systematic and rational method over the instrument’s term. Changes in the fair value associated with the effective portion (i.e. those changes due to the spot rate) are recorded in AOCI as a translation adjustment and are released and recognized in earnings only upon the sale or liquidation of the hedged net investment. The cross-currency swap has an initial notional value of €197.4 million, or $220.0 million, and matures on November 15, 2021.

Interest on the cross-currency swap is payable semi-annually, in Euro, on May 15th and November 15th of each year based on the Euro notional value and a fixed rate of 2.47%. The Company receives interest in U.S. dollars on May 15th and November 15th of each year based on the U.S. dollar equivalent of the Euro notional value and a fixed rate of 5.00%. At October 3, 2021, the fair value of the cross-currency swap was a $8.5 million loss, which was recorded in AOCI.

During fiscal year 2020, the Company entered into a forward foreign exchange contracts, designated as cash flow hedges, to hedge the 2021 Notes. The effective portion of the gain or loss of the cash flow hedges were reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affected earnings. During the second quarter of fiscal year 2021, the Company redeemed all of its outstanding 2021 Notes and settled the forward foreign exchange contracts that were designated as cash flow hedges. The unrealized foreign exchange losses (gains) recorded in earnings related to the cash flow hedges were $9.5 million for the nine months ended October 3, 2021, and $(10.5) million and $(14.3) million for each of the three and nine months ended October 4, 2020.

During fiscal year 2021, the Company entered into forward foreign exchange contracts, designated as a cash flow hedge, to hedge a portion of the 2026 Notes. The effective portion of the gain or loss of the cash flow hedge will be reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affects earnings. As of October 3, 2021, the total notional amount of the forward foreign exchange contracts that was designated as cash flow hedges was €197.4 million. The unrealized foreign exchange losses recorded in earnings related to the cash flow hedge were $5.0 million and $4.2 million for the three and nine months ended October 3, 2021.

On July 26, 2021, the Company entered into two interest rate swaption agreements (together, the “Swaptions”) with expiration dates of September 30, 2021 in anticipation of issuing notes to fund the acquisition of BioLegend. The first swaption had a term of 2 months and hedged an anticipated 10-year note offering, with a notional value of $500.0 million. The second swaption had a term of 2 months and hedged an anticipated 7-year note offering, with a notional value of $500.0 million. The Company designated the Swaptions as qualifying hedging instruments and accounted for these derivatives as cash flow hedges.

On September 8, 2021, the Company sold both swaptions, and as a result, recognized a loss of $8.2 million in interest and other expense, net for the three and nine months ended October 3, 2021. The Company also recorded other comprehensive income of $3.8 million, which will be amortized to interest and other expense (income), net over the 7 and 10 year terms, respectively of the related permanent financing.

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.

XML

Fair Value Measurements

9 Months Ended

Oct. 03, 2021

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 3, 2021.

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 3, 2021. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value.

Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible.

The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of October 3, 2021 and January 3, 2021 classified in one of the three classifications described above:

			Fair Value Measurements at October 3, 2021 Using:
	Total Carrying Value at October 3, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	45,744	$	45,744	$	—	$	—
Foreign exchange derivative assets	808		—		808		—
Foreign exchange derivative liabilities	(21,294)		—		(21,294)		—
Contingent consideration	(37,225)		—		—		(37,225)

			Fair Value Measurements at January 3, 2021 Using:
	Total Carrying Value at January 3, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
	(In thousands)
Marketable securities	$	2,154	$	2,154	$	—	$	—
Foreign exchange derivative assets	31,248		—		31,248		—
Foreign exchange derivative liabilities	(21,413)		—		(21,413)		—
Contingent consideration	(2,953)		—		—		(2,953)

Level 1 and Level 2 Valuation Techniques:    The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity and fixed-income securities as well as derivative contracts. For financial assets and liabilities that utilize Level 1 and Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including common stock price quotes, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities.

Marketable securities:    Include equity and fixed-income securities measured at fair value using the quoted market prices in active markets at the reporting date.

Foreign exchange derivative assets and liabilities:    Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both October 3, 2021 and January 3, 2021, none of the master netting arrangements involved collateral.

Level 3 Valuation Techniques:    The Company’s Level 3 liabilities are comprised of contingent consideration related to acquisitions. For liabilities that utilize Level 3 inputs, the Company uses significant unobservable inputs. Below is a summary of valuation techniques for Level 3 liabilities.

Contingent consideration:    Contingent consideration is measured at fair value at the acquisition date using projected milestone dates, discount rates, probabilities of success and projected revenues (for revenue-based considerations). Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model.

The fair values of contingent consideration are calculated on a quarterly basis based on a collaborative effort of the Company’s operations, finance and accounting groups, as appropriate. Potential valuation adjustments are made as additional information becomes available, including the progress towards achieving the revenue targets as compared to initial projections, with the impact of such adjustments being recorded in the Company's consolidated statements of operations.

As of October 3, 2021, the Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $90.7 million. The expected maximum earnout period for the acquisitions with open contingency periods does not exceed 7.2 years from October 3, 2021, and the remaining weighted average expected earnout period at October 3, 2021 was 6.8 years.

A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows:

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Balance at beginning of period	$	(3,334)	$	(13,726)	$	(2,953)	$	(35,481)
Additions	(33,431)		—		(33,431)		—
Amounts paid and foreign currency translation	615		(144)		711		10,165
Reclassified to other current liabilities for achieved milestones	—		13,692		—		13,692
Change in fair value (included within selling, general and administrative expenses)	(1,075)		(2,639)		(1,552)		8,807
Balance at end of period	$	(37,225)	$	(2,817)	$	(37,225)	$	(2,817)

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these assets and liabilities. If measured at fair value, cash and cash equivalents would be classified as Level 1.

The Company's outstanding senior unsecured notes had a fair value of $4,675.9 million and a carrying value of $4,487.1 million as of October 3, 2021. The Company's outstanding senior unsecured notes had a fair value of $1,984.3 million and a carrying value of $1,811.5 million as of January 3, 2021. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements.

The Company’s other debt facilities, including the Company's senior revolving and term loan credit facilities, had an aggregate carrying value of $616.5 million and $179.1 million as of October 3, 2021 and January 3, 2021, respectively. As of October 3, 2021, these included bank loans in the aggregate amount of $9.6 million bearing fixed interest rates between 1.1% and 8.9% and a bank loan in the amount of $0.02 million bearing a variable interest rate based on the Euribor rate plus a margin of 1.5%. The Company had no change in credit standing during the first nine months of fiscal year 2021. Consequently, the carrying value approximates fair value and were classified as Level 2.

As of October 3, 2021, there has not been any significant impact to the fair value of the Company’s derivative liabilities due to credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on the evaluation of its counterparties’ credit risks.

XML

Contingencies

9 Months Ended

Oct. 03, 2021

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 $12.2 million and $12.9 million as of October 3, 2021 and January 3, 2021, 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 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 3, 2021 would not have a material adverse effect on the Company’s condensed 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.

XML

Basis of Presentation (Policies)

9 Months Ended

Oct. 03, 2021

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations.

In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions and adds guidance to reduce complexity in accounting for income taxes. Specifically, this guidance: (1) removes the intraperiod tax allocation exception to the incremental approach; (2) removes the ownership changes in investments exception in determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting and applies this provision on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at the beginning of the period of adoption; and (3) removes the exception to using the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies accounting principles by making other changes, including requiring an entity to: (1) evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction; (2) make a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and to apply this provision retrospectively to all periods presented; and (3) recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and apply this provision either retrospectively for all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The provisions of this guidance (except as specifically mentioned above) are to be applied prospectively upon their effective date. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years. In accordance with ASU 2019-12, the Company adopted the guidance beginning on January 4, 2021. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows.

XML

Revenue (Tables)

9 Months Ended

Oct. 03, 2021

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments' revenue.

	Reportable Segments
	Three Months Ended
	October 3, 2021						October 4, 2020
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	217,117	$	280,367	$	497,484	$	173,992	$	213,347	$	387,339
Europe	135,940		220,264		356,204		115,281		198,205		313,486
Asia	159,822		153,174		312,996		134,350		128,850		263,200
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025
Primary end-markets
Diagnostics	$	—	$	653,805	$	653,805	$	—	$	540,402	$	540,402
Life sciences	320,067		—		320,067		251,929		—		251,929
Applied markets	192,812		—		192,812		171,694		—		171,694
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025
Timing of revenue recognition
Products and services transferred at a point in time	$	374,147	$	554,332	$	928,479	$	293,460	$	518,867	$	812,327
Services transferred over time	138,732		99,473		238,205		130,163		21,535		151,698
	$	512,879	$	653,805	$	1,166,684	$	423,623	$	540,402	$	964,025

	Reportable Segments
	Nine Months Ended
	October 3, 2021						October 4, 2020
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	599,170	$	1,049,659	$	1,648,829	$	503,490	$	475,113	$	978,603
Europe	416,974		732,784		1,149,758		337,435		429,671		767,106
Asia	464,173		440,084		904,257		372,095		310,335		682,430
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139
Primary end-markets
Diagnostics	$	—	$	2,222,527	$	2,222,527	$	—	$	1,215,119	$	1,215,119
Life sciences	905,949		—		905,949		734,782		—		734,782
Applied markets	574,368		—		574,368		478,238		—		478,238
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139
Timing of revenue recognition
Products and services transferred at a point in time	$	1,079,119	$	1,676,041	$	2,755,160	$	827,270	$	1,149,166	$	1,976,436
Services transferred over time	401,198		546,486		947,684		385,750		65,953		451,703
	$	1,480,317	$	2,222,527	$	3,702,844	$	1,213,020	$	1,215,119	$	2,428,139

XML

Business Combinations (Tables)

9 Months Ended

Oct. 03, 2021

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition1 [Table Text Block]

The total purchase price for the acquisitions in fiscal year 2020 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows:

	Preliminary
	(In thousands)
Fair value of business combination:
Cash payments	$	437,661
Other liability	1,660
Working capital and other adjustments	(384)
Less: cash acquired	(26,840)
Total	$	412,097
Identifiable assets acquired and liabilities assumed:
Current assets	$	35,532
Property, plant and equipment	20,302
Other assets	18,114
Identifiable intangible assets:
Core technology	65,730
Trade names	5,580
Customer relationships	108,523
In-process research and development ("IPR&D")	10,700
Goodwill	221,960
Deferred taxes	(27,142)
Deferred revenue	(2,031)
Liabilities assumed	(45,171)
Total	$	412,097

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma information presents the combined financial results for the Company and BioLegend as if the acquisition of BioLegend had been completed at the beginning of fiscal year 2020:

	Nine Months Ended		Fiscal Year Ended
	October 3, 2021		January 3, 2021
	(In millions, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	3,943	$	4,025
Income from continuing operations	797		552
Basic earnings per share:
Income from continuing operations	$	6.28	$	4.39
Diluted earnings per share:
Income from continuing operations	$	6.26	$	4.37

XML

Restructuring and Lease Charges, Net (Tables)

9 Months Ended

Oct. 03, 2021

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Plan Activity [Table Text Block]

The following table summarizes the reductions in headcount, the initial restructuring or contract termination charges by reporting segment, and the dates by which payments were substantially completed, or the dates by which payments are expected to be substantially completed, for restructuring actions implemented during fiscal years 2021 and 2020 in continuing operations:

	Workforce Reductions					Closure of Excess Facility				Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics				Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2021 Plan	39	$	420	$	366	$	—	$	—	$	786	Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—		1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—		5,556		Q4 FY2021	—
Q3 2020 Plan	23	2,080		901		—		—		2,981		Q2 FY2021	—
Q1 2020 Plan	32	2,312		1,134		92		682		4,220		Q4 FY2020	Q1 FY2022

XML

Interest and Other Expense (Income), Net (Tables)

9 Months Ended

Oct. 03, 2021

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 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Interest income	$	(544)	$	(205)	$	(1,322)	$	(662)
Interest expense including costs of bridge financing	43,531		12,057		74,407		37,308
Change in fair value of financial securities	19,365		—		(8,566)		—
Other (income) expense, net	(2,050)		2,397		(10,492)		(1,592)
Total interest and other expense, net	$	60,302	$	14,249	$	54,027	$	35,054

XML

Inventories, Net (Tables)

9 Months Ended

Oct. 03, 2021

Inventory Disclosure [Abstract]

Schedule of Net Inventories

Inventories consisted of the following:

	October 3, 2021		January 3, 2021
	(In thousands)
Raw materials	$	217,175	$	205,022
Work in progress	72,988		35,160
Finished goods	355,256		274,385
Total inventories	$	645,419	$	514,567

XML

Debt (Tables)

9 Months Ended

Oct. 03, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt consisted of the following:

	October 3, 2021
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	111,962	$	—	$	(4,075)	$	107,887
Unsecured Term Loan Credit Facility	500,000		—		(1,069)		498,931
0.550% Senior Unsecured Notes due in 2023	500,000		(174)		(2,849)		496,977
0.850% Senior Unsecured Notes due in 2024	800,000		(485)		(5,964)		793,551
1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")	579,750		(2,715)		(2,406)		574,629
1.900% Senior Unsecured Notes due in 2028	500,000		(357)		(4,788)		494,855
3.3% Senior Unsecured Notes due in 2029 ("2029 Notes")	850,000		(2,299)		(6,363)		841,338
2.55% Senior Unsecured Notes due in 2031	400,000		(128)		(3,351)		396,521
2.250% Senior Unsecured Notes due in 2031	500,000		(1,508)		(4,927)		493,565
3.625% Senior Unsecured Notes due in 2051	400,000		(4)		(4,324)		395,672
Other Debt Facilities, non-current	5,151		—		—		5,151
Total Long-Term Debt	$	5,146,863	$	(7,670)	$	(40,116)	$	5,099,077
Current Portion of Long-term Debt:
Other Debt Facilities, current	4,485		—		—		4,485
Total	$	5,151,348	$	(7,670)	$	(40,116)	$	5,103,562

	January 3, 2021
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	158,595	$	—	$	(2,621)	$	155,974
2026 Notes	610,750		(3,253)		(2,782)		604,715
2029 Notes	850,000		(2,496)		(6,908)		840,596
Other Debt Facilities, non-current	8,416		—		—		8,416
Total Long-Term Debt	$	1,627,761	$	(5,749)	$	(12,311)	$	1,609,701
Current Portion of Long-term Debt:
0.6% Senior Unsecured Notes due in 2021 ("2021 Notes")	366,450		(16)		(229)		366,205
Other Debt Facilities, current	14,743		—		—		14,743
Total	$	2,008,954	$	(5,765)	$	(12,540)	$	1,990,649

XML

Earnings Per Share (Tables)

9 Months Ended

Oct. 03, 2021

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 3, 2021	October 4, 2020	October 3, 2021	October 4, 2020
	(In thousands)
Number of common shares—basic	114,508	111,684	112,836	111,378
Effect of dilutive securities:
Stock options	365	477	367	476
Restricted stock awards	149	131	104	81
Number of common shares—diluted	115,022	112,292	113,307	111,935
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	90	—	237	294

XML

Industry Segment Information (Tables)

9 Months Ended

Oct. 03, 2021

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 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	318,456	$	245,556	$	903,796	$	686,529
Service revenue	194,423		178,067		576,521		526,491
Total revenue	512,879		423,623		1,480,317		1,213,020
Operating income from continuing operations	7,146		42,689		114,248		110,632
Diagnostics
Product revenue	467,413		491,290		1,461,384		1,077,352
Service revenue	186,392		49,112		761,143		137,767
Total revenue	653,805		540,402		2,222,527		1,215,119
Operating income from continuing operations	237,903		223,819		965,650		413,710
Corporate
Operating loss from continuing operations	(23,079)		(18,502)		(57,664)		(56,015)
Continuing Operations
Product revenue	785,869		736,846		2,365,180		1,763,881
Service revenue	380,815		227,179		1,337,664		664,258
Total revenue	1,166,684		964,025		3,702,844		2,428,139
Operating income from continuing operations	221,970		248,006		1,022,234		468,327
Interest and other expense, net (see Note 5)	60,302		14,249		54,027		35,054
Income from continuing operations before income taxes	$	161,668	$	233,757	$	968,207	$	433,273

XML

Stockholders' Equity (Tables)

9 Months Ended

Oct. 03, 2021

Stockholders' Equity Note [Abstract]

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss consisted of the following:

	October 3, 2021		January 3, 2021
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(145,276)	$	(30,937)
Unrecognized prior service costs, net of income taxes	(747)		(747)
Unrealized net losses on securities, net of income taxes	(173)		(277)
Accumulated other comprehensive loss	$	(146,196)	$	(31,961)

XML

Stock Plans (Tables)

9 Months Ended

Oct. 03, 2021

Share-based Payment Arrangement [Abstract]

Summary of Total Compensation Recognized Related to Outstanding Equity Awards

The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three and nine months ended October 3, 2021 and October 4, 2020:

	Three Months Ended
	October 3, 2021		October 4, 2020
	(In thousands)
Cost of revenue	$	692	$	253
Research and development expenses	366		316
Selling, general and administrative expenses	6,146		9,034
Total stock-based compensation expense	$	7,204	$	9,603

The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $4.1 million and $2.2 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. Stock-based compensation costs capitalized as part of inventory were $0.5 million and $0.3 million as of October 3, 2021 and October 4, 2020, respectively.

Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model

The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:

	Three and Nine Months Ended
	October 3, 2021		October 4, 2020
Risk-free interest rate	0.6	%	0.9	%
Expected dividend yield	0.2	%	0.3	%
Expected term	5 years		5 years
Expected stock volatility	27.3	%	23.8	%

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended October 3, 2021:

	Number of Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual  Term	Total Intrinsic Value
	(In thousands)			(In years)	(In millions)
Outstanding at January 3, 2021	961	$	74.40
Granted	162	134.53
Exercised	(96)	53.98
Forfeited	(7)	88.54
Outstanding at October 3, 2021	1,020	$	85.78	4.3	$	46.2
Exercisable at October 3, 2021	640	$	72.63	3.2	$	36.7

Summary of Restricted Stock Award Activity

The following table summarizes restricted stock award activity for the nine months ended October 3, 2021:

	Number of Shares	Weighted- Average Grant- Date Fair Value
	(In thousands)
Nonvested at January 3, 2021	296	$	85.67
Granted	102	129.27
Vested	(102)	83.16
Forfeited	(5)	86.90
Nonvested at October 3, 2021	291	$	101.83

XML

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Oct. 03, 2021

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 3, 2021 were as follows:

	Discovery & Analytical Solutions		Diagnostics		Consolidated
	(In thousands)
Balance at January 3, 2021	$	1,755,887	$	1,691,227	$	3,447,114
Foreign currency translation	(35,336)		(34,507)		(69,843)
Acquisitions, earn-outs and other	3,720,017		322,983		4,043,000
Balance at October 3, 2021	$	5,440,568	$	1,979,703	$	7,420,271

Identifiable Intangible Asset Balances

Identifiable intangible asset balances by category were as follows:

	October 3, 2021		January 3, 2021
	(In thousands)
Patents	$	31,037	$	30,855
Less: Accumulated amortization	(28,641)		(28,440)
Net patents	2,396		2,415
Trade names and trademarks	171,976		98,661
Less: Accumulated amortization	(55,853)		(48,806)
Net trade names and trademarks	116,123		49,855
Licenses	68,297		58,700
Less: Accumulated amortization	(54,069)		(52,452)
Net licenses	14,228		6,248
Core technology	1,842,229		789,799
Less: Accumulated amortization	(458,426)		(398,992)
Net core technology	1,383,803		390,807
Customer relationships	3,184,009		1,357,660
Less: Accumulated amortization	(616,332)		(522,820)
Net customer relationships	2,567,677		834,840
In-process research and development	5,925		10,944
Net amortizable intangible assets	4,090,152		1,295,109
Non-amortizing intangible asset:
Trade name	70,584		70,584
Total	$	4,160,736	$	1,365,693

XML

Warranty Reserves (Tables)

9 Months Ended

Oct. 03, 2021

Product Warranties Disclosures [Abstract]

Warranty Reserve Activity

A summary of warranty reserve activity is as follows:

	Three Months Ended
	October 3, 2021		October 4, 2020
	(In thousands)
Balance at beginning of period	$	12,073	$	8,812
Provision charged to income	3,691		2,712
Payments	(6,182)		(3,266)
Adjustments to previously provided warranties, net	2,455		1,052
Foreign currency translation and acquisitions	(190)		(269)
Balance at end of period	$	11,847	$	9,041

XML

Employee Benefit Plans (Tables)

9 Months Ended

Oct. 03, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost (Credit)

The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans:

	Defined Benefit Pension Benefits				Postretirement Medical Benefits
	Three Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Service and administrative costs	$	1,338	$	1,688	$	15	$	18
Interest cost	2,376		3,138		17		23
Expected return on plan assets	(6,121)		(5,371)		(397)		(347)
Net periodic pension credit	$	(2,407)	$	(545)	$	(365)	$	(306)
	Defined Benefit Pension Benefits				Postretirement Medical Benefits
	Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Service and administrative costs	$	2,672	$	3,595	$	29	$	36
Interest cost	4,753		6,282		34		47
Expected return on plan assets	(12,248)		(10,755)		(794)		(694)
Net periodic benefit credit	$	(4,823)	$	(878)	$	(731)	$	(611)

XML

Fair Value Measurements (Tables)

9 Months Ended

Oct. 03, 2021

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 3, 2021 and January 3, 2021 classified in one of the three classifications described above:

			Fair Value Measurements at October 3, 2021 Using:
	Total Carrying Value at October 3, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	45,744	$	45,744	$	—	$	—
Foreign exchange derivative assets	808		—		808		—
Foreign exchange derivative liabilities	(21,294)		—		(21,294)		—
Contingent consideration	(37,225)		—		—		(37,225)

			Fair Value Measurements at January 3, 2021 Using:
	Total Carrying Value at January 3, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
	(In thousands)
Marketable securities	$	2,154	$	2,154	$	—	$	—
Foreign exchange derivative assets	31,248		—		31,248		—
Foreign exchange derivative liabilities	(21,413)		—		(21,413)		—
Contingent consideration	(2,953)		—		—		(2,953)

Reconciliation of Beginning and Ending Level 3 Net Liabilities

A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows:

	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(In thousands)
Balance at beginning of period	$	(3,334)	$	(13,726)	$	(2,953)	$	(35,481)
Additions	(33,431)		—		(33,431)		—
Amounts paid and foreign currency translation	615		(144)		711		10,165
Reclassified to other current liabilities for achieved milestones	—		13,692		—		13,692
Change in fair value (included within selling, general and administrative expenses)	(1,075)		(2,639)		(1,552)		8,807
Balance at end of period	$	(37,225)	$	(2,817)	$	(37,225)	$	(2,817)

XML

Basis of Presentation (Basis of Presentation) (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Jan. 03, 2021	Apr. 05, 2020
Basis of Presentation [Line Items]
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ (16,584)	$ 832
Operating Lease, Right-of-Use Asset	$ 208,661		$ 207,236
Accounting Standards Update 2016-02 [Member]
Basis of Presentation [Line Items]
Cumulative Effect of New Accounting Pronouncement in Period of Adoption				$ (1,328)

XML

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020	Jan. 03, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,166,684	$ 964,025	$ 3,702,844	$ 2,428,139
Contract with Customer, Asset and Liability [Abstract]
Contract with Customer, Asset, Net, Current	57,800		57,800		$ 59,500
Contract with Customer, Liability, Current	209,600		209,600		$ 238,100
Contract with Customer, Liability, Revenue Recognized			(79,800)
Unbilled Receivables Transferred To Accounts Receivables			(48,900)
Contract with Customer, Liability, Increase (Decrease)			51,300
Contract with Customer, Asset, Increase (Decrease)			47,200
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	928,479	812,327	2,755,160	1,976,436
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	238,205	151,698	947,684	451,703
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	497,484	387,339	1,648,829	978,603
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	356,204	313,486	1,149,758	767,106
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	312,996	263,200	904,257	682,430
Discovery & Analytical Solutions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	512,879	423,623	1,480,317	1,213,020
Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	374,147	293,460	1,079,119	827,270
Discovery & Analytical Solutions [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	138,732	130,163	401,198	385,750
Discovery & Analytical Solutions [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	217,117	173,992	599,170	503,490
Discovery & Analytical Solutions [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	135,940	115,281	416,974	337,435
Discovery & Analytical Solutions [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	159,822	134,350	464,173	372,095
Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	653,805	540,402	2,222,527	1,215,119
Diagnostics [Member] | Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	94,800		492,800
Diagnostics [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	554,332	518,867	1,676,041	1,149,166
Diagnostics [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	99,473	21,535	546,486	65,953
Diagnostics [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	280,367	213,347	1,049,659	475,113
Diagnostics [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	220,264	198,205	732,784	429,671
Diagnostics [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	153,174	128,850	440,084	310,335
Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	320,067	251,929	905,949	734,782
Life Sciences [Member] | Discovery & Analytical Solutions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	320,067	251,929	905,949	734,782
Life Sciences [Member] | Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	653,805	540,402	2,222,527	1,215,119
Diagnostics [Member] | Discovery & Analytical Solutions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Diagnostics [Member] | Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	653,805	540,402	2,222,527	1,215,119
Applied Markets [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	192,812	171,694	574,368	478,238
Applied Markets [Member] | Discovery & Analytical Solutions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	192,812	171,694	574,368	478,238
Applied Markets [Member] | Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 0	$ 0	$ 0

XML

Changes in Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 03, 2021	Jul. 04, 2021	Apr. 04, 2021	Oct. 04, 2020	Jul. 05, 2020	Apr. 05, 2020	Oct. 03, 2021	Oct. 04, 2020	Jan. 03, 2021	Dec. 29, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cost of Goods and Services Sold	$ (534,848)			$ (436,580)			$ (1,600,668)	$ (1,145,327)
Selling, general and administrative expenses	339,047			225,249			872,276	654,844
Research and development expenses	68,608			50,131			194,648	148,566
Restructuring and other costs, net	2,211			4,059			13,018	11,075
Operating income (loss) from continuing operations	221,970			248,006			1,022,234	468,327
Nonoperating Income (Expense)	60,302			14,249			54,027	35,054
Provision for income taxes	33,883			57,021			215,111	85,609
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	127,785			176,736			753,096	347,664
Loss on disposition of discontinued operations before income taxes	0			0			0	0
Cash and cash equivalents	487,373			258,293			487,373	258,293	$ 402,036
Accounts receivable, net	(947,805)						(947,805)		(1,155,109)
Inventories	645,419						645,419		514,567
Other current assets	(170,207)						(170,207)		(167,208)
Property, Plant and Equipment, Net	537,710						537,710		368,304
Intangible assets, net	4,160,736						4,160,736		1,365,693
Goodwill	7,420,271						7,420,271		3,447,114
Other assets, net	321,667						321,667		333,048
Assets	(14,899,849)						(14,899,849)		(7,960,315)
Current portion of long-term debt	4,485						4,485		380,948
Accounts payable	320,435						320,435		327,325
Accrued expenses and other current liabilities	820,109						820,109		943,916
Long-term debt	5,099,077						5,099,077		1,609,701
Long-term liabilities	1,512,153						1,512,153		774,531
Liabilities	7,941,264						7,941,264		4,224,823
Preferred Stock, Value, Issued	0						0		0
Common Stock, Value, Issued	126,200						126,200		112,090
Capital in excess of par value	2,742,750						2,742,750		148,101
Retained earnings	4,235,831						4,235,831		3,507,262
Accumulated other comprehensive loss	(146,196)						(146,196)		(31,961)
Stockholders' Equity Attributable to Parent	6,958,585	$ 4,239,807	$ 4,002,305	3,231,681	$ 2,967,463	$ 2,759,746	6,958,585	3,231,681	3,735,492	$ 2,813,824
Liabilities and Equity	(14,899,849)						(14,899,849)		$ (7,960,315)
Discontinued Operation, Tax Effect of Discontinued Operation	47			37			123	138
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	(47)			(37)			(123)	(138)
Net income	$ 127,738	$ 245,930	$ 379,305	$ 176,699	$ 137,162	$ 33,665	$ 752,973	$ 347,526

XML

Business Combinations (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Oct. 03, 2021 USD ($) employees	Apr. 04, 2021 USD ($)	Oct. 04, 2020 USD ($)	Oct. 03, 2021 USD ($) employees $ / shares shares	Oct. 04, 2020 USD ($)	Jan. 03, 2021 USD ($) employees $ / shares	Sep. 17, 2021 $ / shares	Jul. 04, 2021 USD ($)	Jul. 05, 2020 USD ($)	Dec. 29, 2019 USD ($)
Business Acquisition [Line Items]
Number of Years in Measurement Period from Acquisition Date to Change Underlying Assumptions				1 year
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 37,225		$ 2,817	$ 37,225	$ 2,817	$ 2,953		$ 3,334	$ 13,726	$ 35,481
Total transaction costs	(72,500)		(200)	(87,600)	(7,400)
Goodwill	7,420,271			7,420,271		3,447,114
Business Combination, Contingent Consideration, Liability, Current	4,200			4,200		2,900
Business Combination, Contingent Consideration, Liability, Noncurrent	33,000			33,000		100
Foreign Currency Transaction Gain (Loss), before Tax	1,100		1,900	500	(1,600)
Interest Expense	43,531		12,057	74,407	37,308
Business Combination, Contingent Consideration, Liability	37,200			37,200		3,000
Business Combination, Acquisition Related Costs	$ 72,500		200	$ 87,600	7,400
Oxford Immunotec [Member]
Business Acquisition [Line Items]
Entity Number of Employees | employees	275			275
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred				$ 958,915
Cash Acquired				195,010
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	$ 73,933			73,933
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	26,507			26,507
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	15,564			15,564
Cash paid to the shareholders				1,118,884
Business Combination, Consideration Transferred, Liabilities Incurred				$ 910
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				12 years 4 months 24 days
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value				$ 34,131
Goodwill	527,402			527,402
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	58,594			58,594
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 958,915			958,915
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable				$ 0
Nexcelom Bioscience [Member]
Business Acquisition [Line Items]
Entity Number of Employees | employees	130			130
BioLegend [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue				$ 3,943		4,025
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				12,100
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				6,200
Business Combination, Consideration Transferred				5,688,602
Cash Acquired				292,377
Cash Acquired from Acquisition				(292,400)
Business Acquisition, Cost of Acquired Entity, Consideration Paid in Cash				3,300,000
Business Acquisition, Cost of Acquired Entity, Consideration Paid in Common Stock				2,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	$ 184,541			184,541
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	147,200			147,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$ 9,330			$ 9,330
Entity Number of Employees | employees	700			700
Cash paid to the shareholders				$ 3,335,753
Business Combination, Consideration Transferred, Liabilities Incurred				$ 6,857
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				16 years 3 months 18 days
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value				$ 0
Goodwill	$ 3,511,498			3,511,498
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	38,240			38,240
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	5,688,602			5,688,602
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax				$ 797		$ 552
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares				$ 6,280		$ 4,390
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares				$ 6,260		$ 4,370
Foreign Currency Transaction Gain (Loss), before Tax				$ (5,400)
Interest Expense				$ 23,600
Business Acquisition, Share Price | $ / shares							$ 187.56
Stock Issued During Period, Shares, Acquisitions | shares				14,066,799
Business Combination, Acquisition Related Costs, Excluded From Proforma Income (Loss) From Continuing Operations				$ 43,200
Business Combination, Bridge Financing and Debt Pre-issuance Hedging Costs, Excluded From Proforma Income (Loss) From Continuing Operations				23,300
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable				2,638,369
Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments		$ 384
Business Combination, Consideration Transferred		412,097
Cash Acquired		(26,840)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets						$ 35,532
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						20,302
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets						$ 18,114
Cash paid to the shareholders		437,661
Business Combination, Consideration Transferred, Liabilities Incurred		1,660
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						11 years
Goodwill						$ 221,960
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt						45,171
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net						$ 412,097
Horizon Discovery Group plc [Member]
Business Acquisition [Line Items]
Entity Number of Employees | employees						400
Shandong Meizheng [Member]
Business Acquisition [Line Items]
Compensation Expense, Excluding Cost of Good and Service Sold	2,100		$ 200	13,800	$ 6,900
Diagnostics [Member]
Business Acquisition [Line Items]
Goodwill	1,979,703			1,979,703		$ 1,691,227
Discovery & Analytical Solutions [Member]
Business Acquisition [Line Items]
Goodwill	5,440,568			5,440,568		1,755,887
Core Technology [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	285,609			285,609
Core Technology [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	782,400			782,400
Core Technology [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						65,730
Customer Relationships [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	141,170			141,170
Customer Relationships [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	1,714,800			1,714,800
Customer Relationships [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						108,523
Trade Names [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	39,620			39,620
Trade Names [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 38,000			38,000
Trade Names [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						5,580
In-process Research and Development [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						$ 10,700
United States of America, Dollars | Oxford Immunotec [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments				590,900
United States of America, Dollars | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments				1,200,000
United States of America, Dollars | Nexcelom Bioscience [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments				267,100
United States of America, Dollars | BioLegend [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments				5,700,000
United States of America, Dollars | Fiscal Year 2021 Other Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments				296,000
United States of America, Dollars | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		438,900
United States of America, Dollars | Horizon Discovery Group plc [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		399,800
United States of America, Dollars | Fiscal Year 2020 Other Acquisitions
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		39,100
United Kingdom, Pounds | Horizon Discovery Group plc [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		$ 296,000
Cash and Cash Equivalents [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Cash paid to the shareholders				252,600
Senior Unsecured Notes [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Cash paid to the shareholders				2,300,000
Line of Credit, Maturing August 24, 2026 [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Cash paid to the shareholders				310,000
Term Loan Credit Facility Maturing 2024 [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Cash paid to the shareholders				$ 500,000

XML

Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 04, 2021	Oct. 03, 2021	Jan. 03, 2021
Business Acquisition [Line Items]
Goodwill		$ 7,420,271	$ 3,447,114
Fiscal Year 2021 Other Acquisitions [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		296,000
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid		1,118,884
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		0
Business Combination, Consideration Transferred, Liabilities Incurred		910
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value		(34,131)
Cash Acquired		195,010
Business Combination, Consideration Transferred		958,915
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		73,933
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		26,507
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		15,564
Goodwill		527,402
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total		(86,471)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue		(1,197)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		(4,628)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt		(58,594)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		958,915
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		1,200,000
BioLegend [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid		3,335,753
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		2,638,369
Business Combination, Consideration Transferred, Liabilities Incurred		6,857
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value		0
Cash Acquired		292,377
Business Combination, Consideration Transferred		5,688,602
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets		184,541
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		147,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		9,330
Goodwill		3,511,498
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total		(669,906)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt		(38,240)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		5,688,602
BioLegend [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		5,700,000
Oxford Immunotec [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		590,900
Nexcelom Bioscience [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		267,100
Horizon Discovery Group plc [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	$ 399,800
Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid	437,661
Business Combination, Consideration Transferred, Liabilities Incurred	1,660
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments	384
Cash Acquired	(26,840)
Business Combination, Consideration Transferred	412,097
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			35,532
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			20,302
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			18,114
Goodwill			221,960
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total			(27,142)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue			(2,031)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			(45,171)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			412,097
Fiscal Year 2020 Acquisitions [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	438,900
Fiscal Year 2020 Other Acquisitions | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	$ 39,100
Core Technology [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		285,609
Core Technology [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		782,400
Core Technology [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			65,730
Trade Names [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		39,620
Trade Names [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		38,000
Trade Names [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			5,580
Customer Relationships [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		141,170
Customer Relationships [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		1,714,800
Customer Relationships [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			108,523
In-process Research and Development [Member] | Fiscal Year 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			10,700
License | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		0
License | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		8,979
Diagnostics [Member]
Business Acquisition [Line Items]
Goodwill		1,979,703	1,691,227
Discovery & Analytical Solutions [Member]
Business Acquisition [Line Items]
Goodwill		$ 5,440,568	$ 1,755,887

XML

Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
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	$ (47)	$ (37)	$ (123)	$ (138)
Pre-tax gain (loss) on disposal of business unit	0	0	0	0
Discontinued Operation, Tax Effect of Discontinued Operation	$ 47	$ 37	$ 123	$ 138

XML

Restructuring and Lease Charges, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 03, 2021	Oct. 03, 2021
Diagnostics [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	$ 200	$ 400
Discovery & Analytical Solutions [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	$ 1,300	3,700
Discovery & Analytical Solutions [Member] | Contract Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		$ 400

XML

Restructuring and Lease Charges, Net (Schedule of Initial Charges) (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Oct. 03, 2021 USD ($) employees	Jul. 04, 2021 USD ($) employees	Jan. 03, 2021 USD ($) employees	Jul. 05, 2020 USD ($) employees	Oct. 03, 2021 USD ($)
Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees	39
Restructuring and contract termination charges, net	$ 786
Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees		25
Restructuring and contract termination charges, net		$ 1,532
Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees		77
Restructuring and contract termination charges, net		$ 5,556
Q3 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees			23
Restructuring and contract termination charges, net			$ 2,981
Q1 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees				32
Restructuring and contract termination charges, net				$ 4,220
Diagnostics [Member] | Employee Severance [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	366
Diagnostics [Member] | Employee Severance [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		564
Diagnostics [Member] | Employee Severance [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		1,615
Diagnostics [Member] | Employee Severance [Member] | Q3 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			901
Diagnostics [Member] | Employee Severance [Member] | Q1 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				1,134
Diagnostics [Member] | Facility Closing [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	0
Diagnostics [Member] | Facility Closing [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		0
Diagnostics [Member] | Facility Closing [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		0
Diagnostics [Member] | Facility Closing [Member] | Q3 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			0
Diagnostics [Member] | Facility Closing [Member] | Q1 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				682
Diagnostics [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	200				$ 400
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	420
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		968
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		3,941
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q3 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			2,080
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				2,312
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		$ 0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			$ 0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2020 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				$ 92
Discovery & Analytical Solutions [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	$ 1,300				$ 3,700

XML

Restructuring and Lease Charges, Net (Schedule of Restructuring Plan Activity) (Details) - Q3 2020 Restructuring Plan [Member] $ in Thousands	3 Months Ended
	Jan. 03, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring and contract termination charges, net	$ 2,981
Diagnostics [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Restructuring and contract termination charges, net	0
Discovery & Analytical Solutions [Member] | Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Restructuring and contract termination charges, net	$ 0

XML

Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Other Income and Expenses [Abstract]
Interest income	$ (544)	$ (205)	$ (1,322)	$ (662)
Interest expense	43,531	12,057	74,407	37,308
Loss (Gain) on disposition of businesses and assets, net			(1,970)	886
Change in fair value of financial securities	19,365	0	(8,566)	0
Other expense, net	(2,050)	2,397	(10,492)	(1,592)
Total interest and other expense, net	60,302	14,249	54,027	35,054
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	4,800	6,000	3,300	1,900
Foreign Currency Transaction Gain (Loss), before Tax	$ 1,100	$ 1,900	$ 500	$ (1,600)

XML

Inventories, Net (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 217,175	$ 205,022
Work in progress	72,988	35,160
Finished goods	355,256	274,385
Total inventories, net	$ 645,419	$ 514,567

XML

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Income Tax Contingency [Line Items]
Share-based Payment Arrangement, Expense	$ 7,204	$ 9,603
Provision for income taxes	33,883	57,021	$ 215,111	$ 85,609
Discontinued Operation, Tax Effect of Discontinued Operation	$ 47	$ 37	$ 123	$ 138

XML

Debt (Details)			9 Months Ended
	Sep. 10, 2021 USD ($)	Mar. 08, 2021 USD ($)	Oct. 03, 2021 USD ($)	Oct. 03, 2021 EUR (€)	Aug. 24, 2021 USD ($)	Aug. 11, 2021 USD ($)	Jan. 03, 2021 USD ($)
Debt Instrument, Unamortized Discount			$ (7,670,000)				$ (5,765,000)
Unamortized Debt Issuance Expense			(40,116,000)				(12,540,000)
Debt, Long-term and Short-term, Combined Amount			5,151,348,000				2,008,954,000
Long-term Debt, Gross			5,146,863,000				1,627,761,000
Current portion of long-term debt			4,485,000				380,948,000
Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			5,099,077,000				1,609,701,000
Debt, Long-term and Short-term, Combined Amount			5,103,562,000				1,990,649,000
2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Debt Instrument, Interest Rate, Stated Percentage		2.55%
Unsecured senior notes, face value		$ 400,000,000
Gross proceeds from the issuance of debt instrument		$ 399,900,000
Senior unsecured notes issuance as percentage of principal amount		99.965%
Debt Instrument, Unamortized Discount		$ (100,000)	(128,000)
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes		101.00%
Unamortized Debt Issuance Expense			(3,351,000)
Long-term Debt, Gross			400,000,000
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			$ 396,521,000
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | Treasury Rate [Member]
Basis spread on variable rate			0.15%
3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.625%
Unsecured senior notes, face value		$ 400,000,000
Gross proceeds from the issuance of debt instrument		$ 400,000,000
Senior unsecured notes issuance as percentage of principal amount		99.999%
Debt Instrument, Unamortized Discount		$ (4,000)	$ (4,000)
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes		101.00%
Unamortized Debt Issuance Expense			(4,324,000)
Long-term Debt, Gross			400,000,000
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			$ 395,672,000
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | Treasury Rate [Member]
Basis spread on variable rate			0.20%
0.6 Percent Senior Unsecured Notes due in April 2021 [Member]
Debt Instrument, Unamortized Discount							(16,000)
Unamortized Debt Issuance Expense							(229,000)
Current portion of long-term debt							366,450,000
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Current portion of long-term debt							366,205,000
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member]
Debt Instrument, Unamortized Discount			$ (2,299,000)				(2,496,000)
Unamortized Debt Issuance Expense			(6,363,000)				(6,908,000)
Long-term Debt, Gross			850,000,000				850,000,000
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			$ 841,338,000				840,596,000
Other Debt Facilities - EUROIMMUN [Member]
Long-term Debt, Percentage Bearing Variable Interest, Amount | €				€ 20,000.00
Other Debt Facilities - EUROIMMUN [Member] | Euribor Rate [Member]
Basis spread on variable rate			1.50%
Line of Credit, Maturing September 17, 2024 [Member]
Debt Instrument, Unamortized Discount							0
Long-term Debt							155,974,000
Unamortized Debt Issuance Expense							(2,621,000)
Revolving credit facility outstanding balance							158,595,000
1.875 Percent Ten Year Senior Unsecured Notes [Member]
Debt Instrument, Unamortized Discount			$ (2,715,000)				(3,253,000)
Unamortized Debt Issuance Expense			(2,406,000)				(2,782,000)
Long-term Debt, Gross			579,750,000				610,750,000
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			574,629,000				604,715,000
Other Debt Facilities - Current [Member]
Debt Instrument, Unamortized Discount			0				0
Other Long-term Debt, Current			4,485,000				14,743,000
Unamortized Debt Issuance Expense			0				0
Other Debt Facilities - Current [Member] | Significant Other Observable Inputs (Level 2) [Member]
Other Long-term Debt, Current			4,485,000				14,743,000
Other Debt Facilities - Non-current [Member]
Debt Instrument, Unamortized Discount			0				0
Other Long-term Debt, Noncurrent			5,151,000				8,416,000
Unamortized Debt Issuance Expense			0				0
Other Debt Facilities - Non-current [Member] | Significant Other Observable Inputs (Level 2) [Member]
Other Long-term Debt, Noncurrent			5,151,000				8,416,000
Other Debt Facilities, excluding the senior revolving credit facility [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Amount | €				€ 9,600,000
Line of Credit, Maturing August 24, 2026 [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,500,000,000
Letters of credit issued and outstanding			11,000,000
Line of Credit Facility, Remaining Borrowing Capacity			1,400,000,000
Debt Instrument, Unamortized Discount			0
Long-term Debt			107,887,000
Unamortized Debt Issuance Expense			(4,075,000)
Revolving credit facility outstanding balance			111,962,000
Term Loan Credit Facility Maturing 2024 [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 500,000,000
Debt Instrument, Unamortized Discount			0
Unamortized Debt Issuance Expense			(1,069,000)
Long-term Debt, Gross			500,000,000
Term Loan Credit Facility Maturing 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			498,931,000
0.550% Senior Unsecured Notes due 2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.55%
Unsecured senior notes, face value	$ 500,000,000
Gross proceeds from the issuance of debt instrument	$ 499,800,000
Senior unsecured notes issuance as percentage of principal amount	99.964%
Debt Instrument, Unamortized Discount	$ (200,000)		(174,000)
Unamortized Debt Issuance Expense			(2,849,000)
Long-term Debt, Gross			500,000,000
0.550% Senior Unsecured Notes due 2023 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			496,977,000
0.850% Senior Unsecured Notes due 2024 [Member]
Debt Instrument, Interest Rate, Stated Percentage	0.85%
Unsecured senior notes, face value	$ 800,000,000
Gross proceeds from the issuance of debt instrument	$ 799,500,000
Senior unsecured notes issuance as percentage of principal amount	99.938%
Debt Instrument, Unamortized Discount	$ (500,000)		(485,000)
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes	101.00%
Unamortized Debt Issuance Expense			(5,964,000)
Long-term Debt, Gross			800,000,000
0.850% Senior Unsecured Notes due 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			793,551,000
1.900% Senior Unsecured Notes due 2028 [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.90%
Unsecured senior notes, face value	$ 500,000,000
Gross proceeds from the issuance of debt instrument	$ 499,600,000
Senior unsecured notes issuance as percentage of principal amount	99.928%
Debt Instrument, Unamortized Discount	$ (400,000)		(357,000)
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes	101.00%
Unamortized Debt Issuance Expense			(4,788,000)
Long-term Debt, Gross			500,000,000
1.900% Senior Unsecured Notes due 2028 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			494,855,000
2.250% Senior Unsecured Notes due in 2031 [Member]
Debt Instrument, Interest Rate, Stated Percentage	2.25%
Unsecured senior notes, face value	$ 500,000,000
Gross proceeds from the issuance of debt instrument	$ 498,500,000
Senior unsecured notes issuance as percentage of principal amount	99.697%
Debt Instrument, Unamortized Discount	$ (1,500,000)		(1,508,000)
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes	101.00%
Unamortized Debt Issuance Expense			(4,927,000)
Long-term Debt, Gross			500,000,000
2.250% Senior Unsecured Notes due in 2031 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt			$ 493,565,000
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing August 24, 2026 [Member] | Base Rate Option Two [Member]
Basis spread on variable rate			0.50%
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing August 24, 2026 [Member] | Base Rate Option Three [Member]
Basis spread on variable rate			1.00%
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing August 24, 2026 [Member] | Weighted average Eurocurrency interest rate [Member]
Basis spread on variable rate			0.02%
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing August 24, 2026 [Member] | Weighted average effective Eurocurrency Rate, including the margin [Member]
Basis spread on variable rate			1.03%
Unsecured Revolving Credit Facility [Member] | Term Loan Credit Facility Maturing 2024 [Member] | Base Rate Option Two [Member]
Basis spread on variable rate			0.50%
Unsecured Revolving Credit Facility [Member] | Term Loan Credit Facility Maturing 2024 [Member] | Base Rate Option Three [Member]
Basis spread on variable rate			1.00%
Unsecured Revolving Credit Facility [Member] | Term Loan Credit Facility Maturing 2024 [Member] | Weighted average Eurocurrency interest rate [Member]
Basis spread on variable rate			0.08%
Unsecured Revolving Credit Facility [Member] | Term Loan Credit Facility Maturing 2024 [Member] | Weighted average effective Eurocurrency Rate, including the margin [Member]
Basis spread on variable rate			1.21%
Long-term Debt [Member]
Debt Instrument, Unamortized Discount			$ (7,670,000)				(5,749,000)
Unamortized Debt Issuance Expense			$ (40,116,000)				$ (12,311,000)
Minimum [Member] | Other Debt Facilities, excluding the senior revolving credit facility [Member]
Debt Instrument, Interest Rate, Stated Percentage			1.10%	1.10%
Maximum [Member] | Other Debt Facilities, excluding the senior revolving credit facility [Member]
Debt Instrument, Interest Rate, Stated Percentage			8.90%	8.90%

XML

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. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Earnings Per Share [Abstract]
Number of common shares-basic	114,508	111,684	112,836	111,378
Effect of dilutive securities, Stock options	365	477	367	476
Effect of dilutive securities, Restricted stock	149	131	104	81
Number of common shares-diluted	115,022	112,292	113,307	111,935
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	90	0	237	294

XML

Industry Segment Information Industry Segment Information Narrative (Details)	3 Months Ended
	Oct. 03, 2021 segments
Segment Reporting Information [Line Items]
Number of Operating Segment	2

XML

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. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,166,684	$ 964,025	$ 3,702,844	$ 2,428,139
Operating income (loss) from continuing operations	221,970	248,006	1,022,234	468,327
Interest and other expense, net	60,302	14,249	54,027	35,054
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	161,668	233,757	968,207	433,273
Product [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	785,869	736,846	2,365,180	1,763,881
Service [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	380,815	227,179	1,337,664	664,258
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income (loss) from continuing operations	(23,079)	(18,502)	(57,664)	(56,015)
Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	653,805	540,402	2,222,527	1,215,119
Operating income (loss) from continuing operations	237,903	223,819	965,650	413,710
Diagnostics [Member] | Product [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	467,413	491,290	1,461,384	1,077,352
Diagnostics [Member] | Service [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	186,392	49,112	761,143	137,767
Discovery & Analytical Solutions [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	512,879	423,623	1,480,317	1,213,020
Operating income (loss) from continuing operations	7,146	42,689	114,248	110,632
Discovery & Analytical Solutions [Member] | Product [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	318,456	245,556	903,796	686,529
Discovery & Analytical Solutions [Member] | Service [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 194,423	$ 178,067	$ 576,521	$ 526,491

XML

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Jan. 02, 2022	Oct. 03, 2021	Jul. 04, 2021	Apr. 04, 2021	Jan. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Jul. 23, 2018
Schedule of Shareholders' Equity [Line Items]
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans		512					70,925
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans		$ 0.1					$ 10.4
Cash dividends (per share)		$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07
Dividends Payable, Amount		$ 8.8					$ 8.8
Dividends Payable, Date Declared		Jul. 23, 2021
Repurchase Program, 07/31/2020 [Member]
Schedule of Shareholders' Equity [Line Items]
Stock Repurchase Program, Authorized Amount								$ 250.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 187.4					$ 187.4
Number of common stock repurchased in open market							433,000
Aggregate Cost of Repurchased Common Shares Under Repurchase Program							$ 62.6
Subsequent Event [Member]
Schedule of Shareholders' Equity [Line Items]
Cash dividends (per share)	$ 0.07
Dividends Payable, Date Declared	Oct. 27, 2021

XML

Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021
Stockholders' Equity Note [Abstract]
Foreign currency translation adjustments, net of income taxes	$ (145,276)	$ (30,937)
Unrecognized losses and prior service costs, net of income taxes	(747)	(747)
Unrealized net losses on securities, net of income taxes	(173)	(277)
Accumulated other comprehensive loss	$ (146,196)	$ (31,961)

XML

Stock Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020	Jan. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total income tax benefit recognized for stock-based compensation	$ 4,100	$ 2,200
Stock-based compensation costs capitalized as part of inventory			$ 500	$ 300
Proceeds from issuance of common stock under stock plans			$ 22,760	$ 27,528
Share-based Payment Arrangement, Expense	7,204	9,603
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of options			$ 65.80	$ 18.98
Total intrinsic value of options exercised	9,500	7,800
Proceeds from issuance of common stock under stock plans			$ 5,000	$ 1,100
Share-based Payment Arrangement, Expense	900	800
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted	8,900		$ 8,900
Weighted-average period for recognition of unrecognized compensation cost, years			2 years 3 months 18 days
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	2,800	2,700
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted	$ 23,400		$ 23,400
Weighted-average period for recognition of unrecognized compensation cost, years			1 year 9 months 18 days
Awards/units outstanding	291,000		291,000		296,000
Number of Shares, Granted			102,000
Weighted-average grant-date fair value of stock granted (per share)			$ 129.27
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			5,000
Fair value of restricted stock awards vested	$ 8,500	1,400
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 100	3,300
Awards/units outstanding	0		0
Number of Shares, Granted			0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			0
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted			0
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under plan	5,000,000		5,000,000
Number of Shares, Granted			58	13,612
Weighted-average grant-date fair value of stock granted (per share)			$ 136.33	$ 92.25
Shares available for grant under employee stock purchase plan	800,000		800,000
Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 1,400	$ 2,000
Awards/units outstanding	128,386		128,386
Number of Shares, Granted			77,373
Weighted-average grant-date fair value of stock granted (per share)			$ 113.44
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			0

XML

Stock Plans (Summary of Total Compensation Recognized Related to Outstanding Stock Options) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2021	Oct. 04, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 7,204	$ 9,603
Cost of sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	692	253
Research and development expenses [Member ]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	366	316
Selling, general and administrative and other expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 6,146	$ 9,034

XML

Stock Plans (Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model) (Details)	9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	0.60%	0.90%
Expected dividend yield	0.20%	0.30%
Expected lives, years	5 years	5 years
Expected stock volatility	27.30%	23.80%

XML

Stock Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020
Stock option activity
Number of Shares, Outstanding at beginning of period	961
Number of Shares, Granted	162
Number of Shares, Exercised	(96)
Number of Shares, Forfeited	(7)
Number of Shares, Outstanding at end of period	1,020
Number of Shares, Exercisable at end of period	640
Weighted-Average Price, Outstanding at beginning of period	$ 74.40
Weighted-Average Price, Granted	134.53
Weighted-Average Price, Exercised	53.98
Weighted-Average Price, Forfeited	88.54
Weighted-Average Price, Outstanding at end of period	85.78
Weighted-Average Price, Exercisable at end of period	$ 72.63
Weighted-Average Remaining Contractual Term in Years, Outstanding at end of period	4 years 3 months 18 days
Weighted-Average Remaining Contractual Term in Years, Exercisable at end of period	3 years 2 months 12 days
Total Intrinsic Value, Outstanding at end of period	$ 46.2
Total Intrinsic Value, Exercisable at end of period	36.7
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation costs capitalized as part of inventory	$ 0.5	$ 0.3

XML

Stock Plans (Summary of Restricted Stock Award Activity) (Details) - Restricted Stock Awards [Member] shares in Thousands	9 Months Ended
	Oct. 03, 2021 $ / shares shares
Restricted stock award activity
Number of Shares, Nonvested at beginning of period | shares	296
Number of Shares, Granted | shares	102
Number of Shares, Vested | shares	(102)
Number of Shares, Forfeited | shares	(5)
Number of Shares, Nonvested at end of period | shares	291
Weighted-Average Grant-Date Fair Value, Nonvested at beginning of period | $ / shares	$ 85.67
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	129.27
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	83.16
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	86.90
Weighted-Average Grant-Date Fair Value, Nonvested at end of period | $ / shares	$ 101.83

XML

Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 04, 2021	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020	Jan. 03, 2021
Goodwill and Intangible Assets Net [Line Items]
Change in any one of the input assumptions for the various reporting units	10.00%
Goodwill		$ 7,420,271		$ 7,420,271		$ 3,447,114
Total amortization expense related to finite-lived intangible assets		71,000	$ 48,900	184,700	$ 142,900
Future Amortization Expense, Remainder of Fiscal Year		101,100		101,100
Future Amortization Expense, Year One		414,300		414,300
Future Amortization Expense, Year Two		403,100		403,100
Future Amortization Expense, Year Three		390,900		390,900
Future Amortization Expense, Year Four		363,300		363,300
Finite-Lived Intangible Assets, Net		4,090,152		4,090,152		1,295,109
Intangible assets, net		4,160,736		4,160,736		1,365,693
Minimum [Member]
Goodwill and Intangible Assets Net [Line Items]
Long-term terminal growth rates for reporting units	3.00%
Discount rates for reporting units	8.00%
Maximum [Member]
Goodwill and Intangible Assets Net [Line Items]
Long-term terminal growth rates for reporting units	5.00%
Discount rates for reporting units	12.50%
Patents [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		31,037		31,037		30,855
Less: Accumulated amortization		28,641		28,641		28,440
Finite-Lived Intangible Assets, Net		2,396		2,396		2,415
Trade Names And Trademarks [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		171,976		171,976		98,661
Less: Accumulated amortization		55,853		55,853		48,806
Finite-Lived Intangible Assets, Net		116,123		116,123		49,855
Licensing Agreements [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		68,297		68,297		58,700
Less: Accumulated amortization		54,069		54,069		52,452
Finite-Lived Intangible Assets, Net		14,228		14,228		6,248
Core Technology [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		1,842,229		1,842,229		789,799
Less: Accumulated amortization		458,426		458,426		398,992
Finite-Lived Intangible Assets, Net		1,383,803		1,383,803		390,807
Customer Relationships [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		3,184,009		3,184,009		1,357,660
Less: Accumulated amortization		616,332		616,332		522,820
Finite-Lived Intangible Assets, Net		2,567,677		2,567,677		834,840
In-process Research and Development [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		$ 5,925		$ 5,925		$ 10,944
Tulip Diagnostics Private Limited [Member]
Goodwill and Intangible Assets Net [Line Items]
Goodwill	$ 77,800

XML

Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	9 Months Ended
	Oct. 03, 2021 USD ($)
Changes in the carrying amount of goodwill
Balance at beginning of period	$ 3,447,114
Foreign currency translation	(69,843)
Goodwill, Acquisition, Earn Outs and Other Adjustments	4,043,000
Balance at end of period	7,420,271
Diagnostics [Member]
Changes in the carrying amount of goodwill
Balance at beginning of period	1,691,227
Foreign currency translation	(34,507)
Goodwill, Acquisition, Earn Outs and Other Adjustments	322,983
Balance at end of period	1,979,703
Discovery & Analytical Solutions [Member]
Changes in the carrying amount of goodwill
Balance at beginning of period	1,755,887
Foreign currency translation	(35,336)
Goodwill, Acquisition, Earn Outs and Other Adjustments	3,720,017
Balance at end of period	$ 5,440,568

XML

Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Jan. 03, 2021
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Net amortizable intangible assets	$ 4,090,152	$ 1,295,109
Intangible assets, net	4,160,736	1,365,693
Patents [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	31,037	30,855
Less: Accumulated amortization	(28,641)	(28,440)
Net amortizable intangible assets	2,396	2,415
Trade Names And Trademarks [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	171,976	98,661
Less: Accumulated amortization	(55,853)	(48,806)
Net amortizable intangible assets	116,123	49,855
Trade names and trademarks	70,584	70,584
Licensing Agreements [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	68,297	58,700
Less: Accumulated amortization	(54,069)	(52,452)
Net amortizable intangible assets	14,228	6,248
Core Technology [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	1,842,229	789,799
Less: Accumulated amortization	(458,426)	(398,992)
Net amortizable intangible assets	1,383,803	390,807
Customer Relationships [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	3,184,009	1,357,660
Less: Accumulated amortization	(616,332)	(522,820)
Net amortizable intangible assets	2,567,677	834,840
In-process Research and Development [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	$ 5,925	$ 10,944

XML

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2021	Oct. 04, 2020
Warranty reserve activity
Balance beginning of period	$ 12,073	$ 8,812
Provision charged to income	3,691	2,712
Payments	(6,182)	(3,266)
Adjustments to previously provided warranties, net	2,455	1,052
Foreign currency translation and acquisitions	(190)	(269)
Balance end of period	$ 11,847	$ 9,041

XML

Employee Benefit Plans (Components of Net Periodic Benefit Cost (Credit)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Defined Benefit Pension Benefits [Member]
Components of net periodic benefit cost (credit)
Service cost	$ 1,338	$ 1,688	$ 2,672	$ 3,595
Interest cost	2,376	3,138	4,753	6,282
Expected return on plan assets	(6,121)	(5,371)	(12,248)	(10,755)
Net periodic benefit cost (credit)	(2,407)	(545)	(4,823)	(878)
Postretirement Medical Benefits [Member]
Components of net periodic benefit cost (credit)
Service cost	15	18	29	36
Interest cost	17	23	34	47
Expected return on plan assets	(397)	(347)	(794)	(694)
Net periodic benefit cost (credit)	$ (365)	$ (306)	(731)	(611)
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer			20,000
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 5,500	$ 5,200

XML

Derivatives And Hedging Activities (Details) $ in Thousands, € in Millions	3 Months Ended		9 Months Ended
	Oct. 03, 2021 USD ($)	Oct. 04, 2020 USD ($)	Oct. 03, 2021 USD ($)	Oct. 03, 2021 EUR (€)	Oct. 04, 2020 USD ($)	Jan. 03, 2021 USD ($)	Jan. 03, 2021 EUR (€)
Derivative [Line Items]
Company's business conducted outside United States			70.00%	70.00%
Payments for (Proceeds from) Hedge, Financing Activities			$ 1,459		$ 2,089
Payments for (Proceeds from) Hedge, Excluding Pre-issuance Hedge			2,900
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 0		0
Foreign Currency Transaction Gain (Loss), before Tax	1,100	$ 1,900	$ 500		(1,600)
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
Cash Flow Hedging [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives	5,000		$ 4,200
Derivative, Notional Amount	197,400		197,400
Cash Flow Hedging [Member] | 0.6 Percent Senior Unsecured Notes due in April 2021 [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives		(10,500)	9,500		(14,300)
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	398,600	406,300	398,600		406,300	$ 808,000
Notional Amount of Euro Derivatives [Member]
Derivative [Line Items]
Derivative, Notional Amount | €							€ 33.4
Notional Amount of US Dollar Derivatives [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	548,700	156,200	548,700		156,200	$ 499,000
Net Investment Hedging [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member]
Derivative [Line Items]
Notional Amount of Nonderivative Instruments | €				€ 299.7
Unrealized Gain (Loss) on Net Investment Hedge in AOCI	$ 7,500	$ (23,400)	$ 26,600		$ (24,800)
United States of America, Dollars | Cross-currency Swap [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	5.00%		5.00%
United States of America, Dollars | Cash Flow Hedging [Member] | Interest Rate Swaption [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge (Gain) Loss	$ 8,200		$ 8,200
Other comprehensive (income) loss related to Swaption			(3,800)
United States of America, Dollars | Cash Flow Hedging [Member] | First Swaption [Member]
Derivative [Line Items]
Derivative, Notional Amount	500,000		500,000
United States of America, Dollars | Cash Flow Hedging [Member] | Second Swaption [Member]
Derivative [Line Items]
Derivative, Notional Amount	500,000		500,000
United States of America, Dollars | Net Investment Hedging [Member] | Cross-currency Swap [Member]
Derivative [Line Items]
Notional Amount of Nonderivative Instruments			220,000
Fair Value of Cross-currency Swap	$ (8,500)		$ (8,500)
Euro Member Countries, Euro | Cross-currency Swap [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.47%		2.47%
Euro Member Countries, Euro | Net Investment Hedging [Member] | Cross-currency Swap [Member]
Derivative [Line Items]
Notional Amount of Nonderivative Instruments			$ 197,400

XML

Fair Value Measurements (Narrative) (Details) € in Millions	9 Months Ended
	Oct. 03, 2021 USD ($)	Oct. 04, 2020 USD ($)	Oct. 03, 2021 EUR (€)	Jul. 04, 2021 USD ($)	Mar. 08, 2021 USD ($)	Jan. 03, 2021 USD ($)	Jan. 03, 2021 EUR (€)	Jul. 05, 2020 USD ($)	Dec. 29, 2019 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 37,225,000	$ 2,817,000		$ 3,334,000		$ 2,953,000		$ 13,726,000	$ 35,481,000
Unamortized Debt Issuance Expense	40,116,000					12,540,000
Debt Instrument, Unamortized Discount	(7,670,000)					(5,765,000)
Payments for acquisition related contingent consideration	0	$ (5,200,000)
2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	3,351,000
Unsecured senior notes, face value					$ 400,000,000
Debt Instrument, Unamortized Discount	(128,000)				(100,000)
3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	4,324,000
Unsecured senior notes, face value					400,000,000
Debt Instrument, Unamortized Discount	(4,000)				$ (4,000)
Line of Credit, Maturing September 17, 2024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving credit facility outstanding balance						158,595,000
Unamortized Debt Issuance Expense						2,621,000
Long-term Debt						155,974,000
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	2,406,000					2,782,000
Debt Instrument, Unamortized Discount	(2,715,000)					(3,253,000)
0.6 Percent Senior Unsecured Notes due in April 2021 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense						229,000
Debt Instrument, Unamortized Discount						(16,000)
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	6,363,000					6,908,000
Debt Instrument, Unamortized Discount	(2,299,000)					(2,496,000)
Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes, fair value	$ 4,675,900,000					1,984,300,000
Other Debt Facilities, excluding the senior revolving credit facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Amount | €			€ 9.6
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.
DNA Labs, Biosense & Sirion [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 90,700,000
Business Combination, Contingent Consideration Arrangements, Maximum Period	7 years 2 months 12 days
Business Combination, Contingent Consideration Arrangements, Weighted Average Period	6 years 9 months 18 days
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 5,099,077,000					1,609,701,000
Significant Other Observable Inputs (Level 2) [Member] | 2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	396,521,000
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	395,672,000
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	574,629,000					604,715,000
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	841,338,000					840,596,000
Significant Other Observable Inputs (Level 2) [Member] | Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 4,487,100,000					$ 1,811,500,000
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 | €			€ 616.5				€ 179.1

XML

Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Jul. 04, 2021	Jan. 03, 2021	Oct. 04, 2020	Jul. 05, 2020	Dec. 29, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 37,225	$ 3,334	$ 2,953	$ 2,817	$ 13,726	$ 35,481
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	45,744		2,154
Foreign exchange derivative assets, net	(808)		(31,248)
Foreign exchange derivative liabilities, net	(21,294)		(21,413)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	37,225		2,953
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	45,744		2,154
Foreign exchange derivative assets, net	0		0
Foreign exchange derivative liabilities, net	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	0		0
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0		0
Foreign exchange derivative assets, net	(808)		(31,248)
Foreign exchange derivative liabilities, net	(21,294)		(21,413)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	0		0
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0		0
Foreign exchange derivative assets, net	0		0
Foreign exchange derivative liabilities, net	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 37,225		$ 2,953

XML

Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020	Jan. 03, 2021
Fair Value Disclosures [Abstract]
Balance beginning of period	$ (3,334)	$ (13,726)	$ (2,953)	$ (35,481)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	33,431	0	33,431	0
Payments	615	(144)	711	10,165
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3	0	13,692		13,692
Change in fair value (included within selling, general and administrative expenses)	(1,075)	(2,639)	(1,552)	8,807
Balance end of period	(37,225)	$ (2,817)	(37,225)	$ (2,817)
Business Combination, Contingent Consideration, Liability	$ (37,200)		$ (37,200)		$ (3,000)

XML

Contingencies (Details) $ in Millions	9 Months Ended
	Oct. 03, 2021 USD ($) years	Jan. 03, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Management's estimate of total cost of ultimate disposition | $	$ 12.2	$ 12.9
Number of years over which estimated environmental cost will be paid | years	10