0000031791-21-000014 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover Page - shares	9 Months Ended
Cover Page - shares	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

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

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)

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

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

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

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

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

Basis of Presentation	9 Months Ended
Basis of Presentation	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.

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

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

Diagnostics [Member] | Applied Markets [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 0

Business Combinations

9 Months Ended

Oct. 03, 2021

Business Combinations [Abstract]

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.

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.

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.

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

Debt

9 Months Ended

Oct. 03, 2021

Debt Disclosure [Abstract]

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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

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.

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock Plans

9 Months Ended

Oct. 03, 2021

Share-based Payment Arrangement [Abstract]

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