Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 05, 2020 | May 07, 2020 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 5, 2020 | |
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 | 111,386,181 | |
Entity Central Index Key | 0000031791 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-03 | |
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 | |
PKI 21B [Member] | ||
Entity Listings [Line Items] | ||
Trading Symbol | PKI 21B | |
Trading Symbol | PKI 21B | |
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, $1 par value per share | |
1.875% Notes due 2026 [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 1.875% Notes due 2026 | |
Title of 12(b) Security | 1.875% Notes due 2026 | |
0.60% Notes due 2021 [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 0.60% Notes due 2021 | |
Title of 12(b) Security | 0.60% Notes due 2021 | |
NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Entity Listings [Line Items] | ||
Security Exchange Name | NYSE | |
Security Exchange Name | NYSE |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 652,396 | $ 648,737 |
Cost of Goods and Services Sold | 344,373 | 340,931 |
Selling, general and administrative expenses | 208,569 | 198,857 |
Research and development expenses | 48,914 | 47,980 |
Restructuring and other costs, net | 5,858 | 7,639 |
Operating income from continuing operations | 44,682 | 53,330 |
Interest and other expense, net | 9,993 | 16,565 |
Interest And Other Expense Net | 9,993 | (16,565) |
Income from continuing operations before income taxes | 34,689 | 36,765 |
Provision for income taxes | 974 | 1,312 |
Income from continuing operations | 33,715 | 35,453 |
Loss on disposition of discontinued operations before income taxes | 0 | 0 |
Provision for income taxes on discontinued operations and dispositions | 50 | 41 |
Loss from discontinued operations and dispositions | (50) | (41) |
Net income | $ 33,665 | $ 35,412 |
Basic earnings (loss) per share: | ||
Income (loss) from continuing operations (per share) | $ 0.30 | $ 0.32 |
Gain (loss) on discontinued operations and dispositions (per share) | 0 | 0 |
Net income (per share) | 0.30 | 0.32 |
Diluted earnings (loss) per share: | ||
Income (loss) from continuing operations (per share) | 0.30 | 0.32 |
Gain (loss) on discontinued operations and dispositions (per share) | 0 | 0 |
Net income (per share) | $ 0.30 | $ 0.32 |
Weighted average shares of common stock outstanding: | ||
Basic (in shares) | 111,121 | 110,543 |
Diluted (in shares) | 111,644 | 111,293 |
Cash dividends per common share | $ 0.07 | $ 0.07 |
Product [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 425,529 | $ 438,722 |
Cost of Goods and Services Sold | 206,190 | 206,276 |
Service [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 226,867 | 210,015 |
Cost of Goods and Services Sold | $ 138,183 | $ 134,655 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock Amount [Member] | Capital In Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 30, 2018 | $ 2,584,955 | $ 110,597 | $ 48,772 | $ 2,602,067 | $ (176,481) |
Net income | 35,412 | 35,412 | |||
Other comprehensive income (loss) | 2,946 | ||||
Dividends | (7,742) | (7,742) | |||
Exercise of employee stock options and related income tax benefits | 8,610 | 186 | 8,424 | ||
Issuance of common stock for employee benefit plans | (1,386) | (19) | (1,367) | 0 | 0 |
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (5,293) | (57) | (5,236) | ||
Issuance of common stock for long-term incentive program | (3,538) | (146) | (3,392) | ||
Stock compensation | 1,371 | 0 | 1,371 | 0 | 0 |
Ending Balance at Mar. 31, 2019 | 2,638,472 | 110,891 | 58,090 | 2,643,026 | (173,535) |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-02 [Member] | 13,289 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | 2,946 | 2,946 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-02 [Member] | 13,289 | ||||
Beginning Balance at Dec. 29, 2019 | 2,813,824 | 111,140 | 90,357 | 2,811,973 | (199,646) |
Net income | 33,665 | 33,665 | |||
Other comprehensive income (loss) | (78,681) | ||||
Dividends | (7,779) | (7,779) | |||
Exercise of employee stock options and related income tax benefits | 1,106 | 21 | 1,085 | ||
Issuance of common stock for employee benefit plans | (1,256) | (14) | (1,242) | ||
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations | (6,342) | (66) | (6,276) | ||
Issuance of common stock for long-term incentive program | (3,028) | (197) | (2,831) | ||
Stock compensation | 997 | 0 | 997 | 0 | 0 |
Ending Balance at Apr. 05, 2020 | 2,759,746 | 111,306 | 90,236 | 2,836,531 | (278,327) |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-13 [Member] | (1,328) | $ 0 | $ 0 | 0 | |
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax | $ (78,681) | $ (78,681) | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-13 [Member] | $ (1,328) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Net income | $ 33,665 | $ 35,412 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustments | (78,593) | 3,066 |
Unrealized loss on securities, net of tax | (88) | (120) |
Other comprehensive (loss) income | (78,681) | 2,946 |
Comprehensive (loss) income | $ (45,016) | $ 38,358 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 29, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 195,146 | $ 191,877 |
Accounts receivable, net | 626,150 | 725,184 |
Inventories | 393,164 | 356,937 |
Other current assets | 127,366 | 100,381 |
Total current assets | 1,341,826 | 1,374,379 |
Property, plant and equipment, net: | ||
At cost | 703,266 | 701,580 |
Accumulated depreciation | (389,409) | (383,357) |
Property, plant and equipment, net | 313,857 | 318,223 |
Operating Lease, Right-of-Use Asset | 196,319 | 167,276 |
Intangible assets, net | 1,200,288 | 1,283,286 |
Goodwill | 3,051,694 | 3,111,227 |
Other assets, net | 280,412 | 284,173 |
Total assets | 6,384,396 | 6,538,564 |
Current liabilities: | ||
Current portion of long-term debt | 9,654 | 9,974 |
Accounts payable | 233,227 | 235,855 |
Accrued expenses and other current liabilities | 11,298 | 11,559 |
Accrued expenses and other current liabilities | 473,853 | 503,332 |
Current liabilities of discontinued operations | 2,112 | 2,112 |
Total current liabilities | 730,144 | 762,832 |
Long-term debt | 2,010,525 | 2,064,041 |
Long-term liabilities | 704,154 | 751,468 |
Operating Lease, Liability, Noncurrent | 179,827 | 146,399 |
Total liabilities | 3,624,650 | 3,724,740 |
Commitments and contingencies (see Note 18) | ||
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 111,306,000 shares and 111,140,000 shares at April 5, 2020 and December 29, 2019, respectively | 111,306 | 111,140 |
Capital in excess of par value | 90,236 | 90,357 |
Retained earnings | 2,836,531 | 2,811,973 |
Accumulated other comprehensive loss | (278,327) | (199,646) |
Total stockholders’ equity | 2,759,746 | 2,813,824 |
Total liabilities and stockholders’ equity | $ 6,384,396 | $ 6,538,564 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 05, 2020 | Dec. 29, 2019 |
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 | 111,306,000 | 111,140,000 |
Common stock, outstanding | 111,306,000 | 111,140,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net income | $ 33,665 | $ 35,412 |
Loss from discontinued operations and dispositions, net of income taxes | 50 | 41 |
Income from continuing operations | 33,715 | 35,453 |
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations: | ||
Restructuring and other costs, net | 5,858 | 7,639 |
Depreciation and amortization | 60,758 | 50,469 |
Loss (Gain) on disposition of businesses and assets, net | 0 | 2,133 |
Stock-based compensation | 3,050 | 6,097 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (12,325) | 3,102 |
Amortization of deferred debt financing costs and accretion of discounts | 707 | 861 |
Amortization of acquired inventory revaluation | 1,088 | 283 |
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested: | ||
Accounts receivable, net | 80,600 | 7,864 |
Inventories | (54,758) | (38,441) |
Accounts payable | 3,164 | (1,451) |
Accrued expenses and other | (61,807) | (79,325) |
Net cash provided by (used in) operating activities of continuing operations | 60,050 | (5,316) |
Net cash used in operating activities of discontinued operations | 0 | 0 |
Net cash provided by (used in) operating activities | 60,050 | (5,316) |
Investing activities: | ||
Capital expenditures | (20,488) | (19,875) |
Proceeds from surrender of life insurance policies | 52 | 0 |
Payments to Acquire Investments | (1,638) | (519) |
Purchases of Licenses | 0 | (5,000) |
Proceeds from Divestiture of Businesses | 60 | 550 |
Activity related to acquisitions, net of cash and cash equivalents acquired | 0 | (4,384) |
Net cash used in investing activities of continuing operations | (22,014) | (29,228) |
Net cash provided by investing activities of discontinued operations | 0 | 0 |
Net cash used in investing activities | (22,014) | (29,228) |
Financing activities: | ||
Payments of borrowings | 141,000 | 152,000 |
Proceeds from borrowings | 125,000 | 179,000 |
Payments of debt financing costs | 0 | (88) |
Settlement of cash flow hedges | 8,708 | (1,675) |
Net payments on other credit facilities | (4,283) | (3,476) |
Payments for acquisition-related contingent consideration | 0 | (12,100) |
Proceeds from issuance of common stock under stock plans | 1,106 | 8,610 |
Purchases of common stock | (6,342) | (5,293) |
Dividends paid | (7,781) | (7,743) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (24,592) | 5,235 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 |
Net cash (used in) provided by financing activities | (24,592) | 5,235 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (10,169) | 450 |
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalent | 3,275 | (28,859) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period | 191,894 | 166,315 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period | 195,169 | 137,456 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 195,169 | $ 137,456 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 05, 2020 | |
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 December 29, 2019 , filed with the SEC (the “ 2019 Form 10-K”). The balance sheet amounts at December 29, 2019 in this report were derived from the Company’s audited 2019 consolidated financial statements included in the 2019 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended April 5, 2020 and March 31, 2019 , respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. The Company’s fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending January 3, 2021 (" fiscal year 2020 ") will include 53 weeks, and the fiscal year ended December 29, 2019 (" fiscal year 2019 ") included 52 weeks. Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions and adds guidance to reduce complexity in accounting for income taxes. Specifically, this guidance: (1) removes the intraperiod tax allocation exception to the incremental approach; (2) removes the ownership changes in investments exception in determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting and applies this provision on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at the beginning of the period of adoption; and (3) removes the exception to using the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies accounting principles by making other changes, including requiring an entity to: (1) evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction; (2) make a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and to apply this provision retrospectively to all periods presented; and (3) recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and apply this provision either retrospectively for all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The provisions of this guidance (except as specifically mentioned above) are to be applied prospectively upon their effective date. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years. Early adoption is permitted but requires simultaneous adoption of all provisions of this guidance. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In April 2019, the FASB issued Accounting Standards Update No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04"). ASU 2019-04 clarifies certain aspects of previously issued accounting standards related to: (1) ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements ("ASU 2016-13"), in areas of accrued interest receivable, transfers of loans and debt securities between classifications, recoveries and prepayments, (2) ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), in areas of partial-term fair value hedges, fair value hedge basis adjustments, certain disclosures and transition requirements and (3) ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), in areas of remeasurement of equity securities under ASC 820, Fair Value Measurement , when using the measurement alternative and remeasurement of equity securities at historical exchange rates. The amendments related to ASU 2016-13 are required to be adopted in conjunction with that accounting standards update, as further described below. Since the Company has already adopted ASU 2017-12 and ASU 2016-01, the related amendments in ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted in any interim period. The amendments to ASU 2017-12 can either be adopted retrospectively as of the date of adoption of ASU 2017-12 or they can be adopted prospectively. The amendments to ASU 2016-01 are required to be applied using a modified-retrospective adoption approach with a cumulative-effect adjustment to retained earnings as of the date of adoption of ASU 2016-01, except for those related to equity securities without readily determinable fair values that are measured using the measurement alternative, which are required to be applied prospectively. The standard was effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The Company applied the provisions of this guidance prospectively. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software (and hosting arrangements that include an internal-use software license). The provisions of this guidance are to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The standard was effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The Company applied the provisions of this guidance prospectively. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued Accounting Standards Update No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"). ASU 2018-14 adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 adds requirements for an entity to disclose the weighted-average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period . Further, ASU 2018-14 removes guidance that currently requires the following disclosures: the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year; the amount and timing of plan assets expected to be returned to the employer; information about (1) benefits covered by related-party insurance and annuity contracts and (2) significant transactions between the plan and related parties; and the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. ASU 2018-14 also clarifies the guidance in Compensation-Retirement Benefits (Topic 715-20-50-3) on defined benefit plans to require disclosure of (1) the projected benefit obligation ("PBO") and fair value of plan assets for pension plans with PBOs in excess of plan assets (the same disclosure with reference to the accumulated postretirement benefit obligation rather than the PBO is required for other postretirement benefit plans) and (2) the accumulated benefit obligation ("ABO") and fair value of plan assets for pension plans with ABOs in excess of plan assets. The provisions of this guidance are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-14 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years with early adoption permitted. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 adds, removes, and modifies certain disclosures related to fair value measurements. ASU 2018-13 adds requirements for an entity to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Further, ASU 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies existing disclosure requirements related to measurement uncertainty. The amendments regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments are to be applied retrospectively to all periods presented upon their effective date. The standard was effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The adoption did not have a material impact on the Company's disclosures related to fair value measurements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard requires entities to use the expected loss impairment model and will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. Entities are required to estimate the lifetime “expected credit loss” for each applicable financial asset and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The standard also amends the impairment model for available-for-sale (“AFS”) debt securities and requires entities to determine whether all or a portion of the unrealized loss on an AFS debt security is a credit loss. An entity will recognize an allowance for credit losses on an AFS debt security as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment. The provisions of this guidance are to be applied using a modified-retrospective approach. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. Subsequent to the issuance of ASU 2016-13, in November 2018, the FASB issued Accounting Standards Update No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses ("ASU 2018-19"), in April 2019, the FASB issued ASU 2019-04, and in May 2019, the FASB issued Accounting Standards Update No. 2019-05, Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief ("ASU 2019-05") . The amendments in ASU 2018-19 clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost . Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . The amendments in ASU 2019-04 clarify the measurement of allowance for credit losses on accrued interest receivable; the inclusion of expected recoveries in the allowance for credit losses; the permission of a prepayment-adjusted effective interest rate when determining the allowance for credit losses; and the steps entities should take when recording the transfer of loans or debt securities between measurement classifications. The amendments in ASU 2019-05 provide an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall , on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of ASU 2016-13, but this fair value option election does not apply to held-to-maturity debt securities. The effective date and transition requirements for the amendments in ASU 2018-19, ASU 2019-04 and ASU 2019-05 are the same as the effective date and transition requirements of ASU 2016-13, which is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. The standards were effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The Company adopted these standards using the modified-retrospective approach. The adoption of the standards resulted in a decrease in retained earnings at December 30, 2019 of approximately $1.3 million from the cumulative effect of initially applying the standards as of that date. In addition, the adoption of the standard resulted in an increase in reserve for doubtful accounts of $1.7 million and an increase in deferred tax assets of $0.4 million from the tax impact of the cumulative adjustments. The adoption did not have an impact on cash from or used in operating, investing or financing activities in the Company's consolidated statement of cash flows at December 30, 2019. |
Revenue (Notes)
Revenue (Notes) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer [Text Block] | Revenue Disaggregation of revenue In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments' revenue. Reportable Segments Three Months Ended April 5, 2020 March 31, 2019 Discovery & Analytical Solutions Diagnostics Total Discovery & Analytical Solutions Diagnostics Total (In thousands) Primary geographical markets Americas $ 169,116 $ 105,157 $ 274,273 $ 162,417 $ 98,008 $ 260,425 Europe 118,657 81,599 200,256 107,606 65,858 173,464 Asia 110,622 67,245 177,867 118,810 96,038 214,848 $ 398,395 $ 254,001 $ 652,396 $ 388,833 $ 259,904 $ 648,737 Primary end-markets Diagnostics $ — $ 254,001 $ 254,001 $ — $ 259,904 $ 259,904 Life sciences 245,733 — 245,733 217,377 — 217,377 Applied markets 152,662 — 152,662 171,456 — 171,456 $ 398,395 $ 254,001 $ 652,396 $ 388,833 $ 259,904 $ 648,737 Timing of revenue recognition Products and services transferred at a point in time $ 267,907 $ 231,653 $ 499,560 $ 275,438 $ 239,247 $ 514,685 Services transferred over time 130,488 22,348 152,836 113,395 20,657 134,052 $ 398,395 $ 254,001 $ 652,396 $ 388,833 $ 259,904 $ 648,737 Contract Balances Contract assets: The unbilled receivables (contract assets) primarily relate to the Company's right to consideration for work completed but not billed at the reporting date. The unbilled receivables are transferred to trade receivables when billed to customers. Contract assets are generally classified as current assets and are included in "Accounts receivable, net" in the consolidated balance sheets. The balance of contract assets as of April 5, 2020 and December 29, 2019 were $33.7 million and $37.0 million , respectively. The amount of unbilled receivables recognized at the beginning of the period that were transferred to trade receivables during the three months ended April 5, 2020 was $14.9 million . The increase in unbilled receivables during the three months ended April 5, 2020 as a result of recognition of revenue before billing to customers, excluding amounts transferred to trade receivables during the period, amounted to $11.6 million . Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related installation for which transfer of control has not occurred at the balance sheet date. Contract liabilities are classified as either current in "Accounts payable" or long-term in "Long-term liabilities" in the consolidated balance sheets based on the timing of when the Company expects to recognize revenue. The balance of contract liabilities as of April 5, 2020 and December 29, 2019 were $32.1 million and $29.9 million , respectively. The increase in contract liabilities during the three months ended April 5, 2020 due to cash received, excluding amounts recognized as revenue during the period, was $14.8 million . The amount of revenue recognized during the three months ended April 5, 2020 that was included in the contract liability balance at the beginning of the period was $12.6 million . Contract costs: The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the period and are included in other current and long-term assets on the consolidated balance sheets. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the Company's internal sales force compensation program, as the Company determined that annual compensation is commensurate with annual sales activities. Transaction price allocated to the remaining performance obligations | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 652,396 | $ 648,737 |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 499,560 | 514,685 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 152,836 | 134,052 |
Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 274,273 | 260,425 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 200,256 | 173,464 |
Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 177,867 | 214,848 |
Diagnostics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 254,001 | 259,904 |
Life Sciences [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 245,733 | 217,377 |
Applied Markets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 152,662 | 171,456 |
Discovery & Analytical Solutions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 398,395 | 388,833 |
Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 267,907 | 275,438 |
Discovery & Analytical Solutions [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 130,488 | 113,395 |
Discovery & Analytical Solutions [Member] | Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 169,116 | 162,417 |
Discovery & Analytical Solutions [Member] | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 118,657 | 107,606 |
Discovery & Analytical Solutions [Member] | Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 110,622 | 118,810 |
Discovery & Analytical Solutions [Member] | Diagnostics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Discovery & Analytical Solutions [Member] | Life Sciences [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 245,733 | 217,377 |
Discovery & Analytical Solutions [Member] | Applied Markets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 152,662 | 171,456 |
Diagnostics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 254,001 | 259,904 |
Diagnostics [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 231,653 | 239,247 |
Diagnostics [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,348 | 20,657 |
Diagnostics [Member] | Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 105,157 | 98,008 |
Diagnostics [Member] | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 81,599 | 65,858 |
Diagnostics [Member] | Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,245 | 96,038 |
Diagnostics [Member] | Diagnostics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 254,001 | 259,904 |
Diagnostics [Member] | Life Sciences [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Diagnostics [Member] | Applied Markets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 |
Business Combinations
Business Combinations | 3 Months Ended |
Apr. 05, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisitions in fiscal year 2019 During the fiscal year 2019, the Company completed the acquisition of five businesses for aggregate consideration of $433.1 million in cash. The acquired businesses include Cisbio Bioassays SAS (“Cisbio”), a company based in Codolet, France, which was acquired for a total consideration of $219.9 million in cash, Shandong Meizheng Bio-Tech Co., Ltd. ("Meizheng Group"), a company headquartered in Beijing, China, for a total consideration of $166.5 million in cash, and three other businesses which were acquired for a total consideration of $46.6 million in cash. The Company has a potential obligation to pay the former shareholders of certain of these acquired businesses additional contingent consideration of up to $31.8 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 the employee workforces acquired, and has been allocated to goodwill, which is not tax deductible. The Company has reported the operations for these acquisitions within the results of the Company's Diagnostics and Discovery & Analytical Solutions segments, as applicable, from the acquisition dates. 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 11.0 years . The total purchase price for the acquisitions in fiscal year 2019 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows: Cisbio Meizheng Other (In thousands) Fair value of business combination: Cash payments $ 219,795 $ 145,000 $ 45,042 Other liability — 6,446 638 Contingent consideration — 12,100 634 Working capital and other adjustments 138 2,961 302 Less: cash acquired (12,542 ) (2,108 ) (1,334 ) Total $ 207,391 $ 164,399 $ 45,282 Identifiable assets acquired and liabilities assumed: Current assets $ 43,554 $ 15,160 $ 4,042 Property, plant and equipment 4,835 6,278 727 Other assets 100 32 481 Identifiable intangible assets: Core technology 89,000 36,600 27,667 Trade names 5,000 4,900 1,310 Customer relationships 39,000 55,800 6,700 Goodwill 73,061 79,175 17,005 Deferred taxes (34,606 ) (21,849 ) (6,657 ) Debt assumed — (706 ) (2,698 ) Liabilities assumed (12,553 ) (10,991 ) (3,295 ) Total $ 207,391 $ 164,399 $ 45,282 The preliminary allocations of the purchase prices for acquisitions are based upon initial valuations. The Company's estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete its valuations within the measurement periods, which are up to one year from the respective acquisition dates. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, assets and liabilities related to income taxes and related valuation allowances, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition dates during the measurement periods. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have resulted in the recognition of those assets and liabilities as of those dates. These adjustments will be made in the periods in which the amounts are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. All changes that do not qualify as adjustments made during the measurement periods are also included in current period earnings. During fiscal year 2020 , the Company obtained information relevant to determining the fair values of certain tangible and intangible assets acquired, and liabilities assumed, related to recent acquisitions and adjusted its purchase price allocations. Based on this information, the Company recognized an increase in intangible assets of $1.9 million , a decrease in goodwill of $1.6 million and a decrease in deferred tax liabilities of $0.3 million during the three months ended April 5, 2020 . Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments as to expectations for future cash flows of the acquired business, and the allocation of those cash flows to identifiable intangible assets, in determining the estimated fair values for assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. 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. Increases or decreases in the fair value of contingent consideration liabilities primarily result from changes in the estimated probabilities of achieving revenue thresholds, changes in discount rates or product development milestones during the earnout period. As of April 5, 2020 , the Company may have to pay contingent consideration related to acquisitions with open contingency periods of up to $57.1 million . As of April 5, 2020 , the Company has recorded contingent consideration obligations with an estimated fair value of $22.8 million , of which $20.5 million was recorded in accrued expenses and other current liabilities, and $2.3 million was recorded in long-term liabilities. As of December 29, 2019 , the Company had recorded contingent consideration obligations with an estimated fair value of $35.5 million , of which $20.8 million was recorded in accrued expenses and other current liabilities, and $14.7 million was recorded in long-term liabilities. The expected maximum earnout period for acquisitions with open contingency periods does not exceed 2.8 years from April 5, 2020 , and the remaining weighted average expected earnout period at April 5, 2020 was 1 year . If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could result in a possible impairment of the intangible assets and goodwill, require acceleration of the amortization expense of definite-lived intangible assets or the recognition of additional contingent consideration which would be recognized as a component of operating expenses from continuing operations. Total acquisition and divestiture-related costs for the three months ended April 5, 2020 and March 31, 2019 were $12.4 million and $1.8 million , respectively. These amounts included $12.3 million of incentive award associated with the Company's acquisition of Meizheng Group for the three months ended April 5, 2020 and $0.5 million of stay bonus associated with the Company's acquisition of Tulip Diagnostics Private Limited for the three months ended March 31, 2019 . These acquisition and divestiture-related costs were expensed as incurred and recorded in selling, general and administrative expenses and interest and other expense, net in the Company's consolidated statements of operations. |
Restructuring and Lease Charges
Restructuring and Lease Charges, Net | 3 Months Ended |
Apr. 05, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Lease Charges, Net | Restructuring and Other Costs, Net The Company has undertaken a series of restructuring actions related to the impact of acquisitions and divestitures, the alignment of the Company's operations with its growth strategy, the integration of its business units and its productivity initiatives. The activities associated with these plans have been reported as restructuring and other costs, net, as applicable, and are included as a component of income from continuing operations. The current portion of restructuring and other costs is recorded in short-term accrued restructuring and other costs and accrued expense and other current liabilities. The long-term portion of restructuring and other costs is recorded in long-term liabilities and operating lease liabilities. The Company implemented a restructuring plan in the first quarter of fiscal year 2020 consisting of workforce reductions and closure of excess facilities principally intended to realign resources to emphasize growth initiatives (the "Q1 2020 Plan"). The Company implemented a restructuring plan in each quarter of fiscal year 2019 consisting of workforce reductions principally intended to realign resources to emphasize growth initiatives (the "Q1 2019 Plan", "Q2 2019 Plan", "Q3 2019 Plan" and "Q4 2019 Plan", respectively). Details of the plans initiated in previous years (the “Previous Plans”) are discussed more fully in Note 5 to the audited consolidated financial statements in the 2019 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 2020 and 2019 in continuing operations: Workforce Reductions Closure of Excess Facility Total (Expected) Date Payments Substantially Completed by Headcount Reduction Discovery & Analytical Solutions Diagnostics Discovery & Analytical Solutions Diagnostics Severance Excess Facility (In thousands, except headcount data) Q1 2020 Plan 32 $ 2,312 $ 1,134 $ 92 $ 682 $ 4,220 Q4 FY2020 Q1 FY2022 Q4 2019 Plan 22 $ 177 2,404 — — 2,581 Q3 FY2020 — Q3 2019 Plan 259 $ 11,156 2,641 — — 13,797 Q2 FY2020 — Q2 2019 Plan 44 4,461 1,129 — — 5,590 Q1 FY2020 — Q1 2019 Plan 105 6,001 1,459 — — 7,460 Q4 FY2019 — The Company does not currently expect to incur any future charges for these plans. The Company expects to make payments under the Previous Plans for remaining residual lease obligations, with terms varying in length, through fiscal year 2022 . In connection with the termination of various contractual commitments, the Company recorded additional pre-tax charges of $0.1 million and $0.2 million during the three months ended April 5, 2020 , in the Diagnostics and Discovery & Analytical Solutions segments, respectively. The Company recorded pre-tax charges of $0.1 million and $1.3 million associated with relocating facilities during the three months ended April 5, 2020 in the Diagnostics and Discovery & Analytical Solutions segments, respectively. The Company expects to make payments on these relocation activities through fiscal year 2021. At April 5, 2020 , the Company had $15.1 million recorded for accrued restructuring and other costs, of which $11.3 million was recorded in short-term accrued restructuring and other costs, $1.7 million was recorded in long-term liabilities, and $2.1 million was recorded in operating lease liabilities. At December 29, 2019 , the Company had $13.9 million recorded for accrued restructuring and other costs, of which $11.6 million was recorded in short-term accrued restructuring and other costs, $0.4 million was recorded in accrued expenses and other current liabilities, $0.8 million was recorded in long-term liabilities, and $1.1 million was recorded in operating lease liabilities. The following table summarizes the Company's restructuring accrual balances and related activity by restructuring plan, as well as other accrual balances and related activity, during the three months ended April 5, 2020 : Balance at December 29, 2019 2020 Charges 2020 Changes in Estimates, Net 2020 Amounts Paid Balance at April 5, 2020 (In thousands) Severance: Q1 2020 Plan $ — $ 3,446 $ — $ (791 ) $ 2,655 Q4 2019 Plan 889 — — (40 ) 849 Q3 2019 Plan 6,311 — — (1,456 ) 4,855 Q2 2019 Plan 1,889 — — (857 ) 1,032 Q1 2019 Plan 2,129 — — (669 ) 1,460 Facility: Q1 2020 Plan — 774 — (92 ) 682 Previous Plans 1,647 — — (112 ) 1,535 Restructuring 12,865 4,220 — (4,017 ) 13,068 Contract Termination 188 — 212 — 400 Other Costs 827 1,426 — (598 ) 1,655 Total Restructuring and Other Liabilities $ 13,880 $ 5,646 $ 212 $ (4,615 ) $ 15,123 |
Interest and Other Expense (Inc
Interest and Other Expense (Income), Net | 3 Months Ended |
Apr. 05, 2020 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense (Income), Net | Interest and Other Expense, Net Interest and other expense, net, consisted of the following: Three Months Ended April 5, March 31, (In thousands) Interest income $ (265 ) $ (283 ) Interest expense 13,665 15,850 Loss on disposition of businesses and assets, net — 2,133 Other income, net (3,407 ) (1,135 ) Total interest and other expense, net $ 9,993 $ 16,565 Foreign currency transaction losses were $7.9 million and $0.1 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. Net (gains) losses from forward currency hedge contracts were $(9.6) million and $0.3 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. The other components of net periodic pension credit were $1.7 million and $1.5 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. These amounts were included in other income, net. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Apr. 05, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories Inventories as of April 5, 2020 and December 29, 2019 consisted of the following: April 5, December 29, (In thousands) Raw materials $ 140,480 $ 130,673 Work in progress 26,712 26,409 Finished goods 225,972 199,855 Total inventories $ 393,164 $ 356,937 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 05, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/or (iii) the statute of limitations expires regarding a tax position. The total provision for income taxes included in the condensed consolidated statements of operations consisted of the following: Three Months Ended April 5, March 31, (In thousands) Continuing operations $ 974 $ 1,312 Discontinued operations 50 41 Total $ 1,024 $ 1,353 At April 5, 2020 , the Company had gross tax effected unrecognized tax benefits of $34.9 million , of which $33.2 million , if recognized, would affect the continuing operations effective tax rate. The remaining amount, if recognized, would affect discontinued operations. The Company believes that it is reasonably possible that approximately $4.1 million of its uncertain tax positions at April 5, 2020 , including accrued interest and penalties, and net of tax benefits, may be resolved over the next twelve months as a result of lapses in applicable statutes of limitations and potential settlements. Various tax years after 2010 remain open to examination by certain jurisdictions in which the Company has significant business operations, such as Finland, Germany, Italy, Netherlands, Singapore, China and the United States. The tax years under examination vary by jurisdiction. During the first three months of fiscal years 2020 and 2019 , the Company recorded net discrete income tax benefit s of $4.9 million and $4.0 million , respectively. The most significant discrete tax benefits recorded in the first three months of fiscal year 2020 include recognition of excess tax benefits on stock compensation of $1.6 million and $3.8 million associated with a valuation allowance reversal during the first three months of fiscal year 2020. The most significant discrete tax benefits recorded in the first three months of fiscal year 2019 include recognition of excess tax benefits on stock compensation of $2.9 million |
Debt
Debt | 3 Months Ended |
Apr. 05, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Senior Unsecured Revolving Credit Facility. The Company's senior unsecured revolving credit facility provides for $1.0 billion of revolving loans that may be either US Dollar Base Rate loans or Eurocurrency Rate loans, as those terms are defined in the credit agreement, and has an initial maturity of September 16, 2024. As of April 5, 2020 , undrawn letters of credit in the aggregate amount of $11.4 million were treated as issued and outstanding when calculating the borrowing availability under the facility. As of April 5, 2020 , the Company had $681.4 million available for additional borrowing under the facility. The Company plans to use the senior unsecured revolving credit facility for general corporate purposes, which may include working capital, refinancing existing indebtedness, capital expenditures, share repurchases, acquisitions and strategic alliances. The interest rates on the Eurocurrency Rate loans are based on the Eurocurrency Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The interest rates on the US Dollar Base Rate loans are based on the US Dollar Base Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The base rate is the higher of (i) the Federal Funds Rate (as defined in the credit agreement) plus 50 basis points (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," or (iii) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of April 5, 2020 was 101.5 basis points. The weighted average Eurocurrency interest rate as of April 5, 2020 was 0.85%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.86%, which was the interest applicable to the borrowings outstanding as of April 5, 2020 . As of April 5, 2020 , the senior unsecured revolving credit facility had outstanding borrowings of $307.2 million , and $3.2 million of unamortized debt issuance costs. As of December 29, 2019 , the senior unsecured revolving credit facility had outstanding borrowings of $325.4 million , and $3.4 million of unamortized debt issuance costs. The credit agreement for the facility contains affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capital ratio that remains applicable for so long as the Company's debt is rated as investment grade. In the event that the Company's debt is not rated as investment grade, the debt-to-capital ratio covenant is replaced with a maximum consolidated leverage ratio covenant and a minimum consolidated interest coverage ratio covenant. 1.875% Senior Unsecured Notes due 2026. On July 19, 2016, the Company issued €500.0 million aggregate principal amount of senior unsecured notes due in 2026 (the “2026 Notes”) in a registered public offering and received approximately €492.3 million of net proceeds from the issuance. The 2026 Notes were issued at 99.118% of the principal amount, which resulted in a discount of €4.4 million . The 2026 Notes mature in July 2026 and bear interest at an annual rate of 1.875% . Interest on the 2026 Notes is payable annually on July 19th each year. The proceeds from the 2026 Notes were used to pay in full the outstanding balance of the Company's previous senior unsecured revolving credit facility. As of April 5, 2020 , the 2026 Notes had an aggregate carrying value of $532.9 million , net of $3.2 million of unamortized original issue discount and $3.2 million of unamortized debt issuance costs. As of December 29, 2019 , the 2026 Notes had an aggregate carrying value of $552.2 million , net of $3.5 million of unamortized original issue discount and $3.3 million of unamortized debt issuance costs. Prior to April 19, 2026 (three months prior to their maturity date), the Company may redeem the 2026 Notes in whole at any time or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2026 Notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest in respect to the 2026 Notes being redeemed, discounted on an annual basis, at the applicable Comparable Government Bond Rate (as defined in the indenture governing the 2026 Notes) plus 35 basis points; plus, in each case, accrued and unpaid interest. In addition, at any time on or after April 19, 2026 (three months prior to their maturity date), the Company may redeem the 2026 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2026 Notes due to be redeemed plus accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the 2026 Notes) and a contemporaneous downgrade of the 2026 Notes below investment grade, the Company will, in certain circumstances, make an offer to purchase the 2026 Notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest. 0.6% Senior Unsecured Notes due in 2021. On April 11, 2018, the Company issued €300.0 million aggregate principal amount of senior unsecured notes due in 2021 (the “2021 Notes”) in a registered public offering and received approximately €298.7 million of net proceeds from the issuance. The 2021 Notes were issued at 99.95% of the principal amount, which resulted in a discount of €0.2 million . As of April 5, 2020 , the 2021 Notes had an aggregate carrying value of $322.6 million , net of $0.1 million of unamortized original issue discount and $0.9 million of unamortized debt issuance costs. As of December 29, 2019 , the 2021 Notes had an aggregate carrying value of $334.2 million , net of $0.1 million of unamortized original issue discount and $1.1 million of unamortized debt issuance costs. The 2021 Notes mature in April 2021 and bear interest at an annual rate of 0.6% . Interest on the 2021 Notes is payable annually on April 9th each year. Prior to the maturity date of the 2021 Notes, the Company may redeem them in whole at any time or in part from time to time, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2021 Notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest in respect to the 2021 Notes being redeemed, discounted on an annual basis, at the applicable Comparable Government Bond Rate (as defined in the indenture governing the 2021 Notes) plus 15 basis points; plus, in each case, accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the 2021 Notes) and a contemporaneous downgrade of the 2021 Notes below investment grade, the Company will, in certain circumstances, make an offer to purchase the 2021 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. 3.3% Senior Unsecured Notes due in 2029. On September 12, 2019, the Company issued $850.0 million aggregate principal amount of senior unsecured notes due in 2029 (the "2029 Notes”) in a registered public offering and received $847.2 million of net proceeds from the issuance. The 2029 Notes were issued at 99.67% of the principal amount, which resulted in a discount of $2.8 million . As of April 5, 2020 , the 2029 Notes had an aggregate carrying value of $839.9 million , net of $2.7 million of unamortized original issue discount and $7.4 million of unamortized debt issuance costs. As of December 29, 2019 , the 2029 Notes had an aggregate carrying value of $839.9 million , net of $2.7 million of unamortized original issue discount and $7.4 million of unamortized debt issuance costs. The 2029 Notes mature in September 2029 and bear interest at an annual rate of 3.3% . Interest on the 2029 Notes is payable semi-annually on March 15th and September 15th each year. Proceeds from the 2029 Notes were used to repay all outstanding borrowings under the Company’s previous senior unsecured revolving credit facility with the remaining proceeds used in the redemption of the 5% senior unsecured notes that were due in November 2021. Prior to June 15, 2029 (three months prior to their maturity date), the Company may redeem the 2029 Notes in whole or in part, at its option, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2029 Notes to be redeemed, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest in respect to the 2029 Notes being redeemed (not including any portion of such payments of interest accrued but unpaid as of the date of redemption) assuming that such 2029 Notes matured on June 15, 2029, discounted at the date of redemption on a semi-annual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the indenture governing the 2029 Notes) plus 25 basis points, plus accrued and unpaid interest. At any time on or after June 15, 2029 (three months prior to their maturity date), the Company may redeem the 2029 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed plus accrued and unpaid interest. Upon a change of control (as defined in the indenture governing the 2029 Notes) and a contemporaneous downgrade of the 2029 Notes below investment grade, each holder of 2029 Notes will have the right to require the Company to repurchase such holder's 2029 Notes for 101% of their principal amount, plus accrued and unpaid interest. Other Debt Facilities. The Company's other debt facilities include Euro-denominated bank loans with an aggregate carrying value of $19.7 million (or €18.2 million ) and $23.8 million (or €21.3 million ) as of April 5, 2020 and December 29, 2019 , respectively. These bank loans are primarily utilized for financing fixed assets and are required to be repaid in monthly or quarterly installments with maturity dates extending to 2028. Of these bank loans, loans in the aggregate amount of $19.6 million bear fixed interest rates between 1.1% and 4.3% and a loan in the amount of $0.1 million bears a variable interest rate based on the Euribor rate plus a margin of 1.5% . An aggregate amount of $5.3 million of the bank loans are secured by mortgages on real property and the remaining $14.4 million are unsecured. Certain credit agreements for the unsecured bank loans include financial covenants which are based on an equity ratio or an equity ratio and minimum interest coverage ratio. In addition, the Company had secured bank loans in the aggregate amount of $1.1 million and $1.9 million as of April 5, 2020 and December 29, 2019 , respectively. The secured bank loans of $1.1 million bear fixed annual interest rates between 1.95% and 20.0% and are required to be repaid in monthly installments until 2027. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 05, 2020 | |
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 April 5, March 31, (In thousands) Number of common shares—basic 111,121 110,543 Effect of dilutive securities: Stock options 480 631 Restricted stock awards 43 119 Number of common shares—diluted 111,644 111,293 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 491 485 Antidilutive securities include outstanding stock options with exercise prices and average unrecognized compensation cost in excess of the average fair market value of common stock for the related period. Antidilutive options were excluded from the calculation of diluted net income per share and could become dilutive in the future. |
Industry Segment Information
Industry Segment Information | 3 Months Ended |
Apr. 05, 2020 | |
Segment Reporting [Abstract] | |
Industry Segment Information | Industry Segment Information The Company discloses information about its operating segments based on the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The Company evaluates the performance of its operating segments based on revenue and operating income. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1 to the audited consolidated financial statements in the 2019 Form 10-K. The principal products and services of the Company's two operating segments are: • Discovery & Analytical Solutions . Provides products and services targeted towards the life sciences and applied markets. • Diagnostics . Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the reproductive health, immunodiagnostics and applied genomics markets. The Diagnostics segment serves the diagnostics market. The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below. The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses. These amounts have been calculated in a consistent manner and are included in the Company’s calculations of segment results to internally plan and assess the performance of each segment for all purposes, including determining the compensation of the business leaders for each of the Company’s operating segments. Revenue and operating income (loss) from continuing operations by operating segment are shown in the table below: Three Months Ended April 5, March 31, (In thousands) Discovery & Analytical Solutions Product revenue $ 215,356 $ 222,790 Service revenue 183,039 166,043 Total revenue 398,395 388,833 Operating income from continuing operations 28,513 36,927 Diagnostics Product revenue 210,173 215,932 Service revenue 43,828 43,972 Total revenue 254,001 259,904 Operating income from continuing operations 29,591 31,486 Corporate Operating loss from continuing operations (13,422 ) (15,083 ) Continuing Operations Product revenue 425,529 438,722 Service revenue 226,867 210,015 Total revenue 652,396 648,737 Operating income from continuing operations 44,682 53,330 Interest and other expense, net (see Note 5) 9,993 16,565 Income from continuing operations before income taxes $ 34,689 $ 36,765 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 05, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Comprehensive Income: The components of accumulated other comprehensive loss consisted of the following: April 5, December 29, (In thousands) Foreign currency translation adjustments $ (279,030 ) $ (200,437 ) Unrecognized prior service costs, net of income taxes 1,052 1,052 Unrealized net losses on securities, net of income taxes (349 ) (261 ) Accumulated other comprehensive loss $ (278,327 ) $ (199,646 ) Stock Repurchases: On July 23, 2018, the Board of Directors (the "Board") authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on July 23, 2020 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended April 5, 2020 , the Company had no stock repurchases under the Repurchase Program. As of April 5, 2020 , $197.8 million remained available for aggregate repurchases of shares under the Repurchase Program. In addition, the Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company's equity incentive plans. During the three months ended April 5, 2020 , the Company repurchased 66,360 shares of common stock for this purpose at an aggregate cost of $6.3 million . The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value. Dividends: The Board declared a regular quarterly cash dividend of $0.07 per share for the first quarter of fiscal year 2020 and in each quarter of fiscal year 2019 . At April 5, 2020 , the Company has accrued $7.8 million for dividends declared on January 23, 2020 for the first quarter of fiscal year 2020 that were paid on May 8, 2020 . On April 30, 2020 , the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2020 that will be payable in August 2020 . 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. |
Stock Plans
Stock Plans | 3 Months Ended |
Apr. 05, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Plans | Stock Plans The Company’s 2019 Incentive Plan (the “2019 Plan”) authorizes the issuance of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and cash awards as part of the Company’s compensation programs. The 2019 Plan was approved by the Company’s Board on January 24, 2019 and by the Company’s shareholders on April 23, 2019. The 2019 Plan replaced the Company’s 2009 Incentive Plan (the “2009 Plan”), under which the Company’s common stock was made available for stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards as part of the Company’s compensation programs. Upon shareholder approval of the 2019 Plan, 6.25 million shares of the Company’s common stock, as well as shares of the Company’s common stock previously granted under the 2009 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price subject to a contractual repurchase right, became available for grant under the 2019 Plan. Awards granted under the 2009 Plan prior to its expiration remain outstanding. As part of the Company’s compensation programs, the Company also offers shares of its common stock under its Employee Stock Purchase Plan. The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three months ended April 5, 2020 and March 31, 2019 : Three Months Ended April 5, March 31, (In thousands) Cost of revenue $ 254 $ 334 Research and development expenses 272 291 Selling, general and administrative expenses 2,524 5,472 Total stock-based compensation expense $ 3,050 $ 6,097 The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $2.2 million and $4.2 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. Stock-based compensation costs capitalized as part of inventory was $0.3 million and $0.4 million as of each of April 5, 2020 and March 31, 2019 , respectively. Stock Options : The fair value of each option grant is estimated using the Black-Scholes option pricing model. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows: Three Months Ended April 5, March 31, Risk-free interest rate 0.9 % 2.6 % Expected dividend yield 0.3 % 0.3 % Expected term 5 years 5 years Expected stock volatility 23.8 % 22.8 % The following table summarizes stock option activity for the three months ended April 5, 2020 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Total Intrinsic Value (In thousands) (In years) (In millions) Outstanding at December 29, 2019 1,535 $ 60.42 Granted 266 86.87 Exercised (21 ) 52.69 Forfeited (30 ) 85.13 Outstanding at April 5, 2020 1,750 $ 64.10 3.7 $ 24.0 Exercisable at April 5, 2020 1,296 $ 56.01 2.7 $ 23.9 The weighted-average per-share grant-date fair value of options granted during the three months ended April 5, 2020 and March 31, 2019 was $18.98 and $22.66 , respectively. The total intrinsic value of options exercised during the three months ended April 5, 2020 and March 31, 2019 was $0.9 million and $8.8 million , respectively. Cash received from option exercises for the three months ended April 5, 2020 and March 31, 2019 was $1.1 million and $8.6 million , respectively. The total compensation expense recognized related to the Company’s outstanding options was $1.0 million and $1.4 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. There was $8.1 million of total unrecognized compensation cost related to nonvested stock options granted as of April 5, 2020 . This cost is expected to be recognized over a weighted-average period of 2.3 years. Restricted Stock Awards : The following table summarizes restricted stock award activity for the three months ended April 5, 2020 : Number of Shares Weighted- Average Grant- Date Fair Value (In thousands) Nonvested at December 29, 2019 345 $ 78.69 Granted 156 84.18 Vested (165 ) 70.80 Forfeited (16 ) 82.94 Nonvested at April 5, 2020 320 $ 85.20 The fair value of restricted stock awards vested during the three months ended April 5, 2020 and March 31, 2019 was $11.6 million and $9.3 million , respectively. The total compensation expense recognized related to the Company’s outstanding restricted stock awards was $2.4 million and $2.7 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. As of April 5, 2020 , there was $23.1 million of total unrecognized compensation cost related to nonvested restricted stock awards. This cost is expected to be recognized over a weighted-average period of 2.1 years. Performance Restricted Stock Units: As part of the Company's executive compensation program, the Company granted 89,986 performance restricted stock units during the three months ended April 5, 2020 that will vest based on performance of the Company. The weighted-average per-share grant date fair value of performance restricted stock units granted during the three months ended April 5, 2020 was $76.76 . During the three months ended April 5, 2020 , 19,860 performance restricted stock units were forfeited. The total compensation expense recognized related to performance restricted stock units was $0.6 million and $0.8 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. As of April 5, 2020 , there were 131,842 performance restricted stock units outstanding. Performance Units : No performance units were granted during the three months ended April 5, 2020 . During the three months ended April 5, 2020 , 1,948 performance units were forfeited. The total compensation (income) expense recognized related to performance units was $(1.0) million and $1.2 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. As of April 5, 2020 , there were 31,207 performance units outstanding and subject to forfeiture, with a corresponding liability of $2.3 million recorded in accrued expenses and other current liabilities. Stock Awards : The Company’s stock award program provides an annual equity award to non-employee directors. During the three months ended April 5, 2020 , the Company awarded 376 shares to non-employee directors. The weighted-average per-share grant-date fair value of the stock awards granted during the three months ended April 5, 2020 was $76.33 . The total compensation expense recognized related to the stock awards were minimal for each of the three months ended April 5, 2020 and March 31, 2019 . Employee Stock Purchase Plan : During the three months ended April 5, 2020 , the Company issued 13,612 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $92.25 per share. During the three months ended March 31, 2019 , the Company issued 18,562 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $74.62 per share. At April 5, 2020 , an aggregate of 0.8 million shares of the Company’s common stock remained available for sale to employees out of the 5.0 million shares authorized by shareholders for issuance under this plan. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Apr. 05, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The Company tests goodwill and non-amortizing intangible assets at least annually for possible impairment. Accordingly, the Company completes the annual testing of impairment for goodwill and non-amortizing intangible assets on the later of January 1 or the first day of each fiscal year. In addition to its annual test, the Company regularly evaluates whether events or circumstances have occurred that may indicate a potential impairment of goodwill or non-amortizing intangible assets. The process of testing goodwill for impairment involves the determination of the fair value of the applicable reporting units. The test consists of the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value. If the carrying value of the reporting unit exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of goodwill . The Company performed its annual impairment testing for its reporting units as of January 1, 2020 , its annual impairment testing date for fiscal year 2020 . The Company concluded that there was no goodwill impairment. The range of the long-term terminal growth rates for the Company’s reporting units was 3% to 5% for the fiscal year 2020 impairment analysis. The range for the discount rates for the reporting units was 9.0% to 14.5% . 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. Non-amortizing intangibles are also subject to an annual impairment test. The Company has consistently employed the relief from royalty model to estimate the current fair value when testing for impairment of non-amortizing intangible assets. The impairment test consists of a comparison of the fair value of the non-amortizing intangible asset with its carrying amount. If the carrying amount of a non-amortizing intangible asset exceeds its fair value, an impairment loss in an amount equal to that excess is recognized up to the amount of the amortizing intangible asset. In addition, the Company evaluates the remaining useful life of its non-amortizing intangible asset at least annually to determine whether events or circumstances continue to support an indefinite useful life. If events or circumstances indicate that the useful life of the Company's non-amortizing intangible asset is no longer indefinite, the asset will be tested for impairment. This intangible asset will then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization. The Company performed its annual impairment testing as of January 1, 2020 and concluded that there was no impairment of its non-amortizing intangible asset. An assessment of the recoverability of amortizing intangible assets takes place when events have occurred that may give rise to an impairment. No such events occurred during the first three months of fiscal year 2020 . The changes in the carrying amount of goodwill for the three months ended April 5, 2020 were as follows: Discovery & Analytical Solutions Diagnostics Consolidated (In thousands) Balance at December 29, 2019 $ 1,498,820 $ 1,612,407 $ 3,111,227 Foreign currency translation (27,914 ) (30,027 ) (57,941 ) Acquisitions, earn-outs and other (1,592 ) — (1,592 ) Balance at April 5, 2020 $ 1,469,314 $ 1,582,380 $ 3,051,694 Identifiable intangible asset balances by category were as follows: April 5, December 29, (In thousands) Patents $ 30,821 $ 30,831 Less: Accumulated amortization (27,776 ) (27,423 ) Net patents 3,045 3,408 Trade names and trademarks 85,627 87,997 Less: Accumulated amortization (41,376 ) (40,295 ) Net trade names and trademarks 44,251 47,702 Licenses 58,259 58,496 Less: Accumulated amortization (50,417 ) (49,733 ) Net licenses 7,842 8,763 Core technology 663,964 689,089 Less: Accumulated amortization (327,039 ) (320,926 ) Net core technology 336,925 368,163 Customer relationships 1,136,931 1,161,526 Less: Accumulated amortization (400,656 ) (378,188 ) Net customer relationships 736,275 783,338 IPR&D 1,366 1,328 Net amortizable intangible assets 1,129,704 1,212,702 Non-amortizing intangible asset: Trade name 70,584 70,584 Total $ 1,200,288 $ 1,283,286 Total amortization expense related to definite-lived intangible assets was $47.3 million and $38.7 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $136.7 million for the remainder of fiscal year 2020 , $167.4 million for fiscal year 2021 , $151.4 million for fiscal year 2022 , $128.5 million for fiscal year 2023 , and $108.1 million for fiscal year 2024 |
Warranty Reserves
Warranty Reserves | 3 Months Ended |
Apr. 05, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranty Reserves | Warranty Reserves The Company provides warranty protection for certain products usually for a period of one year beyond the date of sale. The majority of costs associated with warranty obligations include the replacement of parts and the time for service personnel to respond to repair and replacement requests. A warranty reserve is recorded based upon historical results, supplemented by management’s expectations of future costs. Warranty reserves are included in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets. A summary of warranty reserve activity is as follows: Three Months Ended April 5, March 31, (In thousands) Balance at beginning of period $ 8,812 $ 8,393 Provision charged to income 2,712 2,768 Payments (3,266 ) (3,254 ) Adjustments to previously provided warranties, net 1,052 270 Foreign currency translation and acquisitions (269 ) (18 ) Balance at end of period $ 9,041 $ 8,159 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Apr. 05, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Postretirement Benefit Plans The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans: Defined Benefit Pension Benefits Postretirement Medical Benefits Three Months Ended April 5, March 31, April 5, March 31, (In thousands) Service and administrative costs $ 1,907 $ 1,633 $ 18 $ 22 Interest cost 3,144 4,159 24 29 Expected return on plan assets (5,384 ) (6,176 ) (347 ) (294 ) Amortization of prior service costs — (39 ) — — Net periodic pension credit $ (333 ) $ (423 ) $ (305 ) $ (243 ) During the three months ended April 5, 2020 and March 31, 2019 , the Company contributed $2.1 million each, in the aggregate, to pension plans outside of the United States. The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in the fourth quarter of the year in which the gains and losses occur, in accordance with the Company's accounting method for defined benefit pension plans and other postretirement benefits as described in Note 1 of the Company's audited consolidated financial statements and notes included in its 2019 Form 10-K. Such adjustments for gains and losses are primarily driven by events and circumstances beyond the Company's control, including changes in interest rates, the performance of the financial markets and mortality assumptions. Service costs for plans in active accrual are included in operating expenses. |
Derivatives And Hedging Activit
Derivatives And Hedging Activities | 3 Months Ended |
Apr. 05, 2020 | |
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 70% of the Company’s business is conducted outside of the United States, generally in foreign currencies. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business. In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows. Principal hedged currencies include the Chinese Yuan, Euro, British Pound, Swedish Krona, and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $272.4 million , $277.6 million and $171.7 million at April 5, 2020 , December 29, 2019 and March 31, 2019 , respectively, and the fair value of these foreign currency derivative contracts was insignificant. The gains and losses realized on these foreign currency derivative contracts are not material. The duration of these contracts was generally 30 days or less during each of the three months ended April 5, 2020 and March 31, 2019 . 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 Euro notional amounts of €108.0 million and combined U.S. Dollar notional amounts of $138.9 million as of April 5, 2020 , combined Euro notional amounts of €105.8 million and combined U.S. Dollar notional amounts of $5.6 million as of December 29, 2019 , and combined Euro notional amounts of €22.8 million and combined U.S. Dollar notional amounts of $7.2 million as of March 31, 2019 . The net gains and losses on these derivatives, combined with the gains and losses on the remeasurement of the hedged intercompany loans were not material for each of the three months ended April 5, 2020 and March 31, 2019 . The Company received $8.7 million and paid $1.7 million during the three months ended April 5, 2020 and March 31, 2019 , respectively, from the settlement of these hedges. During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of AOCI, which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of April 5, 2020 , the total notional amount of the 2026 Notes that was designated to hedge investments in foreign subsidiaries was €433.0 million . The unrealized foreign exchange gains recorded in AOCI related to the net investment hedge was $21.0 million and $4.8 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. During fiscal year 2018, the Company designated the 2021 Notes to hedge its investments in certain foreign subsidiaries. Unrealized translation adjustments from the 2021 Notes were included in the foreign currency translation component of AOCI, which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of April 5, 2020 , the total notional amount of the 2021 Notes that was designated to hedge investments in foreign subsidiaries was €299.9 million . The unrealized foreign exchange gains recorded in AOCI related to the net investment hedge were $11.8 million and $6.9 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. During fiscal year 2019, the Company entered into a cross-currency swap designated as a net investment hedge to hedge the Euro currency exposure of the Company’s net investment in certain foreign subsidiaries. This agreement is a contract to exchange fixed-rate payments in one currency for fixed-rate payments in another currency. Changes in the fair value of this swap are recorded in equity as a component of AOCI in the same manner as foreign currency translation adjustments. In assessing the effectiveness of this hedge, the Company uses a method based on changes in spot rates to measure the impact of the foreign currency exchange rate fluctuations on both its foreign subsidiary net investment and the related swap. Under this method, changes in the fair value of the hedging instrument other than those due to changes in the spot rate are initially recorded in AOCI as a translation adjustment, and then are amortized into other (income) expense, net in the condensed consolidated statement of operations using a systematic and rational method over the instrument’s term. Changes in the fair value associated with the effective portion (i.e. those changes due to the spot rate) are recorded in AOCI as a translation adjustment and are released and recognized in earnings only upon the sale or liquidation of the hedged net investment. The cross-currency swap has an initial notional value of €197.4 million , or $220.0 million , and matures on November 15, 2021. Interest on the cross-currency swap is payable semi-annually, in Euro, on May 15th and November 15th of each year based on the Euro notional value and a fixed rate of 2.47% . The Company receives interest in U.S. dollars on May 15th and November 15th of each year based on the U.S. dollar equivalent of the Euro notional value and a fixed rate of 5.00% . At April 5, 2020 , the fair value of the cross-currency swap was $12.3 million , which was recorded in AOCI. The Company does no t expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 05, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, derivatives, marketable securities and accounts receivable. The Company believes it had no significant concentrations of credit risk as of April 5, 2020 . The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the three months ended April 5, 2020 . The Company’s financial assets and liabilities carried at fair value are primarily comprised of marketable securities, derivative contracts used to hedge the Company’s currency risk, and acquisition-related contingent consideration. The Company has not elected to measure any additional financial instruments or other items at fair value. Valuation Hierarchy: The following summarizes the three levels of inputs required to measure fair value. For Level 1 inputs, the Company utilizes quoted market prices as these instruments have active markets. For Level 2 inputs, the Company utilizes quoted market prices in markets that are not active, broker or dealer quotations, or utilizes alternative pricing sources with reasonable levels of price transparency. For Level 3 inputs, the Company utilizes unobservable inputs based on the best information available, including estimates by management primarily based on information provided by third-party fund managers, independent brokerage firms and insurance companies. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of April 5, 2020 and December 29, 2019 classified in one of the three classifications described above: Fair Value Measurements at April 5, 2020 Using: Total Carrying Value at April 5, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) (In thousands) Marketable securities $ 2,888 $ 2,888 $ — $ — Foreign exchange derivative assets 4,105 — 4,105 — Foreign exchange derivative liabilities (1,316 ) — (1,316 ) — Contingent consideration (22,777 ) — — (22,777 ) Fair Value Measurements at December 29, 2019 Using: Total Carrying Value at December 29, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Marketable securities $ 2,906 $ 2,906 $ — $ — Foreign exchange derivative assets 451 — 451 — Foreign exchange derivative liabilities (1,538 ) — (1,538 ) — Contingent consideration (35,481 ) — — (35,481 ) Level 1 and Level 2 Valuation Techniques: The Company’s Level 1 and Level 2 assets and liabilities are comprised of investments in equity and fixed-income securities as well as derivative contracts. For financial assets and liabilities that utilize Level 1 and Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including common stock price quotes, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities. Marketable securities: Include equity and fixed-income securities measured at fair value using the quoted market prices in active markets at the reporting date. Foreign exchange derivative assets and liabilities: Include foreign exchange derivative contracts that are valued using quoted forward foreign exchange prices at the reporting date. The Company’s foreign exchange derivative contracts are subject to master netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's condensed consolidated balance sheet on a net basis and are recorded in other assets. As of both April 5, 2020 and December 29, 2019 , 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. During fiscal year 2015, the Company acquired certain assets and assumed certain liabilities from Vanadis Diagnostics AB. Under the terms of the acquisition, the initial purchase consideration was $32.0 million , net of cash and the Company will be obligated to make potential future milestone payments, based on completion of a proof of concept, regulatory approvals and product sales, of up to $93.0 million ranging from 2016 to 2019. The fair value of the contingent consideration as of the acquisition date was estimated at $56.9 million . During the first quarter of fiscal year 2020 , the Company updated the fair value of the contingent consideration and recorded a liability of $18.5 million as of April 5, 2020 . The key assumptions used to determine the fair value of the contingent consideration as of April 5, 2020 included projected milestone dates within fiscal year 2020 , discount rates ranging from 4.3% to 7.7% and conditional and cumulative probabilities of success of each individual milestone ranging from 90% to 100% . A significant delay in the product development (including projected regulatory milestone) achievement date in isolation could result in a significantly lower fair value measurement; a significant acceleration in the product development (including projected regulatory milestone) achievement date in isolation would not have a material impact on the fair value measurement; a significant change in the discount rate in isolation would not have a material impact on the fair value measurement; and a significant change in the probabilities of success in isolation could result in a significant change in fair value measurement. The fair values of contingent consideration are calculated on a quarterly basis based on a collaborative effort of the Company’s regulatory, research and development, operations, finance and accounting groups, as appropriate. Potential valuation adjustments are made as additional information becomes available, including the progress towards achieving proof of concept, regulatory approvals and revenue targets as compared to initial projections, the impact of market competition and market landscape shifts from non-invasive prenatal testing products, with the impact of such adjustments being recorded in the Company's consolidated statements of operations. As of April 5, 2020 , the Company may have to pay contingent consideration, related to acquisitions with open contingency periods, of up to $57.1 million . The expected maximum earnout period for the acquisitions with open contingency periods does not exceed 2.8 years from April 5, 2020 , and the remaining weighted average expected earnout period at April 5, 2020 was 1 year . A reconciliation of the beginning and ending Level 3 net liabilities for contingent consideration is as follows: Three Months Ended April 5, March 31, (In thousands) Balance at beginning of period $ (35,481 ) $ (69,661 ) Amounts paid and foreign currency translation 379 18,414 Reclassified to other current liabilities for a milestone achieved — 20,000 Change in fair value (included within selling, general and administrative expenses) 12,325 (3,102 ) Balance at end of period $ (22,777 ) $ (34,349 ) 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. As of April 5, 2020 , the Company’s senior unsecured revolving credit facility had a carrying value of $304.0 million , net of $3.2 million of unamortized debt issuance costs. As of December 29, 2019 , the Company’s senior unsecured revolving credit facility had a carrying value of $322.0 million , net of $3.4 million of unamortized debt issuance costs. The interest rate on the Company’s senior unsecured revolving credit facility is reset at least monthly to correspond to variable rates that reflect currently available terms and conditions for similar debt. The Company had no change in credit standing during the first three months of fiscal year 2020 . Consequently, the carrying value approximates fair value and were classified as Level 2. The Company's 2026 Notes, with a face value of €500.0 million , had an aggregate carrying value of $532.9 million , net of $3.2 million of unamortized original issue discount and $3.2 million of unamortized debt issuance costs as of April 5, 2020 . The 2026 Notes had an aggregate carrying value of $552.2 million , net of $3.5 million of unamortized original issue discount and $3.3 million of unamortized debt issuance costs as of December 29, 2019 . The 2026 Notes had a fair value of €500.1 million and €518.5 million as of April 5, 2020 and December 29, 2019 , respectively. The fair value of the 2026 Notes is estimated using market quotes from brokers and is based on current rates offered for similar debt. The Company's 2021 Notes, with a face value of €300.0 million , had an aggregate carrying value of $322.6 million , net of $0.1 million of unamortized original issue discount and $0.9 million of unamortized debt issuance costs as of April 5, 2020 . The 2021 Notes had an aggregate carrying value of $334.2 million , net of $0.1 million of unamortized original issue discount and $1.1 million of unamortized debt issuance costs as of December 29, 2019 . The 2021 Notes had a fair value of €299.4 million and €301.9 million as of April 5, 2020 and December 29, 2019 , respectively. The fair value of the 2021 Notes is estimated using market quotes from brokers and is based on current rates offered for similar debt. The Company's 2029 Notes, with a face value of $850.0 million , had an aggregate carrying value of $839.9 million , net of $2.7 million of unamortized original issue discount and $7.4 million of unamortized debt issuance costs as of April 5, 2020 . The 2029 Notes had an aggregate carrying value of $839.9 million , net of $2.7 million of unamortized original issue discount and $7.4 million of unamortized debt issuance costs as of December 29, 2019 . The 2029 Notes had a fair value of $801.1 million and $872.3 million as of April 5, 2020 and December 29, 2019 , respectively. The fair value of the 2029 Notes is estimated using market quotes from brokers and is based on current rates offered for similar debt. As of April 5, 2020 , the 2021 Notes, 2026 Notes and 2029 Notes were classified as Level 2. The Company’s other debt facilities had an aggregate carrying value of $20.8 million and $25.7 million as of April 5, 2020 and December 29, 2019 , respectively. As of April 5, 2020 , these consisted of bank loans in the aggregate amount of $20.7 million bearing fixed interest rates between 1.1% and 20.0% and a bank loan in the amount of $0.1 million bearing a variable interest rate based on the Euribor rate plus a margin of 1.5% . The Company had no change in credit standing during the first three months of fiscal year 2020 . Consequently, the carrying value approximates fair value and were classified as Level 2. As of April 5, 2020 , there has not been any significant impact to the fair value of the Company’s derivative liabilities due to credit risk. Similarly, there has not been any significant adverse impact to the Company’s derivative assets based on the evaluation of its counterparties’ credit risks. |
Contingencies
Contingencies | 3 Months Ended |
Apr. 05, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is conducting a number of environmental investigations and remedial actions at current and former locations of the Company and, along with other companies, has been named a potentially responsible party (“PRP”) for certain waste disposal sites. The Company accrues for environmental issues in the accounting period that the Company’s responsibility is established and when the cost can be reasonably estimated. The Company has accrued $7.5 million and $7.7 million as of April 5, 2020 and December 29, 2019 , respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters and does not include any potential liability for related personal injury or property damage claims. These amounts were included in accrued expenses and other current liabilities. The Company's environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. The Company is subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at April 5, 2020 would not have a material adverse effect on the Company’s condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Apr. 05, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations. In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions and adds guidance to reduce complexity in accounting for income taxes. Specifically, this guidance: (1) removes the intraperiod tax allocation exception to the incremental approach; (2) removes the ownership changes in investments exception in determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting and applies this provision on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at the beginning of the period of adoption; and (3) removes the exception to using the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies accounting principles by making other changes, including requiring an entity to: (1) evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction; (2) make a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and to apply this provision retrospectively to all periods presented; and (3) recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and apply this provision either retrospectively for all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The provisions of this guidance (except as specifically mentioned above) are to be applied prospectively upon their effective date. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years. Early adoption is permitted but requires simultaneous adoption of all provisions of this guidance. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In April 2019, the FASB issued Accounting Standards Update No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04"). ASU 2019-04 clarifies certain aspects of previously issued accounting standards related to: (1) ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements ("ASU 2016-13"), in areas of accrued interest receivable, transfers of loans and debt securities between classifications, recoveries and prepayments, (2) ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), in areas of partial-term fair value hedges, fair value hedge basis adjustments, certain disclosures and transition requirements and (3) ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), in areas of remeasurement of equity securities under ASC 820, Fair Value Measurement , when using the measurement alternative and remeasurement of equity securities at historical exchange rates. The amendments related to ASU 2016-13 are required to be adopted in conjunction with that accounting standards update, as further described below. Since the Company has already adopted ASU 2017-12 and ASU 2016-01, the related amendments in ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted in any interim period. The amendments to ASU 2017-12 can either be adopted retrospectively as of the date of adoption of ASU 2017-12 or they can be adopted prospectively. The amendments to ASU 2016-01 are required to be applied using a modified-retrospective adoption approach with a cumulative-effect adjustment to retained earnings as of the date of adoption of ASU 2016-01, except for those related to equity securities without readily determinable fair values that are measured using the measurement alternative, which are required to be applied prospectively. The standard was effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The Company applied the provisions of this guidance prospectively. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software (and hosting arrangements that include an internal-use software license). The provisions of this guidance are to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The standard was effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The Company applied the provisions of this guidance prospectively. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued Accounting Standards Update No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"). ASU 2018-14 adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 adds requirements for an entity to disclose the weighted-average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period . Further, ASU 2018-14 removes guidance that currently requires the following disclosures: the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year; the amount and timing of plan assets expected to be returned to the employer; information about (1) benefits covered by related-party insurance and annuity contracts and (2) significant transactions between the plan and related parties; and the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. ASU 2018-14 also clarifies the guidance in Compensation-Retirement Benefits (Topic 715-20-50-3) on defined benefit plans to require disclosure of (1) the projected benefit obligation ("PBO") and fair value of plan assets for pension plans with PBOs in excess of plan assets (the same disclosure with reference to the accumulated postretirement benefit obligation rather than the PBO is required for other postretirement benefit plans) and (2) the accumulated benefit obligation ("ABO") and fair value of plan assets for pension plans with ABOs in excess of plan assets. The provisions of this guidance are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-14 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years with early adoption permitted. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows. In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 adds, removes, and modifies certain disclosures related to fair value measurements. ASU 2018-13 adds requirements for an entity to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Further, ASU 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies existing disclosure requirements related to measurement uncertainty. The amendments regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments are to be applied retrospectively to all periods presented upon their effective date. The standard was effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The adoption did not have a material impact on the Company's disclosures related to fair value measurements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard requires entities to use the expected loss impairment model and will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. Entities are required to estimate the lifetime “expected credit loss” for each applicable financial asset and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The standard also amends the impairment model for available-for-sale (“AFS”) debt securities and requires entities to determine whether all or a portion of the unrealized loss on an AFS debt security is a credit loss. An entity will recognize an allowance for credit losses on an AFS debt security as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment. The provisions of this guidance are to be applied using a modified-retrospective approach. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. Subsequent to the issuance of ASU 2016-13, in November 2018, the FASB issued Accounting Standards Update No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses ("ASU 2018-19"), in April 2019, the FASB issued ASU 2019-04, and in May 2019, the FASB issued Accounting Standards Update No. 2019-05, Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief ("ASU 2019-05") . The amendments in ASU 2018-19 clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost . Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . The amendments in ASU 2019-04 clarify the measurement of allowance for credit losses on accrued interest receivable; the inclusion of expected recoveries in the allowance for credit losses; the permission of a prepayment-adjusted effective interest rate when determining the allowance for credit losses; and the steps entities should take when recording the transfer of loans or debt securities between measurement classifications. The amendments in ASU 2019-05 provide an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall , on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of ASU 2016-13, but this fair value option election does not apply to held-to-maturity debt securities. The effective date and transition requirements for the amendments in ASU 2018-19, ASU 2019-04 and ASU 2019-05 are the same as the effective date and transition requirements of ASU 2016-13, which is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. The standards were effective for the Company beginning on December 30, 2019, the first day of the Company's fiscal year 2020. The Company adopted these standards using the modified-retrospective approach. The adoption of the standards resulted in a decrease in retained earnings at December 30, 2019 of approximately $1.3 million from the cumulative effect of initially applying the standards as of that date. In addition, the adoption of the standard resulted in an increase in reserve for doubtful accounts of $1.7 million and an increase in deferred tax assets of $0.4 million from the tax impact of the cumulative adjustments. The adoption did not have an impact on cash from or used in operating, investing or financing activities in the Company's consolidated statement of cash flows at December 30, 2019. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments' revenue. Reportable Segments Three Months Ended April 5, 2020 March 31, 2019 Discovery & Analytical Solutions Diagnostics Total Discovery & Analytical Solutions Diagnostics Total (In thousands) Primary geographical markets Americas $ 169,116 $ 105,157 $ 274,273 $ 162,417 $ 98,008 $ 260,425 Europe 118,657 81,599 200,256 107,606 65,858 173,464 Asia 110,622 67,245 177,867 118,810 96,038 214,848 $ 398,395 $ 254,001 $ 652,396 $ 388,833 $ 259,904 $ 648,737 Primary end-markets Diagnostics $ — $ 254,001 $ 254,001 $ — $ 259,904 $ 259,904 Life sciences 245,733 — 245,733 217,377 — 217,377 Applied markets 152,662 — 152,662 171,456 — 171,456 $ 398,395 $ 254,001 $ 652,396 $ 388,833 $ 259,904 $ 648,737 Timing of revenue recognition Products and services transferred at a point in time $ 267,907 $ 231,653 $ 499,560 $ 275,438 $ 239,247 $ 514,685 Services transferred over time 130,488 22,348 152,836 113,395 20,657 134,052 $ 398,395 $ 254,001 $ 652,396 $ 388,833 $ 259,904 $ 648,737 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition1 [Table Text Block] | The total purchase price for the acquisitions in fiscal year 2019 has been allocated to the estimated fair values of assets acquired and liabilities assumed as follows: Cisbio Meizheng Other (In thousands) Fair value of business combination: Cash payments $ 219,795 $ 145,000 $ 45,042 Other liability — 6,446 638 Contingent consideration — 12,100 634 Working capital and other adjustments 138 2,961 302 Less: cash acquired (12,542 ) (2,108 ) (1,334 ) Total $ 207,391 $ 164,399 $ 45,282 Identifiable assets acquired and liabilities assumed: Current assets $ 43,554 $ 15,160 $ 4,042 Property, plant and equipment 4,835 6,278 727 Other assets 100 32 481 Identifiable intangible assets: Core technology 89,000 36,600 27,667 Trade names 5,000 4,900 1,310 Customer relationships 39,000 55,800 6,700 Goodwill 73,061 79,175 17,005 Deferred taxes (34,606 ) (21,849 ) (6,657 ) Debt assumed — (706 ) (2,698 ) Liabilities assumed (12,553 ) (10,991 ) (3,295 ) Total $ 207,391 $ 164,399 $ 45,282 |
Restructuring and Lease Charg_2
Restructuring and Lease Charges, Net (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
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 2020 and 2019 in continuing operations: Workforce Reductions Closure of Excess Facility Total (Expected) Date Payments Substantially Completed by Headcount Reduction Discovery & Analytical Solutions Diagnostics Discovery & Analytical Solutions Diagnostics Severance Excess Facility (In thousands, except headcount data) Q1 2020 Plan 32 $ 2,312 $ 1,134 $ 92 $ 682 $ 4,220 Q4 FY2020 Q1 FY2022 Q4 2019 Plan 22 $ 177 2,404 — — 2,581 Q3 FY2020 — Q3 2019 Plan 259 $ 11,156 2,641 — — 13,797 Q2 FY2020 — Q2 2019 Plan 44 4,461 1,129 — — 5,590 Q1 FY2020 — Q1 2019 Plan 105 6,001 1,459 — — 7,460 Q4 FY2019 — |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the Company's restructuring accrual balances and related activity by restructuring plan, as well as other accrual balances and related activity, during the three months ended April 5, 2020 : Balance at December 29, 2019 2020 Charges 2020 Changes in Estimates, Net 2020 Amounts Paid Balance at April 5, 2020 (In thousands) Severance: Q1 2020 Plan $ — $ 3,446 $ — $ (791 ) $ 2,655 Q4 2019 Plan 889 — — (40 ) 849 Q3 2019 Plan 6,311 — — (1,456 ) 4,855 Q2 2019 Plan 1,889 — — (857 ) 1,032 Q1 2019 Plan 2,129 — — (669 ) 1,460 Facility: Q1 2020 Plan — 774 — (92 ) 682 Previous Plans 1,647 — — (112 ) 1,535 Restructuring 12,865 4,220 — (4,017 ) 13,068 Contract Termination 188 — 212 — 400 Other Costs 827 1,426 — (598 ) 1,655 Total Restructuring and Other Liabilities $ 13,880 $ 5,646 $ 212 $ (4,615 ) $ 15,123 |
Interest and Other Expense (I_2
Interest and Other Expense (Income), Net (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense (Income), Net | Interest and other expense, net, consisted of the following: Three Months Ended April 5, March 31, (In thousands) Interest income $ (265 ) $ (283 ) Interest expense 13,665 15,850 Loss on disposition of businesses and assets, net — 2,133 Other income, net (3,407 ) (1,135 ) Total interest and other expense, net $ 9,993 $ 16,565 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Net Inventories | Inventories as of April 5, 2020 and December 29, 2019 consisted of the following: April 5, December 29, (In thousands) Raw materials $ 140,480 $ 130,673 Work in progress 26,712 26,409 Finished goods 225,972 199,855 Total inventories $ 393,164 $ 356,937 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The total provision for income taxes included in the condensed consolidated statements of operations consisted of the following: Three Months Ended April 5, March 31, (In thousands) Continuing operations $ 974 $ 1,312 Discontinued operations 50 41 Total $ 1,024 $ 1,353 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
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 April 5, March 31, (In thousands) Number of common shares—basic 111,121 110,543 Effect of dilutive securities: Stock options 480 631 Restricted stock awards 43 119 Number of common shares—diluted 111,644 111,293 Number of potentially dilutive securities excluded from calculation due to antidilutive impact 491 485 |
Industry Segment Information (T
Industry Segment Information (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
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 April 5, March 31, (In thousands) Discovery & Analytical Solutions Product revenue $ 215,356 $ 222,790 Service revenue 183,039 166,043 Total revenue 398,395 388,833 Operating income from continuing operations 28,513 36,927 Diagnostics Product revenue 210,173 215,932 Service revenue 43,828 43,972 Total revenue 254,001 259,904 Operating income from continuing operations 29,591 31,486 Corporate Operating loss from continuing operations (13,422 ) (15,083 ) Continuing Operations Product revenue 425,529 438,722 Service revenue 226,867 210,015 Total revenue 652,396 648,737 Operating income from continuing operations 44,682 53,330 Interest and other expense, net (see Note 5) 9,993 16,565 Income from continuing operations before income taxes $ 34,689 $ 36,765 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss consisted of the following: April 5, December 29, (In thousands) Foreign currency translation adjustments $ (279,030 ) $ (200,437 ) Unrecognized prior service costs, net of income taxes 1,052 1,052 Unrealized net losses on securities, net of income taxes (349 ) (261 ) Accumulated other comprehensive loss $ (278,327 ) $ (199,646 ) |
Stock Plans (Tables)
Stock Plans (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Total Compensation Recognized Related to Outstanding Equity Awards | The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three months ended April 5, 2020 and March 31, 2019 : Three Months Ended April 5, March 31, (In thousands) Cost of revenue $ 254 $ 334 Research and development expenses 272 291 Selling, general and administrative expenses 2,524 5,472 Total stock-based compensation expense $ 3,050 $ 6,097 The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $2.2 million and $4.2 million for the three months ended April 5, 2020 and March 31, 2019 , respectively. Stock-based compensation costs capitalized as part of inventory was $0.3 million and $0.4 million as of each of April 5, 2020 and March 31, 2019 |
Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model | The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows: Three Months Ended April 5, March 31, Risk-free interest rate 0.9 % 2.6 % Expected dividend yield 0.3 % 0.3 % Expected term 5 years 5 years Expected stock volatility 23.8 % 22.8 % |
Summary of Stock Option Activity | The following table summarizes stock option activity for the three months ended April 5, 2020 : Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term Total Intrinsic Value (In thousands) (In years) (In millions) Outstanding at December 29, 2019 1,535 $ 60.42 Granted 266 86.87 Exercised (21 ) 52.69 Forfeited (30 ) 85.13 Outstanding at April 5, 2020 1,750 $ 64.10 3.7 $ 24.0 Exercisable at April 5, 2020 1,296 $ 56.01 2.7 $ 23.9 |
Summary of Restricted Stock Award Activity | The following table summarizes restricted stock award activity for the three months ended April 5, 2020 : Number of Shares Weighted- Average Grant- Date Fair Value (In thousands) Nonvested at December 29, 2019 345 $ 78.69 Granted 156 84.18 Vested (165 ) 70.80 Forfeited (16 ) 82.94 Nonvested at April 5, 2020 320 $ 85.20 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended April 5, 2020 were as follows: Discovery & Analytical Solutions Diagnostics Consolidated (In thousands) Balance at December 29, 2019 $ 1,498,820 $ 1,612,407 $ 3,111,227 Foreign currency translation (27,914 ) (30,027 ) (57,941 ) Acquisitions, earn-outs and other (1,592 ) — (1,592 ) Balance at April 5, 2020 $ 1,469,314 $ 1,582,380 $ 3,051,694 |
Identifiable Intangible Asset Balances | Identifiable intangible asset balances by category were as follows: April 5, December 29, (In thousands) Patents $ 30,821 $ 30,831 Less: Accumulated amortization (27,776 ) (27,423 ) Net patents 3,045 3,408 Trade names and trademarks 85,627 87,997 Less: Accumulated amortization (41,376 ) (40,295 ) Net trade names and trademarks 44,251 47,702 Licenses 58,259 58,496 Less: Accumulated amortization (50,417 ) (49,733 ) Net licenses 7,842 8,763 Core technology 663,964 689,089 Less: Accumulated amortization (327,039 ) (320,926 ) Net core technology 336,925 368,163 Customer relationships 1,136,931 1,161,526 Less: Accumulated amortization (400,656 ) (378,188 ) Net customer relationships 736,275 783,338 IPR&D 1,366 1,328 Net amortizable intangible assets 1,129,704 1,212,702 Non-amortizing intangible asset: Trade name 70,584 70,584 Total $ 1,200,288 $ 1,283,286 |
Warranty Reserves (Tables)
Warranty Reserves (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranty Reserve Activity | A summary of warranty reserve activity is as follows: Three Months Ended April 5, March 31, (In thousands) Balance at beginning of period $ 8,812 $ 8,393 Provision charged to income 2,712 2,768 Payments (3,266 ) (3,254 ) Adjustments to previously provided warranties, net 1,052 270 Foreign currency translation and acquisitions (269 ) (18 ) Balance at end of period $ 9,041 $ 8,159 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans: Defined Benefit Pension Benefits Postretirement Medical Benefits Three Months Ended April 5, March 31, April 5, March 31, (In thousands) Service and administrative costs $ 1,907 $ 1,633 $ 18 $ 22 Interest cost 3,144 4,159 24 29 Expected return on plan assets (5,384 ) (6,176 ) (347 ) (294 ) Amortization of prior service costs — (39 ) — — Net periodic pension credit $ (333 ) $ (423 ) $ (305 ) $ (243 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 05, 2020 | |
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 April 5, 2020 and December 29, 2019 classified in one of the three classifications described above: Fair Value Measurements at April 5, 2020 Using: Total Carrying Value at April 5, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (Level 3) (In thousands) Marketable securities $ 2,888 $ 2,888 $ — $ — Foreign exchange derivative assets 4,105 — 4,105 — Foreign exchange derivative liabilities (1,316 ) — (1,316 ) — Contingent consideration (22,777 ) — — (22,777 ) Fair Value Measurements at December 29, 2019 Using: Total Carrying Value at December 29, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Marketable securities $ 2,906 $ 2,906 $ — $ — Foreign exchange derivative assets 451 — 451 — Foreign exchange derivative liabilities (1,538 ) — (1,538 ) — Contingent consideration (35,481 ) — — (35,481 ) |
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 April 5, March 31, (In thousands) Balance at beginning of period $ (35,481 ) $ (69,661 ) Amounts paid and foreign currency translation 379 18,414 Reclassified to other current liabilities for a milestone achieved — 20,000 Change in fair value (included within selling, general and administrative expenses) 12,325 (3,102 ) Balance at end of period $ (22,777 ) $ (34,349 ) |
Basis of Presentation (Basis of
Basis of Presentation (Basis of Presentation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 05, 2020 | Mar. 31, 2019 | Jan. 03, 2021 | Dec. 29, 2019 | Dec. 30, 2019 | |
Basis of Presentation [Line Items] | |||||
Defined Benefit Plan, Other Cost (Credit) | $ (1,700) | $ (1,500) | |||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (10,169) | $ 450 | |||
Operating Cycle | 52 | ||||
Operating Lease, Right-of-Use Asset | $ 196,319 | $ 167,276 | |||
Accounting Standards Update 2016-13 [Member] | |||||
Basis of Presentation [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,300 | ||||
Impact of New Accounting Principles, Deferred Tax Assets | 400 | ||||
Impact of New Accounting Principles, Reserve for Doubtful Accounts | $ (1,700) | ||||
Forecast [Member] | |||||
Basis of Presentation [Line Items] | |||||
Operating Cycle | 53 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 05, 2020 | Mar. 31, 2019 | Dec. 29, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 652,396 | $ 648,737 | |
Contract with Customer, Asset and Liability [Abstract] | |||
Contract with Customer, Asset, Net, Current | 33,700 | $ 37,000 | |
Contract with Customer, Liability, Current | 32,100 | $ 29,900 | |
Contract with Customer, Liability, Revenue Recognized | (12,600) | ||
Unbilled Receivables Transferred To Accounts Receivables | (14,900) | ||
Contract with Customer, Liability, Increase (Decrease) | 14,800 | ||
Contract with Customer, Asset, Increase (Decrease) | 11,600 | ||
Transferred at Point in Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 499,560 | 514,685 | |
Transferred over Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 152,836 | 134,052 | |
Americas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 274,273 | 260,425 | |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 200,256 | 173,464 | |
Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 177,867 | 214,848 | |
Discovery & Analytical Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 398,395 | 388,833 | |
Discovery & Analytical Solutions [Member] | Transferred at Point in Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 267,907 | 275,438 | |
Discovery & Analytical Solutions [Member] | Transferred over Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 130,488 | 113,395 | |
Discovery & Analytical Solutions [Member] | Americas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 169,116 | 162,417 | |
Discovery & Analytical Solutions [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 118,657 | 107,606 | |
Discovery & Analytical Solutions [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 110,622 | 118,810 | |
Diagnostics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 254,001 | 259,904 | |
Diagnostics [Member] | Transferred at Point in Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 231,653 | 239,247 | |
Diagnostics [Member] | Transferred over Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,348 | 20,657 | |
Diagnostics [Member] | Americas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 105,157 | 98,008 | |
Diagnostics [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 81,599 | 65,858 | |
Diagnostics [Member] | Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,245 | 96,038 | |
Life Sciences [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 245,733 | 217,377 | |
Life Sciences [Member] | Discovery & Analytical Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 245,733 | 217,377 | |
Life Sciences [Member] | Diagnostics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Diagnostics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 254,001 | 259,904 | |
Diagnostics [Member] | Discovery & Analytical Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Diagnostics [Member] | Diagnostics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 254,001 | 259,904 | |
Applied Markets [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 152,662 | 171,456 | |
Applied Markets [Member] | Discovery & Analytical Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 152,662 | 171,456 | |
Applied Markets [Member] | Diagnostics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 |
Changes in Accounting Policies
Changes in Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 05, 2020 | Mar. 31, 2019 | Dec. 29, 2019 | Dec. 30, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Cost of Goods and Services Sold | $ (344,373) | $ (340,931) | ||
Selling, general and administrative expenses | 208,569 | 198,857 | ||
Research and development expenses | 48,914 | 47,980 | ||
Restructuring and other costs, net | 5,858 | 7,639 | ||
Operating income (loss) from continuing operations | 44,682 | 53,330 | ||
Nonoperating Income (Expense) | 9,993 | 16,565 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 34,689 | 36,765 | ||
Provision for income taxes | 974 | 1,312 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 33,715 | 35,453 | ||
Loss on disposition of discontinued operations before income taxes | 0 | 0 | ||
Cash and cash equivalents | 195,146 | 134,252 | $ 191,877 | |
Accounts receivable, net | (626,150) | (725,184) | ||
Inventories | 393,164 | 356,937 | ||
Other current assets | (127,366) | (100,381) | ||
Property, Plant and Equipment, Net | 313,857 | 318,223 | ||
Intangible assets, net | 1,200,288 | 1,283,286 | ||
Goodwill | 3,051,694 | 3,111,227 | ||
Other assets, net | 280,412 | 284,173 | ||
Assets | (6,384,396) | (6,538,564) | ||
Current portion of long-term debt | 9,654 | 9,974 | ||
Accounts payable | 233,227 | 235,855 | ||
Accrued expenses and other current liabilities | 11,298 | 11,559 | ||
Accrued expenses and other current liabilities | 473,853 | 503,332 | ||
Current liabilities of discontinued operations | 2,112 | 2,112 | ||
Long-term debt | 2,010,525 | 2,064,041 | ||
Long-term liabilities | 704,154 | 751,468 | ||
Liabilities | 3,624,650 | 3,724,740 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 111,306 | 111,140 | ||
Capital in excess of par value | 90,236 | 90,357 | ||
Retained earnings | 2,836,531 | 2,811,973 | ||
Accumulated other comprehensive loss | (278,327) | (199,646) | ||
Stockholders' Equity Attributable to Parent | 2,759,746 | 2,638,472 | 2,813,824 | $ 2,584,955 |
Liabilities and Equity | (6,384,396) | $ (6,538,564) | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 50 | 41 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (50) | (41) | ||
Net income | $ 33,665 | $ 35,412 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Apr. 05, 2020 | Mar. 31, 2019 | Dec. 29, 2019 | Jan. 03, 2016 | Dec. 30, 2018 | |
Business Acquisition [Line Items] | |||||
Number of Years in Measurement Period from Acquisition Date to Change Underlying Assumptions | 1 year | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 57,100,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 22,777,000 | $ 34,349,000 | $ 35,481,000 | $ 69,661,000 | |
Business Combination, Contingent Consideration Arrangements, Maximum Period | 2 years 9 months 18 days | ||||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 1 year | ||||
Total transaction costs | $ 12,400,000 | 1,800,000 | |||
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. | ||||
Goodwill | $ 3,051,694,000 | 3,111,227,000 | |||
Business Combination, Contingent Consideration, Liability, Current | 20,500,000 | 20,800,000 | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | 2,300,000 | 14,700,000 | |||
Foreign Currency Transaction Gain (Loss), before Tax | (7,900,000) | (100,000) | |||
Interest Expense | 13,665,000 | 15,850,000 | |||
Business Combination, Contingent Consideration, Liability | 22,800,000 | 35,500,000 | |||
Shandong Meizheng [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | (2,961,000) | ||||
Business Combination, Consideration Transferred | 164,399,000 | ||||
Cash Acquired | 2,108,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 15,160,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,278,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 32,000 | ||||
Cash paid to the shareholders | 145,000,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 6,446,000 | ||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 12,100,000 | ||||
Goodwill | 79,175,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 10,991,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 164,399,000 | ||||
Compensation Expense, Excluding Cost of Good and Service Sold | 12,300,000 | ||||
Fiscal Year 2019 Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Purchase Accounting Adjustments | (1,600,000) | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | ||||
Business Combination, Increase (Decrease) in Deferred Tax Liabilities | (300,000) | ||||
Business Combination, Increase (Decrease) in Intangible Assets | (1,900,000) | ||||
Cisbio Bioassays SAS [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | $ (138,000) | ||||
Business Combination, Consideration Transferred | 207,391,000 | ||||
Cash Acquired | 12,542,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 43,554,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,835,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 100,000 | ||||
Cash paid to the shareholders | 219,795,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | ||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 0 | ||||
Goodwill | 73,061,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 12,553,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 207,391,000 | ||||
2019 Acquisitions (excluding Cisbio) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | (302,000) | ||||
Business Combination, Consideration Transferred | 45,282,000 | ||||
Cash Acquired | 1,334,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 4,042,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 727,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 481,000 | ||||
Cash paid to the shareholders | 45,042,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 638,000 | ||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 634,000 | ||||
Goodwill | 17,005,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,295,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 45,282,000 | ||||
Vanadis Diagnostics AB [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 93,000,000 | ||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 18,500,000 | $ 56,900,000 | |||
Tulip Diagnostics Private Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Compensation Expense, Excluding Cost of Good and Service Sold | $ 500,000 | ||||
Diagnostics [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 1,582,380,000 | 1,612,407,000 | |||
Discovery & Analytical Solutions [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 1,469,314,000 | 1,498,820,000 | |||
Core Technology [Member] | Shandong Meizheng [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 36,600,000 | ||||
Core Technology [Member] | Cisbio Bioassays SAS [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 89,000,000 | ||||
Core Technology [Member] | 2019 Acquisitions (excluding Cisbio) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 27,667,000 | ||||
Customer Relationships [Member] | Shandong Meizheng [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 55,800,000 | ||||
Customer Relationships [Member] | Cisbio Bioassays SAS [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 39,000,000 | ||||
Customer Relationships [Member] | 2019 Acquisitions (excluding Cisbio) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,700,000 | ||||
Trade Names [Member] | Shandong Meizheng [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,900,000 | ||||
Trade Names [Member] | Cisbio Bioassays SAS [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,000,000 | ||||
Trade Names [Member] | 2019 Acquisitions (excluding Cisbio) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,310,000 | ||||
United States of America, Dollars | Shandong Meizheng [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 166,500,000 | ||||
United States of America, Dollars | Fiscal Year 2019 Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 433,100,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 31,800,000 | ||||
United States of America, Dollars | Cisbio Bioassays SAS [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | 219,900,000 | ||||
United States of America, Dollars | 2019 Acquisitions (excluding Cisbio) [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid Including Working Capital And Other Adjustments | $ 46,600,000 |
Business Combinations (Fair Val
Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) - USD ($) | 12 Months Ended | |
Dec. 29, 2019 | Apr. 05, 2020 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 3,111,227,000 | $ 3,051,694,000 |
Cisbio Bioassays SAS [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 219,795,000 | |
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | 0 | |
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | (138,000) | |
Cash Acquired | 12,542,000 | |
Business Combination, Consideration Transferred | 207,391,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 43,554,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,835,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 100,000 | |
Goodwill | 73,061,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | (34,606,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 207,391,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (12,553,000) | |
Shandong Meizheng [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 145,000,000 | |
Business Combination, Consideration Transferred, Liabilities Incurred | 6,446,000 | |
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | (12,100,000) | |
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | (2,961,000) | |
Cash Acquired | 2,108,000 | |
Business Combination, Consideration Transferred | 164,399,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 15,160,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,278,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 32,000 | |
Goodwill | 79,175,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | (21,849,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (706,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 164,399,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (10,991,000) | |
Fiscal Year 2019 Other Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 45,042,000 | |
Business Combination, Consideration Transferred, Liabilities Incurred | 638,000 | |
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | (634,000) | |
Business Acquisition, Cost Of Acquired Entity, Working Capital Adjustments | (302,000) | |
Cash Acquired | 1,334,000 | |
Business Combination, Consideration Transferred | 45,282,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 4,042,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 727,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 481,000 | |
Goodwill | 17,005,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Total | (6,657,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (2,698,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 45,282,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (3,295,000) | |
Core Technology [Member] | Cisbio Bioassays SAS [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 89,000,000 | |
Core Technology [Member] | Shandong Meizheng [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 36,600,000 | |
Core Technology [Member] | Fiscal Year 2019 Other Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 27,667,000 | |
Trade Names [Member] | Cisbio Bioassays SAS [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,000,000 | |
Trade Names [Member] | Shandong Meizheng [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,900,000 | |
Trade Names [Member] | Fiscal Year 2019 Other Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,310,000 | |
Customer Relationships [Member] | Cisbio Bioassays SAS [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 39,000,000 | |
Customer Relationships [Member] | Shandong Meizheng [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 55,800,000 | |
Customer Relationships [Member] | Fiscal Year 2019 Other Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,700,000 | |
Diagnostics [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 1,612,407,000 | 1,582,380,000 |
Discovery & Analytical Solutions [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 1,498,820,000 | $ 1,469,314,000 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 05, 2020 | Mar. 31, 2019 | Dec. 29, 2019 | |
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 | $ (50) | $ (41) | |
Pre-tax gain (loss) on disposal of business unit | 0 | 0 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 50 | $ 41 | |
Current liabilities of discontinued operations | $ 2,112 | $ 2,112 |
Restructuring and Lease Charg_3
Restructuring and Lease Charges, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Dec. 29, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Accrued restructuring and integration costs | $ 15,123 | $ 13,880 |
Accrued expenses and other current liabilities | 11,298 | 11,559 |
Restructuring Reserve, Accrual Adjustment | 212 | |
Short-term accrued restructuring and other costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued expenses and other current liabilities | 11,300 | |
Accrued expenses and other current liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued expenses and other current liabilities | 400 | |
Long-term liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Noncurrent | 1,700 | 800 |
Operating lease liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Noncurrent | $ 2,100 | $ 1,100 |
Restructuring and Lease Charg_4
Restructuring and Lease Charges, Net (Schedule of Initial Charges) (Details) $ in Thousands | 3 Months Ended | ||||
Apr. 05, 2020USD ($)employees | Dec. 29, 2019USD ($)employees | Sep. 29, 2019USD ($)employees | Jun. 30, 2019USD ($)employees | Mar. 31, 2019USD ($)employees | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | $ 15,123 | $ 13,880 | |||
Restructuring and contract termination charges, net | 5,646 | ||||
Restructuring Reserve, Accrual Adjustment | 212 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | $ (4,615) | ||||
Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 32 | ||||
Restructuring and contract termination charges, net | $ 4,220 | ||||
Q4 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 22 | ||||
Restructuring and contract termination charges, net | $ 2,581 | ||||
Q3 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 259 | ||||
Restructuring and contract termination charges, net | $ 13,797 | ||||
Q2 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 44 | ||||
Restructuring and contract termination charges, net | $ 5,590 | ||||
Q1 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Number of Positions Eliminated | employees | 105 | ||||
Restructuring and contract termination charges, net | $ 7,460 | ||||
Employee Severance [Member] | Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 2,655 | 0 | |||
Restructuring and contract termination charges, net | 3,446 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (791) | ||||
Employee Severance [Member] | Q4 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 849 | 889 | |||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (40) | ||||
Employee Severance [Member] | Q3 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 4,855 | 6,311 | |||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (1,456) | ||||
Employee Severance [Member] | Q2 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 1,032 | 1,889 | |||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (857) | ||||
Employee Severance [Member] | Q1 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 1,460 | 2,129 | |||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (669) | ||||
Facility Closing [Member] | Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 682 | 0 | |||
Restructuring and contract termination charges, net | 774 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 92 | ||||
Facility Relocation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 1,655 | 827 | |||
Restructuring and contract termination charges, net | 1,426 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 598 | ||||
Diagnostics [Member] | Employee Severance [Member] | Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 1,134 | ||||
Diagnostics [Member] | Employee Severance [Member] | Q4 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 2,404 | ||||
Diagnostics [Member] | Employee Severance [Member] | Q3 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 2,641 | ||||
Diagnostics [Member] | Employee Severance [Member] | Q2 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 1,129 | ||||
Diagnostics [Member] | Employee Severance [Member] | Q1 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 1,459 | ||||
Diagnostics [Member] | Facility Closing [Member] | Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 682 | ||||
Diagnostics [Member] | Facility Closing [Member] | Q4 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 0 | ||||
Diagnostics [Member] | Facility Closing [Member] | Q3 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 0 | ||||
Diagnostics [Member] | Facility Closing [Member] | Q2 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 0 | ||||
Diagnostics [Member] | Facility Closing [Member] | Q1 2019 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 | 100 | ||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 2,312 | ||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q4 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 177 | ||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q3 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 11,156 | ||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q2 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 4,461 | ||||
Discovery & Analytical Solutions [Member] | Employee Severance [Member] | Q1 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 6,001 | ||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | 92 | ||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q4 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | $ 0 | ||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q3 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | $ 0 | ||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q2 2019 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and contract termination charges, net | $ 0 | ||||
Discovery & Analytical Solutions [Member] | Facility Closing [Member] | Q1 2019 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 | $ 1,300 |
Restructuring and Lease Charg_5
Restructuring and Lease Charges, Net (Schedule of Restructuring Plan Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Apr. 05, 2020 | Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | $ 13,880 | ||||
Restructuring and contract termination charges, net | 5,646 | ||||
Restructuring Reserve, Accrual Adjustment | 212 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (4,615) | ||||
Balance at end of period | 15,123 | $ 13,880 | |||
Employee Severance and Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 12,865 | ||||
Restructuring and contract termination charges, net | 4,220 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (4,017) | ||||
Balance at end of period | 13,068 | 12,865 | |||
Contract Termination [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 188 | ||||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 212 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 0 | ||||
Balance at end of period | 400 | 188 | |||
Facility Relocation [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 827 | ||||
Restructuring and contract termination charges, net | 1,426 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 598 | ||||
Balance at end of period | 1,655 | 827 | |||
Q1 2020 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 4,220 | ||||
Q1 2020 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Restructuring and contract termination charges, net | 3,446 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (791) | ||||
Balance at end of period | 2,655 | 0 | |||
Q1 2020 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Restructuring and contract termination charges, net | 774 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | 92 | ||||
Balance at end of period | 682 | 0 | |||
Q4 2019 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 2,581 | ||||
Q4 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 889 | ||||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (40) | ||||
Balance at end of period | 849 | 889 | |||
Q3 2019 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 13,797 | ||||
Q3 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 6,311 | ||||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (1,456) | ||||
Balance at end of period | 4,855 | 6,311 | |||
Q2 2019 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 5,590 | ||||
Q2 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 1,889 | ||||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (857) | ||||
Balance at end of period | 1,032 | 1,889 | |||
Q1 2019 Restructuring Plan [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 7,460 | ||||
Q1 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 2,129 | ||||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (669) | ||||
Balance at end of period | 1,460 | 2,129 | |||
Previous restructuring and integration plans [Member] | Employee Severance and Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance at beginning of period | 1,647 | ||||
Restructuring and contract termination charges, net | 0 | ||||
Restructuring Reserve, Accrual Adjustment | 0 | ||||
Restructuring reserve Settled with Cash and Translation Adjustment | (112) | ||||
Balance at end of period | 1,535 | 1,647 | |||
Diagnostics [Member] | Contract Termination [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 100 | ||||
Diagnostics [Member] | Facility Relocation [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 100 | ||||
Diagnostics [Member] | Q1 2020 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 1,134 | ||||
Diagnostics [Member] | Q1 2020 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 682 | ||||
Diagnostics [Member] | Q4 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 2,404 | ||||
Diagnostics [Member] | Q4 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 0 | ||||
Diagnostics [Member] | Q3 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 2,641 | ||||
Diagnostics [Member] | Q3 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 0 | ||||
Diagnostics [Member] | Q2 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 1,129 | ||||
Diagnostics [Member] | Q2 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 0 | ||||
Diagnostics [Member] | Q1 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 1,459 | ||||
Diagnostics [Member] | Q1 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 0 | ||||
Discovery & Analytical Solutions [Member] | Contract Termination [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 200 | ||||
Discovery & Analytical Solutions [Member] | Facility Relocation [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 1,300 | ||||
Discovery & Analytical Solutions [Member] | Q1 2020 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 2,312 | ||||
Discovery & Analytical Solutions [Member] | Q1 2020 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 92 | ||||
Discovery & Analytical Solutions [Member] | Q4 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 177 | ||||
Discovery & Analytical Solutions [Member] | Q4 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 0 | ||||
Discovery & Analytical Solutions [Member] | Q3 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 11,156 | ||||
Discovery & Analytical Solutions [Member] | Q3 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 0 | ||||
Discovery & Analytical Solutions [Member] | Q2 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 4,461 | ||||
Discovery & Analytical Solutions [Member] | Q2 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 0 | ||||
Discovery & Analytical Solutions [Member] | Q1 2019 Restructuring Plan [Member] | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | 6,001 | ||||
Discovery & Analytical Solutions [Member] | Q1 2019 Restructuring Plan [Member] | Facility Closing [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and contract termination charges, net | $ 0 |
Interest and Other Expense (I_3
Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ (265) | $ (283) |
Interest expense | 13,665 | 15,850 |
Loss (Gain) on disposition of businesses and assets, net | 0 | 2,133 |
Other expense, net | (3,407) | (1,135) |
Total interest and other expense, net | 9,993 | 16,565 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (9,600) | 300 |
Foreign Currency Transaction Gain (Loss), before Tax | (7,900) | (100) |
Defined Benefit Plan, Other Cost (Credit) | $ (1,700) | $ (1,500) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 29, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 140,480 | $ 130,673 |
Work in progress | 26,712 | 26,409 |
Finished goods | 225,972 | 199,855 |
Total inventories, net | $ 393,164 | $ 356,937 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Income Tax Contingency [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 3,050 | $ 6,097 |
Provision for income taxes | 974 | 1,312 |
Unrecognized tax benefits, gross | 34,900 | |
Uncertain tax benefits if recognized that could affect the continuing operations effective tax rate | 33,200 | |
Uncertain tax positions including accrued interest, net of tax benefits and penalties, to be resolved within the next year | $ 4,100 | |
Open Tax Years by Major Tax Jurisdiction, Begin Date | 2010 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ (4,900) | (4,000) |
Discontinued Operation, Tax Effect of Discontinued Operation | 50 | 41 |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | 1,024 | 1,353 |
Excess Income Tax Benefit on Stock Compensation | (1,600) | $ (2,900) |
Valuation allowance adjustments [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ (3,800) |
Debt (Details)
Debt (Details) € in Millions, $ in Millions | Sep. 12, 2019USD ($) | Apr. 11, 2018USD ($) | Jul. 19, 2016EUR (€) | Apr. 05, 2020USD ($) | Apr. 05, 2020EUR (€) | Dec. 29, 2019USD ($) | Dec. 29, 2019EUR (€) |
Line of Credit, Maturing September 17, 2024 [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | ||||||
Letters of credit issued and outstanding | 11.4 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 681.4 | ||||||
Aggregate borrowings under the amended facility | 307.2 | $ 325.4 | |||||
Unamortized Debt Issuance Expense | 3.2 | 3.4 | |||||
Line of Credit, Maturing September 17, 2024 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Long-term Debt | $ 304 | 322 | |||||
Other Secured Bank Loan [Member] | |||||||
Interest rate terms under amended senior unsecured revolving credit facility | The secured bank loans of $1.1 million bear fixed annual interest rates between 1.95% and 20.0% and are required to be repaid in monthly installments until 2027. | ||||||
Secured Debt | € | € 1.1 | € 1.9 | |||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | ||||||
Unsecured senior notes, face value | € | € 500 | ||||||
Gross proceeds from the issuance of debt instrument | € | € 492.3 | ||||||
Senior unsecured notes issuance as percentage of principal amount | 99.118% | ||||||
Debt Instrument, Unamortized Discount | € 4.4 | $ 3.2 | 3.5 | ||||
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes | 101.00% | ||||||
Unamortized Debt Issuance Expense | 3.2 | 3.3 | |||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Long-term Debt | $ 532.9 | 552.2 | |||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Treasury Rate [Member] | |||||||
Basis spread on variable rate | 0.35% | ||||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | |||||||
Interest rate terms under amended senior unsecured revolving credit facility | Interest on the 2021 Notes is payable annually on April 9th each year. | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.60% | ||||||
Unsecured senior notes, face value | $ 300 | ||||||
Gross proceeds from the issuance of debt instrument | $ 298.7 | ||||||
Senior unsecured notes issuance as percentage of principal amount | 99.95% | ||||||
Debt Instrument, Unamortized Discount | $ 0.2 | $ 0.1 | 0.1 | ||||
Percentage of redemption upon a change of control and a contemporaneous downgrade of the Notes | 101.00% | ||||||
Unamortized Debt Issuance Expense | 0.9 | 1.1 | |||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Long-term Debt | $ 322.6 | 334.2 | |||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | Treasury Rate [Member] | |||||||
Basis spread on variable rate | 0.15% | ||||||
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | |||||||
Interest rate terms under amended senior unsecured revolving credit facility | Interest on the 2029 Notes is payable semi-annually on March 15th and September 15th each year | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||||||
Unsecured senior notes, face value | $ 850 | ||||||
Gross proceeds from the issuance of debt instrument | $ 847.2 | ||||||
Senior unsecured notes issuance as percentage of principal amount | 99.67% | ||||||
Debt Instrument, Unamortized Discount | $ 2.8 | $ 2.7 | 2.7 | ||||
Unamortized Debt Issuance Expense | 7.4 | 7.4 | |||||
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Long-term Debt | $ 839.9 | $ 839.9 | |||||
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] | Treasury Rate [Member] | |||||||
Basis spread on variable rate | 0.25% | ||||||
Other Debt Facilities - EUROIMMUN [Member] | |||||||
Interest rate terms under amended senior unsecured revolving credit facility | Of these bank loans, loans in the aggregate amount of $19.6 million bear fixed interest rates between 1.1% and 4.3% and a loan in the amount of $0.1 million bears a variable interest rate based on the Euribor rate plus a margin of 1.5%. | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Amount | € | 0.1 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | 20.7 | ||||||
Other Debt Facilities - EUROIMMUN [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Other Long-term Debt | € | 20.8 | 25.7 | |||||
Other Debt Facilities - EUROIMMUN [Member] | Euribor Rate [Member] | |||||||
Basis spread on variable rate | 1.50% | ||||||
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing September 17, 2024 [Member] | |||||||
Interest rate terms under amended senior unsecured revolving credit facility | The interest rates on the Eurocurrency Rate loans are based on the Eurocurrency Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The interest rates on the US Dollar Base Rate loans are based on the US Dollar Base Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The base rate is the higher of (i) the Federal Funds Rate (as defined in the credit agreement) plus 50 basis points (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," or (iii) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of April 5, 2020 was 101.5 basis points. | ||||||
Weighted average interest rates under amended senior unsecured revolving credit facility | The weighted average Eurocurrency interest rate as of April 5, 2020 was 0.85%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.86%, which was the interest applicable to the borrowings outstanding as of April 5, 2020. | ||||||
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing September 17, 2024 [Member] | Base Rate Option Two [Member] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Unsecured Revolving Credit Facility [Member] | Line of Credit, Maturing September 17, 2024 [Member] | Base Rate Option Three [Member] | |||||||
Basis spread on variable rate | 1.05% | ||||||
United States of America, Dollars | Other Debt Facilities - EUROIMMUN [Member] | |||||||
Unsecured Debt | € | 14.4 | ||||||
Secured Debt | € | 5.3 | ||||||
Other Long-term Debt | € | 19.7 | 23.8 | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | 19.6 | ||||||
Euro Member Countries, Euro | Other Debt Facilities - EUROIMMUN [Member] | |||||||
Other Long-term Debt | € | € 18.2 | € 21.3 | |||||
Minimum [Member] | Other Secured Bank Loan [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | 1.95% | |||||
Minimum [Member] | Other Debt Facilities - EUROIMMUN [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | 1.10% | |||||
Minimum [Member] | United States of America, Dollars | Other Debt Facilities - EUROIMMUN [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.10% | 1.10% | |||||
Maximum [Member] | Other Secured Bank Loan [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 20.00% | 20.00% | |||||
Maximum [Member] | Other Debt Facilities - EUROIMMUN [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | 4.30% |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Number of common shares-basic | 111,121 | 110,543 |
Effect of dilutive securities, Stock options | 480 | 631 |
Effect of dilutive securities, Restricted stock | 43 | 119 |
Number of common shares-diluted | 111,644 | 111,293 |
Number of potentially dilutive securities excluded from calculation due to antidilutive impact | 491 | 485 |
Industry Segment Information In
Industry Segment Information Industry Segment Information Narrative (Details) | 3 Months Ended |
Apr. 05, 2020segments | |
Segment Reporting Information [Line Items] | |
Number of Operating Segment | 2 |
Industry Segment Information (S
Industry Segment Information (Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 652,396 | $ 648,737 |
Operating income (loss) from continuing operations | 44,682 | 53,330 |
Interest and other expense, net | 9,993 | 16,565 |
Income from continuing operations before income taxes | 34,689 | 36,765 |
Product [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 425,529 | 438,722 |
Service [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 226,867 | 210,015 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) from continuing operations | (13,422) | (15,083) |
Diagnostics [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 254,001 | 259,904 |
Operating income (loss) from continuing operations | 29,591 | 31,486 |
Diagnostics [Member] | Product [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 210,173 | 215,932 |
Diagnostics [Member] | Service [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 43,828 | 43,972 |
Discovery & Analytical Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 398,395 | 388,833 |
Operating income (loss) from continuing operations | 28,513 | 36,927 |
Discovery & Analytical Solutions [Member] | Product [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 215,356 | 222,790 |
Discovery & Analytical Solutions [Member] | Service [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 183,039 | $ 166,043 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Jul. 05, 2020 | Apr. 05, 2020 | Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jul. 23, 2018 | |
Schedule of Shareholders' Equity [Line Items] | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 197.8 | ||||||
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans | 66,360 | ||||||
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans | $ 6.3 | ||||||
Cash dividends (per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | ||
Dividends Payable, Amount | $ 7.8 | ||||||
Dividends Payable, Date Declared | Jan. 23, 2020 | ||||||
Repurchase Program, 07/23/2018 [Member] | |||||||
Schedule of Shareholders' Equity [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 250 | ||||||
Subsequent Event [Member] | |||||||
Schedule of Shareholders' Equity [Line Items] | |||||||
Cash dividends (per share) | $ 0.07 | ||||||
Dividends Payable, Date Declared | Apr. 30, 2020 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 29, 2019 |
Stockholders' Equity Note [Abstract] | ||
Foreign currency translation adjustments, net of income taxes | $ (279,030) | $ (200,437) |
Unrecognized losses and prior service costs, net of income taxes | 1,052 | 1,052 |
Unrealized net losses on securities, net of income taxes | (349) | (261) |
Accumulated other comprehensive loss | $ (278,327) | $ (199,646) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Apr. 05, 2020 | Mar. 31, 2019 | Dec. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total income tax benefit recognized for stock-based compensation | $ 2,200 | $ 4,200 | |
Stock-based compensation costs capitalized as part of inventory | 300 | 400 | |
Proceeds from issuance of common stock under stock plans | 1,106 | 8,610 | |
Total pre-tax stock-based compensation expense | $ 3,050 | $ 6,097 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of options | $ 18.98 | $ 22.66 | |
Total intrinsic value of options exercised | $ 900 | $ 8,800 | |
Proceeds from issuance of common stock under stock plans | 1,100 | 8,600 | |
Total pre-tax stock-based compensation expense | 1,000 | 1,400 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 8,100 | ||
Weighted-average period for recognition of unrecognized compensation cost, years | 2 years 3 months 18 days | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 2,400 | ||
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock, granted | $ 23,100 | ||
Weighted-average period for recognition of unrecognized compensation cost, years | 2 years 1 month 6 days | ||
Awards/units outstanding | 320,000 | 345,000 | |
Number of Shares, Granted | 156,000 | ||
Weighted-average grant-date fair value of stock granted (per share) | $ 84.18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 16,000 | ||
Fair value of restricted stock awards vested | $ 11,600 | 9,300 | |
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | $ (1,000) | $ 1,200 | |
Awards/units outstanding | 31,207 | ||
Number of Shares, Granted | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,948 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 2,300 | ||
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 376 | ||
Weighted-average grant-date fair value of stock granted (per share) | $ 76.33 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plan | 5,000,000 | ||
Number of Shares, Granted | 13,612 | 18,562 | |
Weighted-average grant-date fair value of stock granted (per share) | $ 92.25 | $ 74.62 | |
Shares available for grant under employee stock purchase plan | 800,000 | ||
Performance Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total pre-tax stock-based compensation expense | $ 600 | $ 800 | |
Awards/units outstanding | 131,842 | ||
Number of Shares, Granted | 89,986 | ||
Weighted-average grant-date fair value of stock granted (per share) | $ 76.76 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 19,860 | ||
2019 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plan | 6,250,000 |
Stock Plans (Summary of Total C
Stock Plans (Summary of Total Compensation Recognized Related to Outstanding Stock Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | $ 3,050 | $ 6,097 |
Cost of sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | 254 | 334 |
Research and development expenses [Member ] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | 272 | 291 |
Selling, general and administrative and other expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total pre-tax stock-based compensation expense | $ 2,524 | $ 5,472 |
Stock Plans (Weighted-Average A
Stock Plans (Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model) (Details) | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 0.90% | 2.60% |
Expected dividend yield | 0.30% | 0.30% |
Expected lives, years | 5 years | 5 years |
Expected stock volatility | 23.80% | 22.80% |
Stock Plans (Summary of Stock O
Stock Plans (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
Apr. 05, 2020USD ($)$ / sharesshares | |
Stock option activity | |
Number of Shares, Outstanding at beginning of period | shares | 1,535 |
Number of Shares, Granted | shares | 266 |
Number of Shares, Exercised | shares | (21) |
Number of Shares, Forfeited | shares | (30) |
Number of Shares, Outstanding at end of period | shares | 1,750 |
Number of Shares, Exercisable at end of period | shares | 1,296 |
Weighted-Average Price, Outstanding at beginning of period | $ / shares | $ 60.42 |
Weighted-Average Price, Granted | $ / shares | 86.87 |
Weighted-Average Price, Exercised | $ / shares | 52.69 |
Weighted-Average Price, Forfeited | $ / shares | 85.13 |
Weighted-Average Price, Outstanding at end of period | $ / shares | 64.10 |
Weighted-Average Price, Exercisable at end of period | $ / shares | $ 56.01 |
Weighted-Average Remaining Contractual Term in Years, Outstanding at end of period | 3 years 8 months 12 days |
Weighted-Average Remaining Contractual Term in Years, Exercisable at end of period | 2 years 8 months 12 days |
Total Intrinsic Value, Outstanding at end of period | $ | $ 24 |
Total Intrinsic Value, Exercisable at end of period | $ | $ 23.9 |
Stock Plans (Summary of Restric
Stock Plans (Summary of Restricted Stock Award Activity) (Details) - Restricted Stock Awards [Member] shares in Thousands | 3 Months Ended |
Apr. 05, 2020$ / sharesshares | |
Restricted stock award activity | |
Number of Shares, Nonvested at beginning of period | shares | 345 |
Number of Shares, Granted | shares | 156 |
Number of Shares, Vested | shares | (165) |
Number of Shares, Forfeited | shares | (16) |
Number of Shares, Nonvested at end of period | shares | 320 |
Weighted-Average Grant-Date Fair Value, Nonvested at beginning of period | $ / shares | $ 78.69 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 84.18 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 70.80 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 82.94 |
Weighted-Average Grant-Date Fair Value, Nonvested at end of period | $ / shares | $ 85.20 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Apr. 05, 2020 | Mar. 31, 2019 | Dec. 29, 2019 |
Goodwill and Intangible Assets Net [Line Items] | ||||
Change in any one of the input assumptions for the various reporting units | 10.00% | |||
Goodwill | $ 3,051,694 | $ 3,111,227 | ||
Total amortization expense related to finite-lived intangible assets | 47,300 | $ 38,700 | ||
Future Amortization Expense, Year One | 136,700 | |||
Future Amortization Expense, Year Two | 167,400 | |||
Future Amortization Expense, Year Three | 151,400 | |||
Future Amortization Expense, Year Four | 128,500 | |||
Future Amortization Expense, Year Five | 108,100 | |||
Finite-Lived Intangible Assets, Net | 1,129,704 | 1,212,702 | ||
Intangible assets, net | 1,200,288 | 1,283,286 | ||
Minimum [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Long-term terminal growth rates for reporting units | 3.00% | |||
Discount rates for reporting units | 9.00% | |||
Maximum [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Long-term terminal growth rates for reporting units | 5.00% | |||
Discount rates for reporting units | 14.50% | |||
Patents [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 30,821 | 30,831 | ||
Less: Accumulated amortization | 27,776 | 27,423 | ||
Finite-Lived Intangible Assets, Net | 3,045 | 3,408 | ||
Trade Names And Trademarks [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 85,627 | 87,997 | ||
Less: Accumulated amortization | 41,376 | 40,295 | ||
Finite-Lived Intangible Assets, Net | 44,251 | 47,702 | ||
Licensing Agreements [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 58,259 | 58,496 | ||
Less: Accumulated amortization | 50,417 | 49,733 | ||
Finite-Lived Intangible Assets, Net | 7,842 | 8,763 | ||
Core Technology [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 663,964 | 689,089 | ||
Less: Accumulated amortization | 327,039 | 320,926 | ||
Finite-Lived Intangible Assets, Net | 336,925 | 368,163 | ||
Customer Relationships [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | 1,136,931 | 1,161,526 | ||
Less: Accumulated amortization | 400,656 | 378,188 | ||
Finite-Lived Intangible Assets, Net | 736,275 | 783,338 | ||
In-process Research and Development [Member] | ||||
Goodwill and Intangible Assets Net [Line Items] | ||||
Gross amortizable intangible assets | $ 1,366 | $ 1,328 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Apr. 05, 2020USD ($) | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | $ 3,111,227 |
Foreign currency translation | (57,941) |
Goodwill, Acquisition, Earn Outs and Other Adjustments | (1,592) |
Balance at end of period | 3,051,694 |
Diagnostics [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 1,612,407 |
Foreign currency translation | (30,027) |
Goodwill, Acquisition, Earn Outs and Other Adjustments | 0 |
Balance at end of period | 1,582,380 |
Discovery & Analytical Solutions [Member] | |
Changes in the carrying amount of goodwill | |
Balance at beginning of period | 1,498,820 |
Foreign currency translation | (27,914) |
Goodwill, Acquisition, Earn Outs and Other Adjustments | (1,592) |
Balance at end of period | $ 1,469,314 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 29, 2019 |
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Net amortizable intangible assets | $ 1,129,704 | $ 1,212,702 |
Intangible assets, net | 1,200,288 | 1,283,286 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 30,821 | 30,831 |
Less: Accumulated amortization | (27,776) | (27,423) |
Net amortizable intangible assets | 3,045 | 3,408 |
Trade Names And Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 85,627 | 87,997 |
Less: Accumulated amortization | (41,376) | (40,295) |
Net amortizable intangible assets | 44,251 | 47,702 |
Trade names and trademarks | 70,584 | 70,584 |
Licensing Agreements [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 58,259 | 58,496 |
Less: Accumulated amortization | (50,417) | (49,733) |
Net amortizable intangible assets | 7,842 | 8,763 |
Core Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 663,964 | 689,089 |
Less: Accumulated amortization | (327,039) | (320,926) |
Net amortizable intangible assets | 336,925 | 368,163 |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | 1,136,931 | 1,161,526 |
Less: Accumulated amortization | (400,656) | (378,188) |
Net amortizable intangible assets | 736,275 | 783,338 |
In-process Research and Development [Member] | ||
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items] | ||
Gross amortizable intangible assets | $ 1,366 | $ 1,328 |
Warranty Reserves (Details)
Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Warranty reserve activity | ||
Balance beginning of period | $ 8,812 | $ 8,393 |
Provision charged to income | 2,712 | 2,768 |
Payments | (3,266) | (3,254) |
Adjustments to previously provided warranties, net | 1,052 | 270 |
Foreign currency translation and acquisitions | (269) | (18) |
Balance end of period | $ 9,041 | $ 8,159 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost (Credit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Defined Benefit Pension Benefits [Member] | ||
Components of net periodic benefit cost (credit) | ||
Service cost | $ 1,907 | $ 1,633 |
Interest cost | 3,144 | 4,159 |
Expected return on plan assets | (5,384) | (6,176) |
Amortization of prior service | 0 | (39) |
Net periodic benefit cost (credit) | (333) | (423) |
Postretirement Medical Benefits [Member] | ||
Components of net periodic benefit cost (credit) | ||
Service cost | 18 | 22 |
Interest cost | 24 | 29 |
Expected return on plan assets | (347) | (294) |
Amortization of prior service | 0 | 0 |
Net periodic benefit cost (credit) | (305) | $ (243) |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2,100 |
Derivatives And Hedging Activ_2
Derivatives And Hedging Activities (Details) $ in Thousands, € in Millions | 3 Months Ended | |||||
Apr. 05, 2020USD ($) | Mar. 31, 2019USD ($) | Apr. 05, 2020EUR (€) | Dec. 29, 2019USD ($) | Dec. 29, 2019EUR (€) | Mar. 31, 2019EUR (€) | |
Derivative [Line Items] | ||||||
Company's business conducted outside United States | 70.00% | |||||
Payments for (Proceeds from) Hedge, Financing Activities | $ (8,708) | $ 1,675 | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0 | |||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (7,900) | (100) | ||||
European And Asian Currencies [Member] | ||||||
Derivative [Line Items] | ||||||
Maximum maturity period for foreign exchange contracts, in months | 12 months | |||||
Duration Of Foreign Currency Derivatives | 30 days | |||||
Fair Value Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 272,400 | 171,700 | $ 277,600 | |||
Notional Amount of Euro Derivatives [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | € | € 108 | € 105.8 | € 22.8 | |||
Notional Amount of US Dollar Derivatives [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 138,900 | 7,200 | $ 5,600 | |||
Net Investment Hedging [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Nonderivative Instruments | 433,000 | |||||
Unrealized Gain (Loss) on Net Investment Hedge in AOCI | 21,000 | 4,800 | ||||
Net Investment Hedging [Member] | 0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Nonderivative Instruments | 299,900 | |||||
Unrealized Gain (Loss) on Net Investment Hedge in AOCI | $ 11,800 | $ 6,900 | ||||
United States of America, Dollars | Cross-currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fixed Interest Rate | 5.00% | 5.00% | ||||
United States of America, Dollars | Net Investment Hedging [Member] | Cross-currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Nonderivative Instruments | $ 220,000 | |||||
Fair Value of Cross-currency Swap | $ 12,300 | |||||
Euro Member Countries, Euro | Cross-currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fixed Interest Rate | 2.47% | 2.47% | ||||
Euro Member Countries, Euro | Net Investment Hedging [Member] | Cross-currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Amount of Nonderivative Instruments | $ 197,400 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 05, 2020USD ($) | Mar. 31, 2019USD ($) | Jan. 03, 2016USD ($) | Apr. 05, 2020EUR (€) | Dec. 29, 2019USD ($) | Dec. 29, 2019EUR (€) | Sep. 12, 2019USD ($) | Dec. 30, 2018USD ($) | Apr. 11, 2018USD ($) | Jul. 19, 2016EUR (€) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 57,100 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 22,777 | $ 34,349 | $ 35,481 | $ 69,661 | ||||||
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. | |||||||||
Business Combination, Contingent Consideration Arrangements, Maximum Period | 2 years 9 months 18 days | |||||||||
Business Combination, Contingent Consideration Arrangements, Weighted Average Period | 1 year | |||||||||
Payments for acquisition related contingent consideration | $ 0 | $ (12,100) | ||||||||
Line of Credit, Maturing September 17, 2024 [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | |||||||||
Revolving credit facility outstanding balance | 307,200 | 325,400 | ||||||||
Unamortized Debt Issuance Expense | 3,200 | 3,400 | ||||||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Unamortized Debt Issuance Expense | 3,200 | 3,300 | ||||||||
Unsecured senior notes, face value | € | € 500 | |||||||||
Debt Instrument, Unamortized Discount | (3,200) | (3,500) | € (4.4) | |||||||
1.875 Percent Ten Year Senior Unsecured Notes [Member] | Euro Member Countries, Euro | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Unsecured senior notes, fair value | 500,100 | 518,500 | ||||||||
0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Unamortized Debt Issuance Expense | 900 | 1,100 | ||||||||
Unsecured senior notes, face value | $ 300,000 | |||||||||
Debt Instrument, Unamortized Discount | (100) | (100) | $ (200) | |||||||
Unsecured senior notes, fair value | 299,400 | 301,900 | ||||||||
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 | 7,400 | 7,400 | ||||||||
Unsecured senior notes, face value | $ 850,000 | |||||||||
Debt Instrument, Unamortized Discount | (2,700) | (2,700) | $ (2,800) | |||||||
Unsecured senior notes, fair value | 801,100 | 872,300 | ||||||||
Other Debt Facilities - EUROIMMUN [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Amount | € | € 20.7 | |||||||||
Other Debt Facilities - EUROIMMUN [Member] | Euro Member Countries, Euro | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Other Long-term Debt | € | € 18.2 | € 21.3 | ||||||||
Vanadis Diagnostics AB [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 32,000 | |||||||||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred, Contingent Consideration at Fair Value | $ 18,500 | 56,900 | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 93,000 | |||||||||
Minimum [Member] | Vanadis Diagnostics AB [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Conditional probability of success | 90.00% | 90.00% | ||||||||
Measurement Inputs, Discount Rate | 4.30% | |||||||||
Maximum [Member] | Vanadis Diagnostics AB [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Projected milestone date | 2020 | |||||||||
Conditional probability of success | 100.00% | 100.00% | ||||||||
Measurement Inputs, Discount Rate | 7.70% | |||||||||
Significant Other Observable Inputs (Level 2) [Member] | Line of Credit, Maturing September 17, 2024 [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | $ 304,000 | 322,000 | ||||||||
Significant Other Observable Inputs (Level 2) [Member] | 1.875 Percent Ten Year Senior Unsecured Notes [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 532,900 | 552,200 | ||||||||
Significant Other Observable Inputs (Level 2) [Member] | 0.6 Percent Senior Unsecured Notes due in April 2021 [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 322,600 | 334,200 | ||||||||
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 | $ 839,900 | $ 839,900 | ||||||||
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Facilities - EUROIMMUN [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Other Long-term Debt | € | € 20.8 | € 25.7 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands | Apr. 05, 2020 | Dec. 29, 2019 | Mar. 31, 2019 | Dec. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 22,777 | $ 35,481 | $ 34,349 | $ 69,661 |
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 | 2,888 | 2,906 | ||
Foreign exchange derivative assets, net | (4,105) | (451) | ||
Foreign exchange derivative liabilities, net | (1,316) | (1,538) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 22,777 | 35,481 | ||
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 | 2,888 | 2,906 | ||
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 | (4,105) | (451) | ||
Foreign exchange derivative liabilities, net | (1,316) | (1,538) | ||
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 | $ 22,777 | $ 35,481 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 05, 2020 | Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Balance beginning of period | $ (35,481) | $ (69,661) |
Payments | 379 | 18,414 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 20,000 |
Change in fair value (included within selling, general and administrative expenses) | 12,325 | (3,102) |
Balance end of period | $ (22,777) | $ (34,349) |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended | |
Apr. 05, 2020USD ($)years | Dec. 29, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Management's estimate of total cost of ultimate disposition | $ | $ 7.5 | $ 7.7 |
Number of years over which estimated environmental cost will be paid | years | 10 |
Uncategorized Items - pki-04052
Label | Element | Value |
Restricted Cash | us-gaap_RestrictedCash | $ 3,204,000 |
Restricted Cash | us-gaap_RestrictedCash | $ 23,000 |