0000031791-22-000006 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Apr. 03, 2022	May 05, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 03, 2022
Document Transition Report	false
Entity File Number	001-5075
Entity Registrant Name	PERKINELMER, INC
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2052042
Entity Address, Address Line One	940 Winter Street,
Entity Address, City or Town	Waltham,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	663-6900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,148,473
Entity Central Index Key	0000031791
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--01-01
PKI [Member]
Entity Listings [Line Items]
Trading Symbol	PKI
Trading Symbol	PKI
PKI 21A [Member]
Entity Listings [Line Items]
Trading Symbol	PKI 21A
Trading Symbol	PKI 21A
Common stock, $1 par value per share [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $1 par value per share
Title of 12(b) Security	Common stock, $1 par value per share
1.875% Notes due 2026 [Member]
Entity Listings [Line Items]
Title of 12(b) Security	1.875% Notes due 2026
Title of 12(b) Security	1.875% Notes due 2026
NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Listings [Line Items]
Security Exchange Name	NYSE
Security Exchange Name	NYSE

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,259,442	$ 1,307,689
Cost of Goods and Services Sold	580,211	522,543
Selling, general and administrative expenses	334,393	251,410
Research and development expenses	76,609	60,216
Restructuring and other costs, net	13,384	5,744
Operating income from continuing operations	254,845	467,776
Interest And Other Expense Net	37,245	(12,706)
Income from continuing operations before income taxes	217,600	480,482
Provision for income taxes	40,597	101,139
Income from continuing operations	177,003	379,343
Loss on disposition of discontinued operations before income taxes	0	0
Provision for income taxes on discontinued operations and dispositions	41	38
Loss from discontinued operations and dispositions	(41)	(38)
Net income	$ 176,962	$ 379,305
Basic earnings (loss) per share:
Income (loss) from continuing operations (per share)	$ 1.40	$ 3.39
Gain (loss) on discontinued operations and dispositions (per share)	(0.00)	(0.00)
Net income (per share)	1.40	3.39
Diluted earnings (loss) per share:
Income (loss) from continuing operations (per share)	1.40	3.37
Gain (loss) on discontinued operations and dispositions (per share)	(0.00)	(0.00)
Net income (per share)	$ 1.40	$ 3.37
Weighted average shares of common stock outstanding:
Basic (in shares)	126,137	112,028
Diluted (in shares)	126,635	112,495
Cash dividends per common share	$ 0.07	$ 0.07
Product [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 866,945	$ 811,552
Cost of Goods and Services Sold	403,651	339,312
Service [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	392,497	496,137
Cost of Goods and Services Sold	$ 176,560	$ 183,231

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Amount [Member]	Common Stock Amount [Member] Net Income [Member]	Common Stock Amount [Member] Other comprehensive loss [Member]	Common Stock Amount [Member] Dividends [Member]	Common Stock Amount [Member] Exercise of employee stock options and related income tax benefits [Member]	Common Stock Amount [Member] Purchases of common stock [Member]	Common Stock Amount [Member] Issuance of common stock for employee stock purchase plans [Member]	Common Stock Amount [Member] Issuance of common stock for long-term incentive program [Member]	Common Stock Amount [Member] Stock compensation [Member]	Capital In Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Common stock, Shares, Issued and outstanding		112,090,000
Beginning Balance at Jan. 03, 2021	$ 3,735,492	$ 112,090									$ 148,101	$ 3,507,262	$ (31,961)
Net income	379,305											379,305
Other comprehensive income (loss)	(72,211)
Dividends	(7,846)											(7,846)
Exercise of employee stock options and related income tax benefits	4,987	95									4,892
Issuance of common stock for employee benefit plans	(8)	0									(8)	0	0
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(42,779)	(295)									(42,484)
Issuance of common stock for long-term incentive program	(4,450)	(176)									(4,274)
Stock compensation	899	0									899	0	0
Ending Balance at Apr. 04, 2021	4,002,305	112,066									115,690	3,878,721	(104,172)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	(72,211)												(72,211)
Beginning Balance at Jan. 03, 2021	3,735,492	112,090									148,101	3,507,262	(31,961)
Ending Balance at Jan. 02, 2022	$ 7,141,245	$ 126,241									2,760,522	4,417,174	(162,692)
Common stock, Shares, Issued and outstanding		112,066,000	0	0	0	95,000	(295,000)	0	176,000	0
Common stock, Shares, Issued and outstanding	126,241,000	126,241,000
Net income	$ 176,962											176,962
Other comprehensive income (loss)	(84,027)
Dividends	(8,905)											(8,905)
Exercise of employee stock options and related income tax benefits	1,397	$ 18									1,379
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(55,592)	(307)									(55,285)
Issuance of common stock for long-term incentive program	(12,470)	(188)									(12,282)
Stock compensation	2,792	0									2,792	0	0
Ending Balance at Apr. 03, 2022	7,186,342	$ 126,140									$ 2,721,690	$ 4,585,231	(246,719)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	$ (84,027)												$ (84,027)
Common stock, Shares, Issued and outstanding	126,140,000	126,140,000	0	0	0	18,000	(307,000)		188,000	0

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Net income	$ 176,962	$ 379,305
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments, net of income taxes	(84,011)	(72,305)
Unrealized (loss) gain on securities, net of income taxes	(16)	94
Other comprehensive loss	(84,027)	(72,211)
Comprehensive income	$ 92,935	$ 307,094

- Definition

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

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- Definition

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

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 03, 2022	Jan. 02, 2022
Current assets:
Cash and cash equivalents	$ 669,755	$ 618,319
Accounts receivable, net	941,722	1,023,792
Inventories	645,924	624,714
Other current assets	197,110	173,955
Total current assets	2,454,511	2,440,780
Property, plant and equipment, net:
Property, plant and equipment, net	547,035	545,605
Operating Lease, Right-of-Use Asset	201,966	207,775
Intangible assets, net	3,942,878	4,063,104
Goodwill	7,367,284	7,416,584
Other assets, net	334,793	326,706
Total assets	14,848,467	15,000,554
Current liabilities:
Current portion of long-term debt	3,729	4,240
Accounts payable	376,694	355,458
Accrued expenses and other current liabilities	882,628	854,046
Total current liabilities	1,263,051	1,213,744
Long-term debt	4,863,978	4,979,737
Deferred taxes and long-term liabilities	1,354,991	1,480,469
Operating Lease, Liability, Noncurrent	180,105	185,359
Total liabilities	7,662,125	7,859,309
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 126,140,000 shares and 126,241,000 shares at April 3, 2022 and January 2, 2022, respectively	126,140	126,241
Capital in excess of par value	2,721,690	2,760,522
Retained earnings	4,585,231	4,417,174
Accumulated other comprehensive loss	(246,719)	(162,692)
Total stockholders’ equity	7,186,342	7,141,245
Total liabilities and stockholders’ equity	$ 14,848,467	$ 15,000,554

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 03, 2022	Jan. 02, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	126,140,000	126,241,000
Common stock, Shares, Issued and outstanding	126,140,000	126,241,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Operating activities:
Net income	$ 176,962	$ 379,305
Loss from discontinued operations and dispositions, net of income taxes	41	38
Income from continuing operations	177,003	379,343
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations:
Restructuring and other costs, net	13,384	5,744
Depreciation and amortization	120,052	70,186
Stock-based compensation	15,262	5,157
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	693	240
Amortization of deferred debt financing costs and accretion of discounts and debt extinguishment costs	1,900	896
Change in fair value of financial securities	12,125	(19,298)
Amortization of acquired inventory revaluation	16,868	2,981
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested:
Accounts receivable, net	69,065	165,190
Inventories	(46,968)	(15,008)
Accounts payable	26,352	(5,048)
Increase (Decrease) in Accrued Expenses and Other	(122,521)	(116,883)
Net cash provided by operating activities	283,215	473,500
Investing activities:
Capital expenditures	(29,431)	(14,311)
Payments to Acquire Investments	(22,995)	(4,000)
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired	(3,880)	(443,543)
Net cash used in investing activities	(56,306)	(461,854)
Financing activities:
Payments of borrowings	220,000	743,545
Proceeds from borrowings	220,000	584,000
Repayments of Term Loan	(100,000)	0
Proceeds from sale of senior debt	0	799,856
Payments of debt financing and equity issuance costs	0	(7,882)
Settlement of cash flow hedges	(762)	6,005
Net payments on other credit facilities	(1,064)	(9,799)
Proceeds from issuance of common stock under stock plans	1,397	4,987
Purchases of common stock	(55,592)	(42,779)
Dividends paid	(8,837)	(7,852)
Net cash provided by (used in) financing activities	(164,858)	582,991
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(10,636)	(6,849)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalent	51,415	587,788
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period	619,337	402,613
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	670,752	990,401
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	669,755	988,234
Restricted Cash, Current	997	2,167
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 670,752	$ 990,401

Basis of Presentation	3 Months Ended
Basis of Presentation	Apr. 03, 2022
Accounting Policies [Abstract]
Basis of Accounting [Text Block]	Basis of Presentation The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the SEC (the “2021 Form 10-K”). The balance sheet amounts at January 2, 2022 in this report were derived from the Company’s audited 2021 consolidated financial statements included in the 2021 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“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 months ended April 3, 2022 and April 4, 2021, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period.

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

3 Months Ended

Apr. 03, 2022

Apr. 04, 2021

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer [Text Block]

Revenue

Disaggregation of revenue

In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition.


	Reportable Segments
	Three Months Ended
	April 3, 2022						April 4, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	273,158	$	327,936	$	601,094	$	175,115	$	400,927	$	576,042
Europe	158,238		198,168		356,406		135,458		311,743		447,201
Asia	170,970		130,972		301,942		144,036		140,410		284,446
	$	602,366	$	657,076	$	1,259,442	$	454,609	$	853,080	$	1,307,689

Primary end-markets
Diagnostics	$	—	$	657,076	$	657,076	$	—	$	853,080	$	853,080
Life sciences	412,409		—		412,409		277,201		—		277,201
Applied markets	189,957		—		189,957		177,408		—		177,408
	$	602,366	$	657,076	$	1,259,442	$	454,609	$	853,080	$	1,307,689

Timing of revenue recognition
Products and services transferred at a point in time	$	461,314	$	554,520	$	1,015,834	$	326,662	$	615,106	$	941,768
Services transferred over time	141,052		102,556		243,608		127,947		237,974		365,921
	$	602,366	$	657,076	$	1,259,442	$	454,609	$	853,080	$	1,307,689

Major Customer Concentration

Revenues from one customer in the Company's Diagnostics segment represent approximately $112.7 million and $205.6 million of the Company's total revenue for the three months ended April 3, 2022 and April 4, 2021, respectively.

On March 31, 2022, the Company was notified by the California Department of Public Health (“CDPH”) that, due to the decrease in COVID-19 cases and the related decreased need for testing for COVID-19, the CDPH intends to end its contract with the Company for the supply and operation of the Valencia Branch Laboratory effective on May 15, 2022. The Company shall recognize the unamortized contract liability pertaining to the nonrefundable prepayment as revenue over the remaining period through May 15, 2022. As of March 31, 2022, the unamortized contract liability was $126.2 million. The contract liability that the Company expects to recognize in revenue in the second quarter of fiscal year 2022 amounts to $117.8 million.

Contract Balances

Contract assets: The unbilled receivables (contract assets) primarily relate to the Company's right to consideration for work completed but not billed at the reporting date. The unbilled receivables are transferred to trade receivables when billed to customers. Contract assets are generally classified as current assets and are included in "Accounts receivable, net" in the condensed consolidated balance sheets.


	(In thousands)
Balance at January 2, 2022	$	72,117
Transferred to trade receivables from unbilled receivables recognized at the beginning of the period	(37,062)
Increases as a result of recognition of revenue before billing to customers, excluding amounts transferred to trade receivables during the period	27,156
Balance at April 3, 2022	$	62,211

Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related services for which transfer of control has not occurred at the balance sheet date. Contract liabilities are classified as either current in "Accounts payable" or "Accrued expenses and other current liabilities" or as long-term in "Long-term liabilities" in the condensed consolidated balance sheets based on the timing of when the Company expects to recognize revenue.


	(In thousands)
Balance at January 2, 2022	$	201,073
Revenue recognized that was included in the contract liability balance at the beginning of the period	(57,691)
Increases due to cash received, excluding amounts recognized as revenue during the period	28,486
Balance at April 3, 2022	$	171,868

Revenue from Contract with Customer, Excluding Assessed Tax

$ 1,259,442

$ 1,307,689

Transferred at Point in Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

1,015,834

941,768

Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

243,608

365,921

Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

601,094

576,042

Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

356,406

447,201

Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

301,942

284,446

Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

657,076

853,080

Life Sciences [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

412,409

277,201

Applied Markets [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

189,957

177,408

Discovery & Analytical Solutions [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

602,366

454,609

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

461,314

326,662

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

141,052

127,947

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

273,158

175,115

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

158,238

135,458

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

170,970

144,036

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

412,409

277,201

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

189,957

177,408

Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

657,076

853,080

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

554,520

615,106

Diagnostics [Member] | Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

102,556

237,974

Diagnostics [Member] | Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

327,936

400,927

Diagnostics [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

198,168

311,743

Diagnostics [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

130,972

140,410

Diagnostics [Member] | Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

657,076

853,080

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

3 Months Ended

Apr. 03, 2022

Business Combinations [Abstract]

Business Combinations

Acquisitions in fiscal year 2022

During the first quarter of fiscal year 2022, the Company completed the acquisition of two businesses for aggregate consideration of $13.5 million. Identifiable definite-lived intangible assets, such as core technology, acquired as part of these acquisitions had a weighted average amortization period of 5 years.

Acquisitions in fiscal year 2021

Acquisition of BioLegend, Inc. In fiscal year 2021, 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 working capital and other adjustments (the "Aggregate Consideration"). The Aggregate Consideration was paid in a combination of $3.3 billion in cash and shares of the Company's common stock having a fair value of approximately $2.6 billion based on the $187.56 per share closing price of the Company's common stock on the New York Stock Exchange on September 17, 2021 (the "Stock Consideration"). The Stock Consideration consisted of 14,066,799 shares of the Company's common stock. BioLegend is recognized as a leading, global provider of life science antibodies and reagents, headquartered in San Diego, California, with approximately 700 employees. The operations for this acquisition is reported within the results of the Company's Discovery & Analytical Solutions segment from the acquisition date. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and is not tax deductible. Identifiable definite-lived intangible assets, such as core technology,

trade names, customer relationships and clone library, acquired as part of this acquisition had a weighted-average amortization period of 16.3 years.

BioLegend's revenue and net loss from the acquisition date to January 2, 2022 were $91.7 million and $25.8 million, respectively. The net loss includes $47.0 million of amortization of intangible assets recognized in the acquisition as well as $16.6 million of amortization of fair value adjustment to acquired inventory. The following unaudited pro forma information presents the combined financial results for the Company and BioLegend as if the acquisition of BioLegend had been completed at the beginning of fiscal year 2020:


	Three Months Ended April 4, 2021
	(In thousands, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	1,385,114
Income from continuing operations	$	370,624
Basic earnings per share:
Income from continuing operations	$	2.94
Diluted earnings per share:
Income from continuing operations	$	2.93

The unaudited pro forma information for the first quarter of fiscal year 2021 has been calculated after applying the Company's accounting policies and the impact of acquisition date fair value adjustments. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain adjustments, such as increased interest expense on debt obtained to finance the transaction, and increased amortization for the fair value of acquired intangible assets.

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

Other acquisitions in 2021. During fiscal year 2021, the Company also completed the acquisition of seven 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 total consideration of $590.9 million and Nexcelom Bioscience Holdings, LLC, a company based in Lawrence, Massachusetts with approximately 130 employees, for total consideration of $267.3 million, and five other businesses, which were acquired for total consideration of $318.6 million. The excess of the purchase prices over the fair values of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, and customer relationships, acquired as part of these acquisitions had a weighted-average amortization period of 12.3 years.

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


	BioLegend		Other
	(In thousands)
Fair value of business combination:
Cash payments	$	3,336,115	1,128,584
Common stock issued	2,638,369		—
Other liability	6,857		2,910
Contingent consideration	—		45,031
Working capital and other adjustments	—		183
Less: cash acquired	(292,377)		(195,010)
Total	$	5,688,964	$	981,698
Identifiable assets acquired and liabilities assumed:
Current assets	$	184,704	$	72,104
Property, plant and equipment	147,200		26,507
Other assets	9,330		15,564
Identifiable intangible assets:
Core technology and clone library	782,400		290,089
Trade names and patents	38,000		39,626
Licenses	8,979		—
Customer relationships and backlog	1,714,800		141,670

Goodwill	3,510,710		550,023
Deferred taxes	(668,920)		(86,100)
Deferred revenue	—		(1,197)
Debt assumed	—		(4,628)
Liabilities assumed	(38,239)		(61,960)
Total	$	5,688,964	$	981,698

The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that 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. There were no material measurement period adjustments recognized in the current period.

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 April 3, 2022, the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $111.3 million. As of April 3, 2022, the Company has recorded contingent consideration obligations of $49.8 million, of which $1.1 million was recorded in accrued expenses and other current liabilities, and $48.7 million was recorded in long-term liabilities. As of January 2, 2022, the Company had recorded contingent consideration obligations with an estimated fair value of $58.0 million, of which $1.3 million was recorded in accrued expenses and other

current liabilities, and $56.7 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 6.7 years from April 3, 2022, and the remaining weighted average expected earnout period at April 3, 2022 was 5.7 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 months ended April 3, 2022 and April 4, 2021 were $20.5 million and $4.4 million, respectively. These amounts included $7.5 million of stock compensation expense related to awards given to BioLegend employees for the three months ended April 3, 2022 and $5.4 million of net foreign exchange gain related to the Company's acquisition of Oxford and $5.4 million of incentive award associated with the Company's acquisition of Meizheng Group for the three months ended April 4, 2021. These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other expense, net in the Company's condensed consolidated statements of operations.

Restructuring and Lease Charges, Net

3 Months Ended

Apr. 03, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Lease Charges, Net

Restructuring and Other Costs, Net

The Company implemented a restructuring plan in the first quarter of fiscal year 2022 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the "Q1 2022 Plan"). The Company implemented restructuring plans in each quarter of fiscal year 2021 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the "Q1 2021 Plan", "Q2 2021 Plan", "Q3 2021 Plan" and "Q4 2021 Plan", respectively). Details of the plans initiated in previous years (the “Previous Plans”) are discussed more fully in Note 4, Restructuring and Other Costs, Net, to the audited consolidated financial statements in the 2021 Form 10-K.

The following table summarizes the reductions in headcount, the initial restructuring or contract termination charges by reporting segment, and the dates by which payments were substantially completed, or the dates by which payments are expected to be substantially completed, for restructuring actions implemented during fiscal years 2022 and 2021:


	Workforce Reductions					Closure of Excess Facility				Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics				Severance	Excess Facility

	(In thousands, except headcount data)

Q1 2022 Plan	81	$	5,832	$	399	$	—	$	—	$	6,231	Q4 FY2022	—
Q4 2021 Plan	31	3,139		77		150		—		3,366		Q3 FY2022	Q1 FY2023
Q3 2021 Plan	39	420		366		—		—		786		Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—		1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—		5,556		Q4 FY2021	—

The Company has terminated various contractual commitments in connection with certain disposal activities and has recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded net pre-tax charges of $6.3 million in the Discovery & Analytical Solutions segment during the three months ended April 3, 2022 as a result of these contract terminations. The Company recorded net pre-tax gains of $0.4 million in the Diagnostics segment during the three months ended April 3, 2022 as a result of changes in estimates from prior contract terminations.

The Company recorded pre-tax charges of $1.3 million and $0.2 million associated with relocating facilities during the three months ended April 3, 2022 and April 4, 2021, respectively, in the Discovery & Analytical Solutions segment. The Company expects to make payments on these relocation activities through end of fiscal year 2022.

Interest and Other Expense (Income), Net

3 Months Ended

Apr. 03, 2022

Other Income and Expenses [Abstract]

Interest and Other Expense (Income), Net

Interest and Other Expense, Net

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


	Three Months Ended
	April 3, 2022		April 4, 2021
	(In thousands)
Interest income	$	(595)	$	(411)
Interest expense	28,388		14,126


Change in fair value of financial securities	12,125		(19,298)
Other components of net periodic pension credit	(2,362)		(3,719)
Other income, net	(311)		(3,404)
Total interest and other expense (income), net	$	37,245	$	(12,706)

Inventories, Net

3 Months Ended

Apr. 03, 2022

Inventory Disclosure [Abstract]

Inventories, Net

Inventories

Inventories consisted of the following:


	April 3, 2022		January 2, 2022
	(In thousands)
Raw materials	$	239,937	$	229,356
Work in progress	77,667		69,744
Finished goods	328,320		325,614
Total inventories	$	645,924	$	624,714

Debt

3 Months Ended

Apr. 03, 2022

Debt Disclosure [Abstract]

Debt

The Company’s debt consisted of the following:


	April 3, 2022
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(3,181)	$	(3,181)
Unsecured Term Loan Credit Facility	400,000		—		(477)		399,523
0.550% Senior Unsecured Notes due in 2023 ("2023 Notes")	500,000		(131)		(1,798)		498,071
0.850% Senior Unsecured Notes due in 2024 ("2024 Notes")	800,000		(408)		(4,519)		795,073
1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")	551,800		(2,341)		(2,155)		547,304
1.900% Senior Unsecured Notes due in 2028 ("2028 Notes")	500,000		(338)		(4,078)		495,584
3.3% Senior Unsecured Notes due in 2029 ("2029 Notes")	850,000		(2,199)		(6,086)		841,715
2.55% Senior Unsecured Notes due in March 2031 ("March 2031 Notes")	400,000		(123)		(3,227)		396,650
2.250% Senior Unsecured Notes due in September 2031 ("September 2031 Notes")	500,000		(1,458)		(4,302)		494,240
3.625% Senior Unsecured Notes due in 2051 ("2051 Notes")	400,000		(4)		(4,333)		395,663
Other Debt Facilities, non-current	3,336		—		—		3,336
Total Long-Term Debt	$	4,905,136	$	(7,002)	$	(34,156)	$	4,863,978
Current Portion of Long-term Debt:
Other Debt Facilities, current	3,729		—		—		3,729
Total	$	4,908,865	$	(7,002)	$	(34,156)	$	4,867,707


	January 2, 2022
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(3,362)	$	(3,362)
Unsecured Term Loan Credit Facility	500,000		(14)		(658)		499,328
2023 Notes	500,000		(152)		(2,093)		497,755
2024 Notes	800,000		(447)		(4,945)		794,608
2026 Notes	568,600		(2,538)		(2,280)		563,782
2028 Notes	500,000		(348)		(4,200)		495,452
2029 Notes	850,000		(2,252)		(6,234)		841,514
March 2031 Notes	400,000		(126)		(3,294)		396,580
September 2031 Notes	500,000		(1,485)		(4,380)		494,135
2051 Notes	400,000		(4)		(4,335)		395,661
Other Debt Facilities, non-current	4,284		—		—		4,284
Total Long-Term Debt	$	5,022,884	$	(7,366)	$	(35,781)	$	4,979,737
Current Portion of Long-term Debt:
Other Debt Facilities, current	4,240		—		—		4,240
Total	$	5,027,124	$	(7,366)	$	(35,781)	$	4,983,977

- 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
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+ Details

Earnings Per Share

3 Months Ended

Apr. 03, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding during the period less restricted unvested shares. Diluted earnings per share was computed by dividing net income by the weighted-average number of common shares outstanding plus all potentially dilutive common stock equivalents, primarily shares issuable upon the exercise of stock options using the treasury stock method. The following table reconciles the number of shares utilized in the earnings per share calculations:


	Three Months Ended
	April 3, 2022	April 4, 2021
	(In thousands)
Number of common shares—basic	126,137	112,028
Effect of dilutive securities:
Stock options	339	359
Restricted stock awards	159	108
Number of common shares—diluted	126,635	112,495
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	512	162

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

3 Months Ended

Apr. 03, 2022

Segment Reporting [Abstract]

Industry Segment Information

Segment InformationThe Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not

significant. The accounting policies of the operating segments are the same as those described in Note 1, Nature of Operations and Accounting Policies, to the audited consolidated financial statements in the 2021 Form 10-K.

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

•Discovery & Analytical Solutions. Provides products and services targeted towards the life sciences 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
	April 3, 2022		April 4, 2021
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	408,875	$	267,255
Service revenue	193,491		187,354
Total revenue	602,366		454,609
Operating income from continuing operations	14,515		42,947
Diagnostics
Product revenue	458,070		544,297
Service revenue	199,006		308,783
Total revenue	657,076		853,080
Operating income from continuing operations	258,012		441,467
Corporate
Operating loss from continuing operations	(17,682)		(16,638)
Continuing Operations
Product revenue	866,945		811,552
Service revenue	392,497		496,137
Total revenue	1,259,442		1,307,689
Operating income from continuing operations	254,845		467,776
Interest and other expense (income), net	37,245		(12,706)
Income from continuing operations before income taxes	$	217,600	$	480,482

- 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.

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+ Details

Stockholders' Equity

3 Months Ended

Apr. 03, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

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


	April 3, 2022		January 2, 2022
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(245,821)	$	(161,810)
Unrecognized prior service costs, net of income taxes	(842)		(842)

Unrealized net losses on securities, net of income taxes	(56)		(40)
Accumulated other comprehensive loss	$	(246,719)	$	(162,692)

Stock Repurchases:

On July 31, 2020, the Company's Board of Directors (the "Board") authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). 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 three months ended April 3, 2022, the Company repurchased 240,000 shares of common stock under the Repurchase Program for an aggregate cost of $43.4 million. As of April 3, 2022, $144.0 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 April 3, 2022, the Company repurchased 67,107 shares of common stock for this purpose at an aggregate cost of $12.2 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 the first quarter of fiscal year 2022 and in each quarter of fiscal year 2021. At April 3, 2022, the Company had accrued $8.8 million for dividends declared on January 27, 2022 for the first quarter of fiscal year 2022 that will be paid on May 13, 2022. On April 28, 2022, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2022 that will be payable in August 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.

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+ Details

Goodwill and Intangible Assets, Net

3 Months Ended

Apr. 03, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

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

The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units as of January 3, 2022, its annual impairment testing date for fiscal year 2022. The Company concluded that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20% for each reporting unit. For the fiscal year 2022 impairment analysis, the range of the long-term terminal growth rates for the Company’s reporting units was 2% to 5% and the range of the discount rates for the reporting units was 7% to 11.5%. Keeping all other variables constant, a 10% change in any one of these input assumptions for the various reporting units would still allow the Company to conclude that there was no impairment of goodwill.

The Company has consistently employed the income approach to estimate the current fair value when testing for impairment of goodwill. A number of significant assumptions and estimates are involved in the application of the income

approach to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce, tax rates, capital spending, discount rates and working capital changes. Cash flow forecasts are based on approved business unit operating plans for the early years’ cash flows and historical relationships in later years. The income approach is sensitive to changes in long-term terminal growth rates and the discount rates. The long-term terminal growth rates are consistent with the Company’s historical long-term terminal growth rates, as the current economic trends are not expected to affect the long-term terminal growth rates of the Company. The Company corroborates the income approach with a market approach.

The changes in the carrying amount of goodwill for the three months ended April 3, 2022 were as follows:


	Discovery & Analytical Solutions		Diagnostics		Consolidated
	(In thousands)
Balance at January 2, 2022	$	5,446,234	$	1,970,350	$	7,416,584
Foreign currency translation	(38,132)		(13,795)		(51,927)

Acquisitions, earn-outs and other	(1,085)		3,712		2,627
Balance at April 3, 2022	$	5,407,017	$	1,960,267	$	7,367,284

Identifiable intangible asset balances by category were as follows:


	April 3, 2022		January 2, 2022
	(In thousands)
Patents	$	31,025	$	31,033
Less: Accumulated amortization	(28,742)		(28,693)
Net patents	2,283		2,340
Trade names and trademarks	168,225		170,983
Less: Accumulated amortization	(64,762)		(62,441)
Net trade names and trademarks	103,463		108,542
Licenses	68,001		67,887
Less: Accumulated amortization	(54,897)		(54,315)
Net licenses	13,104		13,572
Core technology	1,841,179		1,834,177
Less: Accumulated amortization	(527,001)		(494,310)
Net core technology	1,314,178		1,339,867
Customer relationships	3,165,411		3,195,704
Less: Accumulated amortization	(726,145)		(673,425)
Net customer relationships	2,439,266		2,522,279
In-process research and development	—		5,920
Net amortizable intangible assets	3,872,294		3,992,520
Non-amortizing intangible asset:
Trade name	70,584		70,584
Total	$	3,942,878	$	4,063,104

Total amortization expense related to definite-lived intangible assets was $102.7 million and $54.2 million for the three months ended April 3, 2022 and April 4, 2021, respectively. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $309.3 million for the remainder of fiscal year 2022, $402.4 million for fiscal year 2023, $390.9 million for fiscal year 2024, $363.7 million for fiscal year 2025, and $350.3 million for fiscal year 2026

Derivatives And Hedging Activities	3 Months Ended
Derivatives And Hedging Activities	Apr. 03, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging ActivitiesThe Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Approximately 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business. In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows. Principal hedged currencies include the Chinese Renminbi, British Pound, Euro, Singapore Dollar and Swedish Krona. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $376.6 million, $371.9 million and $969.5 million at April 3, 2022, January 2, 2022 and April 4, 2021, respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of the three months ended April 3, 2022 and April 4, 2021. In addition, in connection with certain intercompany loan agreements utilized to finance its acquisitions and stock repurchase program, the Company enters into forward foreign exchange contracts intended to hedge movements in foreign exchange rates prior to settlement of such intercompany loans denominated in foreign currencies. The Company records these hedges at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on these hedges, as well as the gains and losses associated with the remeasurement of the intercompany loans, are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from financing activities within the Company’s condensed consolidated statement of cash flows. The outstanding forward exchange contracts designated as economic hedges, which were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined U.S. Dollar notional amounts of $360.2 million as of January 2, 2022, and combined U.S. Dollar notional amounts of $1,309.0 million as of April 4, 2021. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the three months ended April 3, 2022 and April 4, 2021. The Company paid $0.8 million and received $6.0 million during the three months ended April 3, 2022 and April 4, 2021, respectively, from the settlement of these hedges. During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income ("AOCI"), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of April 3, 2022, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €497.2 million. The unrealized foreign exchange gains recorded in AOCI related to the net investment hedge were $16.7 million and $21.6 million for the three months ended April 3, 2022 and April 4, 2021, respectively. The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months.

Fair Value Measurements

3 Months Ended

Apr. 03, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable. The Company believes it had no significant concentrations of credit risk as of April 3, 2022.

The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the three months ended April 3, 2022. The Company’s financial assets and liabilities carried at fair

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

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

The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of April 3, 2022 and January 2, 2022 classified in one of the three classifications described above:


			Fair Value Measurements at April 3, 2022 Using:
	Total Carrying Value at April 3, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	56,683	$	56,683	$	—	$	—
Foreign exchange derivative assets	229		—		229		—
Foreign exchange derivative liabilities	(1,258)		—		(1,258)		—
Contingent consideration	(49,828)		—		—		(49,828)


			Fair Value Measurements at January 2, 2022 Using:
	Total Carrying Value at January 2, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	53,073	$	53,073	$	—	$	—
Foreign exchange derivative assets	3,765		—		3,765		—
Foreign exchange derivative liabilities	(3,463)		—		(3,463)		—
Contingent consideration	(57,996)		—		—		(57,996)

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

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

Foreign exchange derivative assets and liabilities: Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both April 3, 2022 and January 2, 2022, none of the master netting arrangements involved collateral.

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

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

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

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


	Three Months Ended
	April 3, 2022		April 4, 2021
	(In thousands)
Balance at beginning of period	$	(57,996)	$	(2,953)
Additions	(4,961)		—
Amounts paid and foreign currency translation	1,422		69
Adjustments recognized in goodwill	12,400		—
Change in fair value (included within selling, general and administrative expenses)	(693)		(240)
Balance at end of period	$	(49,828)	$	(3,124)

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

The Company's outstanding senior unsecured notes had a fair value of $4,270.3 million and a carrying value of $4,464.3 million as of April 3, 2022. The Company's outstanding senior unsecured notes had a fair value of $4,612.8 million and a carrying value of $4,479.5 million as of January 2, 2022. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements.

The Company’s other debt facilities, including the Company's senior revolving and term loan credit facilities, had an aggregate carrying value of $403.4 million and $504.5 million as of April 3, 2022 and January 2, 2022, respectively. The carrying value approximates fair value and were classified as Level 2.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies	3 Months Ended
Contingencies	Apr. 03, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is conducting a number of environmental investigations and remedial actions at current and former locations of the Company and, along with other companies, has been named a potentially responsible party (“PRP”) for certain waste disposal sites. The Company accrues for environmental issues in the accounting period that the Company’s responsibility is established and when the cost can be reasonably estimated. The Company has accrued $12.0 million and $11.9 million as of April 3, 2022 and January 2, 2022, respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters and does not include any potential liability for related personal injury or property damage claims. These amounts were included in accrued expenses and other current liabilities. The Company's environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. The Company is subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at April 3, 2022 would not have a material adverse effect on the Company’s condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company.

Revenue (Tables)

3 Months Ended

Apr. 03, 2022

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition.


	Reportable Segments
	Three Months Ended
	April 3, 2022						April 4, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	273,158	$	327,936	$	601,094	$	175,115	$	400,927	$	576,042
Europe	158,238		198,168		356,406		135,458		311,743		447,201
Asia	170,970		130,972		301,942		144,036		140,410		284,446
	$	602,366	$	657,076	$	1,259,442	$	454,609	$	853,080	$	1,307,689

Primary end-markets
Diagnostics	$	—	$	657,076	$	657,076	$	—	$	853,080	$	853,080
Life sciences	412,409		—		412,409		277,201		—		277,201
Applied markets	189,957		—		189,957		177,408		—		177,408
	$	602,366	$	657,076	$	1,259,442	$	454,609	$	853,080	$	1,307,689

Timing of revenue recognition
Products and services transferred at a point in time	$	461,314	$	554,520	$	1,015,834	$	326,662	$	615,106	$	941,768
Services transferred over time	141,052		102,556		243,608		127,947		237,974		365,921
	$	602,366	$	657,076	$	1,259,442	$	454,609	$	853,080	$	1,307,689

Business Combinations (Tables)

3 Months Ended

Apr. 03, 2022

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

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


	Three Months Ended April 4, 2021
	(In thousands, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	1,385,114
Income from continuing operations	$	370,624
Basic earnings per share:
Income from continuing operations	$	2.94
Diluted earnings per share:
Income from continuing operations	$	2.93

Restructuring and Lease Charges, Net (Tables)

3 Months Ended

Apr. 03, 2022

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Plan Activity [Table Text Block]

Workforce Reductions

Closure of Excess Facility

Total

(Expected) Date Payments Substantially Completed by

Headcount Reduction

Discovery & Analytical Solutions

Diagnostics