10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________ 

FORM 10-Q

_______________________________________ 

(Mark One)

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

For the quarterly period ended October 2, 2022

or

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

For the transition period from ____________ to ____________

Commission File Number 001-5075

_______________________________________ 

PerkinElmer, Inc.

(Exact name of Registrant as specified in its Charter)

_______________________________________  

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

(781) 663-6900

(Registrant’s telephone number, including area code)

______________________________________ 

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

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

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

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

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

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

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

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

As of November 9, 2022, there were outstanding 126,315,920 shares of common stock, $1 par value per share.

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
	Overview	28
	Critical Accounting Policies and Estimates	28
	Consolidated Results of Continuing Operations	29
	Reporting Segment Results of Continuing Operations	33
	Discontinued Operations	35
	Liquidity and Capital Resources	36
	Dividends	38
	Effects of Recently Adopted and Issued Accounting Pronouncements	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 6.	Exhibits	50
Signatures		51

3

PART I. FINANCIAL INFORMATION

Item 1.Unaudited Financial Statements

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) 

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands, except per share data)
Product revenue	$	605,457	$	642,128	$	1,984,715	$	1,941,566
Service revenue	106,346		219,188		585,893		858,332
Total revenue	711,803		861,316		2,570,608		2,799,898
Cost of product revenue	271,744		277,809		879,832		809,355
Cost of service revenue	33,015		60,645		137,276		200,352
Total cost of revenue	304,759		338,454		1,017,108		1,009,707
Selling, general and administrative expenses	239,969		275,869		765,746		681,311
Research and development expenses	53,521		49,421		167,081		139,753
Restructuring and other costs, net	2,774		2,011		15,443		10,517
Operating income from continuing operations	110,780		195,561		605,230		958,610
Interest and other expense, net	28,638		60,549		91,840		54,732
Income from continuing operations before income taxes	82,142		135,012		513,390		903,878
Provision for income taxes	12,634		27,381		98,211		198,531
Income from continuing operations	69,508		107,631		415,179		705,347
Income from discontinued operations before income taxes	25,180		26,656		36,004		64,329
Provision for income taxes on discontinued operations and dispositions	9,341		6,549		9,662		16,703
Income from discontinued operations and dispositions	15,839		20,107		26,342		47,626
Net income	$	85,347	$	127,738	$	441,521	$	752,973
Basic earnings per share:
Income from continuing operations	$	0.55	$	0.94	$	3.29	$	6.25
Income from discontinued operations and dispositions	0.13		0.18		0.21		0.42
Net income	$	0.68	$	1.12	$	3.50	$	6.67
Diluted earnings per share:
Income from continuing operations	$	0.55	$	0.94	$	3.28	$	6.23
Income from discontinued operations and dispositions	0.13		0.17		0.21		0.42
Net income	$	0.67	$	1.11	$	3.49	$	6.65
Weighted average shares of common stock outstanding:
Basic	126,155		114,508		126,139		112,836
Diluted	126,540		115,022		126,544		113,307
Cash dividends declared per common share	$	0.07	$	0.07	$	0.21	$	0.21

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

4

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Net income	$	85,347	$	127,738	$	441,521	$	752,973
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of income taxes	(190,745)		11,724		(487,095)		(48,857)
Unrealized gain on securities, net of income taxes	48		11		5		105
Other comprehensive (loss) income	(190,697)		11,735		(487,090)		(48,752)
Comprehensive (loss) income	$	(105,350)	$	139,473	$	(45,569)	$	704,221

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

5

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	October 2, 2022		January 2, 2022
	(In thousands, except share and per share data)
Current assets:
Cash and cash equivalents	$	400,741	$	603,320
Accounts receivable, net	540,867		707,941
Inventories	378,256		425,890
Other current assets	138,867		148,255
Current assets of discontinued operations	1,657,749		555,374
Total current assets	3,116,480		2,440,780
Property, plant and equipment, net	460,397		485,531
Operating lease right-of-use assets	160,120		164,040
Intangible assets, net	3,401,143		3,821,847
Goodwill	6,373,327		6,627,119
Other assets, net	312,297		312,887
Long-term assets of discontinued operations	—		1,148,350
Total assets	$	13,823,764	$	15,000,554
Current liabilities:
Current portion of long-term debt	$	503,549	$	4,240
Accounts payable	275,824		324,811
Accrued expenses and other current liabilities	471,570		728,445
Current liabilities of discontinued operations	234,788		156,248
Total current liabilities	1,485,731		1,213,744
Long-term debt	3,898,267		4,979,737
Deferred taxes and long-term liabilities	1,231,724		1,422,549
Operating lease liabilities	142,842		147,395
Long-term liabilities of discontinued operations	—		95,884
Total liabilities	6,758,564		7,859,309
Commitments and contingencies (see Note 15)
Stockholders’ equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding	—		—
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 126,220,000 shares and 126,241,000 shares at October 2, 2022 and January 2, 2022, respectively	126,220		126,241
Capital in excess of par value	2,754,716		2,760,522
Retained earnings	4,834,046		4,417,174
Accumulated other comprehensive loss	(649,782)		(162,692)
Total stockholders’ equity	7,065,200		7,141,245
Total liabilities and stockholders’ equity	$	13,823,764	$	15,000,554

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

6

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

	For the Nine-Month Period Ended October 2, 2022
	Common Stock Shares	Common Stock Amount		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
		(In thousands)
Balance, January 2, 2022	126,241	$	126,241	$	2,760,522	$	4,417,174	$	(162,692)	$	7,141,245
Net income	—	—		—		176,962		—		176,962
Other comprehensive loss	—	—		—		—		(84,027)		(84,027)
Dividends	—	—		—		(8,905)		—		(8,905)
Exercise of employee stock options	18	18		1,379		—		—		1,397
Purchases of common stock	(307)	(307)		(55,285)		—		—		(55,592)
Issuance of common stock for long-term incentive program	188	188		12,282		—		—		12,470
Stock compensation	—	—		2,792		—		—		2,792
Balance, April 3, 2022	126,140	$	126,140	$	2,721,690	$	4,585,231	$	(246,719)	$	7,186,342
Net income	—	—		—		179,212		—		179,212
Other comprehensive loss	—	—		—		—		(212,366)		(212,366)
Dividends	—	—		—		(7,877)		—		(7,877)
Exercise of employee stock options	50	50		4,394		—		—		4,444
Issuance of common stock for employee stock purchase plans	13	13		1,813		—		—		1,826
Purchases of common stock	(3)	(3)		(453)		—		—		(456)
Issuance of common stock for long-term incentive program	12	12		12,260		—		—		12,272
Stock compensation	6	6		3,752		—		—		3,758
Balance, July 3, 2022	126,218	$	126,218	$	2,743,456	$	4,756,566	$	(459,085)	$	7,167,155
Net income	—	—		—		85,347		—		85,347
Other comprehensive loss	—	—		—		—		(190,697)		(190,697)
Dividends	—	—		—		(7,867)		—		(7,867)
Exercise of employee stock options	6	6		406		—		—		412
Issuance of common stock for employee stock purchase plans	1	1		30		—		—		31
Purchases of common stock	(1)	(1)		(88)		—		—		(89)
Issuance of common stock for long-term incentive program	(5)	(5)		8,976		—		—		8,971
Stock compensation	1	1		1,936		—		—		1,937
Balance, October 2, 2022	126,220	$	126,220	$	2,754,716	$	4,834,046	$	(649,782)	$	7,065,200

7

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

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

8

PERKINELMER, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	October 2, 2022		October 3, 2021
	(In thousands)
Operating activities:
Net income	$	441,521	$	752,973
Income from discontinued operations and dispositions, net of income taxes	(26,342)		(47,626)
Income from continuing operations	415,179		705,347
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation	39,776		16,718
Restructuring and other costs, net	15,443		10,517
Depreciation and amortization	322,766		197,386
Change in fair value of contingent consideration	(769)		1,553
Amortization of deferred debt financing costs and accretion of discounts and debt extinguishment costs	5,954		3,224
Change in fair value of financial securities	14,321		(8,566)
Amortization of acquired inventory revaluation	45,039		14,728
Gain on disposition of businesses and assets, net	—		(1,970)
Asset impairment	—		3,868
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net	120,138		231,924
Inventories	(44,475)		19,181
Accounts payable	(27,968)		(39,984)
Accrued expenses and other	(360,089)		(159,452)
Net cash provided by operating activities of continuing operations	545,315		994,474
Net cash (used in) provided by operating activities of discontinued operations	(4,663)		80,684
Net cash provided by operating activities	540,652		1,075,158
Investing activities:
Capital expenditures	(59,502)		(59,066)
Purchases of investments	(45,010)		(19,130)
Proceeds from disposition of businesses and assets	5,664		1,460
Proceeds from notes receivable	8,890		—
Cash paid for acquisitions, net of cash acquired	(7,768)		(3,967,678)
Net cash used in investing activities of continuing operations	(97,726)		(4,044,414)
Net cash used in investing activities of discontinued operations	(9,441)		(8,393)
Net cash used in investing activities	(107,167)		(4,052,807)
Financing activities:
Payments on borrowings	(220,000)		(1,191,125)

9

Proceeds from borrowings	220,000		1,144,282
Payments of term loan	(500,000)		—
Proceeds from term loan	—		500,000
Payments of senior unsecured notes	(7,472)		(339,605)
Proceeds from sale of senior unsecured notes	—		3,086,095
Payments of debt financing and equity issuance costs	—		(30,983)
Settlement of cash flow hedges	(762)		(1,459)
Net payments on other credit facilities	(487)		(12,731)
Proceeds from issuance of common stock under stock plans	6,254		22,760
Purchases of common stock	(56,137)		(73,013)
Dividends paid	(26,502)		(23,539)
Net cash (used in) provided by financing activities of continuing operations	(585,106)		3,080,682
Net cash provided by financing activities of discontinued operations	—		—
Net cash (used in) provided by financing activities	(585,106)		3,080,682
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(51,404)		(16,584)
Net (decrease) increase in cash, cash equivalents and restricted cash	(203,025)		86,449
Cash, cash equivalents and restricted cash at beginning of period	619,337		402,613
Cash, cash equivalents and restricted cash at end of period	$	416,312	$	489,062
Supplemental disclosures of cash flow information
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	$	400,741	$	472,374
Restricted cash included in other current assets	284		1,689
Restricted cash included in other assets	288		—
Cash and cash equivalents included in current assets of discontinued operations	14,999		14,999
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	416,312	$	489,062
Supplemental disclosures of non-cash investing and financing activities:
Equity issued for business combination, net of issuance costs	$	—	$	2,638,369
Contingent consideration accrued in business combination	4,961		33,431
Other liability incurred in business combination	4,005		8,467

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

10

PERKINELMER, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the “United States”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the SEC (the “2021 Form 10-K”). The balance sheet amounts at January 2, 2022 in this report were derived from the Company’s audited 2021 consolidated financial statements included in the 2021 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended October 2, 2022 and October 3, 2021, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. In August 2022, the Company announced the proposed sale of certain assets and the equity interests of certain entities constituting the Company’s Analytical, Food and Enterprise Services businesses (the “Business”). The 2021 consolidated financial statements presented herein have been retrospectively adjusted to present the Business as discontinued operations for all periods presented.

Note 2: Revenue

Disaggregation of revenue

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

11

	Reportable Segments
	Three Months Ended
	October 2, 2022						October 3, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	165,340	$	170,478	$	335,818	$	106,742	$	280,367	$	387,109
Europe	72,150		103,925		176,075		50,726		220,264		270,990
Asia	75,293		124,617		199,910		50,043		153,174		203,217
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316
Primary end-markets
Diagnostics	$	—	$	399,020	$	399,020	$	—	$	653,805	$	653,805
Life sciences	312,783		—		312,783		207,511		—		207,511
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316
Timing of revenue recognition
Products and services transferred at a point in time	$	279,235	$	358,481	$	637,716	$	177,869	$	554,332	$	732,201
Services transferred over time	33,548		40,539		74,087		29,642		99,473		129,115
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316

	Reportable Segments
	Nine Months Ended
	October 2, 2022						October 3, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	499,419	$	824,024	$	1,323,443	$	281,640	$	1,049,659	$	1,331,299
Europe	215,394		418,328		633,722		149,437		732,784		882,221
Asia	230,671		382,772		613,443		146,294		440,084		586,378
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898
Primary end-markets
Diagnostics	$	—	$	1,625,124	$	1,625,124	$	—	$	2,222,527	$	2,222,527
Life sciences	945,484		—		945,484		577,371		—		577,371
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898
Timing of revenue recognition
Products and services transferred at a point in time	$	847,030	$	1,418,540	$	2,265,570	$	496,347	$	1,676,041	$	2,172,388
Services transferred over time	98,454		206,584		305,038		81,024		546,486		627,510
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898

12

Major Customer Concentration

Revenues from one customer in the Company’s Diagnostics segment represent approximately $12.0 million and $301.6 million of the Company’s total revenue for the three and nine months ended October 2, 2022, respectively, and approximately $94.8 million and $492.8 million of the Company’s total revenue for the three and nine months ended October 3, 2021, respectively.

Contract Balances

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

Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related services for which transfer of control has not occurred at the balance sheet date. Contract liabilities are classified as either current in “Accounts payable” or “Accrued expenses and other current liabilities” 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. The contract liability balances at the beginning of each period presented were generally fully recognized in the subsequent three month period.

Contract balances were as follows:

	October 2, 2022		January 2, 2022
	(In thousands)
Contract assets	$	53,162	$	61,999
Contract liabilities	(34,210)		(184,898)

Note 3: Business Combinations

Acquisitions in fiscal year 2022

During the first nine months of fiscal year 2022, the Company completed the acquisition of two businesses for aggregate consideration of $13.3 million. Identifiable definite-lived intangible assets, such as core technology, acquired as part of these acquisitions had a weighted average amortization period of 5 years.

Acquisitions in fiscal year 2021

Acquisition of BioLegend, Inc. In fiscal year 2021, 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:

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	Three Months Ended October 3, 2021		Nine Months Ended October 3, 2021
	(In thousands, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	942,568	$	3,040,295
Income from continuing operations	170,174		749,654
Basic earnings per share:
Income from continuing operations	$	1.32	$	5.91
Diluted earnings per share:
Income from continuing operations	$	1.32	$	5.89

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

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

Other acquisitions in 2021. During fiscal year 2021, the Company also completed the acquisition of seven other businesses for aggregate consideration of $1.2 billion. The acquired businesses include Oxford Immunotec Global PLC (“Oxford”), a company based in Abingdon, UK with approximately 275 employees, for total consideration of $590.9 million and Nexcelom Bioscience Holdings, LLC, a company based in Lawrence, Massachusetts with approximately 130 employees, for total consideration of $267.3 million, and five other businesses, which were acquired for total consideration of $318.6 million. The excess of the purchase prices over the fair values of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, and customer relationships, acquired as part of these acquisitions had a weighted-average amortization period of 12.3 years.

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

	BioLegend		Other
	(In thousands)
Fair value of business combinations:
Cash payments	$	3,336,115	1,128,584
Common stock issued	2,638,369		—
Other liability	6,857		2,910
Contingent consideration	—		45,031
Working capital and other adjustments	—		183
Less: cash acquired	(292,377)		(195,010)
Total	$	5,688,964	$	981,698
Identifiable assets acquired and liabilities assumed:
Current assets	$	184,704	$	71,840
Property, plant and equipment	147,200		26,507
Other assets	9,330		15,527
Identifiable intangible assets:
Core technology and clone library	782,400		290,089
Trade names and patents	38,000		39,476
Licenses	8,979		—
Customer relationships and backlog	1,714,800		141,670
Goodwill	3,509,931		545,262
Deferred taxes	(668,919)		(80,923)
Deferred revenue	—		(1,197)
Debt assumed	—		(4,628)
Liabilities assumed	(37,461)		(61,925)
Total	$	5,688,964	$	981,698

The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company’s estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that were not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings. There were no material measurement period adjustments recognized in the current period.

As of October 2, 2022, the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $102.1 million. As of October 2, 2022, the Company has recorded contingent consideration obligations of $44.6 million, of which $5.3 million was recorded in accrued expenses and other current liabilities, and $39.3 million was recorded in long-term liabilities. As of January 2, 2022, the Company had recorded contingent consideration obligations with an estimated fair value of $58.0 million, of which $1.3 million was recorded in accrued expenses and other current liabilities, and $56.7 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 6.2 years from October 2, 2022, and the remaining weighted average expected earnout period at October 2, 2022 was 5.1 years. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible

15

assets or the recognition of additional contingent consideration which would be recognized as a component of operating expenses from continuing operations.

Total acquisition and divestiture-related costs for the three and nine months ended October 2, 2022 were $8.5 million and $25.9 million, respectively. These amounts included $5.5 million and $20.2 million of stock compensation expense related to awards given to BioLegend employees for the three and nine months ended October 2, 2022, respectively. Total acquisition and divestiture-related costs for the three and nine months ended October 3, 2021 were $69.9 million and $72.5 million, respectively. These included $5.4 million net foreign exchange gain related to the Company’s acquisition of Oxford for the nine months ended October 3, 2021 and bridge financing and debt pre-issuance hedging costs of $23.6 million related to the Company’s acquisition of BioLegend for each of the three and nine months ended October 3, 2021. These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other expense, net in the Company’s condensed consolidated statements of operations.

Note 4: Discontinued Operations

As part of the Company’s continuing efforts to focus on higher growth opportunities, the Company has discontinued certain businesses. When the discontinued operations represent a strategic shift that will have a major effect on the Company’s operations and financial statements, the Company has accounted for these businesses as discontinued operations and accordingly, has presented the results of operations and related cash flows as discontinued operations.

In August 2022, the Company entered into a Master Purchase and Sale Agreement (the “Purchase Agreement”) with Polaris Purchaser, L.P. (the “Purchaser”), a Delaware limited partnership owned by funds managed by affiliates of New Mountain Capital L.L.C. (the “Sponsor”), under which the Company agreed to sell to the Purchaser certain assets and the equity interests of certain entities constituting the Company’s Analytical, Food and Enterprise Services businesses (the “Business”) (as further defined in the Purchase Agreement), for cash consideration of up to approximately $2.45 billion and the Purchaser’s assumption of certain liabilities relating to the Business (collectively, the “Transaction”). Approximately $2.30 billion of the purchase price will be payable at closing, subject to certain customary adjustments, which includes $75.0 million in deferred payments tied to the transfer of the PerkinElmer brand and related trademarks to the Purchaser (which may be completed within 24 months following the date of the closing at the Company’s election). The Purchase Agreement also provides for potential post-closing payments totaling up to $150.0 million, which are contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business. The Transaction is expected to close in the first quarter of fiscal year 2023, subject to regulatory approvals and other customary closing conditions.

The Business had been recorded in the Discovery & Analytical Solutions segment. The sale of the Business represents a strategic shift that will have a major effect on the Company’s operations and financial statements. Accordingly, the Company has classified the assets and liabilities related to the Business as assets and liabilities of discontinued operations in the Company’s consolidated balance sheets and its results of operations are classified as income from discontinued operations in the Company’s consolidated statements of operations. Financial information in this report relating to the three and nine months ended October 3, 2021 has been retrospectively adjusted to reflect this discontinued operation.

The summary pre-tax operating results of the discontinued operations, were as follows for the three and nine months ended:

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	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Revenue	$	320,616	$	305,369	$	950,821	$	902,946
Cost of revenue	208,669		196,393		639,937		590,960
Selling, general and administrative expenses	71,893		63,173		210,535		190,920
Research and development expenses	14,174		19,187		50,575		54,895
Restructuring and other costs, net	487		200		13,130		2,501
Operating income	25,393		26,416		36,644		63,670
Other expense (income), net	213		(240)		640		(659)
Income from discontinued operations before income taxes	$	25,180	$	26,656	$	36,004	$	64,329

The carrying amounts of the major classes of assets and liabilities included in discontinued operations consisted of the following:

	October 2, 2022		January 2, 2022
	(In thousands)
Cash and cash equivalents	$	14,999	$	14,999
Accounts receivable	306,845		315,851
Inventories	226,724		198,824
Other current assets	30,579		25,700
Total current assets			555,374
Property, plant and equipment, net	57,823		60,073
Operating lease right-of-use assets	38,159		43,735
Intangible assets, net	213,240		241,257
Goodwill	759,618		789,465
Other assets, net	9,762		13,820
Total long-term assets			1,148,350
Total assets of discontinued operations	$	1,657,749	$	1,703,724
Accounts payable	$	30,748	$	30,648
Accrued expenses and other current liabilities	121,949		125,601
Total current liabilities			156,249
Deferred taxes and long-term liabilities	48,505		57,918
Operating lease liabilities	33,586		37,965
Total long-term liabilities			95,883
Total liabilities of discontinued operations	$	234,788	$	252,132

The following operating and investing non-cash items from discontinued operations were as follows for the nine months ended:

	October 2, 2022		October 3, 2021
	(In thousands)
Depreciation	$	8,011	$	9,523
Amortization	16,984		26,026
Capital expenditures	9,441		8,393

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Note 5: Restructuring and Other Costs, Net

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

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

	Workforce Reductions					Closure of Excess Facility			Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics			Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2022 Plan	40	$	2,074	$	1,122	$	—	—	$	3,196	Q4 FY2022	—
Q2 2022 Plan	243	7,336		2,052		—		—	9,388		Q3 FY2022	—
Q1 2022 Plan	81	5,832		399		—		—	6,231		Q4 FY2022	—
Q4 2021 Plan	31	3,139		77		150		—	3,366		Q3 FY2022	Q1 FY2023
Q3 2021 Plan	39	420		366		—		—	786		Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—	1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—	5,556		Q4 FY2021	—

The Company has terminated various contractual commitments in connection with certain disposal activities and has recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded net pre-tax (gains) charges of $(0.1) million and $7.9 million in the Discovery & Analytical Solutions segment during the three and nine months ended October 2, 2022, respectively, as a result of these contract terminations. The Company recorded net pre-tax gains of $0.1 million in the Diagnostics segment during the nine months ended October 2, 2022, as a result of changes in estimates from prior contract terminations.

The Company recorded pre-tax charges of $1.4 million associated with closure of facilities during the nine months ended October 2, 2022 in the Discovery & Analytical Solutions segment. The Company recorded pre-tax charges of $0.2 million associated with closure of facilities during the nine months ended October 2, 2022 in the Diagnostics segment. The Company expects to make payments on these relocation activities through end of fiscal year 2023.

Note 6: Interest and Other Expense, Net

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Interest income	$	(667)	$	(544)	$	(2,024)	$	(1,322)
Interest expense	25,931		43,531		81,447		74,407
Change in fair value of financial securities	5,106		19,365		14,321		(8,566)
Other components of net periodic pension credit	(2,602)		(3,537)		(7,718)		(10,583)
Other expense, net	870		1,734		5,814		796
Total interest and other expense, net	$	28,638	$	60,549	$	91,840	$	54,732

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Note 7: Inventories

Inventories consisted of the following:

	October 2, 2022		January 2, 2022
	(In thousands)
Raw materials	$	175,043	$	166,486
Work in progress	65,486		63,580
Finished goods	137,727		195,824
Total inventories	$	378,256	$	425,890

Note 8: Debt

The Company’s debt consisted of the following:

	October 2, 2022
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(2,821)	$	(2,821)
0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”)	791,949		(325)		(3,598)		788,026
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")	489,400		(1,856)		(1,904)		485,640
1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”)	500,000		(312)		(3,759)		495,929
3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”)	850,000		(2,049)		(5,671)		842,280
2.55% Senior Unsecured Notes due in March 2031 ("March 2031 Notes")	400,000		(116)		(3,038)		396,846
2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”)	500,000		(1,381)		(3,925)		494,694
3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”)	400,000		(4)		(4,249)		395,747
Other Debt Facilities, non-current	1,926		—		—		1,926
Total Long-Term Debt	$	3,933,275	$	(6,043)	$	(28,965)	$	3,898,267
Current Portion of Long-term Debt:
0.550% Senior Unsecured Notes due in 2023 (“2023 Notes”)	500,000		(86)		(1,177)		498,737
Other Debt Facilities, current	4,812		—		—		4,812
Total	$	4,438,087	$	(6,129)	$	(30,142)	$	4,401,816

During the third quarter of fiscal year 2022, the Company repurchased $8.1 million in aggregate principal amount of the 2024 Notes in open market transactions. In October 2022, the Company repurchased $32.9 million in aggregate principal amount of the 2023 Notes and $12.7 million in aggregate principal amount of the 2024 Notes in open market transactions.

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	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

Note 9: Earnings Per Share

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

	Three Months Ended		Nine Months Ended
	October 2, 2022	October 3, 2021	October 2, 2022	October 3, 2021
	(In thousands)
Number of common shares—basic	126,155	114,508	126,139	112,836
Effect of dilutive securities:
Stock options	228	365	272	367
Restricted stock awards	157	149	133	104
Number of common shares—diluted	126,540	115,022	126,544	113,307
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	608	90	600	237

Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future.

Note 10: 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

20

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

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

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

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

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

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	280,115	$	174,715	$	846,730	$	480,182
Service revenue	32,668		32,796		98,754		97,189
Total revenue	312,783		207,511		945,484		577,371
Operating income (loss) from continuing operations	32,631		(19,263)		106,005		50,624
Diagnostics
Product revenue	325,342		467,413		1,137,985		1,461,384
Service revenue	73,678		186,392		487,139		761,143
Total revenue	399,020		653,805		1,625,124		2,222,527
Operating income from continuing operations	94,654		237,903		553,898		965,650
Corporate
Operating loss from continuing operations	(16,505)		(23,079)		(54,673)		(57,664)
Continuing Operations
Product revenue	605,457		642,128		1,984,715		1,941,566
Service revenue	106,346		219,188		585,893		858,332
Total revenue	711,803		861,316		2,570,608		2,799,898
Operating income from continuing operations	110,780		195,561		605,230		958,610
Interest and other expense, net	28,638		60,549		91,840		54,732
Income from continuing operations before income taxes	$	82,142	$	135,012	$	513,390	$	903,878

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Note 11: Stockholders’ Equity

Comprehensive Income:

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

	October 2, 2022		January 2, 2022
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(648,905)	$	(161,810)
Unrecognized prior service costs, net of income taxes	(842)		(842)
Unrealized net losses on securities, net of income taxes	(35)		(40)
Accumulated other comprehensive loss	$	(649,782)	$	(162,692)

Stock Repurchases:

On July 31, 2020, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the “Repurchase Program”). On July 22, 2022, the Repurchase Program was terminated by the Board and the Board authorized the Company to repurchase shares of common stock for an aggregate amount up to $300.0 million under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on July 22, 2024 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended October 2, 2022, the Company had no stock repurchases under the Repurchase Program or the New Repurchase Program. As of October 2, 2022, $300.0 million remained available for aggregate repurchases of shares under the New Repurchase Program.

In addition, the Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company’s equity incentive plans. During the three months ended October 2, 2022, the Company repurchased 624 shares of common stock for this purpose at an aggregate cost of $0.1 million. During the nine months ended October 2, 2022, the Company repurchased 70,653 shares of common stock for this purpose at an aggregate cost of $12.8 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2022 and in each quarter of fiscal year 2021. At October 2, 2022, the Company had accrued $8.8 million for dividends declared on July 22, 2022 for the third quarter of fiscal year 2022 that was paid on November 11, 2022. On October 26, 2022, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2022 that will be payable in February 2023. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Note 12: Goodwill and Intangible Assets, Net

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

The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units as of January 3, 2022, its annual impairment testing date for fiscal year 2022. The Company concluded that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20% for each reporting unit. 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

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10% change in any one of these input assumptions for the various reporting units would still allow the Company to conclude that there was no impairment of goodwill.

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

The changes in the carrying amount of goodwill for the nine months ended October 2, 2022 were as follows:

	Discovery & Analytical Solutions		Diagnostics		Consolidated
	(In thousands)
Balance at January 2, 2022	$	4,656,769	$	1,970,350	$	6,627,119
Foreign currency translation	(175,974)		(74,611)		(250,585)
Acquisitions, earn-outs and other	(6,919)		3,712		(3,207)
Balance at October 2, 2022	$	4,473,876	$	1,899,451	$	6,373,327

Identifiable intangible asset balances by category were as follows:

	October 2, 2022		January 2, 2022
	(In thousands)
Patents	$	28,000	$	28,233
Less: Accumulated amortization	(25,997)		(25,893)
Net patents	2,003		2,340
Trade names and trademarks	143,217		156,864
Less: Accumulated amortization	(58,819)		(53,975)
Net trade names and trademarks	84,398		102,889
Licenses	62,537		62,627
Less: Accumulated amortization	(53,801)		(52,638)
Net licenses	8,736		9,989
Core technology	1,506,442		1,589,264
Less: Accumulated amortization	(397,785)		(331,906)
Net core technology	1,108,657		1,257,358
Customer relationships	2,896,035		3,033,870
Less: Accumulated amortization	(703,560)		(590,519)
Net customer relationships	2,192,475		2,443,351
In-process research and development	4,874		5,920
Total	$	3,401,143	$	3,821,847

Total amortization expense related to amortizable intangible assets was $91.5 million and $280.5 million for the three and nine months ended October 2, 2022, respectively, and $63.3 million and $158.6 million for the three and nine months ended October 3, 2021, respectively. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $90.5 million for the remainder of fiscal year 2022, $356.6 million for fiscal year 2023, $348.9 million for fiscal year 2024, $328.8 million for fiscal year 2025, and $321.9 million for fiscal year 2026.

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Note 13: Derivatives and Hedging Activities

The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Approximately 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business.

In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows.

Principal hedged currencies include the Chinese Renminbi, British Pound, Euro, Singapore Dollar and Swedish Krona. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $348.3 million, $371.9 million and $398.6 million at October 2, 2022, January 2, 2022 and October 3, 2021, respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of the nine months ended October 2, 2022 and October 3, 2021.

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

The outstanding forward exchange contracts designated as economic hedges, which were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined U.S. Dollar notional amounts of $360.2 million as of January 2, 2022, and combined U.S. Dollar notional amounts of $548.7 million as of October 3, 2021. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the three and nine months ended October 2, 2022 and October 3, 2021. The Company paid $0.8 million and received $2.9 million during the nine months ended October 2, 2022 and October 3, 2021, respectively, from the settlement of these hedges.

During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of October 2, 2022, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €497.2 million. The unrealized foreign exchange gains recorded in AOCI related to the net investment hedge were $9.5 million and $57.4 million for the three and nine months ended October 2, 2022, respectively, and $7.5 million and $26.6 million for the three and nine months ended October 3, 2021, respectively.

The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months.

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Note 14: Fair Value Measurements

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable including certain long-term receivables and debt securities. The Company believes it had no significant concentrations of credit risk as of October 2, 2022.

The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the nine months ended October 2, 2022. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value.

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

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

			Fair Value Measurements at October 2, 2022 Using:
	Total Carrying Value at October 2, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	12,746	$	12,746	$	—	$	—
Foreign exchange derivative assets	2,175		—		2,175		—
Foreign exchange derivative liabilities	(2,195)		—		(2,195)		—
Contingent consideration	(44,574)		—		—		(44,574)

			Fair Value Measurements at January 2, 2022 Using:
	Total Carrying Value at January 2, 2022		Quoted Prices in 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

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condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both October 2, 2022 and January 2, 2022, none of the master netting arrangements involved collateral.

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

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

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

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Balance at beginning of period	$	(48,593)	$	(3,334)	$	(57,996)	$	(2,953)
Additions	—		(33,431)		(4,961)		(33,431)
Amounts paid and foreign currency translation	1,887		615		5,213		711
Adjustments recognized in goodwill	—		—		12,400		—
Change in fair value (included within selling, general and administrative expenses)	2,132		(1,075)		770		(1,552)
Balance at end of period	$	(44,574)	$	(37,225)	$	(44,574)	$	(37,225)

Financial Instruments Not Recorded at Fair Value

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

The Company’s outstanding senior unsecured notes had a fair value of $3,743.6 million and a carrying value of $4,397.9 million as of October 2, 2022. The Company’s outstanding senior unsecured notes had a fair value of $4,612.8 million and a carrying value of $4,479.5 million as of January 2, 2022. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements.

The Company’s other debt facilities, including the Company’s senior revolving and term loan credit facilities, had an aggregate carrying value of $3.9 million and $504.5 million as of October 2, 2022 and January 2, 2022, respectively. The carrying value approximates fair value and were classified as Level 2.

Note 15: 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 $12.3 million and $11.9 million as of October 2, 2022 and January 2, 2022, respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters and does not include any potential liability for related personal injury or property damage claims. These amounts were included in accrued expenses and other current liabilities. The Company’s environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been

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named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded.

The Company is subject to various claims, legal proceedings, regulatory matters, and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at October 2, 2022 would not have a material adverse effect on the Company’s consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company.

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

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

Overview

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

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

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

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

Overview of the Third Quarter of Fiscal Year 2022

Our overall revenue in the third quarter of fiscal year 2022 was $711.8 million which decreased by $149.5 million, or 17.4%, as compared to the third quarter of fiscal year 2021, reflecting a decrease of $254.8 million, or 39%, in our Diagnostics segment revenue, which was partially offset by an increase of $105.3 million, or 51%, in our Discovery & Analytical Solutions segment revenue. The decrease in our Diagnostics segment revenue for the third quarter of fiscal year 2022 was driven by a decrease in revenue from our COVID-19 product offerings of $231.2 million and a decrease of approximately 6% in revenue attributable to unfavorable changes in foreign exchange rates, partially offset by an increase in revenue from our core portfolio of $17.0 million. The increase in our Discovery & Analytical Solutions segment revenue for the third quarter of fiscal year 2022 was driven by a 42% increase in revenue attributable to acquisitions and divestitures, and an increase of $105.3 million in our life sciences market revenue, partially offset by a 5% decrease in revenue due to unfavorable changes in foreign exchange rates.

Our consolidated gross margins decreased 352 basis points in the third quarter of fiscal year 2022, as compared to the third quarter of fiscal year 2021, primarily due to increased amortization of acquired intangible assets and lower COVID-19 revenue partially offset by a favorable shift in product mix and service productivity. For the third quarter of fiscal year 2022, supply chain disruptions and inflation did not materially impact our results of operations as compared to the third quarter of fiscal year 2021 as the effects of our initiatives to reduce transportation costs more than offset the impact of inflation on our raw materials purchases. Our consolidated operating margins decreased 714 basis points in the third quarter of fiscal year 2022, as compared to the third quarter of fiscal year 2021, primarily due to lower COVID-19 revenue, increased costs related to amortization of acquired intangible assets, and investments in new product development and growth initiatives.

Critical Accounting Policies and Estimates

The preparation of condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to accounting for business combinations, long-lived assets, including goodwill and other intangible assets and employee compensation and benefits. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Critical accounting policies are those policies that affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements. We believe our critical accounting policies include policies

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regarding business combinations, valuation of long-lived assets, including goodwill and other intangibles and employee compensation and benefits.

For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended January 2, 2022 (our “2021 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the nine months ended October 2, 2022.

Consolidated Results of Continuing Operations

Revenue

Revenue for the three months ended October 2, 2022 was $711.8 million, as compared to $861.3 million for the three months ended October 3, 2021, a decrease of $149.5 million, or approximately 17.4%, which includes an approximate 11% increase in revenue attributable to acquisitions and divestitures, partially offset by a 6% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The analysis in the remainder of this paragraph compares segment revenue for the three months ended October 2, 2022 as compared to the three months ended October 3, 2021 and includes the effect of foreign exchange rate fluctuations, acquisitions and divestitures. Our Diagnostics segment revenue was $399.0 million for the three months ended October 2, 2022, as compared to $653.8 million for the three months ended October 3, 2021, a decrease of $254.8 million, or 39%, primarily due to a decrease in revenue from our COVID-19 product offerings of $231.2 million and a decrease of approximately 6% in revenue attributable to unfavorable changes in foreign exchange rates, partially offset by an increase in revenue from our core portfolio of $17.0 million. Our Discovery & Analytical Solutions segment revenue was $312.8 million for the three months ended October 2, 2022, as compared to $207.5 million for the three months ended October 3, 2021, an increase of $105.3 million, or 51%, driven by a 42% increase in revenue attributable to acquisitions and divestitures, and an increase of $105.3 million in our life sciences market revenue, partially offset by a 5% decrease in revenue due to unfavorable changes in foreign exchange rates. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.2 million of revenue for each of the three months ended October 2, 2022 and October 3, 2021 that otherwise would have been recorded by the acquired businesses during each of the respective periods.

Revenue for the nine months ended October 2, 2022 was $2,570.6 million, as compared to $2,799.9 million for the nine months ended October 3, 2021, a decrease of $229.3 million, or approximately 8%, which includes an approximate 12% increase in revenue attributable to acquisitions and divestitures, partially offset by a 4% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The analysis in the remainder of this paragraph compares segment revenue for the nine months ended October 2, 2022 as compared to the nine months ended October 3, 2021 and includes the effect of foreign exchange rate fluctuations, acquisitions and divestitures. Our Diagnostics segment revenue was $1,625.1 million for the nine months ended October 2, 2022, as compared to $2,222.5 million for the nine months ended October 3, 2021, a decrease of $597.4 million, or 27%, primarily due to a decrease in revenue from our COVID-19 product offerings of $597.9 million and a decrease of approximately 4% in revenue due to unfavorable changes in foreign exchange rates, which were partially offset by an increase in revenue across our core portfolio of $83.2 million. Our Discovery & Analytical Solutions segment revenue was $945.5 million for the nine months ended October 2, 2022, as compared to $577.4 million for the nine months ended October 3, 2021, an increase of $368.1 million, or 64%, driven by a 50% increase in revenue attributable to acquisitions and divestitures, and an increase of $368.1 million in our life sciences market revenue, partially offset by a decrease of approximately 3% in revenue due to unfavorable changes in foreign exchange rates. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.6 million of revenue for the nine months ended October 2, 2022 and $2.4 million of revenue for the nine months ended October 3, 2021 that otherwise would have been recorded by the acquired businesses during each of the respective periods.

Cost of Revenue

Cost of revenue for the three months ended October 2, 2022 was $304.8 million, as compared to $338.5 million for the three months ended October 3, 2021, a decrease of $33.7 million, or approximately 10%. As a percentage of revenue, cost of revenue increased to 42.8% for the three months ended October 2, 2022, from 39.3% for the three months ended October 3, 2021, resulting in a decrease in gross margin of 352 basis points to 57.2% for the three months ended October 2, 2022, from 60.7% for the three months ended October 3, 2021. Amortization of intangible assets increased and was $35.3 million for the three months ended October 2, 2022, as compared to $28.5 million for the three months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $23.2 million for the three months ended October 2, 2022. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions added an incremental expense of $11.3 million for the three months ended October 2, 2022, as compared to $9.4 million for the three months ended

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October 3, 2021. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $1.5 million for the three months ended October 2, 2022. Purchase accounting adjustments for depreciation on property, plant and equipment added an incremental expense of $0.1 million for the three months ended October 2, 2022. The overall decrease in gross margin was partially offset by a favorable shift in product mix and service productivity.

Cost of revenue for the nine months ended October 2, 2022 was $1,017.1 million, as compared to $1,009.7 million for the nine months ended October 3, 2021, an increase of $7.4 million, or approximately 1%. As a percentage of revenue, cost of revenue increased to 39.6% for the nine months ended October 2, 2022, from 36.1% for the nine months ended October 3, 2021, resulting in a decrease in gross margin of 350 basis points to 60.4% for the nine months ended October 2, 2022, from 63.9% for the nine months ended October 3, 2021. For the nine months ended October 2, 2022, costs of goods sold increased by approximately $7.0 million, as compared to the nine months ended October 3, 2021, as a result of supply chain disruptions and inflation. Amortization of intangible assets increased and was $107.1 million for the nine months ended October 2, 2022, as compared to $64.3 million for the nine months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $68.8 million for the nine months ended October 2, 2022. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions added an incremental expense of $45.0 million for the nine months ended October 2, 2022, as compared to $14.7 million for the nine months ended October 3, 2021. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $4.7 million for the nine months ended October 2, 2022. Purchase accounting adjustments for depreciation on property, plant and equipment added an incremental expense of $0.4 million for the nine months ended October 2, 2022. The overall decrease in gross margin was partially offset by a favorable shift in product mix and service productivity.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended October 2, 2022 were $240.0 million, as compared to $275.9 million for the three months ended October 3, 2021, a decrease of $35.9 million, or 13%. As a percentage of revenue, selling, general and administrative expenses increased and were 33.7% for the three months ended October 2, 2022, as compared to 32.0% for the three months ended October 3, 2021. Amortization of intangible assets increased and was $56.2 million for the three months ended October 2, 2022, as compared to $34.8 million for the three months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $33.4 million for the three months ended October 2, 2022. Purchase accounting adjustments decreased expenses by $2.1 million for the three months ended October 2, 2022, which primarily consisted of a change in contingent consideration, as compared to adding incremental expense of $1.2 million for the three months ended October 3, 2021. Acquisition and divestiture-related expenses, which primarily consisted of legal, due diligence and integration costs, added an incremental expense of $5.7 million for the three months ended October 2, 2022, as compared to $46.4 million for the three months ended October 3, 2021. Asset impairment costs added an incremental expense of $3.9 million for the three months ended October 3, 2021. Legal and settlement costs for significant litigation matters, net of reversals, were $0.6 million for the three months ended October 2, 2022. In addition to the above items, the decrease in selling, general and administrative expenses was primarily the result of lower costs resulting from cost containment and productivity initiatives, which were partially offset by costs related to investments in people, digital capabilities, innovation, and recent acquisitions.

Selling, general and administrative expenses for the nine months ended October 2, 2022 were $765.7 million, as compared to $681.3 million for the nine months ended October 3, 2021, an increase of $84.4 million, or 12%. As a percentage of revenue, selling, general and administrative expenses increased and were 29.8% for the nine months ended October 2, 2022, as compared to 24.3% for the nine months ended October 3, 2021. Amortization of intangible assets increased and was $173.4 million for the nine months ended October 2, 2022, as compared to $94.3 million for the nine months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $101.9 million for the nine months ended October 2, 2022. Purchase accounting adjustments decreased expenses by $0.6 million for the nine months ended October 2, 2022, which primarily consisted of a change in contingent consideration, as compared to adding incremental expenses of $1.6 million for the nine months ended October 3, 2021. Acquisition and divestiture-related expenses, which primarily consisted of legal, due diligence and integration costs, added an incremental expense of $17.1 million for the nine months ended October 2, 2022, as compared to $54.3 million for the nine months ended October 3, 2021. Asset impairment costs added an incremental expense of $3.9 million for the nine months ended October 3, 2021. Legal and settlement costs for significant litigation matters, net of reversals, decreased expenses by $0.6 million for the nine months ended October 2, 2022. In addition to the above items, the increase in selling, general and administrative expenses was primarily the result of costs related to investments in people, digital capabilities, innovation, and recent acquisitions.

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Research and Development Expenses

Research and development expenses for the three months ended October 2, 2022 were $53.5 million, as compared to $49.4 million for the three months ended October 3, 2021, an increase of $4.1 million, or 8%. The increase in research and development expenses from our recent acquisitions were $9.7 million for the three months ended October 2, 2022. As a percentage of revenue, research and development expenses increased and were 7.5% for the three months ended October 2, 2022, as compared to 5.7% for the three months ended October 3, 2021. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $1.3 million for the three months ended October 2, 2022. Purchase accounting adjustments for depreciation on property, plant and equipment added an incremental expense of $0.1 million for the three months ended October 2, 2022. Excluding the factors above, the net increase in research and development expenses was due to timing of non-COVID-19 investments in new product development, partially offset by a decrease in COVID-19 related research and development expenses.

Research and development expenses for the nine months ended October 2, 2022 were $167.1 million, as compared to $139.8 million for the nine months ended October 3, 2021, an increase of $27.3 million, or 20%. The increase in research and development expenses from our recent acquisitions were $29.3 million for the nine months ended October 2, 2022. As a percentage of revenue, research and development expenses increased and were 6.5% for the nine months ended October 2, 2022, as compared to 5.0% for the nine months ended October 3, 2021. Stock compensation related to awards given to BioLegend employees post-acquisition added an incremental expense of $4.1 million for the nine months ended October 2, 2022. Purchase accounting adjustments for depreciation on property, plant and equipment added an incremental expense of $0.2 million for the nine months ended October 2, 2022. Excluding the factors above, the net increase in research and development expenses was due to timing of non-COVID-19 investments in new product development, partially offset by a decrease in COVID-19 related research and development expenses.

Restructuring and Other Costs, Net

We implemented restructuring plans in the first, second and third quarters of fiscal year 2022 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives and integrate new acquisitions (the “Q1 2022 Plan”, “Q2 2022 Plan” and “Q3 2022 Plan”, respectively). We 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

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the plans initiated in previous years (the “Previous Plans”) are discussed more fully in Note 4, Restructuring and Other Costs, Net, to our audited consolidated financial statements in the 2021 Form 10-K.

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

	Workforce Reductions					Closure of Excess Facility			Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics			Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2022 Plan	40	$	2,074	$	1,122	$	—	—	$	3,196	Q4 FY2022	—
Q2 2022 Plan	243	7,336		2,052		—		—	9,388		Q3 FY2022	—
Q1 2022 Plan	81	5,832		399		—		—	6,231		Q4 FY2022	—
Q4 2021 Plan	31	3,139		77		150		—	3,366		Q3 FY2022	Q1 FY2023
Q3 2021 Plan	39	420		366		—		—	786		Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—	1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—	5,556		Q4 FY2021	—

We terminated various contractual commitments in connection with certain disposal activities and have recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. We recorded net pre-tax (gains) charges of $(0.1) million and $7.9 million in the Discovery & Analytical Solutions segment during the three and nine months ended October 2, 2022, respectively, as a result of these contract terminations. We recorded net pre-tax gains of $0.1 million in the Diagnostics segment during the nine months ended October 2, 2022, as a result of changes in estimates from prior contract terminations.

We recorded pre-tax charges of $1.4 million associated with closure of facilities during the nine months ended October 2, 2022 in the Discovery & Analytical Solutions segment. We recorded pre-tax charges of $0.2 million associated with closure of facilities during the nine months ended October 2, 2022 in the Diagnostics segment. We expect to make payments on these relocation activities through end of fiscal year 2022.

Interest and Other Expense, Net

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Interest income	$	(667)	$	(544)	$	(2,024)	$	(1,322)
Interest expense	25,931		43,531		81,447		74,407
Change in fair value of financial securities	5,106		19,365		14,321		(8,566)
Other components of net periodic pension credit	(2,602)		(3,537)		(7,718)		(10,583)
Other expense, net	870		1,734		5,814		796
Total interest and other expense, net	$	28,638	$	60,549	$	91,840	$	54,732

The decrease in interest and other expense, net, for the three months ended October 2, 2022, as compared to the three months ended October 3, 2021, was primarily due to a decrease of $17.6 million in interest expense, a decrease in the change in fair value of financial securities of $14.3 million, and a decrease in other expense, net of $0.9 million, partially offset by an increase in other components of net periodic pension cost of $0.9 million. Interest expense for the three months ended October 2, 2022 was lower, as compared to interest expense for the three months ended October 3, 2021, primarily due to a one-time $23.3 million of bridge financing and debt pre-issuance hedging costs that were recognized in expense in the third quarter of fiscal year 2021.

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The increase in interest and other expense, net, for the nine months ended October 2, 2022, as compared to the nine months ended October 3, 2021, was primarily due to an increase of $7.0 million in interest expense, which was the result of an overall increase in debt, a change in fair value of financial securities of $14.3 million that was recognized during the nine months ended October 2, 2022 as compared to $(8.6) million that was recognized during the nine months ended October 3, 2021, an increase in other components of net periodic pension cost of $2.9 million and an increase in other expense, net of $5.0 million.

Provision for Income Taxes

The provision for income taxes from continuing operations was $12.6 million for the three months ended October 2, 2022, as compared to $27.4 million for the three months ended October 3, 2021. The provision for income taxes from continuing operations was $98.2 million for the nine months ended October 2, 2022, as compared to $198.5 million for the nine months ended October 3, 2021.

The effective tax rate from continuing operations was 15.4% and 19.1% for the three and nine months ended October 2, 2022, respectively, as compared to 20.3% and 22.0% for the three and nine months ended October 3, 2021, respectively. The lower effective tax rate during the three and nine months ended October 2, 2022, as compared to the three and nine months ended October 3, 2021, was primarily due to projected lower income in certain higher tax rate jurisdictions in fiscal year 2022 as compared to fiscal year 2021, and a one-time discrete expense of $13.7 million due to the remeasurement of deferred tax liabilities in connection with a rate change in the United Kingdom that was recorded in the three months ended October 3, 2021.

During the three months ended October 2, 2022, we recorded a net discrete benefit of $2.8 million, primarily related to a $2.2 million remeasurement of U.S. state deferred tax liabilities, a net change in tax reserves of $0.6 million and excess tax benefits on stock compensation of $0.3 million, offset by return to provision adjustments of $0.3 million. During the nine months ended October 2, 2022, we recorded a net discrete benefit of $3.7 million, primarily related to a $1.7 million remeasurement of U.S. state and foreign deferred tax liabilities, excess tax benefits on stock compensation of $1.8 million, a net change in tax reserves of $0.1 million and return to provision adjustments of $0.1 million.

The net tax benefit related to discrete items in the third quarter of fiscal year 2021 was $0.3 million, primarily related to a $1.2 million remeasurement of foreign deferred tax liabilities and excess tax benefits on stock compensation of $0.6 million, offset by an increase in tax reserves of $1.4 million and return to provision adjustments of $0.1 million. The discrete tax expense for the nine months ended October 3, 2021 included $13.7 million due to the remeasurement of United Kingdom deferred tax liabilities on long-lived purchase accounting intangibles and a $1.5 million tax benefit related to other net United Kingdom deferred tax assets and liabilities in connection with the United Kingdom rate change. The remaining discrete tax benefit for the nine months ended October 3, 2021, excluding the United Kingdom rate change, was $5.1 million, primarily related to excess tax benefits on stock compensation of $4.5 million and $6.4 million resulting from a transaction that was completed during the second quarter of fiscal year 2021, offset by an accrual for uncertain tax positions of $3.9 million, and return to provision adjustments of $1.9 million.

Reporting Segment Results of Continuing Operations

Discovery & Analytical Solutions

Revenue for the three months ended October 2, 2022 was $312.8 million, as compared to $207.5 million for the three months ended October 3, 2021, an increase of $105.3 million, or 51%, which includes an approximate 42% increase in revenue attributable to acquisitions and divestitures and a decrease of approximately 5% in revenue attributable to unfavorable changes in foreign exchange rates. The life sciences market revenue increased by $105.3 million as a result of an increase in revenue from businesses acquired in fiscal year 2021 along with organic growth in our pharmaceutical and biotechnology markets.

Revenue for the nine months ended October 2, 2022 was $945.5 million, as compared to $577.4 million for the nine months ended October 3, 2021, an increase of $368.1 million, or 64%, which includes an approximate 50% increase in revenue attributable to acquisitions and divestitures and a decrease of approximately 3% in revenue attributable to unfavorable changes in foreign exchange rates. The life sciences market revenue increased by $368.1 million as a result of an increase in revenue from businesses acquired in fiscal year 2021 along with organic growth in our pharmaceutical and biotechnology markets.

Operating income (loss) from continuing operations for the three months ended October 2, 2022 was $32.6 million, as compared to $(19.3) million for the three months ended October 3, 2021, an increase of $51.9 million, or 269%. Amortization of intangible assets was $64.4 million for the three months ended October 2, 2022, as compared to $25.8 million for the three months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $51.5 million for the three months ended October 2, 2022. Restructuring and other charges, net, were $1.6 million for the three months ended

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October 2, 2022, as compared to $1.4 million for the three months ended October 3, 2021. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $11.1 million for the three months ended October 2, 2022, as compared to $5.5 million for the three months ended October 3, 2021. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $6.6 million for the three months ended October 2, 2022, as compared to $44.6 million for the three months ended October 3, 2021. Legal and settlement costs for significant litigation matters, net of reversals, increased expenses by $0.6 million for the three months ended October 2, 2022. Excluding the factors noted above, operating income increased for the three months ended October 2, 2022, as compared to the three months ended October 3, 2021, primarily as a result of higher sales volume and favorable product mix, partially offset by increased investments in new product development and growth initiatives.

Operating income from continuing operations for the nine months ended October 2, 2022 was $106.0 million, as compared to $50.6 million for the nine months ended October 3, 2021, an increase of $55.4 million, or 109%. Amortization of intangible assets was $185.1 million for the nine months ended October 2, 2022, as compared to $50.9 million for the nine months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $154.3 million for the nine months ended October 2, 2022. Restructuring and other charges, net, were $11.7 million for the nine months ended October 2, 2022, as compared to $6.9 million for the nine months ended October 3, 2021. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $44.2 million for the nine months ended October 2, 2022, as compared to $7.2 million for the nine months ended October 3, 2021. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $11.2 million for the nine months ended October 2, 2022, as compared to $48.7 million for the nine months ended October 3, 2021. Legal and settlement costs for significant litigation matters, net of reversals, decreased expenses by $0.6 million for the nine months ended October 2, 2022. Excluding the factors noted above, operating income increased for the nine months ended October 2, 2022, as compared to the nine months ended October 3, 2021, primarily as a result of higher sales volume and favorable product mix, partially offset by increased investments in new product development and growth initiatives.

Diagnostics

Revenue for the three months ended October 2, 2022 was $399.0 million, as compared to $653.8 million for the three months ended October 3, 2021, a decrease of $254.8 million, or 39%, which includes a 6% decrease in revenue attributable to unfavorable changes in foreign exchange rates, partially offset by an increase of approximately 1% in revenue attributable to acquisitions and divestitures. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.2 million of revenue in our Diagnostics segment for each of the three months ended October 2, 2022 and October 3, 2021 that otherwise would have been recorded by the acquired businesses during each of the respective periods. The decrease in our Diagnostics segment revenue for the three months ended October 2, 2022 was due to a decrease in revenue from our COVID-19 product offerings of $231.2 million and a decrease of approximately 6% in revenue due to unfavorable changes in foreign exchange rates, partially offset by an increase in revenue from our core portfolio of $17.0 million.

Revenue for the nine months ended October 2, 2022 was $1,625.1 million, as compared to $2,222.5 million for the nine months ended October 3, 2021, a decrease of $597.4 million, or 27%, which includes a 4% decrease in revenue attributable to unfavorable changes in foreign exchange rates, partially offset by an increase of approximately 2% in revenue attributable to acquisitions and divestitures. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.6 million of revenue in our Diagnostics segment for each of the nine months ended October 2, 2022 and October 3, 2021 that otherwise would have been recorded by the acquired businesses during each of the respective periods. The decrease in our Diagnostics segment revenue for the nine months ended October 2, 2022 was due to a decrease in revenue from our COVID-19 product offerings of $597.9 million and a decrease of approximately 4% in revenue due to unfavorable changes in foreign exchange rates, which were partially offset by increase in revenue across our core portfolio of $83.2 million. Due to the termination of our contract with the California Department of Public Health, we recognized the contract liability pertaining to the nonrefundable prepayment amounting to $117.8 million as revenue in the second quarter of fiscal year 2022.

Operating income from continuing operations for the three months ended October 2, 2022 was $94.7 million, as compared to $237.9 million for the three months ended October 3, 2021, a decrease of $143.2 million, or 60%. Amortization of intangible assets decreased and was $27.1 million for the three months ended October 2, 2022, as compared to $37.5 million for the three months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $5.1 million for the three months ended October 2, 2022. Restructuring and other charges, net, were $1.2 million for the three months ended October 2, 2022, as compared to $0.6 million for the three months ended October 3, 2021. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $0.3 million for the three months ended October 2, 2022, as compared to $3.9 million for the three months ended October 3, 2021. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $0.2 million for the three months ended

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October 2, 2022, as compared to $3.2 million for the three months ended October 3, 2021. Excluding the factors noted above, operating income decreased for the three months ended October 2, 2022, as compared to the three months ended October 3, 2021, primarily as a result of lower sales volume related to COVID-19 product offerings and unfavorable product mix.

Operating income from continuing operations for the nine months ended October 2, 2022 was $553.9 million, as compared to $965.7 million for the nine months ended October 3, 2021, a decrease of $411.8 million, or 43%. Amortization of intangible assets decreased and was $95.4 million for the nine months ended October 2, 2022, as compared to $107.7 million for the nine months ended October 3, 2021. Amortization of intangible assets from our recent acquisitions amounted to $16.3 million for the nine months ended October 2, 2022. Restructuring and other charges, net, were $3.7 million for each of the nine months ended October 2, 2022 and October 3, 2021, respectively. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions was $0.8 million for the nine months ended October 2, 2022, as compared to $7.6 million for the nine months ended October 3, 2021. Acquisition and divestiture-related expenses, contingent consideration and other costs added an incremental expense of $15.2 million for the nine months ended October 2, 2022, as compared to $9.8 million for the nine months ended October 3, 2021. Excluding the factors noted above, operating income decreased for the nine months ended October 2, 2022, as compared to the nine months ended October 3, 2021, primarily as a result of lower sales volume related to COVID-19 product offerings and unfavorable product mix.

Discontinued Operations

In August 2022, we entered into a Master Purchase and Sale Agreement (the “Purchase Agreement”) with Polaris Purchaser, L.P. (the “Purchaser”), a Delaware limited partnership owned by funds managed by affiliates of New Mountain Capital L.L.C. (the “Sponsor”), under which we agreed to sell to the Purchaser certain assets and the equity interests of certain entities constituting our Analytical, Food and Enterprise Services businesses (the “Business”) (as further defined in the Purchase Agreement), for cash consideration of up to approximately $2.45 billion and the Purchaser’s assumption of certain liabilities relating to the Business (collectively, the “Transaction”). Approximately $2.30 billion of the purchase price will be payable in connection with the closing, subject to certain customary adjustments, which includes $75.0 million in deferred payments tied to the transfer of the PerkinElmer brand and related trademarks to the Purchaser (which may be completed within 24 months following the date of the closing at our election). The Purchase Agreement also provides for potential post-closing payments totaling up to $150.0 million, which are contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business. The Transaction is expected to close in the first quarter of fiscal year 2023, subject to regulatory approvals and other customary closing conditions. The Business had been recorded in the Discovery & Analytical Solutions segment. The sale of the Business represents a strategic shift that will have a major effect on our operations and financial statements. Accordingly, we have classified the assets and liabilities related to the Business as assets and liabilities of discontinued operations in our consolidated balance sheets and results of operations are classified as income from discontinued operations in our consolidated statements of operations.

The summary pre-tax operating results of the discontinued operations, were as follows for the three and nine months ended:

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Revenue	$	320,616	$	305,369	$	950,821	$	902,946
Cost of revenue	208,669		196,393		639,937		590,960
Selling, general and administrative expenses	71,893		63,173		210,535		190,920
Research and development expenses	14,174		19,187		50,575		54,895
Restructuring and other costs, net	487		200		13,130		2,501
Operating income	25,393		26,416		36,644		63,670
Other expense (income), net	213		(240)		640		(659)
Income from discontinued operations before income taxes	$	25,180	$	26,656	$	36,004	$	64,329

We recorded a tax provision on discontinued operations and dispositions of $9.3 million and $6.5 million for the three months ended October 2, 2022 and October 3, 2021, respectively. We recorded a tax provision on discontinued operations and dispositions of $9.7 million and $16.7 million for the nine months ended October 2, 2022 and October 3, 2021, respectively.

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Liquidity and Capital Resources

We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are from our operations, borrowing capacity available under our senior unsecured credit facility and access to debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, smaller acquisitions, interest payments on our debt and dividends on our common stock. However, we expect to use external sources to satisfy the balance of our debt when due, any larger acquisitions and other long-term liabilities, such as contributions to our postretirement benefit plans. The proposed sale of the Business classified as discontinued operations, which is expected to close in the first quarter of fiscal year 2023, is expected to generate approximately $2.23 billion of proceeds. The Company expects to use these proceeds through a combination of funding upcoming debt maturities, opportunistic share repurchases and continued strategic and value creating acquisitions.

We and our subsidiaries may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities), in privately negotiated or open market transactions, by tender offer or otherwise, or extend or refinance any of our outstanding indebtedness.

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

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

•changes in our working capital requirements and capital expenditures.

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

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

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

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

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

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

•volatility in the public debt and equity markets.

At October 2, 2022, we had cash and cash equivalents of $400.7 million, of which $106.3 million was held by our non-U.S. subsidiaries, and we had $1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility. We had no other liquid investments at October 2, 2022.

We utilize a variety of tax planning and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed. We use our non-U.S. cash for needs outside of the U.S. including foreign operations, capital investments, acquisitions and repayment of debt. In addition, we transfer cash to the U.S. using nontaxable returns of capital, distribution of previously taxed income, as well as dividends, where the related income tax cost is managed efficiently. We have accrued tax expense on the unremitted earnings of foreign subsidiaries as required by the Tax Cuts and Jobs Act of 2017 (the "Tax Act") and where the foreign earnings are not considered permanently reinvested. In accordance with the Tax Act, we are making scheduled annual cash payments on our accrued transition tax. As of the end of fiscal year 2021, we identified approximately $1.2 billion in earnings that we no longer considered permanently reinvested, and have recorded a provision of approximately $37.1 million for the U.S. federal, U.S. state and non-U.S. taxes that would fall due when such earnings are repatriated. We began repatriating such earnings to the U.S. in the first quarter of fiscal year 2022 and expect to continue the repatriation beyond fiscal year 2022. No additional income tax expense has been provided for any remaining undistributed foreign earnings, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested.

On July 31, 2020, our Board of Directors (the “Board”) authorized us to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the “Repurchase Program”). On July 22, 2022, the Repurchase Program was terminated by the Board and the Board authorized us to repurchase shares of common stock for an aggregate amount up to $300.0 million under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on July 22, 2024 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended October 2, 2022, we had no stock repurchases under the Repurchase Program or the New Repurchase

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Program. As of October 2, 2022, $300.0 million remained available for aggregate repurchases of shares under the New Repurchase Program.

As of October 2, 2022, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $102.1 million. As of October 2, 2022, we have recorded contingent consideration obligations of $44.6 million, of which $5.3 million was recorded in accrued expenses and other current liabilities, and $39.3 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 6.2 years from October 2, 2022, and the remaining weighted average expected earnout period at October 2, 2022 was 5.1 years.

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

Our pension plans have not experienced a material impact on liquidity or counterparty exposure due to the volatility and uncertainty in the credit markets. During the nine months ended October 2, 2022, we contributed $5.0 million, in the aggregate, to pension plans outside of the United States, and expect to contribute an additional $1.2 million by the end of fiscal year 2022. We could potentially have to make additional contributions in future periods for all pension plans. We expect to use existing cash and external sources to satisfy future contributions to our pension plans.

Cash Flows

Operating Activities. Net cash provided by continuing operations was $545.3 million for the nine months ended October 2, 2022, as compared to $994.5 million for the nine months ended October 3, 2021, a decrease of $449.2 million, primarily due to lower profitability and more cash used in working capital during the nine months ended October 2, 2022 as compared to the nine months ended October 3, 2021. The cash provided by operating activities for the nine months ended October 2, 2022 was principally a result of income from continuing operations of $415.2 million, and adjustments for non-cash charges aggregating to $442.5 million, including depreciation and amortization of $322.8 million, partially offset by net cash usage in working capital of $312.4 million. The cash provided by operating activities for the nine months ended October 3, 2021 was principally a result of income from continuing operations of $705.3 million, and adjustments for non-cash charges aggregating to $237.5 million, including depreciation and amortization of $197.4 million, as well as net cash provided by working capital of $51.7 million. During the nine months ended October 2, 2022, we contributed $5.0 million, in the aggregate, to pension plans outside of the United States.

Investing Activities. Net cash used in investing activities of our continuing operations was $97.7 million for the nine months ended October 2, 2022, as compared to $4,044.4 million for the nine months ended October 3, 2021, a decrease of $3,946.7 million. For the nine months ended October 2, 2022, the net cash used for capital expenditures and acquisitions were $59.5 million and $7.8 million, respectively, as compared to $59.1 million and $3,967.7 million, respectively, for the nine months ended October 3, 2021. The capital expenditures in each period were primarily for manufacturing, software and other capital equipment purchases. The cash used for acquisitions in fiscal year 2021 primarily included the cash component of the purchase price consideration to acquire BioLegend, Inc. During the nine months ended October 2, 2022, purchases of investments were $45.0 million as compared to $19.1 million during the nine months ended October 3, 2021. The cash used in investing activities during the nine months ended October 2, 2022 was partially offset by proceeds from disposition of businesses and assets of $5.7 million during the nine months ended October 2, 2022, as compared to $1.5 million during the nine months ended October 3, 2021. In addition, proceeds from notes receivable were $8.9 million during the nine months ended October 2, 2022.

Financing Activities. Net cash used in financing activities of our continuing operations was $585.1 million for the nine months ended October 2, 2022, as compared to net cash provided by financing activities of $3,080.7 million for the nine months ended October 3, 2021, a decrease in net cash provided by financing activities of $3,665.8 million. During the nine months ended October 2, 2022, we made net payments of $508.0 million, as compared to net borrowings of $3,155.9 million during the nine months ended October 3, 2021. The changes reflect financing transactions in fiscal year 2021 to finance acquisitions and to refinance borrowings as compared to our intentions to pay down debt in fiscal year 2022, which we expect to continue in the fourth quarter of fiscal year 2022 and throughout fiscal year 2023. During the nine months ended October 2, 2022, we repurchased shares of our common stock for a total cost of $56.1 million, as compared to $73.0 million in the prior period. During the nine months ended October 2, 2022, we paid $26.5 million in dividends as compared to $23.5 million for the nine months ended October 3, 2021. We paid $0.8 million in settlement of hedges during the nine months ended October 2, 2022, as compared to $1.5 million for the nine months ended October 3, 2021. The cash used in financing activities during the nine

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months ended October 2, 2022 was partially offset by proceeds from the issuance of common stock under our stock plans of $6.3 million during the nine months ended October 2, 2022, as compared to $22.8 million for the nine months ended October 3, 2021.

Borrowing Arrangements

During the third quarter of fiscal year 2022, we repaid the remaining $50.0 million of the term loan facility. Since the beginning of the third quarter of fiscal year 2022, we have repurchased $32.9 million in aggregate principal amount of our 0.550% senior unsecured notes due in September 2023 (the “2023 Notes”) and $20.7 million in aggregate principal amount of our 0.850% senior unsecured notes due in September 2024 (the “2024 Notes”), and we expect to continue repurchasing outstanding 2023 Notes and 2024 Notes from time to time, subject to market conditions. See Note 8, Debt, in the Notes to Condensed Consolidated Financial Statements and Note 13, Debt, to our audited consolidated financial statements in the 2021 Form 10-K for a detailed discussion of our borrowing arrangements.

Dividends

Our 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 October 2, 2022, we had accrued $8.8 million for dividends declared on July 22, 2022 for the third quarter of fiscal year 2022 that was paid on November 11, 2022. On October 26, 2022, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2022 that will be payable in February 2023. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Effects of Recently Adopted and Issued Accounting Pronouncements

See Note 1, Nature of Operations and Accounting Policies, to our audited consolidated financial statements in the 2021 Form 10-K for a summary of recently adopted new accounting pronouncements during the fiscal year ended January 2, 2022.

We have not adopted any new accounting pronouncements during the nine months ended October 2, 2022, and there were no recently issued accounting pronouncements that are expected to have a significant impact on our financial statements.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

Market Risk. We are exposed to market risk, including changes in interest rates and currency exchange rates. To manage the volatility relating to these exposures, we enter into various derivative transactions pursuant to our policies to hedge against known or forecasted market exposures. We briefly describe several of the market risks we face below. Our market risks are not materially different from the disclosure provided under the heading, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2021 Form 10-K.

Foreign Currency Exchange Risk—Value-at-Risk Disclosure. We continue to measure foreign currency risk using the Value-at-Risk model described in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2021 Form 10-K. The measures for our Value-at-Risk analysis have not changed materially.

Interest Rate Risk. Our debt portfolio is primarily comprised of fixed interest debt, however, there is $6.7 million of variable rate instruments. Fluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest, and our earnings. To manage the volatility relating to these exposures, we periodically enter into various derivative transactions pursuant to our policies to hedge against known or forecasted interest rate exposures.

Interest Rate Risk—Sensitivity. Our 2021 Form 10-K presents sensitivity measures for our interest rate risk. The measures for our sensitivity analysis have not changed materially. More information is available in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2021 Form 10-K for our sensitivity disclosure.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of our fiscal quarter ended October 2, 2022. The term “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to provide reasonable assurance that information required to be disclosed by the company in the

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reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of the end of our fiscal quarter ended October 2, 2022, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended October 2, 2022 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact to our internal controls over financial reporting despite the fact that many of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the effect of the COVID-19 situation on our internal controls to minimize the impact on their design and operating effectiveness.

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PART II. OTHER INFORMATION

Item 1.Legal Proceedings

We are subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of our business activities. Although we have established accruals for potential losses that we believe are probable and reasonably estimable, in the opinion of our management, based on its review of the information available at this time, the total cost of resolving these contingencies at October 2, 2022 should not have a material adverse effect on our condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to us.

Item 1A.Risk Factors

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

Risks Related to our Business Operations and Industry

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

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

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

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

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

The continually evolving development of the COVID-19 pandemic, and the extent to which mitigation measures will be effective, preclude any prediction as to its ultimate impact. However, we currently anticipate that business disruptions and market volatility resulting from the COVID-19 pandemic will continue to have a material adverse impact on the growth rate of

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certain of our businesses, and may also have a material adverse impact on our overall financial condition, results of operations and cash flows.

Our Diagnostics segment experienced an increase in revenue resulting from increased demand for our immunodiagnostics and applied genomics COVID-19 product offerings during fiscal years 2020 and 2021, as well as from the COVID-19 testing laboratory facilities we developed to service the State of California and the United Kingdom. The laboratory in the United Kingdom closed earlier in 2022 and the laboratory in the State of California closed in the second quarter of 2022. As a result of these closures, and the general reduction in COVID-19 testing spending by our customers, the demand for these products and services has declined in fiscal year 2022 and we expect it will continue to decline during the remainder of fiscal year 2022, with revenue and valuation of our inventory largely contingent upon consumer demand for COVID-19 testing as well as our ability to develop and produce COVID-19 products.

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

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

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

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

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

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

•accurately anticipate customer needs,

•innovate and develop new reliable technologies and applications,

•receive regulatory approvals in a timely manner,

•successfully commercialize new technologies in a timely manner,

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

•differentiate our offerings from our competitors’ offerings.

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

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

We may not be able to successfully execute acquisitions or divestitures, such as the divestiture of the Analytical, Food and Enterprise Services businesses, license technologies, integrate acquired businesses or licensed technologies into our existing businesses, or make acquired businesses or licensed technologies profitable.

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

•competition among buyers and licensees,

•the high valuations of businesses and technologies,

•the need for regulatory and other approval, and

•our inability to raise capital to fund these acquisitions.

Some of the businesses we acquire may be unprofitable or marginally profitable, or may increase the variability of our revenue recognition. If, for example, we are unable to successfully commercialize products and services related to significant in-process research and development that we have capitalized, we may have to impair the value of such assets. Accordingly, the earnings or losses of acquired businesses may dilute our earnings. For these acquired businesses to achieve acceptable levels of profitability, we would have to improve their management, operations, products and market penetration. We may not be successful in this regard and may encounter other difficulties in integrating acquired businesses into our existing operations, such as incompatible management, information or other systems, cultural differences, loss of key personnel, unforeseen regulatory requirements, previously undisclosed liabilities or difficulties in predicting financial results. To finance our acquisitions, we may have to raise additional funds, either through public or private financings. We may be unable to obtain such funds or may be able to do so only on terms unacceptable to us. We may also incur expenses related to completing acquisitions or licensing technologies, or in evaluating potential acquisitions or technologies, which may adversely impact our profitability.

Additionally, if we are not successful in selling businesses we seek to divest, such as our recent agreement to divest our Analytical, Food and Enterprise Service businesses to New Mountain Capital, the activity of such businesses may dilute our earnings and we may not be able to achieve the expected benefits of such divestitures. Divestitures could involve difficulties in the separation of operations, services, products and personnel, the diversion of management’s attention, the disruption of our business and the potential loss of key employees. The transaction may be subject to the satisfaction of pre-closing conditions, including obtaining necessary regulatory and government approvals as well as establishing operational segregations, which, if not satisfied or obtained, may prevent us from completing the transaction. Divestitures may also involve continued financial involvement in or liability with respect to the divested assets and businesses, such as indemnities or other financial obligations, in which the performance of the divested assets or businesses could impact our results of operations. Our ability to provide transition services and support to assist the buyer in the transition to certain functions, including, but not limited to, information technology, accounting and human resources, for a certain period of time may cause us to incur unanticipated costs and liabilities and could adversely affect our financial condition and results of operations.

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

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

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

Given the nature of the markets in which we participate, we cannot reliably predict future revenue and profitability. Changes in competitive, market and economic conditions may require us to adjust our operations, and we may not be able to make those adjustments or make them quickly enough to adapt to changing conditions. A high proportion of our costs are fixed

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in the short term, due in part to our research and development and manufacturing costs. As a result, small declines in sales could disproportionately affect our operating results in a quarter. Factors that may affect our quarterly operating results include:

•demand for and market acceptance of our products,

•competitive pressures resulting in lower selling prices,

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

•changes in general economic conditions or government funding,

•settlements of income tax audits,

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

•contract termination and litigation costs,

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

•changes in our effective tax rate,

•changes in industries, such as pharmaceutical and biomedical,

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

•our ability to introduce new products,

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

•costs of raw materials, labor, energy, supplies, transportation or other indirect costs,

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

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

•changes in the volume or timing of product orders,

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

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

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

•changes in foreign currency exchange rates.

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

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

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

The production of our products requires a wide variety of raw materials, key components and other goods that are generally available from alternate sources of supply. However, certain critical raw materials, key components and other goods required for the production and sale of some of our principal products are available from limited or single sources of supply. We generally have multi-year contracts with no minimum purchase requirements with these suppliers, but those contracts may not fully protect us from a failure by certain suppliers to supply critical materials or from the delays inherent in being required to change suppliers and, in some cases, validate new raw materials. Such raw materials, key components and other goods can

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usually be obtained from alternative sources with the potential for an increase in price, decline in quality or delay in delivery. A prolonged inability to obtain certain raw materials, key components or other goods is possible and could have an adverse effect on our business operations, and could damage our relationships with customers. In addition, a global health crisis or pandemic such as the COVID-19 pandemic could have a significant adverse effect on our supply chain.

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

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

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

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

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

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

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

As of October 2, 2022, our total assets included $9.8 billion of net intangible assets. Net intangible assets consist principally of goodwill associated with acquisitions and costs associated with securing patent rights, trademark rights, customer relationships, core technology and technology licenses and in-process research and development, net of accumulated amortization. We test certain of these items—specifically all of those that are considered “indefinite-lived”—at least annually for potential impairment by comparing the carrying value to the fair market value of the reporting unit to which they are assigned. All of our amortizing intangible assets are also evaluated for impairment should events occur that call into question the value of the intangible assets.

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

Risks Related to our Intellectual Property

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

Patent and trade secret protection is important to us because developing new products, processes and technologies gives us a competitive advantage, although it is time-consuming and expensive. We own many United States and foreign patents and intend to apply for additional patents. Patent applications we file, however, may not result in issued patents or, if they do, the

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claims allowed in the patents may be narrower than what is needed to protect fully our products, processes and technologies. The expiration of our previously issued patents may cause us to lose a competitive advantage in certain of the products and services we provide. Similarly, applications to register our trademarks may not be granted in all countries in which they are filed. For our intellectual property that is protected by keeping it secret, such as trade secrets and know-how, we may not use adequate measures to protect this intellectual property.

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

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

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

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

Risks Related to Legal, Government and Regulatory Matters

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

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

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

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

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

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

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

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

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

Risks Related to our Foreign Operations

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

Because we sell our products worldwide, our businesses are subject to risks associated with doing business internationally. Our sales originating outside the United States represented the majority of our total revenue in fiscal year 2021. We anticipate that sales from international operations will continue to represent a substantial portion of our total revenue. In addition, many of our manufacturing facilities, employees and suppliers are located outside the United States. Accordingly, our future results of operations could be harmed by a variety of factors, including:

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

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

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

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

•trade protection measures including embargoes, sanctions and tariffs, such as the sanctions recently implemented by the U.S. and other governments on the Russian Federation and related parties, the extent and impact of which have yet to be fully determined,

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

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

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

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

•differing business practices associated with foreign operations,

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

•difficulty in staffing and managing widespread operations,

•differing labor laws and changes in those laws,

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

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

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

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•differing regulatory requirements and changes in those requirements.

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

Nearly 10% of our net sales from continuing operations in fiscal year 2021 came from the United Kingdom. Following the referendum vote in the United Kingdom in June 2016 in favor of leaving the European Union, on January 31, 2020, the country formally withdrew from the European Union (commonly referred to as “Brexit”) and, on December 24, 2020, the United Kingdom and the European Union entered into a Trade and Cooperation Agreement to govern the relationship between the United Kingdom and the European Union following Brexit. The potential effects of Brexit remain uncertain. Brexit has caused, and may continue to create, volatility in global stock markets and regional and global economic uncertainty particularly in the United Kingdom financial and banking markets. Weakening of economic conditions or economic uncertainties tend to harm our business, and if such conditions worsen in the United Kingdom or in the rest of Europe, it may have a material adverse effect on our operations and sales.

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

Risks Related to our Debt

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

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

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

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

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

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

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

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

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

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

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

•sell assets,

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

•guarantee or secure indebtedness,

•enter into transactions with affiliates, and

47

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

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

Any future indebtedness that we incur may include similar or more restrictive covenants. Our failure to comply with any of the restrictions in our senior unsecured revolving credit facility, the 2023 Notes, the 2024 Notes, the 2026 Notes, the 2028 Notes, the 2029 Notes, the March 2031 Notes, the September 2031 Notes, the 2051 Notes or any future indebtedness may result in an event of default under those debt instruments, which could permit acceleration of the debt under those debt instruments, and require us to prepay that debt before its scheduled due date under certain circumstances.

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

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

Risks Related to Ownership of our Common Stock

Our share price will fluctuate.

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

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

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

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

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

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

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

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

On July 22, 2022, we announced that our Board of Directors (our "Board") had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2022 that was paid on November 11, 2022. On October 26, 2022, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2022 that will be payable in February 2023. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

48

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

    Stock Repurchases

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

	Issuer Repurchases of Equity Securities
Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)	Maximum Number (or Approximate Dollar Value) Shares that May Yet Be Purchased Under the Plans or Programs
July 4, 2022—July 31, 2022	172	$	133.68	—	$	300,000,000
August 1, 2022—August 28, 2022	204	157.31		—	300,000,000
August 29, 2022—October 2, 2022	248	136.07		—	300,000,000
Activity for quarter ended October 2, 2022	624	$	142.35	—	$	300,000,000

 ____________________

(1)Our Board of Directors (our “Board”) has authorized us to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans. During the three months ended October 2, 2022, we repurchased 624 shares of common stock for this purpose at an aggregate cost of $0.1 million. During the nine months ended October 2, 2022, we repurchased 70,653 shares of common stock for this purpose at an aggregate cost of $12.8 million.

(2)On July 31, 2020, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the “Repurchase Program”). On July 22, 2022, the Repurchase Program was terminated by the Board and the Board authorized us to repurchase shares of common stock for an aggregate amount up to $300.0 million under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on July 22, 2024 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended October 2, 2022, we had no stock repurchases under the Repurchase Program or the New Repurchase Program. As of October 2, 2022, $300.0 million remained available for aggregate repurchases of shares under the New Repurchase Program.

49

Item 6.Exhibits

Exhibit Number	Exhibit Name
2.1*	Master Purchase and Sale Agreement, dated as of August 1, 2022, by and between PerkinElmer, Inc. and Polaris Purchaser, L.P., filed with the Commission on August 5, 2022 as Exhibit 2.1 to our current report on Form 8-K (File No. 001-05075) and herein incorporated by reference.
10.1	Employment Agreement by and between Maxwell Krakowiak and PerkinElmer, Inc. dated as of August 16, 2022, filed with the Commission on August 17, 2022 as Exhibit 99.1 to our current report on Form 8-K (File No. 001-05075) and herein incorporated by reference.
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

____________________________

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

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

(i) Cover Page, Form 10-Q, Quarterly Report for the quarterly period ended October 2, 2022 (ii) Condensed Consolidated Statements of Operations for the three and nine months ended October 2, 2022 and October 3, 2021, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 2, 2022 and October 3, 2021, (iv) Condensed Consolidated Balance Sheets at October 2, 2022 and January 2, 2022, (v) Condensed Consolidated Statements of Stockholders’ Equity for the nine months ended October 2, 2022 and October 3, 2021, (vi) Condensed Consolidated Statements of Cash Flows for the nine months ended October 2, 2022 and October 3, 2021, and (vii) Notes to Condensed Consolidated Financial Statements.

50

SIGNATURES

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

	PERKINELMER, INC.
November 14, 2022	By:	/s/    MAXWELL KRAKOWIAK
		Maxwell Krakowiak Senior Vice President and Chief Financial Officer (Principal Financial Officer)

	PERKINELMER, INC.
November 14, 2022	By:	/s/    ANDREW OKUN
		Andrew Okun Vice President, Chief Accounting Officer and Treasurer (Principal Accounting Officer)

51

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Prahlad Singh, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:	November 14, 2022	/s/    PRAHLAD SINGH, PhD
		Prahlad Singh, PhD President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Maxwell Krakowiak, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date:	November 14, 2022	/s/    MAXWELL KRAKOWIAK
		Maxwell Krakowiak Senior Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of PerkinElmer, Inc. (the “Company”) for the period ended October 2, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Prahlad Singh, President and Chief Executive Officer of the Company, and Maxwell Krakowiak, Senior Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Dated:	November 14, 2022	/S/    PRAHLAD SINGH, PhD
		Prahlad Singh, PhD President and Chief Executive Officer
Dated:	November 14, 2022	/S/    MAXWELL KRAKOWIAK
		Maxwell Krakowiak Senior Vice President and Chief Financial Officer

XML

Cover Page - shares	9 Months Ended
	Oct. 02, 2022	Nov. 09, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 02, 2022
Document Transition Report	false
Entity File Number	001-5075
Entity Registrant Name	PERKINELMER, INC
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2052042
Entity Address, Address Line One	940 Winter Street,
Entity Address, City or Town	Waltham,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	663-6900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,315,920
Entity Central Index Key	0000031791
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--01-01
PKI [Member]
Entity Listings [Line Items]
Trading Symbol	PKI
Trading Symbol	PKI
PKI 21A [Member]
Entity Listings [Line Items]
Trading Symbol	PKI 21A
Trading Symbol	PKI 21A
Common stock, $1 par value per share [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $1 par value per share
Title of 12(b) Security	Common stock, $1 par value per share
1.875% Notes due 2026 [Member]
Entity Listings [Line Items]
Title of 12(b) Security	1.875% Notes due 2026
Title of 12(b) Security	1.875% Notes due 2026
NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Listings [Line Items]
Security Exchange Name	NYSE
Security Exchange Name	NYSE

XML

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Revenue from Contract with Customer, Excluding Assessed Tax	$ 711,803	$ 861,316	$ 2,570,608	$ 2,799,898
Cost of Goods and Services Sold	304,759	338,454	1,017,108	1,009,707
Selling, general and administrative expenses	239,969	275,869	765,746	681,311
Research and development expenses	53,521	49,421	167,081	139,753
Restructuring and other costs, net	2,774	2,011	15,443	10,517
Operating income from continuing operations	110,780	195,561	605,230	958,610
Interest And Other Expense Net	28,638	60,549	91,840	54,732
Income from continuing operations before income taxes	82,142	135,012	513,390	903,878
Provision for income taxes	12,634	27,381	98,211	198,531
Income from continuing operations	69,508	107,631	415,179	705,347
Income from discontinued operations before income taxes	25,180	26,656	36,004	64,329
Provision for income taxes on discontinued operations and dispositions	9,341	6,549	9,662	16,703
Income from discontinued operations and dispositions	15,839	20,107	26,342	47,626
Net income	$ 85,347	$ 127,738	$ 441,521	$ 752,973
Basic earnings (loss) per share:
Income (loss) from continuing operations (per share)	$ 0.55	$ 0.94	$ 3.29	$ 6.25
Gain (loss) on discontinued operations and dispositions (per share)	0.13	0.18	0.21	0.42
Net income (per share)	0.68	1.12	3.50	6.67
Diluted earnings (loss) per share:
Income (loss) from continuing operations (per share)	0.55	0.94	3.28	6.23
Gain (loss) on discontinued operations and dispositions (per share)	0.13	0.17	0.21	0.42
Net income (per share)	$ 0.67	$ 1.11	$ 3.49	$ 6.65
Weighted average shares of common stock outstanding:
Basic (in shares)	126,155	114,508	126,139	112,836
Diluted (in shares)	126,540	115,022	126,544	113,307
Cash dividends per common share	$ 0.07	$ 0.07	$ 0.21	$ 0.21
Product [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 605,457	$ 642,128	$ 1,984,715	$ 1,941,566
Cost of Goods and Services Sold	271,744	277,809	879,832	809,355
Service [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	106,346	219,188	585,893	858,332
Cost of Goods and Services Sold	$ 33,015	$ 60,645	$ 137,276	$ 200,352

XML

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Amount [Member]	Common Stock Amount [Member] Net Income [Member]	Common Stock Amount [Member] Other comprehensive loss [Member]	Common Stock Amount [Member] Dividends [Member]	Common Stock Amount [Member] Issuance of common stock for business combination, net of issuance costs [Member]	Common Stock Amount [Member] Exercise of employee stock options and related income tax benefits [Member]	Common Stock Amount [Member] Purchases of common stock [Member]	Common Stock Amount [Member] Issuance of common stock for employee stock purchase plans [Member]	Common Stock Amount [Member] Issuance of common stock for long-term incentive program [Member]	Common Stock Amount [Member] Stock compensation [Member]	Capital In Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Common stock, Shares, Issued and outstanding		112,090,000
Beginning Balance at Jan. 03, 2021	$ 3,735,492	$ 112,090										$ 148,101	$ 3,507,262	$ (31,961)
Net income	379,305												379,305
Dividends	(7,846)												(7,846)
Exercise of employee stock options and related income tax benefits	4,987	95										4,892
Issuance of common stock for employee benefit plans	(8)	0										(8)	0	0
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(42,779)	(295)										(42,484)
Issuance of common stock for long-term incentive program	(4,450)	(176)										(4,274)
Stock compensation	899	0										899	0	0
Ending Balance at Apr. 04, 2021	4,002,305	112,066										115,690	3,878,721	(104,172)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	(72,211)													(72,211)
Beginning Balance at Jan. 03, 2021	3,735,492	112,090										148,101	3,507,262	(31,961)
Net income	752,973
Other comprehensive income (loss)	(48,752)
Ending Balance at Oct. 03, 2021	6,958,585	$ 126,200										2,742,750	4,235,831	(146,196)
Common stock, Shares, Issued and outstanding		112,066,000	0	0	0		95,000	(295,000)	0	176,000	0
Beginning Balance at Apr. 04, 2021	4,002,305	$ 112,066										115,690	3,878,721	(104,172)
Net income	245,930												245,930
Dividends	(7,826)												(7,826)
Exercise of employee stock options and related income tax benefits	9,198	128										9,070
Issuance of common stock for employee benefit plans	(1,624)	(11)										(1,613)	0	0
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(30,145)	(209)										(29,936)
Issuance of common stock for long-term incentive program	(5,022)	(24)										(4,998)
Stock compensation	1,964	5										1,959	0	0
Ending Balance at Jul. 04, 2021	4,239,807	$ 112,025										103,394	4,116,825	(92,437)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	11,735													11,735
Common stock, Shares, Issued and outstanding		112,025,000	0	0	0		128,000	(209,000)	11,000	24,000	5,000
Net income	127,738												127,738
Other comprehensive income (loss)	11,735
Dividends	(8,732)												(8,732)
Stock Issued During Period, Shares, Acquisitions		14,067,000
Stock Issued During Period, Shares, Acquisitions	2,638,144											2,624,077	0
Exercise of employee stock options and related income tax benefits	8,880	$ 107										8,773
Issuance of common stock for employee benefit plans	0	0										0	0	0
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(90)	(1)										(89)
Issuance of common stock for long-term incentive program	(5,116)	(2)										(5,114)
Stock compensation	1,481	0										1,481	0	0
Ending Balance at Oct. 03, 2021	6,958,585	$ 126,200										2,742,750	4,235,831	(146,196)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	$ (53,759)													(53,759)
Common stock, Shares, Issued and outstanding		126,200,000	0	0	0	14,067,000	107,000	(1,000)	0	2,000	0
Common stock, Shares, Issued and outstanding	126,241,000	126,241,000
Beginning Balance at Jan. 02, 2022	$ 7,141,245	$ 126,241										2,760,522	4,417,174	(162,692)
Net income	176,962												176,962
Dividends	(8,905)												(8,905)
Exercise of employee stock options and related income tax benefits	1,397	18										1,379
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(55,592)	(307)										(55,285)
Issuance of common stock for long-term incentive program	(12,470)	(188)										(12,282)
Stock compensation	2,792	0										2,792	0	0
Ending Balance at Apr. 03, 2022	7,186,342	126,140										2,721,690	4,585,231	(246,719)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	(84,027)													(84,027)
Beginning Balance at Jan. 02, 2022	7,141,245	126,241										2,760,522	4,417,174	(162,692)
Net income	441,521
Other comprehensive income (loss)	(487,090)
Ending Balance at Oct. 02, 2022	7,065,200	$ 126,220										2,754,716	4,834,046	(649,782)
Common stock, Shares, Issued and outstanding		126,140,000	0	0	0		18,000	(307,000)		188,000	0
Beginning Balance at Apr. 03, 2022	7,186,342	$ 126,140										2,721,690	4,585,231	(246,719)
Net income	179,212												179,212
Dividends	(7,877)												(7,877)
Exercise of employee stock options and related income tax benefits	4,444	50										4,394
Issuance of common stock for employee benefit plans	(1,826)	(13)										(1,813)
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(456)	(3)										(453)
Issuance of common stock for long-term incentive program	(12,272)	(12)										(12,260)
Stock compensation	3,758	6										3,752	0	0
Ending Balance at Jul. 03, 2022	7,167,155	$ 126,218										2,743,456	4,756,566	(459,085)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	(212,366)													(212,366)
Common stock, Shares, Issued and outstanding		126,218,000	0	0	0		50,000	(3,000)	13,000	12,000	6,000
Net income	85,347												85,347
Other comprehensive income (loss)	(190,697)
Dividends	(7,867)												(7,867)
Exercise of employee stock options and related income tax benefits	412	$ 6										406
Issuance of common stock for employee benefit plans	(31)	(1)										(30)
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(89)	(1)										(88)
Issuance of common stock for long-term incentive program	(8,971)	5										(8,976)
Stock compensation	1,937	1										1,936	0	0
Ending Balance at Oct. 02, 2022	7,065,200	$ 126,220										$ 2,754,716	$ 4,834,046	(649,782)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	$ (190,697)													$ (190,697)
Common stock, Shares, Issued and outstanding	126,220,000	126,220,000	0	0	0		6,000	(1,000)	1,000	(5,000)	1,000

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Net income	$ 85,347	$ 127,738	$ 441,521	$ 752,973
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments, net of income taxes	(190,745)	11,724	(487,095)	(48,857)
Unrealized gain on securities, net of income taxes	48	11	5	105
Other comprehensive (loss) income	(190,697)	11,735	(487,090)	(48,752)
Comprehensive (loss) income	$ (105,350)	$ 139,473	$ (45,569)	$ 704,221

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 02, 2022	Jan. 02, 2022
Current assets:
Cash and cash equivalents	$ 400,741	$ 603,320
Accounts receivable, net	540,867	707,941
Inventories	378,256	425,890
Other current assets	138,867	148,255
Disposal Group, Including Discontinued Operation, Assets, Current	1,657,749	555,374
Total current assets	3,116,480	2,440,780
Property, plant and equipment, net:
Property, plant and equipment, net	460,397	485,531
Operating Lease, Right-of-Use Asset	160,120	164,040
Intangible assets, net	3,401,143	3,821,847
Goodwill	6,373,327	6,627,119
Other assets, net	312,297	312,887
Long-term assets of discontinued operations	0	1,148,350
Total assets	13,823,764	15,000,554
Current liabilities:
Current portion of long-term debt	503,549	4,240
Accounts payable	275,824	324,811
Accrued expenses and other current liabilities	471,570	728,445
Current liabilities of discontinued operations	234,788	156,248
Total current liabilities	1,485,731	1,213,744
Long-term debt	3,898,267	4,979,737
Deferred taxes and long-term liabilities	1,231,724	1,422,549
Operating Lease, Liability, Noncurrent	142,842	147,395
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	0	95,884
Total liabilities	6,758,564	7,859,309
Commitments and contingencies (see Note 15)
Stockholders' equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding	0	0
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 126,220,000 shares and 126,241,000 shares at October 2, 2022 and January 2, 2022, respectively	126,220	126,241
Capital in excess of par value	2,754,716	2,760,522
Retained earnings	4,834,046	4,417,174
Accumulated other comprehensive loss	(649,782)	(162,692)
Total stockholders’ equity	7,065,200	7,141,245
Total liabilities and stockholders’ equity	$ 13,823,764	$ 15,000,554

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 02, 2022	Jan. 02, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	126,220,000	126,241,000
Common stock, Shares, Issued and outstanding	126,220,000	126,241,000

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021
Operating activities:
Net income	$ 441,521	$ 752,973
Income from discontinued operations and dispositions, net of income taxes	(26,342)	(47,626)
Income from continuing operations	415,179	705,347
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations:
Restructuring and other costs, net	15,443	10,517
Depreciation and amortization	322,766	197,386
Loss (Gain) on disposition of businesses and assets, net	0	(1,970)
Stock-based compensation	39,776	16,718
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	(769)	1,553
Amortization of deferred debt financing costs and accretion of discounts and debt extinguishment costs	5,954	3,224
Change in fair value of financial securities	14,321	(8,566)
Asset Impairment Charges	0	3,868
Amortization of acquired inventory revaluation	45,039	14,728
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested:
Accounts receivable, net	120,138	231,924
Inventories	(44,475)	19,181
Accounts payable	(27,968)	(39,984)
Increase (Decrease) in Accrued Expenses and Other	(360,089)	(159,452)
Net cash provided by operating activities of continuing operations	545,315	994,474
Net cash (used in) provided by operating activities of discontinued operations	(4,663)	80,684
Net cash provided by operating activities	540,652	1,075,158
Investing activities:
Capital expenditures	(59,502)	(59,066)
Proceeds from notes receivable	8,890	0
Payments to Acquire Investments	(45,010)	(19,130)
Proceeds from Divestiture of Businesses	5,664	1,460
Cash paid for acquisitions, net of cash acquired	(7,768)	(3,967,678)
Net cash used in investing activities of continuing operations	(97,726)	(4,044,414)
Net cash used in investing activities of discontinued operations	(9,441)	(8,393)
Net cash used in investing activities	(107,167)	(4,052,807)
Financing activities:
Payments of borrowings	220,000	1,191,125
Proceeds from borrowings	220,000	1,144,282
Repayments of Term Loan	(500,000)	0
Proceeds From Term Loan	0	500,000
Repayments of Senior Debt	(7,472)	(339,605)
Proceeds from sale of senior debt	0	3,086,095
Payments of debt financing and equity issuance costs	0	(30,983)
Settlement of cash flow hedges	(762)	(1,459)
Net payments on other credit facilities	(487)	(12,731)
Proceeds from issuance of common stock under stock plans	6,254	22,760
Purchases of common stock	(56,137)	(73,013)
Dividends paid	(26,502)	(23,539)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations	(585,106)	3,080,682
Cash Provided by (Used in) Financing Activities, Discontinued Operations	0	0
Net cash (used in) provided by financing activities	(585,106)	3,080,682
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(51,404)	(16,584)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalent	(203,025)	86,449
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period	619,337	402,613
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	416,312	489,062
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	400,741	472,374
Restricted Cash, Current	284	1,689
Restricted Cash, Noncurrent	288	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	416,312	489,062
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	14,999	14,999
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Equity issued for business combination, net of issuance costs	0	2,638,369
Contingent consideration incurred in business combination	4,961	33,431
Other liability incurred in business combination	$ 4,005	$ 8,467

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Basis of Presentation

9 Months Ended

Oct. 02, 2022

Accounting Policies [Abstract]

Basis of Accounting [Text Block]

Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the “United States”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 2, 2022, filed with the SEC (the “2021 Form 10-K”). The balance sheet amounts at January 2, 2022 in this report were derived from the Company’s audited 2021 consolidated financial statements included in the 2021 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended October 2, 2022 and October 3, 2021, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. In August 2022, the Company announced the proposed sale of certain assets and the equity interests of certain entities constituting the Company’s Analytical, Food and Enterprise Services businesses (the “Business”). The 2021 consolidated financial statements presented herein have been retrospectively adjusted to present the Business as discontinued operations for all periods presented.

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

3 Months Ended

9 Months Ended

Oct. 02, 2022

Oct. 03, 2021

Oct. 02, 2022

Oct. 03, 2021

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer [Text Block]

Revenue

Disaggregation of revenue

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

	Reportable Segments
	Three Months Ended
	October 2, 2022						October 3, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	165,340	$	170,478	$	335,818	$	106,742	$	280,367	$	387,109
Europe	72,150		103,925		176,075		50,726		220,264		270,990
Asia	75,293		124,617		199,910		50,043		153,174		203,217
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316
Primary end-markets
Diagnostics	$	—	$	399,020	$	399,020	$	—	$	653,805	$	653,805
Life sciences	312,783		—		312,783		207,511		—		207,511
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316
Timing of revenue recognition
Products and services transferred at a point in time	$	279,235	$	358,481	$	637,716	$	177,869	$	554,332	$	732,201
Services transferred over time	33,548		40,539		74,087		29,642		99,473		129,115
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316

	Reportable Segments
	Nine Months Ended
	October 2, 2022						October 3, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	499,419	$	824,024	$	1,323,443	$	281,640	$	1,049,659	$	1,331,299
Europe	215,394		418,328		633,722		149,437		732,784		882,221
Asia	230,671		382,772		613,443		146,294		440,084		586,378
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898
Primary end-markets
Diagnostics	$	—	$	1,625,124	$	1,625,124	$	—	$	2,222,527	$	2,222,527
Life sciences	945,484		—		945,484		577,371		—		577,371
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898
Timing of revenue recognition
Products and services transferred at a point in time	$	847,030	$	1,418,540	$	2,265,570	$	496,347	$	1,676,041	$	2,172,388
Services transferred over time	98,454		206,584		305,038		81,024		546,486		627,510
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898

Major Customer Concentration

Revenues from one customer in the Company’s Diagnostics segment represent approximately $12.0 million and $301.6 million of the Company’s total revenue for the three and nine months ended October 2, 2022, respectively, and approximately $94.8 million and $492.8 million of the Company’s total revenue for the three and nine months ended October 3, 2021, respectively.

Contract Balances

Revenue from Contract with Customer, Excluding Assessed Tax

$ 711,803

$ 861,316

$ 2,570,608

$ 2,799,898

Transferred at Point in Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

637,716

732,201

2,265,570

2,172,388

Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

74,087

129,115

305,038

627,510

Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

335,818

387,109

1,323,443

1,331,299

Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

176,075

270,990

633,722

882,221

Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

199,910

203,217

613,443

586,378

Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

399,020

653,805

1,625,124

2,222,527

Life Sciences [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

312,783

207,511

945,484

577,371

Discovery & Analytical Solutions [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

312,783

207,511

945,484

577,371

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

279,235

177,869

847,030

496,347

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

33,548

29,642

98,454

81,024

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

165,340

106,742

499,419

281,640

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

72,150

50,726

215,394

149,437

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

75,293

50,043

230,671

146,294

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

0

0

0

0

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

312,783

207,511

945,484

577,371

Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

399,020

653,805

1,625,124

2,222,527

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

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

358,481

554,332

1,418,540

1,676,041

Diagnostics [Member] | Transferred over Time [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

40,539

99,473

206,584

546,486

Diagnostics [Member] | Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

170,478

280,367

824,024

1,049,659

Diagnostics [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

103,925

220,264

418,328

732,784

Diagnostics [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

124,617

153,174

382,772

440,084

Diagnostics [Member] | Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

399,020

653,805

1,625,124

2,222,527

Diagnostics [Member] | Life Sciences [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 0

$ 0

$ 0

$ 0

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Business Combinations

9 Months Ended

Oct. 02, 2022

Business Combinations [Abstract]

Business Combinations

Business Combinations

Acquisitions in fiscal year 2022

During the first nine months of fiscal year 2022, the Company completed the acquisition of two businesses for aggregate consideration of $13.3 million. Identifiable definite-lived intangible assets, such as core technology, acquired as part of these acquisitions had a weighted average amortization period of 5 years.

Acquisitions in fiscal year 2021

Acquisition of BioLegend, Inc. In fiscal year 2021, 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 October 3, 2021		Nine Months Ended October 3, 2021
	(In thousands, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	942,568	$	3,040,295
Income from continuing operations	170,174		749,654
Basic earnings per share:
Income from continuing operations	$	1.32	$	5.91
Diluted earnings per share:
Income from continuing operations	$	1.32	$	5.89

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

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

Other acquisitions in 2021. During fiscal year 2021, the Company also completed the acquisition of seven other businesses for aggregate consideration of $1.2 billion. The acquired businesses include Oxford Immunotec Global PLC (“Oxford”), a company based in Abingdon, UK with approximately 275 employees, for total consideration of $590.9 million and Nexcelom Bioscience Holdings, LLC, a company based in Lawrence, Massachusetts with approximately 130 employees, for total consideration of $267.3 million, and five other businesses, which were acquired for total consideration of $318.6 million. The excess of the purchase prices over the fair values of the acquired businesses' net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. Identifiable definite-lived intangible assets, such as core technology, trade names, and customer relationships, acquired as part of these acquisitions had a weighted-average amortization period of 12.3 years.

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

	BioLegend		Other
	(In thousands)
Fair value of business combinations:
Cash payments	$	3,336,115	1,128,584
Common stock issued	2,638,369		—
Other liability	6,857		2,910
Contingent consideration	—		45,031
Working capital and other adjustments	—		183
Less: cash acquired	(292,377)		(195,010)
Total	$	5,688,964	$	981,698
Identifiable assets acquired and liabilities assumed:
Current assets	$	184,704	$	71,840
Property, plant and equipment	147,200		26,507
Other assets	9,330		15,527
Identifiable intangible assets:
Core technology and clone library	782,400		290,089
Trade names and patents	38,000		39,476
Licenses	8,979		—
Customer relationships and backlog	1,714,800		141,670
Goodwill	3,509,931		545,262
Deferred taxes	(668,919)		(80,923)
Deferred revenue	—		(1,197)
Debt assumed	—		(4,628)
Liabilities assumed	(37,461)		(61,925)
Total	$	5,688,964	$	981,698

The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company’s estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that were not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings. There were no material measurement period adjustments recognized in the current period.

As of October 2, 2022, the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $102.1 million. As of October 2, 2022, the Company has recorded contingent consideration obligations of $44.6 million, of which $5.3 million was recorded in accrued expenses and other current liabilities, and $39.3 million was recorded in long-term liabilities. As of January 2, 2022, the Company had recorded contingent consideration obligations with an estimated fair value of $58.0 million, of which $1.3 million was recorded in accrued expenses and other current liabilities, and $56.7 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 6.2 years from October 2, 2022, and the remaining weighted average expected earnout period at October 2, 2022 was 5.1 years. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible

assets or the recognition of additional contingent consideration which would be recognized as a component of operating expenses from continuing operations.

Total acquisition and divestiture-related costs for the three and nine months ended October 2, 2022 were $8.5 million and $25.9 million, respectively. These amounts included $5.5 million and $20.2 million of stock compensation expense related to awards given to BioLegend employees for the three and nine months ended October 2, 2022, respectively. Total acquisition and divestiture-related costs for the three and nine months ended October 3, 2021 were $69.9 million and $72.5 million, respectively. These included $5.4 million net foreign exchange gain related to the Company’s acquisition of Oxford for the nine months ended October 3, 2021 and bridge financing and debt pre-issuance hedging costs of $23.6 million related to the Company’s acquisition of BioLegend for each of the three and nine months ended October 3, 2021. These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other expense, net in the Company’s condensed consolidated statements of operations.

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Restructuring and Lease Charges, Net

9 Months Ended

Oct. 02, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Lease Charges, Net

Restructuring and Other Costs, Net

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

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

	Workforce Reductions					Closure of Excess Facility			Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics			Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2022 Plan	40	$	2,074	$	1,122	$	—	—	$	3,196	Q4 FY2022	—
Q2 2022 Plan	243	7,336		2,052		—		—	9,388		Q3 FY2022	—
Q1 2022 Plan	81	5,832		399		—		—	6,231		Q4 FY2022	—
Q4 2021 Plan	31	3,139		77		150		—	3,366		Q3 FY2022	Q1 FY2023
Q3 2021 Plan	39	420		366		—		—	786		Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—	1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—	5,556		Q4 FY2021	—

The Company has terminated various contractual commitments in connection with certain disposal activities and has recorded charges for the costs of terminating these contracts before the end of their terms and the costs that will continue to be incurred for the remaining terms without economic benefit to the Company. The Company recorded net pre-tax (gains) charges of $(0.1) million and $7.9 million in the Discovery & Analytical Solutions segment during the three and nine months ended October 2, 2022, respectively, as a result of these contract terminations. The Company recorded net pre-tax gains of $0.1 million in the Diagnostics segment during the nine months ended October 2, 2022, as a result of changes in estimates from prior contract terminations.

The Company recorded pre-tax charges of $1.4 million associated with closure of facilities during the nine months ended October 2, 2022 in the Discovery & Analytical Solutions segment. The Company recorded pre-tax charges of $0.2 million associated with closure of facilities during the nine months ended October 2, 2022 in the Diagnostics segment. The Company expects to make payments on these relocation activities through end of fiscal year 2023.

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Interest and Other Expense (Income), Net

9 Months Ended

Oct. 02, 2022

Other Income and Expenses [Abstract]

Interest and Other Expense (Income), Net

Interest and Other Expense, Net

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Interest income	$	(667)	$	(544)	$	(2,024)	$	(1,322)
Interest expense	25,931		43,531		81,447		74,407
Change in fair value of financial securities	5,106		19,365		14,321		(8,566)
Other components of net periodic pension credit	(2,602)		(3,537)		(7,718)		(10,583)
Other expense, net	870		1,734		5,814		796
Total interest and other expense, net	$	28,638	$	60,549	$	91,840	$	54,732

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Inventories, Net

9 Months Ended

Oct. 02, 2022

Inventory Disclosure [Abstract]

Inventories, Net

Inventories

Inventories consisted of the following:

	October 2, 2022		January 2, 2022
	(In thousands)
Raw materials	$	175,043	$	166,486
Work in progress	65,486		63,580
Finished goods	137,727		195,824
Total inventories	$	378,256	$	425,890

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Debt

9 Months Ended

Oct. 02, 2022

Debt Disclosure [Abstract]

Debt

Debt

The Company’s debt consisted of the following:

	October 2, 2022
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(2,821)	$	(2,821)
0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”)	791,949		(325)		(3,598)		788,026
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")	489,400		(1,856)		(1,904)		485,640
1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”)	500,000		(312)		(3,759)		495,929
3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”)	850,000		(2,049)		(5,671)		842,280
2.55% Senior Unsecured Notes due in March 2031 ("March 2031 Notes")	400,000		(116)		(3,038)		396,846
2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”)	500,000		(1,381)		(3,925)		494,694
3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”)	400,000		(4)		(4,249)		395,747
Other Debt Facilities, non-current	1,926		—		—		1,926
Total Long-Term Debt	$	3,933,275	$	(6,043)	$	(28,965)	$	3,898,267
Current Portion of Long-term Debt:
0.550% Senior Unsecured Notes due in 2023 (“2023 Notes”)	500,000		(86)		(1,177)		498,737
Other Debt Facilities, current	4,812		—		—		4,812
Total	$	4,438,087	$	(6,129)	$	(30,142)	$	4,401,816

During the third quarter of fiscal year 2022, the Company repurchased $8.1 million in aggregate principal amount of the 2024 Notes in open market transactions. In October 2022, the Company repurchased $32.9 million in aggregate principal amount of the 2023 Notes and $12.7 million in aggregate principal amount of the 2024 Notes in open market transactions.

	January 2, 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

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Earnings Per Share

9 Months Ended

Oct. 02, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

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

	Three Months Ended		Nine Months Ended
	October 2, 2022	October 3, 2021	October 2, 2022	October 3, 2021
	(In thousands)
Number of common shares—basic	126,155	114,508	126,139	112,836
Effect of dilutive securities:
Stock options	228	365	272	367
Restricted stock awards	157	149	133	104
Number of common shares—diluted	126,540	115,022	126,544	113,307
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	608	90	600	237

Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future.

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Industry Segment Information

9 Months Ended

Oct. 02, 2022

Segment Reporting [Abstract]

Industry Segment Information

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

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

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

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

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

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

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	280,115	$	174,715	$	846,730	$	480,182
Service revenue	32,668		32,796		98,754		97,189
Total revenue	312,783		207,511		945,484		577,371
Operating income (loss) from continuing operations	32,631		(19,263)		106,005		50,624
Diagnostics
Product revenue	325,342		467,413		1,137,985		1,461,384
Service revenue	73,678		186,392		487,139		761,143
Total revenue	399,020		653,805		1,625,124		2,222,527
Operating income from continuing operations	94,654		237,903		553,898		965,650
Corporate
Operating loss from continuing operations	(16,505)		(23,079)		(54,673)		(57,664)
Continuing Operations
Product revenue	605,457		642,128		1,984,715		1,941,566
Service revenue	106,346		219,188		585,893		858,332
Total revenue	711,803		861,316		2,570,608		2,799,898
Operating income from continuing operations	110,780		195,561		605,230		958,610
Interest and other expense, net	28,638		60,549		91,840		54,732
Income from continuing operations before income taxes	$	82,142	$	135,012	$	513,390	$	903,878

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Stockholders' Equity

9 Months Ended

Oct. 02, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

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

	October 2, 2022		January 2, 2022
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(648,905)	$	(161,810)
Unrecognized prior service costs, net of income taxes	(842)		(842)
Unrealized net losses on securities, net of income taxes	(35)		(40)
Accumulated other comprehensive loss	$	(649,782)	$	(162,692)

Stock Repurchases:

On July 31, 2020, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the “Repurchase Program”). On July 22, 2022, the Repurchase Program was terminated by the Board and the Board authorized the Company to repurchase shares of common stock for an aggregate amount up to $300.0 million under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on July 22, 2024 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended October 2, 2022, the Company had no stock repurchases under the Repurchase Program or the New Repurchase Program. As of October 2, 2022, $300.0 million remained available for aggregate repurchases of shares under the New Repurchase Program.

In addition, the Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company’s equity incentive plans. During the three months ended October 2, 2022, the Company repurchased 624 shares of common stock for this purpose at an aggregate cost of $0.1 million. During the nine months ended October 2, 2022, the Company repurchased 70,653 shares of common stock for this purpose at an aggregate cost of $12.8 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share for each of the first three quarters of fiscal year 2022 and in each quarter of fiscal year 2021. At October 2, 2022, the Company had accrued $8.8 million for dividends declared on July 22, 2022 for the third quarter of fiscal year 2022 that was paid on November 11, 2022. On October 26, 2022, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2022 that will be payable in February 2023. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

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Goodwill and Intangible Assets, Net

9 Months Ended

Oct. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

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

The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill. The Company performed its annual impairment testing for its reporting units as of January 3, 2022, its annual impairment testing date for fiscal year 2022. The Company concluded that there was no goodwill impairment, and the fair value exceeded the carrying value by more than 20% for each reporting unit. 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 nine months ended October 2, 2022 were as follows:

	Discovery & Analytical Solutions		Diagnostics		Consolidated
	(In thousands)
Balance at January 2, 2022	$	4,656,769	$	1,970,350	$	6,627,119
Foreign currency translation	(175,974)		(74,611)		(250,585)
Acquisitions, earn-outs and other	(6,919)		3,712		(3,207)
Balance at October 2, 2022	$	4,473,876	$	1,899,451	$	6,373,327

Identifiable intangible asset balances by category were as follows:

	October 2, 2022		January 2, 2022
	(In thousands)
Patents	$	28,000	$	28,233
Less: Accumulated amortization	(25,997)		(25,893)
Net patents	2,003		2,340
Trade names and trademarks	143,217		156,864
Less: Accumulated amortization	(58,819)		(53,975)
Net trade names and trademarks	84,398		102,889
Licenses	62,537		62,627
Less: Accumulated amortization	(53,801)		(52,638)
Net licenses	8,736		9,989
Core technology	1,506,442		1,589,264
Less: Accumulated amortization	(397,785)		(331,906)
Net core technology	1,108,657		1,257,358
Customer relationships	2,896,035		3,033,870
Less: Accumulated amortization	(703,560)		(590,519)
Net customer relationships	2,192,475		2,443,351
In-process research and development	4,874		5,920
Total	$	3,401,143	$	3,821,847

Total amortization expense related to amortizable intangible assets was $91.5 million and $280.5 million for the three and nine months ended October 2, 2022, respectively, and $63.3 million and $158.6 million for the three and nine months ended October 3, 2021, respectively. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $90.5 million for the remainder of fiscal year 2022, $356.6 million for fiscal year 2023, $348.9 million for fiscal year 2024, $328.8 million for fiscal year 2025, and $321.9 million for fiscal year 2026

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Derivatives And Hedging Activities

9 Months Ended

Oct. 02, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Derivatives and Hedging Activities

The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. 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 $348.3 million, $371.9 million and $398.6 million at October 2, 2022, January 2, 2022 and October 3, 2021, respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of the nine months ended October 2, 2022 and October 3, 2021.

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

The outstanding forward exchange contracts designated as economic hedges, which were intended to hedge movements in foreign exchange rates prior to the settlement of certain intercompany loan agreements included combined U.S. Dollar notional amounts of $360.2 million as of January 2, 2022, and combined U.S. Dollar notional amounts of $548.7 million as of October 3, 2021. The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the three and nine months ended October 2, 2022 and October 3, 2021. The Company paid $0.8 million and received $2.9 million during the nine months ended October 2, 2022 and October 3, 2021, respectively, from the settlement of these hedges.

During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of October 2, 2022, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €497.2 million. The unrealized foreign exchange gains recorded in AOCI related to the net investment hedge were $9.5 million and $57.4 million for the three and nine months ended October 2, 2022, respectively, and $7.5 million and $26.6 million for the three and nine months ended October 3, 2021, respectively.

The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months.

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Fair Value Measurements

9 Months Ended

Oct. 02, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable including certain long-term receivables and debt securities. The Company believes it had no significant concentrations of credit risk as of October 2, 2022.

The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the nine months ended October 2, 2022. The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value.

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

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

			Fair Value Measurements at October 2, 2022 Using:
	Total Carrying Value at October 2, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	12,746	$	12,746	$	—	$	—
Foreign exchange derivative assets	2,175		—		2,175		—
Foreign exchange derivative liabilities	(2,195)		—		(2,195)		—
Contingent consideration	(44,574)		—		—		(44,574)

			Fair Value Measurements at January 2, 2022 Using:
	Total Carrying Value at January 2, 2022		Quoted Prices in 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 October 2, 2022 and January 2, 2022, none of the master netting arrangements involved collateral.

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

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

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

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Balance at beginning of period	$	(48,593)	$	(3,334)	$	(57,996)	$	(2,953)
Additions	—		(33,431)		(4,961)		(33,431)
Amounts paid and foreign currency translation	1,887		615		5,213		711
Adjustments recognized in goodwill	—		—		12,400		—
Change in fair value (included within selling, general and administrative expenses)	2,132		(1,075)		770		(1,552)
Balance at end of period	$	(44,574)	$	(37,225)	$	(44,574)	$	(37,225)

Financial Instruments Not Recorded at Fair Value

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

The Company’s outstanding senior unsecured notes had a fair value of $3,743.6 million and a carrying value of $4,397.9 million as of October 2, 2022. The Company’s outstanding senior unsecured notes had a fair value of $4,612.8 million and a carrying value of $4,479.5 million as of January 2, 2022. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements.

The Company’s other debt facilities, including the Company’s senior revolving and term loan credit facilities, had an aggregate carrying value of $3.9 million and $504.5 million as of October 2, 2022 and January 2, 2022, respectively. The carrying value approximates fair value and were classified as Level 2.

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Contingencies

9 Months Ended

Oct. 02, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies

ContingenciesThe Company is conducting a number of environmental investigations and remedial actions at current and former locations of the Company and, along with other companies, has been named a potentially responsible party (“PRP”) for certain waste disposal sites. The Company accrues for environmental issues in the accounting period that the Company’s responsibility is established and when the cost can be reasonably estimated. The Company has accrued $12.3 million and $11.9 million as of October 2, 2022 and January 2, 2022, respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters and does not include any potential liability for related personal injury or property damage claims. These amounts were included in accrued expenses and other current liabilities. The Company’s environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been

named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded.

The Company is subject to various claims, legal proceedings, regulatory matters, and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at October 2, 2022 would not have a material adverse effect on the Company’s consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company.

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Revenue (Tables)

9 Months Ended

Oct. 02, 2022

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

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

	Reportable Segments
	Three Months Ended
	October 2, 2022						October 3, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	165,340	$	170,478	$	335,818	$	106,742	$	280,367	$	387,109
Europe	72,150		103,925		176,075		50,726		220,264		270,990
Asia	75,293		124,617		199,910		50,043		153,174		203,217
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316
Primary end-markets
Diagnostics	$	—	$	399,020	$	399,020	$	—	$	653,805	$	653,805
Life sciences	312,783		—		312,783		207,511		—		207,511
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316
Timing of revenue recognition
Products and services transferred at a point in time	$	279,235	$	358,481	$	637,716	$	177,869	$	554,332	$	732,201
Services transferred over time	33,548		40,539		74,087		29,642		99,473		129,115
	$	312,783	$	399,020	$	711,803	$	207,511	$	653,805	$	861,316

	Reportable Segments
	Nine Months Ended
	October 2, 2022						October 3, 2021
	Discovery & Analytical Solutions		Diagnostics		Total		Discovery & Analytical Solutions		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	499,419	$	824,024	$	1,323,443	$	281,640	$	1,049,659	$	1,331,299
Europe	215,394		418,328		633,722		149,437		732,784		882,221
Asia	230,671		382,772		613,443		146,294		440,084		586,378
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898
Primary end-markets
Diagnostics	$	—	$	1,625,124	$	1,625,124	$	—	$	2,222,527	$	2,222,527
Life sciences	945,484		—		945,484		577,371		—		577,371
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898
Timing of revenue recognition
Products and services transferred at a point in time	$	847,030	$	1,418,540	$	2,265,570	$	496,347	$	1,676,041	$	2,172,388
Services transferred over time	98,454		206,584		305,038		81,024		546,486		627,510
	$	945,484	$	1,625,124	$	2,570,608	$	577,371	$	2,222,527	$	2,799,898

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Business Combinations (Tables)

9 Months Ended

Oct. 02, 2022

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

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

	Three Months Ended October 3, 2021		Nine Months Ended October 3, 2021
	(In thousands, except per share data)
Pro Forma Statement of Operations Information:
Revenue	$	942,568	$	3,040,295
Income from continuing operations	170,174		749,654
Basic earnings per share:
Income from continuing operations	$	1.32	$	5.91
Diluted earnings per share:
Income from continuing operations	$	1.32	$	5.89

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Discontinued Operations (Tables)

9 Months Ended

Oct. 02, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The summary pre-tax operating results of the discontinued operations, were as follows for the three and nine months ended:

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Revenue	$	320,616	$	305,369	$	950,821	$	902,946
Cost of revenue	208,669		196,393		639,937		590,960
Selling, general and administrative expenses	71,893		63,173		210,535		190,920
Research and development expenses	14,174		19,187		50,575		54,895
Restructuring and other costs, net	487		200		13,130		2,501
Operating income	25,393		26,416		36,644		63,670
Other expense (income), net	213		(240)		640		(659)
Income from discontinued operations before income taxes	$	25,180	$	26,656	$	36,004	$	64,329

Schedule of carrying amounts of major classes of assets and liabilities included in discontinued operations [Table Text Block]

The carrying amounts of the major classes of assets and liabilities included in discontinued operations consisted of the following:

	October 2, 2022		January 2, 2022
	(In thousands)
Cash and cash equivalents	$	14,999	$	14,999
Accounts receivable	306,845		315,851
Inventories	226,724		198,824
Other current assets	30,579		25,700
Total current assets			555,374
Property, plant and equipment, net	57,823		60,073
Operating lease right-of-use assets	38,159		43,735
Intangible assets, net	213,240		241,257
Goodwill	759,618		789,465
Other assets, net	9,762		13,820
Total long-term assets			1,148,350
Total assets of discontinued operations	$	1,657,749	$	1,703,724
Accounts payable	$	30,748	$	30,648
Accrued expenses and other current liabilities	121,949		125,601
Total current liabilities			156,249
Deferred taxes and long-term liabilities	48,505		57,918
Operating lease liabilities	33,586		37,965
Total long-term liabilities			95,883
Total liabilities of discontinued operations	$	234,788	$	252,132

Schedule of operating and investing non-cash items from discontinued operations

The following operating and investing non-cash items from discontinued operations were as follows for the nine months ended:

	October 2, 2022		October 3, 2021
	(In thousands)
Depreciation	$	8,011	$	9,523
Amortization	16,984		26,026
Capital expenditures	9,441		8,393

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Restructuring and Lease Charges, Net (Tables)

9 Months Ended

Oct. 02, 2022

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Plan Activity [Table Text Block]

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

	Workforce Reductions					Closure of Excess Facility			Total		(Expected) Date Payments Substantially Completed by
	Headcount Reduction	Discovery & Analytical Solutions		Diagnostics		Discovery & Analytical Solutions		Diagnostics			Severance	Excess Facility
	(In thousands, except headcount data)
Q3 2022 Plan	40	$	2,074	$	1,122	$	—	—	$	3,196	Q4 FY2022	—
Q2 2022 Plan	243	7,336		2,052		—		—	9,388		Q3 FY2022	—
Q1 2022 Plan	81	5,832		399		—		—	6,231		Q4 FY2022	—
Q4 2021 Plan	31	3,139		77		150		—	3,366		Q3 FY2022	Q1 FY2023
Q3 2021 Plan	39	420		366		—		—	786		Q2 FY2022	—
Q2 2021 Plan	25	968		564		—		—	1,532		Q1 FY2022	—
Q1 2021 Plan	77	3,941		1,615		—		—	5,556		Q4 FY2021	—

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

9 Months Ended

Oct. 02, 2022

Other Income and Expenses [Abstract]

Interest and Other Expense (Income), Net

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Interest income	$	(667)	$	(544)	$	(2,024)	$	(1,322)
Interest expense	25,931		43,531		81,447		74,407
Change in fair value of financial securities	5,106		19,365		14,321		(8,566)
Other components of net periodic pension credit	(2,602)		(3,537)		(7,718)		(10,583)
Other expense, net	870		1,734		5,814		796
Total interest and other expense, net	$	28,638	$	60,549	$	91,840	$	54,732

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Inventories, Net (Tables)

9 Months Ended

Oct. 02, 2022

Inventory Disclosure [Abstract]

Schedule of Net Inventories

Inventories consisted of the following:

	October 2, 2022		January 2, 2022
	(In thousands)
Raw materials	$	175,043	$	166,486
Work in progress	65,486		63,580
Finished goods	137,727		195,824
Total inventories	$	378,256	$	425,890

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Debt (Tables)

9 Months Ended

Oct. 02, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt consisted of the following:

	October 2, 2022
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(2,821)	$	(2,821)
0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”)	791,949		(325)		(3,598)		788,026
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")	489,400		(1,856)		(1,904)		485,640
1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”)	500,000		(312)		(3,759)		495,929
3.3% Senior Unsecured Notes due in 2029 (“2029 Notes”)	850,000		(2,049)		(5,671)		842,280
2.55% Senior Unsecured Notes due in March 2031 ("March 2031 Notes")	400,000		(116)		(3,038)		396,846
2.250% Senior Unsecured Notes due in September 2031 (“September 2031 Notes”)	500,000		(1,381)		(3,925)		494,694
3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”)	400,000		(4)		(4,249)		395,747
Other Debt Facilities, non-current	1,926		—		—		1,926
Total Long-Term Debt	$	3,933,275	$	(6,043)	$	(28,965)	$	3,898,267
Current Portion of Long-term Debt:
0.550% Senior Unsecured Notes due in 2023 (“2023 Notes”)	500,000		(86)		(1,177)		498,737
Other Debt Facilities, current	4,812		—		—		4,812
Total	$	4,438,087	$	(6,129)	$	(30,142)	$	4,401,816

During the third quarter of fiscal year 2022, the Company repurchased $8.1 million in aggregate principal amount of the 2024 Notes in open market transactions. In October 2022, the Company repurchased $32.9 million in aggregate principal amount of the 2023 Notes and $12.7 million in aggregate principal amount of the 2024 Notes in open market transactions.

	January 2, 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

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Earnings Per Share (Tables)

9 Months Ended

Oct. 02, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations

The following table reconciles the number of shares utilized in the earnings per share calculations:

	Three Months Ended		Nine Months Ended
	October 2, 2022	October 3, 2021	October 2, 2022	October 3, 2021
	(In thousands)
Number of common shares—basic	126,155	114,508	126,139	112,836
Effect of dilutive securities:
Stock options	228	365	272	367
Restricted stock awards	157	149	133	104
Number of common shares—diluted	126,540	115,022	126,544	113,307
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	608	90	600	237

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Industry Segment Information (Tables)

9 Months Ended

Oct. 02, 2022

Segment Reporting [Abstract]

Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Discovery & Analytical Solutions
Product revenue	$	280,115	$	174,715	$	846,730	$	480,182
Service revenue	32,668		32,796		98,754		97,189
Total revenue	312,783		207,511		945,484		577,371
Operating income (loss) from continuing operations	32,631		(19,263)		106,005		50,624
Diagnostics
Product revenue	325,342		467,413		1,137,985		1,461,384
Service revenue	73,678		186,392		487,139		761,143
Total revenue	399,020		653,805		1,625,124		2,222,527
Operating income from continuing operations	94,654		237,903		553,898		965,650
Corporate
Operating loss from continuing operations	(16,505)		(23,079)		(54,673)		(57,664)
Continuing Operations
Product revenue	605,457		642,128		1,984,715		1,941,566
Service revenue	106,346		219,188		585,893		858,332
Total revenue	711,803		861,316		2,570,608		2,799,898
Operating income from continuing operations	110,780		195,561		605,230		958,610
Interest and other expense, net	28,638		60,549		91,840		54,732
Income from continuing operations before income taxes	$	82,142	$	135,012	$	513,390	$	903,878

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Stockholders' Equity (Tables)

9 Months Ended

Oct. 02, 2022

Stockholders' Equity Note [Abstract]

Components of Accumulated Other Comprehensive Loss

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

	October 2, 2022		January 2, 2022
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(648,905)	$	(161,810)
Unrecognized prior service costs, net of income taxes	(842)		(842)
Unrealized net losses on securities, net of income taxes	(35)		(40)
Accumulated other comprehensive loss	$	(649,782)	$	(162,692)

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Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Oct. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the nine months ended October 2, 2022 were as follows:

	Discovery & Analytical Solutions		Diagnostics		Consolidated
	(In thousands)
Balance at January 2, 2022	$	4,656,769	$	1,970,350	$	6,627,119
Foreign currency translation	(175,974)		(74,611)		(250,585)
Acquisitions, earn-outs and other	(6,919)		3,712		(3,207)
Balance at October 2, 2022	$	4,473,876	$	1,899,451	$	6,373,327

Identifiable Intangible Asset Balances

Identifiable intangible asset balances by category were as follows:

	October 2, 2022		January 2, 2022
	(In thousands)
Patents	$	28,000	$	28,233
Less: Accumulated amortization	(25,997)		(25,893)
Net patents	2,003		2,340
Trade names and trademarks	143,217		156,864
Less: Accumulated amortization	(58,819)		(53,975)
Net trade names and trademarks	84,398		102,889
Licenses	62,537		62,627
Less: Accumulated amortization	(53,801)		(52,638)
Net licenses	8,736		9,989
Core technology	1,506,442		1,589,264
Less: Accumulated amortization	(397,785)		(331,906)
Net core technology	1,108,657		1,257,358
Customer relationships	2,896,035		3,033,870
Less: Accumulated amortization	(703,560)		(590,519)
Net customer relationships	2,192,475		2,443,351
In-process research and development	4,874		5,920
Total	$	3,401,143	$	3,821,847

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Fair Value Measurements (Tables)

9 Months Ended

Oct. 02, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis

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

			Fair Value Measurements at October 2, 2022 Using:
	Total Carrying Value at October 2, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities	$	12,746	$	12,746	$	—	$	—
Foreign exchange derivative assets	2,175		—		2,175		—
Foreign exchange derivative liabilities	(2,195)		—		(2,195)		—
Contingent consideration	(44,574)		—		—		(44,574)

			Fair Value Measurements at January 2, 2022 Using:
	Total Carrying Value at January 2, 2022		Quoted Prices in 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)

Reconciliation of Beginning and Ending Level 3 Net Liabilities

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

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Balance at beginning of period	$	(48,593)	$	(3,334)	$	(57,996)	$	(2,953)
Additions	—		(33,431)		(4,961)		(33,431)
Amounts paid and foreign currency translation	1,887		615		5,213		711
Adjustments recognized in goodwill	—		—		12,400		—
Change in fair value (included within selling, general and administrative expenses)	2,132		(1,075)		770		(1,552)
Balance at end of period	$	(44,574)	$	(37,225)	$	(44,574)	$	(37,225)

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Disposition of Businesses and Assets, Net (Tables)

9 Months Ended

Oct. 02, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The summary pre-tax operating results of the discontinued operations, were as follows for the three and nine months ended:

	Three Months Ended				Nine Months Ended
	October 2, 2022		October 3, 2021		October 2, 2022		October 3, 2021
	(In thousands)
Revenue	$	320,616	$	305,369	$	950,821	$	902,946
Cost of revenue	208,669		196,393		639,937		590,960
Selling, general and administrative expenses	71,893		63,173		210,535		190,920
Research and development expenses	14,174		19,187		50,575		54,895
Restructuring and other costs, net	487		200		13,130		2,501
Operating income	25,393		26,416		36,644		63,670
Other expense (income), net	213		(240)		640		(659)
Income from discontinued operations before income taxes	$	25,180	$	26,656	$	36,004	$	64,329

Schedule of operating and investing non-cash items from discontinued operations

The following operating and investing non-cash items from discontinued operations were as follows for the nine months ended:

	October 2, 2022		October 3, 2021
	(In thousands)
Depreciation	$	8,011	$	9,523
Amortization	16,984		26,026
Capital expenditures	9,441		8,393

XML

Basis of Presentation (Basis of Presentation) (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Jan. 02, 2022
Basis of Presentation [Line Items]
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ (51,404)	$ (16,584)
Operating Lease, Right-of-Use Asset	$ 160,120		$ 164,040

XML

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021	Jan. 02, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 711,803	$ 861,316	$ 2,570,608	$ 2,799,898
Contract with Customer, Liability, Current	(34,210)		(34,210)		$ (184,898)
Contract with Customer, Asset, Net, Current	53,162		53,162		61,999
Contract with Customer, Asset and Liability [Abstract]
Contract with Customer, Asset, Net, Current	53,162		53,162		61,999
Contract with Customer, Liability, Current	(34,210)		(34,210)		$ (184,898)
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	637,716	732,201	2,265,570	2,172,388
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	74,087	129,115	305,038	627,510
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	335,818	387,109	1,323,443	1,331,299
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	176,075	270,990	633,722	882,221
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	199,910	203,217	613,443	586,378
Discovery & Analytical Solutions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	312,783	207,511	945,484	577,371
Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	279,235	177,869	847,030	496,347
Discovery & Analytical Solutions [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33,548	29,642	98,454	81,024
Discovery & Analytical Solutions [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	165,340	106,742	499,419	281,640
Discovery & Analytical Solutions [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	72,150	50,726	215,394	149,437
Discovery & Analytical Solutions [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	75,293	50,043	230,671	146,294
Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	399,020	653,805	1,625,124	2,222,527
Diagnostics [Member] | Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,000	94,800	301,600	492,800
Diagnostics [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	358,481	554,332	1,418,540	1,676,041
Diagnostics [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	40,539	99,473	206,584	546,486
Diagnostics [Member] | Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	170,478	280,367	824,024	1,049,659
Diagnostics [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	103,925	220,264	418,328	732,784
Diagnostics [Member] | Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	124,617	153,174	382,772	440,084
Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	312,783	207,511	945,484	577,371
Life Sciences [Member] | Discovery & Analytical Solutions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	312,783	207,511	945,484	577,371
Life Sciences [Member] | Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	399,020	653,805	1,625,124	2,222,527
Diagnostics [Member] | Discovery & Analytical Solutions [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0	0	0
Diagnostics [Member] | Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 399,020	$ 653,805	$ 1,625,124	$ 2,222,527

XML

Business Combinations (Narrative) (Details)	3 Months Ended			6 Months Ended	9 Months Ended
	Oct. 02, 2022 USD ($)	Apr. 03, 2022 USD ($) shares	Oct. 03, 2021 USD ($) $ / shares	Jul. 03, 2022 USD ($)	Oct. 02, 2022 USD ($)	Oct. 03, 2021 USD ($) $ / shares	Jan. 02, 2022 USD ($) employees	Sep. 17, 2021 $ / shares	Jul. 04, 2021 USD ($)	Jan. 03, 2021 USD ($)
Business Acquisition [Line Items]
Number of Years in Measurement Period from Acquisition Date to Change Underlying Assumptions					1 year
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 44,574,000		$ 37,225,000	$ 48,593,000	$ 44,574,000	$ 37,225,000	$ 57,996,000		$ 3,334,000	$ 2,953,000
Total transaction costs	(8,500,000)		(69,900,000)		(25,900,000)	(72,500,000)
Goodwill	6,373,327,000				6,373,327,000		6,627,119,000
Business Combination, Contingent Consideration, Liability, Current	5,300,000				5,300,000		1,300,000
Business Combination, Contingent Consideration, Liability, Noncurrent	39,300,000				39,300,000		56,700,000
Interest Expense	25,931,000		43,531,000		81,447,000	74,407,000
Business Combination, Contingent Consideration, Liability	44,600,000				44,600,000		$ 58,000,000
Business Combination, Acquisition Related Costs	8,500,000		69,900,000		$ 25,900,000	72,500,000
Fiscal Year 2022 Acquisitions [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					5 years
Oxford Immunotec [Member]
Business Acquisition [Line Items]
Entity Number of Employees | employees							275
Foreign Currency Transaction Gain (Loss), before Tax						(5,400,000)
Interest Expense						23,600,000
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments		$ (183,000)
Business Combination, Consideration Transferred		981,698,000
Cash Acquired		(195,010,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	71,840,000				$ 71,840,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							$ 26,507,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	15,527,000				15,527,000
Cash paid to the shareholders		1,128,584,000
Business Combination, Consideration Transferred, Liabilities Incurred		$ 2,910,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		12 years 3 months 18 days
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value				45,031,000
Goodwill	545,262,000				545,262,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	61,925,000				61,925,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net							$ 981,698,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 0
Nexcelom Bioscience [Member]
Business Acquisition [Line Items]
Entity Number of Employees | employees							130
BioLegend [Member]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue			942,568,000			3,040,295,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		91,700,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		25,800,000
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments		0
Business Combination, Consideration Transferred		5,688,964,000
Cash Acquired		(292,377,000)
Cash Acquired from Acquisition		(292,400,000)
Business Acquisition, Cost of Acquired Entity, Consideration Paid in Cash		3,300,000,000
Business Acquisition, Cost of Acquired Entity, Consideration Paid in Common Stock		2,600,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets							$ 184,704,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							147,200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets							$ 9,330,000
Entity Number of Employees | employees							700
Cash paid to the shareholders		3,336,115,000
Business Combination, Consideration Transferred, Liabilities Incurred		$ 6,857,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		16 years 3 months 18 days
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value		$ 0
Goodwill	3,509,931,000				3,509,931,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	37,461,000				37,461,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net							$ 5,688,964,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax			$ 170,174,000			$ 749,654,000
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares			$ 1,320			$ 5,910
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares			$ 1,320			$ 5,890
Business Acquisition, Share Price | $ / shares								$ 187.56
Stock Issued During Period, Shares, Acquisitions | shares		14,066,799
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 2,638,369,000
Acquisition-related stock compensation expense	5,500,000				20,200,000
Cash Acquired from Acquisition		292,400,000
Diagnostics [Member]
Business Acquisition [Line Items]
Goodwill	1,899,451,000				1,899,451,000		1,970,350,000
Discovery & Analytical Solutions [Member]
Business Acquisition [Line Items]
Goodwill	4,473,876,000				4,473,876,000		4,656,769,000
Core Technology [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				290,089,000
Core Technology [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles							782,400,000
Customer Relationships [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				$ 141,670,000
Customer Relationships [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles							1,714,800,000
Trade Names [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 39,476,000				39,476,000
Trade Names [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles							$ 38,000,000
United States of America, Dollars | Fiscal Year 2022 Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments					$ 13,300,000
United States of America, Dollars | Oxford Immunotec [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		590,900,000
United States of America, Dollars | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		1,200,000,000
United States of America, Dollars | Nexcelom Bioscience [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		267,300,000
United States of America, Dollars | BioLegend [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		5,700,000,000
United States of America, Dollars | Fiscal Year 2021 Other Acquisitions [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments		318,600,000
Amortization of intangible assets recognized in acquisition [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		47,000,000
Amortization of fair value adjustment to acquired inventory [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ 16,600,000

XML

Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Apr. 03, 2022	Jul. 03, 2022	Oct. 02, 2022	Jan. 02, 2022
Business Acquisition [Line Items]
Goodwill			$ 6,373,327	$ 6,627,119
Fiscal Year 2022 Acquisitions [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments			13,300
Fiscal Year 2021 Other Acquisitions [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	$ 318,600
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid	1,128,584
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	0
Business Combination, Consideration Transferred, Liabilities Incurred	2,910
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value		$ (45,031)
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments	(183)
Cash Acquired	(195,010)
Business Combination, Consideration Transferred	981,698
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			71,840
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				26,507
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets			15,527
Goodwill			545,262
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total			(80,923)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue				(1,197)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				(4,628)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			(61,925)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				981,698
Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	1,200,000
BioLegend [Member]
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid	3,336,115
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	2,638,369
Business Combination, Consideration Transferred, Liabilities Incurred	6,857
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value	0
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments	0
Cash Acquired	(292,377)
Business Combination, Consideration Transferred	5,688,964
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets				184,704
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				147,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets				9,330
Goodwill			3,509,931
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total				(668,919)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities				0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			(37,461)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				5,688,964
BioLegend [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	5,700,000
Oxford Immunotec [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	590,900
Nexcelom Bioscience [Member] | United States of America, Dollars
Business Acquisition [Line Items]
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments	$ 267,300
Core Technology [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		290,089
Core Technology [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				782,400
Trade Names [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			39,476
Trade Names [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				38,000
Customer Relationships [Member] | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 141,670
Customer Relationships [Member] | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				1,714,800
License | Fiscal Year 2021 Acquisitions (Excluding BioLegend) [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				0
License | BioLegend [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				8,979
Diagnostics [Member]
Business Acquisition [Line Items]
Goodwill			1,899,451	1,970,350
Discovery & Analytical Solutions [Member]
Business Acquisition [Line Items]
Goodwill			$ 4,473,876	$ 4,656,769

XML

Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021	Aug. 01, 2022	Jan. 02, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 15,839	$ 20,107	$ 26,342	$ 47,626
Income from discontinued operations before income taxes	25,180	26,656	36,004	64,329
Discontinued Operation, Tax Effect of Discontinued Operation	9,341	6,549	9,662	16,703
Disposal Group, Including Discontinued Operation, Assets, Current	1,657,749		1,657,749			$ 555,374
Long-term assets of discontinued operations	0		0			1,148,350
Current liabilities of discontinued operations	234,788		234,788			156,248
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	0		0			95,884
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	14,999	14,999	14,999	14,999
Analytical, Food and Enterprise Services businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Consideration					$ 2,450,000
Disposal Group, Including Discontinued Operation, Revenue	320,616	305,369	950,821	902,946
Disposal Group, Including Discontinued Operation, Accounts Receivable, Net	306,845		306,845			315,851
Disposal Group, Including Discontinued Operation, Inventory, Current	226,724		226,724			198,824
Disposal Group, Including Discontinued Operation, Other Assets, Current	30,579		30,579			25,700
Disposal Group, Including Discontinued Operation, Assets, Current						555,374
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current	57,823		57,823
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent						60,073
Disposal Group, Including Discontinued Operation, Operating lease right-of-use assets, current	38,159		38,159
Disposal Group, Including Discontinued Operation, Operating lease right-of-use assets, Noncurrent						43,735
Disposal Group, Including Discontinued Operation, Intangible Assets, Current	213,240		213,240
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent						241,257
Disposal Group, Including Discontinued Operation, Goodwill, Current	759,618		759,618
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent						789,465
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent						13,820
Long-term assets of discontinued operations						1,148,350
Disposal Group, Including Discontinued Operation, Assets	1,657,749		1,657,749			1,703,724
Disposal Group, Including Discontinued Operation, Accounts Payable	30,748		30,748			30,648
Disposal Group, Including Discontinued Operation, Accrued expenses and other current liabilities	121,949		121,949			125,601
Current liabilities of discontinued operations						156,249
Disposal Group, Including Discontinued Operation, Deferred taxes and long-term liabilities, Current	48,505		48,505
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities						57,918
Disposal Group, Including Discontinued Operation, Operating lease liabilities, Current	33,586		33,586
Disposal Group, Including Discontinued Operation, Operating lease liabilities, Noncurrent						37,965
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent						95,883
Disposal Group, Including Discontinued Operation, Liabilities	234,788		234,788			252,132
Disposal Group, Including Discontinued Operation, Costs of Goods Sold	208,669	196,393	639,937	590,960
Disposal Group, Including Discontinued Operation, General and Administrative Expense	71,893	63,173	210,535	190,920
Disposal Group, Including Discontinued Operations, Research and development expenses	14,174	19,187	50,575	54,895
Disposal Group, Including Discontinued Operations, Restructuring and other costs, net	487	200	13,130	2,501
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	25,393	26,416	36,644	63,670
Discontinued Operation, Income from Discontinued Operation, before Income Tax	25,180	26,656	36,004	64,329
Disposal Group, Consideration, Receivable at Closing					2,300,000
Disposal Group, Consideration, Receivable at Closing, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks					75,000
Disposal Group, Consideration, Contingent on Exit Valuation					$ 150,000
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	14,999		14,999			$ 14,999
Depreciation Exp, Discontinued Operations			8,011	9,523
Amortization, Discontinued Operations			16,984	26,026
Capital Expenditure, Discontinued Operations			9,441	8,393
Disposal Group, Including Discontinued Operation, Other expense (income), net	213	$ (240)	640	$ (659)
Disposal Group, Including Discontinued Operation, Other assets, net, Current	$ 9,762		$ 9,762

XML

Restructuring and Lease Charges, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 02, 2022	Oct. 02, 2022
Diagnostics [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		$ 200
Diagnostics [Member] | Contract Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination net pre-tax gains		(100)
Discovery & Analytical Solutions [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		1,400
Discovery & Analytical Solutions [Member] | Contract Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		$ 7,900
Restructuring and contract termination net pre-tax gains	$ (100)

XML

Restructuring and Lease Charges, Net (Schedule of Initial Charges) (Details) $ in Thousands	3 Months Ended							9 Months Ended
	Oct. 02, 2022 USD ($) employees	Jul. 03, 2022 USD ($) employees	Apr. 03, 2022 USD ($) employees	Jan. 02, 2022 USD ($) employees	Oct. 03, 2021 USD ($) employees	Jul. 04, 2021 USD ($) employees	Apr. 04, 2021 USD ($) employees	Oct. 02, 2022 USD ($)
Q3 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees	40
Restructuring and contract termination charges, net	$ 3,196
Q2 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees		243
Restructuring and contract termination charges, net		$ 9,388
Q1 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees			81
Restructuring and contract termination charges, net			$ 6,231
Q4 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees				31
Restructuring and contract termination charges, net				$ 3,366
Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees					39
Restructuring and contract termination charges, net					$ 786
Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees						25
Restructuring and contract termination charges, net						$ 1,532
Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated | employees							77
Restructuring and contract termination charges, net							$ 5,556
Diagnostics [Member] | Employee Severance [Member] | Q3 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	1,122
Diagnostics [Member] | Employee Severance [Member] | Q2 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		2,052
Diagnostics [Member] | Employee Severance [Member] | Q1 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			399
Diagnostics [Member] | Employee Severance [Member] | Q4 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				77
Diagnostics [Member] | Employee Severance [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net					366
Diagnostics [Member] | Employee Severance [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net						564
Diagnostics [Member] | Employee Severance [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net							1,615
Diagnostics [Member] | Facility Closing [Member] | Q3 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	0
Diagnostics [Member] | Facility Closing [Member] | Q2 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		0
Diagnostics [Member] | Facility Closing [Member] | Q1 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			0
Diagnostics [Member] | Facility Closing [Member] | Q4 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				0
Diagnostics [Member] | Facility Closing [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net					0
Diagnostics [Member] | Facility Closing [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net						0
Diagnostics [Member] | Facility Closing [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net							0
Diagnostics [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net								$ 200
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q3 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	2,074
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q2 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		7,336
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			5,832
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q4 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				3,139
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net					420
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net						968
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net							3,941
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net	$ 0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q2 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net		$ 0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2022 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net			$ 0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q4 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net				$ 150
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net					$ 0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q2 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net						$ 0
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2021 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net							$ 0
Discovery & Analytical Solutions [Member] | Facility Relocation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and contract termination charges, net								$ 1,400

XML

Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Other Income and Expenses [Abstract]
Interest income	$ (667)	$ (544)	$ (2,024)	$ (1,322)
Interest expense	25,931	43,531	81,447	74,407
Loss (Gain) on disposition of businesses and assets, net			0	(1,970)
Change in fair value of financial securities	5,106	19,365	14,321	(8,566)
Other components of net periodic pension (credit) cost	(2,602)	(3,537)	(7,718)	(10,583)
Other expense, net	870	1,734	5,814	796
Total interest and other expense, net	$ 28,638	$ 60,549	$ 91,840	$ 54,732

XML

Inventories, Net (Details) - USD ($) $ in Thousands	Oct. 02, 2022	Jan. 02, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 175,043	$ 166,486
Work in progress	65,486	63,580
Finished goods	137,727	195,824
Total inventories, net	$ 378,256	$ 425,890

XML

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Income Tax Contingency [Line Items]
Provision for income taxes	$ 12,634	$ 27,381	$ 98,211	$ 198,531
Discontinued Operation, Tax Effect of Discontinued Operation	$ 9,341	$ 6,549	$ 9,662	$ 16,703

XML

Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Nov. 02, 2022	Oct. 04, 2022	Jan. 02, 2022
Debt Instrument, Unamortized Discount	$ (6,129)				$ (7,366)
Unamortized Debt Issuance Expense	(30,142)				(35,781)
Debt, Long-term and Short-term, Combined Amount	4,438,087				5,027,124
Long-term Debt, Gross	3,933,275				5,022,884
Repayments of Term Loan	500,000	$ 0
Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(3,898,267)				(4,979,737)
Debt, Long-term and Short-term, Combined Amount	4,401,816				4,983,977
2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Debt Instrument, Unamortized Discount	(116)				(126)
Unamortized Debt Issuance Expense	(3,038)				(3,294)
Long-term Debt, Gross	400,000				400,000
2.55 Percent Senior Unsecured Notes due in 2031 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(396,846)				(396,580)
3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Debt Instrument, Unamortized Discount	(4)				(4)
Unamortized Debt Issuance Expense	(4,249)				(4,335)
Long-term Debt, Gross	400,000				400,000
3.625 Percent Senior Unsecured Notes due in 2051 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(395,747)				(395,661)
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member]
Debt Instrument, Unamortized Discount	(2,049)				(2,252)
Unamortized Debt Issuance Expense	(5,671)				(6,234)
Long-term Debt, Gross	850,000				850,000
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(842,280)				(841,514)
Line of Credit, Maturing September 17, 2024 [Member]
Debt Instrument, Unamortized Discount					0
Long-term Debt					(3,362)
Unamortized Debt Issuance Expense					(3,362)
Revolving credit facility outstanding balance					0
1.875 Percent Ten Year Senior Unsecured Notes [Member]
Debt Instrument, Unamortized Discount	(1,856)				(2,538)
Unamortized Debt Issuance Expense	(1,904)				(2,280)
Long-term Debt, Gross	489,400				568,600
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(485,640)				(563,782)
Other Debt Facilities - Current [Member]
Debt Instrument, Unamortized Discount	0				0
Other Long-term Debt, Current	4,812				4,240
Unamortized Debt Issuance Expense	0				0
Other Debt Facilities - Current [Member] | Significant Other Observable Inputs (Level 2) [Member]
Other Long-term Debt, Current	4,812				4,240
Other Debt Facilities - Non-current [Member]
Debt Instrument, Unamortized Discount	0				0
Other Long-term Debt, Noncurrent	1,926				4,284
Unamortized Debt Issuance Expense	0				0
Other Debt Facilities - Non-current [Member] | Significant Other Observable Inputs (Level 2) [Member]
Other Long-term Debt, Noncurrent	1,926				4,284
Line of Credit, Maturing August 24, 2026 [Member]
Debt Instrument, Unamortized Discount	0
Long-term Debt	(2,821)
Unamortized Debt Issuance Expense	(2,821)
Revolving credit facility outstanding balance	0
Term Loan Credit Facility Maturing 2024 [Member]
Debt Instrument, Unamortized Discount					(14)
Unamortized Debt Issuance Expense					(658)
Long-term Debt, Gross					500,000
Term Loan Credit Facility Maturing 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt					(499,328)
0.550% Senior Unsecured Notes due 2023 [Member]
Debt Instrument, Unamortized Discount	(86)				(152)
Unamortized Debt Issuance Expense	(1,177)				(2,093)
Long-term Debt, Gross	500,000				500,000
0.550% Senior Unsecured Notes due 2023 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(498,737)				(497,755)
0.850% Senior Unsecured Notes due 2024 [Member]
Debt Instrument, Unamortized Discount	(325)				(447)
Unamortized Debt Issuance Expense	(3,598)				(4,945)
Long-term Debt, Gross	791,949				800,000
Debt Instrument, Repurchase Amount	8,100
0.850% Senior Unsecured Notes due 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(788,026)				(794,608)
1.900% Senior Unsecured Notes due 2028 [Member]
Debt Instrument, Unamortized Discount	(312)				(348)
Unamortized Debt Issuance Expense	(3,759)				(4,200)
Long-term Debt, Gross	500,000				500,000
1.900% Senior Unsecured Notes due 2028 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(495,929)				(495,452)
2.250% Senior Unsecured Notes due in 2031 [Member]
Debt Instrument, Unamortized Discount	(1,381)				(1,485)
Unamortized Debt Issuance Expense	(3,925)				(4,380)
Long-term Debt, Gross	500,000				500,000
2.250% Senior Unsecured Notes due in 2031 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(494,694)				(494,135)
Long-term Debt [Member]
Debt Instrument, Unamortized Discount	(6,043)				(7,366)
Unamortized Debt Issuance Expense	$ (28,965)				$ (35,781)
Subsequent Event [Member] | 0.550% Senior Unsecured Notes due 2023 [Member]
Debt Instrument, Repurchase Amount				$ 32,900
Subsequent Event [Member] | 0.850% Senior Unsecured Notes due 2024 [Member]
Debt Instrument, Repurchase Amount			$ 12,700

XML

Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Earnings Per Share [Abstract]
Number of common shares-basic	126,155	114,508	126,139	112,836
Effect of dilutive securities, Stock options	228	365	272	367
Effect of dilutive securities, Restricted stock	157	149	133	104
Number of common shares-diluted	126,540	115,022	126,544	113,307
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	608	90	600	237

XML

Industry Segment Information Industry Segment Information Narrative (Details)	3 Months Ended
	Oct. 02, 2022 segments
Segment Reporting Information [Line Items]
Number of Operating Segment	2

XML

Industry Segment Information (Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 711,803	$ 861,316	$ 2,570,608	$ 2,799,898
Operating income (loss) from continuing operations	110,780	195,561	605,230	958,610
Interest and other expense, net	28,638	60,549	91,840	54,732
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	82,142	135,012	513,390	903,878
Product [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	605,457	642,128	1,984,715	1,941,566
Service [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	106,346	219,188	585,893	858,332
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income (loss) from continuing operations	(16,505)	(23,079)	(54,673)	(57,664)
Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	399,020	653,805	1,625,124	2,222,527
Operating income (loss) from continuing operations	94,654	237,903	553,898	965,650
Diagnostics [Member] | Product [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	325,342	467,413	1,137,985	1,461,384
Diagnostics [Member] | Service [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	73,678	186,392	487,139	761,143
Discovery & Analytical Solutions [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	312,783	207,511	945,484	577,371
Operating income (loss) from continuing operations	32,631	(19,263)	106,005	50,624
Discovery & Analytical Solutions [Member] | Product [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	280,115	174,715	846,730	480,182
Discovery & Analytical Solutions [Member] | Service [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 32,668	$ 32,796	$ 98,754	$ 97,189

XML

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Jan. 01, 2023	Oct. 02, 2022	Jul. 03, 2022	Apr. 03, 2022	Jan. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Jul. 22, 2022	Jul. 31, 2020
Schedule of Shareholders' Equity [Line Items]
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans		624					70,653
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans		$ 0.1					$ 12.8
Cash dividends (per share)		$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07
Dividends Payable, Amount		$ 8.8					$ 8.8
Dividends Payable, Date Declared		Jul. 22, 2022
Repurchase Program, 07/31/2020 [Member]
Schedule of Shareholders' Equity [Line Items]
Stock Repurchase Program, Authorized Amount									$ 250.0
Repurchase Program, 07/22/2022 [Member]
Schedule of Shareholders' Equity [Line Items]
Stock Repurchase Program, Authorized Amount								$ 300.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 300.0					$ 300.0
Number of common stock repurchased in open market							0
Subsequent Event [Member]
Schedule of Shareholders' Equity [Line Items]
Cash dividends (per share)	$ 0.07

XML

Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Oct. 02, 2022	Jan. 02, 2022
Stockholders' Equity Note [Abstract]
Foreign currency translation adjustments, net of income taxes	$ (648,905)	$ (161,810)
Unrecognized losses and prior service costs, net of income taxes	(842)	(842)
Unrealized net losses on securities, net of income taxes	(35)	(40)
Accumulated other comprehensive loss	$ (649,782)	$ (162,692)

XML

Stock Plans (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock under stock plans	$ 6,254	$ 22,760

XML

Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 03, 2022	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021	Jan. 02, 2022
Goodwill and Intangible Assets Net [Line Items]
Goodwill		$ 6,373,327		$ 6,373,327		$ 6,627,119
Total amortization expense related to finite-lived intangible assets		91,500	$ 63,300	280,500	$ 158,600
Future Amortization Expense, Remainder of Fiscal Year		90,500		90,500
Future Amortization Expense, Year One		356,600		356,600
Future Amortization Expense, Year Two		348,900		348,900
Future Amortization Expense, Year Three		328,800		328,800
Future Amortization Expense, Year Four		321,900		321,900
Finite-Lived Intangible Assets, Net		3,401,143		3,401,143		3,821,847
Intangible assets, net		3,401,143		3,401,143		3,821,847
Impairment Testing Date	January 3, 2022
Minimum [Member]
Goodwill and Intangible Assets Net [Line Items]
Long-term terminal growth rates for reporting units	2.00%
Discount rates for reporting units	7.00%
Maximum [Member]
Goodwill and Intangible Assets Net [Line Items]
Long-term terminal growth rates for reporting units	5.00%
Discount rates for reporting units	11.50%
Patents [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		28,000		28,000		28,233
Less: Accumulated amortization		25,997		25,997		25,893
Finite-Lived Intangible Assets, Net		2,003		2,003		2,340
Trade Names And Trademarks [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		143,217		143,217		156,864
Less: Accumulated amortization		58,819		58,819		53,975
Finite-Lived Intangible Assets, Net		84,398		84,398		102,889
Licensing Agreements [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		62,537		62,537		62,627
Less: Accumulated amortization		53,801		53,801		52,638
Finite-Lived Intangible Assets, Net		8,736		8,736		9,989
Core Technology [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		1,506,442		1,506,442		1,589,264
Less: Accumulated amortization		397,785		397,785		331,906
Finite-Lived Intangible Assets, Net		1,108,657		1,108,657		1,257,358
Customer Relationships [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		2,896,035		2,896,035		3,033,870
Less: Accumulated amortization		703,560		703,560		590,519
Finite-Lived Intangible Assets, Net		2,192,475		2,192,475		2,443,351
In-process Research and Development [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		$ 4,874		$ 4,874		$ 5,920

XML

Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	9 Months Ended
	Oct. 02, 2022 USD ($)
Changes in the carrying amount of goodwill
Balance at beginning of period	$ 6,627,119
Foreign currency translation	(250,585)
Goodwill, Acquisition, Earn Outs and Other Adjustments	(3,207)
Balance at end of period	6,373,327
Diagnostics [Member]
Changes in the carrying amount of goodwill
Balance at beginning of period	1,970,350
Foreign currency translation	(74,611)
Goodwill, Acquisition, Earn Outs and Other Adjustments	3,712
Balance at end of period	1,899,451
Discovery & Analytical Solutions [Member]
Changes in the carrying amount of goodwill
Balance at beginning of period	4,656,769
Foreign currency translation	(175,974)
Goodwill, Acquisition, Earn Outs and Other Adjustments	(6,919)
Balance at end of period	$ 4,473,876

XML

Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands	Oct. 02, 2022	Jan. 02, 2022
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Net amortizable intangible assets	$ 3,401,143	$ 3,821,847
Intangible assets, net	3,401,143	3,821,847
Patents [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	28,000	28,233
Less: Accumulated amortization	(25,997)	(25,893)
Net amortizable intangible assets	2,003	2,340
Trade Names And Trademarks [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	143,217	156,864
Less: Accumulated amortization	(58,819)	(53,975)
Net amortizable intangible assets	84,398	102,889
Licensing Agreements [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	62,537	62,627
Less: Accumulated amortization	(53,801)	(52,638)
Net amortizable intangible assets	8,736	9,989
Core Technology [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	1,506,442	1,589,264
Less: Accumulated amortization	(397,785)	(331,906)
Net amortizable intangible assets	1,108,657	1,257,358
Customer Relationships [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	2,896,035	3,033,870
Less: Accumulated amortization	(703,560)	(590,519)
Net amortizable intangible assets	2,192,475	2,443,351
In-process Research and Development [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	$ 4,874	$ 5,920

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Derivatives And Hedging Activities (Details) $ in Thousands, € in Millions	3 Months Ended		9 Months Ended
	Oct. 02, 2022 USD ($)	Oct. 03, 2021 USD ($)	Oct. 02, 2022 USD ($)	Oct. 02, 2022 EUR (€)	Oct. 03, 2021 USD ($)	Jan. 02, 2022 USD ($)
Derivative [Line Items]
Company's business conducted outside United States			60.00%	60.00%
Payments for (Proceeds from) Hedge, Financing Activities			$ 762		$ 1,459
Payments for (Proceeds from) Hedge, Excluding Pre-issuance Hedge			(800)		(2,900)
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 0		$ 0
European And Asian Currencies [Member]
Derivative [Line Items]
Maximum maturity period for foreign exchange contracts, in months			12 months	12 months
Duration Of Foreign Currency Derivatives			30 days	30 days
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	348,300	$ 398,600	$ 348,300		398,600	$ 371,900
Notional Amount of US Dollar Derivatives [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount		548,700			548,700	$ 360,200
Net Investment Hedging [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Net Investment Hedge in AOCI	$ 9,500	$ 7,500	$ 57,400		$ 26,600
Euro Member Countries, Euro | Net Investment Hedging [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member]
Derivative [Line Items]
Notional Amount of Nonderivative Instruments | €				€ 497.2

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Fair Value Measurements (Narrative) (Details) $ in Thousands, € in Millions	9 Months Ended
	Oct. 02, 2022 USD ($)	Oct. 02, 2022 EUR (€)	Jul. 03, 2022 USD ($)	Jan. 02, 2022 USD ($)	Jan. 02, 2022 EUR (€)	Oct. 03, 2021 USD ($)	Jul. 04, 2021 USD ($)	Jan. 03, 2021 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 44,574		$ 48,593	$ 57,996		$ 37,225	$ 3,334	$ 2,953
Unamortized Debt Issuance Expense	30,142			35,781
Debt Instrument, Unamortized Discount	(6,129)			(7,366)
2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	3,038			3,294
Debt Instrument, Unamortized Discount	(116)			(126)
3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	4,249			4,335
Debt Instrument, Unamortized Discount	(4)			(4)
Line of Credit, Maturing September 17, 2024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving credit facility outstanding balance				0
Unamortized Debt Issuance Expense				3,362
Long-term Debt				3,362
Debt Instrument, Unamortized Discount				0
1.875 Percent Ten Year Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	1,904			2,280
Debt Instrument, Unamortized Discount	(1,856)			(2,538)
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	5,671			6,234
Debt Instrument, Unamortized Discount	(2,049)			(2,252)
Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes, fair value	$ 3,743,600			4,612,800
DNA Labs & Biosense [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration Arrangements, Description	Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash.
Biosense & Sirion [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration Arrangements, Maximum Period	6 years 2 months 12 days
Biosense, Sirion, Qognit, SonoVol & Prisms [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 102,100
Business Combination, Contingent Consideration Arrangements, Weighted Average Period	5 years 1 month 6 days
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 3,898,267			4,979,737
Significant Other Observable Inputs (Level 2) [Member] | 2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	396,846			396,580
Significant Other Observable Inputs (Level 2) [Member] | 3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	395,747			395,661
Significant Other Observable Inputs (Level 2) [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	485,640			563,782
Significant Other Observable Inputs (Level 2) [Member] | 3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	842,280			841,514
Significant Other Observable Inputs (Level 2) [Member] | Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 4,397,900			$ 4,479,500
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Facilities, including the senior revolving credit facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Long-term Debt | €		€ 3.9			€ 504.5

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Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Oct. 02, 2022	Jul. 03, 2022	Jan. 02, 2022	Oct. 03, 2021	Jul. 04, 2021	Jan. 03, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 44,574	$ 48,593	$ 57,996	$ 37,225	$ 3,334	$ 2,953
Fair Value, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	12,746		53,073
Foreign exchange derivative assets, net	(2,175)		(3,765)
Foreign exchange derivative liabilities, net	(2,195)		(3,463)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	44,574		57,996
Fair Value, Recurring [Member] | Quoted Prices In Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	12,746		53,073
Foreign exchange derivative assets, net	0		0
Foreign exchange derivative liabilities, net	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	0		0
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0		0
Foreign exchange derivative assets, net	(2,175)		(3,765)
Foreign exchange derivative liabilities, net	(2,195)		(3,463)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	0		0
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0		0
Foreign exchange derivative assets, net	0		0
Foreign exchange derivative liabilities, net	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 44,574		$ 57,996

XML

Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 02, 2022	Oct. 03, 2021	Oct. 02, 2022	Oct. 03, 2021	Jan. 02, 2022
Fair Value Disclosures [Abstract]
Balance beginning of period	$ (48,593)	$ (3,334)	$ (57,996)	$ (2,953)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	0	33,431	4,961	33,431
Payments	1,887	615	5,213	711
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3	0	0	12,400	0
Change in fair value (included within selling, general and administrative expenses)	2,132	(1,075)	770	(1,552)
Balance end of period	(44,574)	$ (37,225)	(44,574)	$ (37,225)
Business Combination, Contingent Consideration, Liability	$ (44,600)		$ (44,600)		$ (58,000)

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Contingencies (Details) $ in Millions	9 Months Ended
	Oct. 02, 2022 USD ($) years	Jan. 02, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Management's estimate of total cost of ultimate disposition | $	$ 12.3	$ 11.9
Number of years over which estimated environmental cost will be paid | years	10

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Disposition of Businesses and Assets, Net (Details) $ in Millions	Aug. 01, 2022 USD ($)
Analytical, Food and Enterprise Services businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Consideration, Receivable at Closing	$ 2,300.0

XML

Subsequent Events (Details) - Analytical, Food and Enterprise Services businesses [Member] $ in Millions	Aug. 01, 2022 USD ($)
Subsequent Event [Line Items]
Disposal Group, Consideration	$ 2,450.0
Disposal Group, Consideration, Receivable at Closing	2,300.0
Disposal Group, Consideration, Contingent on Exit Valuation	$ 150.0