Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________

FORM 10-Q

_______________________________________

(Mark One)


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

For the quarterly period ended March 31, 2024


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

For the transition period from ____________ to ____________

Commission File Number 001-5075

_______________________________________

Revvity, Inc.

(Exact name of Registrant as specified in its Charter)

_______________________________________

Massachusetts

04-2052042

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

940 Winter Street,

Waltham,

Massachusetts

02451

(Address of principal executive offices)

(Zip Code)

(781) 663-6900

(Registrant’s telephone number, including area code)

______________________________________

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


Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common stock, $1 par value per share	RVTY	The New York Stock Exchange
1.875% Notes due 2026	RVTY 26	The New York Stock Exchange

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

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

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

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Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

As of May 3, 2024, there were outstanding 123,392,991 shares of common stock, $1 par value per share.

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TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Unaudited Financial Statements	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Overview	21
	Critical Accounting Policies and Estimates	21
	Consolidated Results of Continuing Operations	22
	Reporting Segment Results of Continuing Operations	23
	Discontinued Operations	24
	Liquidity and Capital Resources	24
	Dividends	26
	Effects of Recently Adopted and Issued Accounting Pronouncements	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

Item 5.	Other Information	37

Item 6.	Exhibits	37

Signatures		39

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PART I. FINANCIAL INFORMATION

Item 1.Unaudited Financial Statements

REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands, except per share data)
Product revenue	$	565,755	$	592,280
Service revenue	84,165		82,585
Total revenue	649,920		674,865
Cost of product revenue	262,523		257,901
Cost of service revenue	32,350		35,598
Total cost of revenue	294,873		293,499
Selling, general and administrative expenses	260,571		248,557
Research and development expenses	50,360		56,690
Operating income from continuing operations	44,116		76,119
Interest and other expense, net	9,567		46,679
Income from continuing operations before income taxes	34,549		29,440
Provision for income taxes	5,853		4,595
Income from continuing operations	28,696		24,845



(Loss) income from discontinued operations	(2,683)		544,630
Net income	$	26,013	$	569,475

Basic earnings per share:
Income from continuing operations	$	0.23	$	0.20
(Loss) income from discontinued operations	(0.02)		4.31
Net income	$	0.21	$	4.51
Diluted earnings per share:
Income from continuing operations	$	0.23	$	0.20
(Loss) income from discontinued operations	(0.02)		4.31
Net income	$	0.21	$	4.50
Weighted average shares of common stock outstanding:
Basic	123,428		126,285
Diluted	123,538		126,469
Cash dividends declared per common share	$	0.07	$	0.07

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

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Net income	$	26,013	$	569,475
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of income taxes:
Amounts recognized in other comprehensive income	(48,927)		52,008
Less: amounts reclassified to earnings	—		(90,814)
Net foreign currency translation adjustments, net of income taxes	(48,927)		142,822


Unrealized gain on securities, net of income taxes	265		294
Other comprehensive (loss) income	(48,662)		143,116
Comprehensive (loss) income	$	(22,649)	$	712,591

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

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31, 2024		December 31, 2023
	(In thousands, except share and per share data)
Current assets:
Cash and cash equivalents	$	998,081	$	913,163
Marketable securities	697,327		689,916
Accounts receivable, net	588,974		632,811
Inventories, net	414,029		428,062
Other current assets	360,929		337,139
Total current assets	3,059,340		3,001,091
Property, plant and equipment, net	503,964		509,654
Operating lease right-of-use assets	148,724		155,083
Intangible assets, net	2,919,145		3,022,321
Goodwill	6,503,897		6,533,550
Other assets, net	297,635		342,966
Total assets	$	13,432,705	$	13,564,665
Current liabilities:
Current portion of long-term debt	$	711,443	$	721,872
Accounts payable	183,532		204,121
Accrued expenses and other current liabilities	479,247		524,470
Total current liabilities	1,374,222		1,450,463
Long-term debt	3,164,994		3,177,770
Deferred taxes and long-term liabilities	919,795		930,946
Operating lease liabilities	127,198		132,747
Total liabilities	5,586,209		5,691,926
Commitments and contingencies (see Note 13)
Stockholders’ equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding	—		—
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 123,492,000 shares and 123,426,000 shares at March 31, 2024 and December 31, 2023, respectively	123,492		123,426
Capital in excess of par value	2,421,778		2,416,793
Retained earnings	5,626,580		5,609,212
Accumulated other comprehensive loss	(325,354)		(276,692)
Total stockholders’ equity	7,846,496		7,872,739
Total liabilities and stockholders’ equity	$	13,432,705	$	13,564,665

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

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


	For the Three-Month Period Ended March 31, 2024
	Common Stock Shares	Common Stock Amount		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
		(In thousands)
Balance, December 31, 2023	123,426	$	123,426	$	2,416,793	$	5,609,212	$	(276,692)	$	7,872,739
Net income	—	—		—		26,013		—		26,013
Other comprehensive loss	—	—		—		—		(48,662)		(48,662)
Dividends	—	—		—		(8,645)		—		(8,645)
Exercise of employee stock options	75	75		4,036		—		—		4,111

Purchases of common stock	(103)	(103)		(10,653)		—		—		(10,756)
Issuance of common stock for long-term incentive program	94	94		9,041		—		—		9,135
Stock compensation	—	—		2,561		—		—		2,561
Balance, March 31, 2024	123,492	$	123,492	$	2,421,778	$	5,626,580	$	(325,354)	$	7,846,496


	For the Three-Month Period Ended April 2, 2023
	Common Stock Shares	Common Stock Amount		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
		(In thousands)
Balance, January 1, 2023	126,300	$	126,300	$	2,753,055	$	4,951,018	$	(447,497)	$	7,382,876

Net income	—	—		—		569,475		—		569,475
Other comprehensive income	—	—		—		—		143,116		143,116
Dividends	—	—		—		(8,841)		—		(8,841)
Exercise of employee stock options	9	9		514		—		—		523

Purchases of common stock	(516)	(516)		(67,013)		—		—		(67,529)
Issuance of common stock for long-term incentive program	188	188		10,970		—		—		11,158
Stock compensation	—	—		3,032		—		—		3,032
Balance, April 2, 2023	125,981	$	125,981	$	2,700,558	$	5,511,652	$	(304,381)	$	8,033,810

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

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REVVITY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Operating activities:
Net income	$	26,013	$	569,475
Loss (income) from discontinued operations, net of income taxes	2,683		(544,630)
Income from continuing operations	28,696		24,845
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation	11,692		9,893
Restructuring and other costs, net	12,356		3,096
Depreciation and amortization	107,802		109,008
Change in fair value of contingent consideration	6,173		(1,360)
Amortization of deferred debt financing costs and accretion of discounts	1,736		1,792
Change in fair value of financial securities	806		(2,768)
Debt extinguishment income	—		(3,345)
Unrealized foreign exchange (gain) loss	(377)		26,095



Changes in assets and liabilities which provided (used) cash:
Accounts receivable, net	37,189		34,424
Inventories	7,209		(18,520)
Accounts payable	(18,227)		(4,895)
Accrued expenses and other	(44,909)		(106,591)
Net cash provided by operating activities of continuing operations	150,146		71,674
Net cash used in operating activities of discontinued operations	(2,583)		(8,211)
Net cash provided by operating activities	147,563		63,463
Investing activities:
Capital expenditures	(17,844)		(20,946)

Purchases of marketable securities	—		(193,454)

Purchases of notes receivable	(337)		—
Cash paid for acquisitions, net of cash acquired	—		(686)
Net cash used in investing activities of continuing operations	(18,181)		(215,086)
Net cash provided by investing activities of discontinued operations	—		2,079,588
Net cash (used in) provided by investing activities	(18,181)		1,864,502
Financing activities:




Payments of senior unsecured notes	—		(49,603)



Net (payments) proceeds of other credit facilities	(10,811)		7,867
Payments for acquisition-related contingent consideration	(8,749)		(1,475)
Proceeds from issuance of common stock under stock plans	3,943		523
Purchases of common stock	(10,756)		(61,656)
Dividends paid	(8,640)		(8,841)


Net cash used in financing activities	(35,013)		(113,185)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9,277)		(16,969)
Net increase in cash, cash equivalents and restricted cash	85,092		1,797,811

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Cash, cash equivalents and restricted cash at beginning of period	914,373		470,746
Cash, cash equivalents and restricted cash at end of period	$	999,465	$	2,268,557

Supplemental disclosures of cash flow information
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	$	998,081	$	2,267,183
Restricted cash included in other current assets	1,384		1,019
Restricted cash included in other assets	—		355

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	999,465	$	2,268,557

Supplemental disclosures of non-cash investing and financing activities:

Consideration receivable from sale of business	$	—	$	261,317

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

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REVVITY, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Revvity, 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 31, 2023, filed with the SEC (the “2023 Form 10-K”). The balance sheet amounts at December 31, 2023 in this report were derived from the Company’s audited 2023 consolidated financial statements included in the 2023 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended March 31, 2024 and April 2, 2023, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period.

In March 2023, the Company completed the previously announced sale of certain assets and the equity interests of certain entities constituting the Company’s Applied, Food and Enterprise Services businesses (the “Business”). The Business is reported for all periods as discontinued operations in the Company’s condensed consolidated financial statements.

Note 2: Revenue

Disaggregation of revenue

In the following tables, revenue is disaggregated by primary geographical markets and major goods and service lines.


	Reportable Segments
	Three Months Ended
	March 31, 2024						April 2, 2023
	Life Sciences		Diagnostics		Total		Life Sciences		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	156,328	$	138,026	$	294,354	$	163,854	$	138,174	$	302,028
Europe	69,645		108,917		178,562		80,285		104,612		184,897
Asia	77,064		99,940		177,004		84,302		103,638		187,940
	$	303,037	$	346,883	$	649,920	$	328,441	$	346,424	$	674,865

Major goods/service lines
Life Sciences reagents	$	177,225	$	—	$	177,225	$	189,878	$	—	$	189,878
Life Sciences instruments	80,910		—		80,910		96,174		—		96,174
Life Sciences software	44,902		—		44,902		42,389		—		42,389
Reproductive health	—		123,875		123,875		—		122,121		122,121
Applied genomics	—		47,447		47,447		—		63,410		63,410
Immunodiagnostics	—		175,561		175,561		—		160,893		160,893
	$	303,037	$	346,883	$	649,920	$	328,441	$	346,424	$	674,865

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Contract Balances

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

Contract liabilities: The contract liabilities primarily relate to the advance consideration received from customers for products and related services for which transfer of control has not occurred at the balance sheet date. Contract liabilities are classified as either current in “Accounts payable” or “Accrued expenses and other current liabilities” or as long-term in “Long-term liabilities” in the condensed consolidated balance sheets based on the timing of when the Company expects to recognize revenue. The contract liability balances at the beginning of each period presented were generally fully recognized in the subsequent three month period. The performance obligations that are unsatisfied (or partially unsatisfied) at the end of each period presented are not material to the Company.

Contract balances were as follows:


	March 31, 2024		December 31, 2023
	(In thousands)
Contract assets	$	54,577	$	52,648
Contract liabilities	(22,680)		(22,504)

Note 3: Discontinued Operations

On March 13, 2023, the Company completed the sale (the “Closing”) of the Business to PerkinElmer Topco, L.P. (formerly known as Polaris Purchaser, L.P.) (the “Purchaser”), a Delaware limited partnership owned by funds managed by affiliates of New Mountain Capital L.L.C. (the “Sponsor”), for an aggregate purchase price of up to $2.45 billion. The Company received approximately $2.13 billion in cash proceeds, before transaction costs and subject to post-closing adjustments. The Company is entitled to an additional $75.0 million in proceeds as consideration for the Company’s ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser. This consideration is expected to be received in installments through the first half of 2025. The discounted value of the $75.0 million was measured as $65.2 million and was included in the proceeds. In addition, the Company is entitled to additional consideration of up to $150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business. The fair value of this element of consideration was determined to be $15.9 million and was included in the proceeds at Closing. The Company also recorded a receivable, included in Other current assets in the condensed consolidated balance sheets, of approximately $161.0 million as of March 31, 2024 for post-closing adjustments that is expected to be received during fiscal year 2024. The final amount of the receivable related to the post-closing adjustments is subject to change.

The Company has measured the gain on sale and related income tax provision, however, additional adjustments may arise that may impact the final measurement of the gain. The elements of the gain calculation that may result in adjustments include the measurement of the proceeds, including the settlement of the post-closing adjustments, as well as the related tax effects of such adjustments and the filing of tax returns for the period that includes the sale.

In connection and concurrent with the Closing, the Company also entered into a Transition Services Agreement (“TSA”) with the Purchaser for a period of up to 24 months from the Closing. The costs and amounts of reimbursements related to the TSA and other commercial transactions between the parties were not significant in fiscal year 2023 or the first quarter of fiscal year 2024 and the amounts in future periods are not expected to be significant.

The Business had been reported in the Company’s Discovery & Analytical Solutions segment, which is now referred to as the Life Sciences segment. The sale of the Business represented a strategic shift that has had a major effect on the Company’s operations and financial statements. Accordingly, the Business is reported for all periods as discontinued operations in the

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Company’s consolidated financial statements. The following table summarizes the results of discontinued operations which are presented as (loss) income from discontinued operations in the Company’s condensed consolidated statements of operations:


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Revenue	$	—	$	175,423
Cost of revenue	—		124,647
Selling, general and administrative expenses	—		74,794
Research and development expenses	—		10,434
Operating loss	—		(34,452)
Other (expense) income:
(Loss) gain on sale	(1,710)		866,919
Other income, net	—		913
Total other (expense) income	(1,710)		867,832
(Loss) income from discontinued operations before income taxes	(1,710)		833,380
Provision for income tax	973		288,750
(Loss) income from discontinued operations	$	(2,683)	$	544,630

Note 4: Interest and Other Expense, Net

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Interest income	$	(20,086)	$	(5,272)
Interest expense	24,397		22,738


Change in fair value of financial securities	806		(2,768)
Other components of net periodic pension cost	1,917		2,189
Foreign exchange losses and other expense, net	2,533		29,792
Total interest and other expense, net	$	9,567	$	46,679

Note 5: Inventories, net

Inventories, net consisted of the following:


	March 31, 2024		December 31, 2023
	(In thousands)
Raw materials	$	194,263	$	197,268
Work in progress	69,377		69,176
Finished goods	150,389		161,618
Total inventories, net	$	414,029	$	428,062

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Note 6: Debt

The Company’s debt consisted of the following:


	March 31, 2024
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(1,785)	$	(1,785)
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026	539,500		(1,266)		(1,154)		537,080
1.900% Senior Unsecured Notes due in 2028	500,000		(238)		(2,875)		496,887
3.3% Senior Unsecured Notes due in 2029	850,000		(1,662)		(4,601)		843,737
2.55% Senior Unsecured Notes due in March 2031	400,000		(98)		(2,557)		397,345
2.250% Senior Unsecured Notes due in September 2031	500,000		(1,175)		(3,353)		495,472
3.625% Senior Unsecured Notes due in 2051	400,000		(4)		(4,140)		395,856
Other Debt Facilities, non-current	402		—		—		402
Total Long-Term Debt	$	3,189,902	$	(4,443)	$	(20,465)	$	3,164,994
Current Portion of Long-term Debt:
0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”)	711,479		(76)		(842)		710,561
Other Debt Facilities, current	882		—		—		882
Total Current Portion of Long-Term Debt	712,361		(76)		(842)		711,443
Total	$	3,902,263	$	(4,519)	$	(21,307)	$	3,876,437

At March 31, 2024, the Company had outstanding U.S. treasury securities with a carrying amount of $697.3 million whose proceeds upon maturity are intended to be utilized to repay the outstanding 2024 Notes due in September 2024 (see Note 12).

Note 7: 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
	March 31, 2024	April 2, 2023
	(In thousands)
Number of common shares—basic	123,428	126,285
Effect of dilutive securities:
Stock options	58	151
Restricted stock awards	52	33
Number of common shares—diluted	123,538	126,469
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	1,032	753

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

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Note 8: 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 as adjusted for certain items. Intersegment revenue and transfers are not significant. The accounting policies of the operating segments are the same as those described in Note 1, Nature of Operations and Accounting Policies, to the audited consolidated financial statements in the 2023 Form 10-K.

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

•Life Sciences. Provides products and services targeted towards life sciences customers.

•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the areas of reproductive health, emerging market diagnostics and applied genomics.

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 “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.

The primary financial measure by which the Company evaluates the performance of its segments is adjusted operating income, which consists of operating income excluding the effects of amortization of intangible assets, adjustments to operations arising from purchase accounting (primarily change in fair value of contingent consideration), acquisition and divestiture-related costs, and other costs that are not expected to recur or are of a non-cash nature, including primarily restructuring actions.

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Revenues
Life Sciences	$	303,037	$	328,441
Diagnostics	347,092		346,630
Revenue purchase accounting adjustments	(209)		(206)
Total revenues	$	649,920	$	674,865

Segment Operating Income
Life Sciences	$	101,725	$	129,459
Diagnostics	75,430		74,432
Corporate	(11,361)		(14,697)
Subtotal reportable segments adjusted operating income	165,794		189,194
Amortization of intangible assets	(91,238)		(91,811)
Purchase accounting adjustments	(6,622)		914
Acquisition, divestiture and rebranding costs	(11,462)		(17,951)


Significant environmental matters	—		(1,132)
Restructuring and other, net	(12,356)		(3,095)
Operating income from continuing operations	44,116		76,119
Interest and other expense, net (see Note 4)	9,567		46,679
Income from continuing operations before income taxes	$	34,549	$	29,440

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Note 9: Stockholders’ Equity

Comprehensive (Loss) Income:

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


	March 31, 2024		December 31, 2023
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(324,605)	$	(275,678)
Unrecognized prior service costs, net of income taxes	(798)		(798)

Unrealized net gains (losses) on marketable securities, net of income taxes	49		(216)
Accumulated other comprehensive loss	$	(325,354)	$	(276,692)

Stock Repurchases:

On April 27, 2023, the Company's Board of Directors (the “Board”) authorized the Company to repurchase shares of common stock for an aggregate amount up to $600.0 million under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on April 26, 2025, unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended March 31, 2024, the Company repurchased 63,170 shares of common stock under the Repurchase Program for an aggregate cost of $6.6 million. As of March 31, 2024, $348.9 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 March 31, 2024, the Company repurchased 40,084 shares of common stock for this purpose at an aggregate cost of $4.2 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share for the first quarter of fiscal year 2024 and in each quarter of fiscal year 2023. At March 31, 2024, the Company had accrued $8.6 million for dividends declared on January 25, 2024 for the first quarter of fiscal year 2024 that will be paid in May 2024. On April 25, 2024, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2024 that will be payable in August 2024. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Note 10: Goodwill and Intangible Assets, Net

The Company tests goodwill at least annually for possible impairment. The Company completes the annual testing of impairment for goodwill 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.

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, 2024, its annual impairment testing date for fiscal year 2024. There were no impairments measured in the periods presented. While the Company believes that its estimates of current value are reasonable, if actual results differ from the estimates and judgments used, including such items as future cash flows and the volatility inherent in markets which the Company serves, impairment charges against the carrying value of those assets could be required in the future.

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The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows:


	Life Sciences		Diagnostics		Consolidated
	(In thousands)
Balance at December 31, 2023	$	4,587,938	$	1,945,612	$	6,533,550
Foreign currency translation	(20,823)		(8,830)		(29,653)


Balance at March 31, 2024	$	4,567,115	$	1,936,782	$	6,503,897

Identifiable intangible asset balances by category were as follows:


	March 31, 2024		December 31, 2023
	(In thousands)
Patents	$	27,808	$	27,811
Less: Accumulated amortization	(26,159)		(26,072)
Net patents	1,649		1,739
Trade names and trademarks	144,206		145,542
Less: Accumulated amortization	(78,131)		(73,781)
Net trade names and trademarks	66,075		71,761
Licenses	26,908		27,018
Less: Accumulated amortization	(16,755)		(16,551)
Net licenses	10,153		10,467
Core technology	1,574,307		1,582,458
Less: Accumulated amortization	(639,010)		(607,814)
Net core technology	935,297		974,644
Customer relationships	2,825,635		2,842,531
Less: Accumulated amortization	(919,664)		(878,821)
Net customer relationships	1,905,971		1,963,710

Total	$	2,919,145	$	3,022,321

Total amortization expense related to amortizable intangible assets was $91.2 million and $91.8 million for the three months ended March 31, 2024 and April 2, 2023, respectively. Estimated amortization expense related to amortizable intangible assets for each of the next five years is $269.0 million for the remainder of fiscal year 2024, $333.4 million for fiscal year 2025, $327.2 million for fiscal year 2026, $300.2 million for fiscal year 2027, and $274.6 million for fiscal year 2028.

Note 11: Derivatives and Hedging Activities

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

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

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these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows.

Principal hedged currencies include the Chinese Renminbi, British Pound, Euro and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $426.6 million, $412.1 million and $291.4 million at March 31, 2024, December 31, 2023 and April 2, 2023, 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 March 31, 2024 and April 2, 2023.

During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of March 31, 2024, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €498.6 million. The unrealized foreign exchange (gains) losses recorded in AOCI related to the net investment hedge were $(13.9) million and $9.3 million for the three months ended March 31, 2024 and April 2, 2023, respectively.

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

Note 12: 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 March 31, 2024.

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 March 31, 2024. 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 and divestiture 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 March 31, 2024 and December 31, 2023 classified in one of the three classifications described above:


			Fair Value Measurements at March 31, 2024 Using:
	Total Carrying Value at March 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	13,655	$	13,655	$	—	$	—
Foreign exchange derivative assets	279		—		279		—
Foreign exchange derivative liabilities	(1,894)		—		(1,894)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(30,516)		—		—		(30,516)

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			Fair Value Measurements at December 31, 2023 Using:
	Total Carrying Value at December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	13,913	$	13,913	$	—	$	—
Foreign exchange derivative assets	1,697		—		1,697		—
Foreign exchange derivative liabilities	(1,763)		—		(1,763)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(40,005)		—		—		(40,005)

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 - available for sale: Includes equity and mutual fund investments 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 March 31, 2024 and December 31, 2023, none of the master netting arrangements involved collateral.

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

Contingent consideration: Contingent consideration is measured at fair value at the disposition or acquisition date using projected milestone dates, discount rates, volatility, probabilities of success and projected achievement of financial targets, including revenues of the acquired business in many instances. Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model.

The fair value of the contingent consideration asset was initially measured using a lattice model and recognized upon the sale of the Business on March 13, 2023. In accordance with the terms of the sale of the Business, the Company is entitled to receive up to $150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital event related to the Business. Potential valuation adjustments may be made as additional information and market factors that impact the expected exit valuation of the Business becomes available, with the impact of such adjustments being recorded in the Company’s condensed consolidated statements of operations.

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Balance at beginning of period	$	14,890	$	—
Amount recognized upon the sale of the Business	—		15,930
Change in fair value	—		—
Balance at end of period	$	14,890	$	15,930

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

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Balance at beginning of period	$	(40,005)	$	(46,618)

Amounts paid and foreign currency translation	15,662		1,424

Change in fair value (included within selling, general and administrative expenses)	(6,173)		1,360
Balance at end of period	$	(30,516)	$	(43,834)

Financial Instruments Not Recorded at Fair Value

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

The Company’s investments in U.S. treasury securities that are classified as held-to-maturity had a fair value of $696.3 million and a carrying value of $697.3 million as of March 31, 2024. The Company’s investments in U.S. treasury securities that are classified as held-to-maturity had a fair value of $688.7 million and a carrying value of $689.9 million as of December 31, 2023. The fair values were classified as Level 1.

The Company’s outstanding senior unsecured notes had a fair value of $3,450.8 million and a carrying value of $3,876.9 million as of March 31, 2024. The Company’s outstanding senior unsecured notes had a fair value of $3,474.5 million and a carrying value of $3,889.3 million as of December 31, 2023. The fair values of the outstanding senior unsecured notes were estimated using market quotes from brokers and were based on current rates offered for similar debt, which are Level 2 measurements.

The Company’s other debt facilities, including the Company’s senior unsecured revolving credit facility, had an aggregate carrying value of $1.3 million and $10.3 million as of March 31, 2024 and December 31, 2023, respectively. The carrying value approximates fair value and were classified as Level 2.

Note 13: 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 $14.4 million and $14.1 million as of March 31, 2024 and December 31, 2023, 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.

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The Company is subject to various claims, legal proceedings, regulatory matters, and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at March 31, 2024 would not have a material adverse effect on the Company’s consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company.

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

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

Overview

We are a leading provider of health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what’s possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

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

•Life Sciences. Provides products and services targeted towards life sciences customers.

Overview of the First Quarter of Fiscal Year 2024

Our overall revenue in the first quarter of fiscal year 2024 was $649.9 million which decreased by $24.9 million, or 4%, as compared to the first quarter of fiscal year 2023, reflecting a decrease of $25.4 million, or 8%, in our Life Sciences segment revenue, which was partially offset by an increase of $0.5 million, or less than 1%, in our Diagnostics segment revenue. The decrease in our Life Sciences segment revenue for the first quarter of fiscal year 2024 was driven by a decrease in instruments revenue and reagents revenue due to market headwinds, partially offset by an increase in software revenue. The increase in our Diagnostics segment revenue for the first quarter of fiscal year 2024 was driven by increased demand in our reproductive health and immunodiagnostics businesses, partially offset by a decrease in revenue from our applied genomics business.

Our consolidated gross margins decreased 188 basis points in the first quarter of fiscal year 2024, as compared to the first quarter of fiscal year 2023, primarily due to lower sales volume partially offset by pricing actions and productivity gains. For the first quarter of fiscal year 2024 and in the same period last year, supply chain disruptions and inflation did not materially impact our results of operations as the effects of our initiatives to reduce transportation costs more than offset the impact of inflation on our raw materials purchases. Our consolidated operating margins decreased from 11% to 7% in the first quarter of fiscal year 2024, as compared to the first quarter of fiscal year 2023, primarily due to lower sales volume and increased expenses related to rebranding and normalization of variable compensation.

Critical Accounting Policies and Estimates

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

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

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For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “2023 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the three months ended March 31, 2024.

Consolidated Results of Continuing Operations

Revenue

Revenue for the three months ended March 31, 2024 was $649.9 million, as compared to $674.9 million for the three months ended April 2, 2023, a decrease of $24.9 million, or approximately 4%. The analysis in the remainder of this paragraph compares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $303.0 million for the three months ended March 31, 2024, as compared to $328.4 million for the three months ended April 2, 2023, a decrease of $25.4 million, or 8%, driven by a decrease of $15.3 million in instruments revenue and a decrease of $12.7 million in reagents revenue, partially offset by an increase of $2.5 million in software revenue. Diagnostics segment revenue was $347.1 million for the three months ended March 31, 2024, as compared to $346.6 million for the three months ended April 2, 2023, an increase of $0.5 million, or less than 1%, due to an increase of $14.7 million in immunodiagnostics revenue and an increase of $1.8 million in reproductive health revenue, partially offset by a decrease of $16.0 million in applied genomics revenue.

Cost of Revenue

Cost of revenue for the three months ended March 31, 2024 was $294.9 million, as compared to $293.5 million for the three months ended April 2, 2023, an increase of $1.4 million, or approximately 0.5%. As a percentage of revenue, cost of revenue increased to 45.4% for the three months ended March 31, 2024, from 43.5% for the three months ended April 2, 2023, resulting in a decrease in gross margin of 188 basis points to 54.6% for the three months ended March 31, 2024, from 56.5% for the three months ended April 2, 2023, primarily due to lower sales volume partially offset by pricing actions and productivity gains. Rebranding costs added an incremental expense of $4.5 million for the three months ended March 31, 2024. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.2 million for the three months ended March 31, 2024, as compared to $0.9 million for the three months ended April 2, 2023. Amortization of intangible assets was $35.4 million for the three months ended March 31, 2024, as compared to $38.4 million for the three months ended April 2, 2023.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2024 were $260.6 million, as compared to $248.6 million for the three months ended April 2, 2023, an increase of $12.0 million, or 5%. As a percentage of revenue, selling, general and administrative expenses increased and were 40.1% for the three months ended March 31, 2024, as compared to 36.8% for the three months ended April 2, 2023. Amortization of intangible assets increased and was $55.8 million for the three months ended March 31, 2024, as compared to $53.4 million for the three months ended April 2, 2023. Purchase accounting adjustments added an incremental expense of $6.2 million for the three months ended March 31, 2024, which primarily consisted of a change in contingent consideration, as compared to decreasing expenses by $1.3 million for the three months ended April 2, 2023. Restructuring and other costs, net, increased and was $12.4 million for the three months ended March 31, 2024, as compared to $3.1 million for the three months ended April 2, 2023. The above increases were partially offset by a decrease in acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and stock compensation expense related to the awards given to BioLegend employees post-acquisition, and which added an incremental expense of $6.1 million for the three months ended March 31, 2024, as compared to $15.9 million for the three months ended April 2, 2023. Costs for significant environmental matters also added an incremental expense of $1.1 million for the three months ended April 2, 2023. Excluding the factors above, the net increase in selling, general and administrative expenses was the result of a normalization in variable compensation partially offset by cost containment and productivity initiatives.

Research and Development Expenses

Research and development expenses for the three months ended March 31, 2024 were $50.4 million, as compared to $56.7 million for the three months ended April 2, 2023, a decrease of $6.3 million, or 11%. As a percentage of revenue, research and development expenses decreased and were 7.7% for the three months ended March 31, 2024, as compared to 8.4% for the three months ended April 2, 2023. The decrease in research and development expenses was primarily driven by a cost containment and productivity initiatives, as well as a decrease in stock compensation expense related to awards given to

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BioLegend employees post-acquisition, which added an incremental expense of $0.7 million for the three months ended March 31, 2024 as compared to $1.2 million for the three months ended April 2, 2023.

Interest and Other Expense, Net

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Interest income	$	(20,086)	$	(5,272)
Interest expense	24,397		22,738


Change in fair value of financial securities	806		(2,768)
Other components of net periodic pension cost	1,917		2,189
Foreign exchange losses and other expense, net	2,533		29,792
Total interest and other expense, net	$	9,567	$	46,679

The increase in interest income was primarily due to an increase in investments and higher interest rates. Interest expense was lower for the three months ended April 2, 2023 primarily due to $3.3 million of debt extinguishment income. Foreign exchange losses and other expense, net, was higher for the three months ended April 2, 2023 mainly due to a foreign exchange loss of $26.1 million related to the cash proceeds from the sale of the Business that were held offshore.

Provision for Income Taxes

The provision for income taxes from continuing operations was $5.9 million for the three months ended March 31, 2024, as compared to $4.6 million for the three months ended April 2, 2023.

The effective tax rate from continuing operations was 16.9% for the three months ended March 31, 2024, as compared to 15.6% for the three months ended April 2, 2023. The effective tax rate during the three months ended March 31, 2024 was higher primarily due to projected higher income in certain higher tax rate jurisdictions in fiscal year 2024 as compared to fiscal year 2023. The effective tax rate during the three months ended April 2, 2023 was lower as it included a discrete tax benefit totaling $1.6 million that was recognized in the first quarter of fiscal year 2023. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2024.

Reporting Segment Results of Continuing Operations

Diagnostics

Revenue for the three months ended March 31, 2024 was $347.1 million, as compared to $346.6 million for the three months ended April 2, 2023, an increase of $0.5 million, or less than 1%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The increase in our Diagnostics segment revenue during the three months ended March 31, 2024 was driven by an increase of $14.7 million in immunodiagnostics revenue and an increase of $1.8 million in reproductive health revenue, partially offset by a decrease of $16.0 million in applied genomics revenue.

Segment operating income for the three months ended March 31, 2024 was $75.4 million, as compared to $74.4 million for the three months ended April 2, 2023, an increase of $1.0 million, or 1%. Segment operating margin increased 26 basis points in the three months ended March 31, 2024, as compared to the three months ended April 2, 2023, primarily due to cost containment and productivity initiatives, partially offset by unfavorable shift in product mix.

Life Sciences

Revenue for the three months ended March 31, 2024 was $303.0 million, as compared to $328.4 million for the three months ended April 2, 2023, a decrease of $25.4 million, or 8%. The decrease in our Life Sciences segment revenue during the three months ended March 31, 2024 was driven by a decrease of $15.3 million in instruments revenue and a decrease of $12.7 million in reagents revenue, partially offset by an increase of $2.5 million in software revenue.

Segment operating income for the three months ended March 31, 2024 was $101.7 million, as compared to $129.5 million for the three months ended April 2, 2023, a decrease of $27.7 million, or 21%. Segment operating margin decreased 585 basis

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points in the three months ended March 31, 2024, as compared to the three months ended April 2, 2023, primarily due to lower sales volume, a normalization of variable compensation, and investments in innovation, partially offset by pricing actions and cost containment and productivity initiatives.

Discontinued Operations

On March 13, 2023, we completed the sale (the “Closing”) of certain assets and the equity interests of certain entities constituting our Applied, Food and Enterprise Services businesses (the “Business”) to PerkinElmer Topco, L.P. (formerly known as Polaris Purchaser, L.P.) (the “Purchaser”), a Delaware limited partnership owned by funds managed by affiliates of New Mountain Capital L.L.C. (the “Sponsor”), for an aggregate purchase price of up to $2.45 billion. We received approximately $2.13 billion in cash proceeds, before transaction costs and subject to post-closing adjustments. We are entitled to an additional $75.0 million in proceeds as consideration for our ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser. This consideration is expected to be received in installments through the first half of 2025. The discounted value of the $75.0 million was measured as $65.2 million and was included in the proceeds. In addition, we are entitled to additional consideration of up to $150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business. The fair value of this element of consideration was determined to be $15.9 million and was included in the proceeds at Closing. We also recorded a receivable of approximately $161.0 million as of March 31, 2024 for post-closing adjustments that are expected to be settled with the Purchaser during fiscal year 2024. The final amount of the receivable related to the post-closing adjustments is subject to change.

The Business is reported for all periods as discontinued operations in our condensed consolidated financial statements. The following table summarizes the results of discontinued operations which are presented as (Loss) income from discontinued operations in our condensed consolidated statements of operations:


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Revenue	$	—	$	175,423
Cost of revenue	—		124,647
Selling, general and administrative expenses	—		74,794
Research and development expenses	—		10,434
Operating loss	—		(34,452)
Other (expense) income:
(Loss) gain on sale	(1,710)		866,919
Other expense, net	—		913
Total other (expense) income	(1,710)		867,832
(Loss) income from discontinued operations before income taxes	(1,710)		833,380
Provision for income tax	973		288,750
(Loss) income from discontinued operations	$	(2,683)	$	544,630

The results of discontinued operations during the three months ended April 2, 2023 include the results of the Business through March 13, 2023. During the three months ended March 31, 2024, we recognized $1.7 million of other expense primarily due to divestiture-related costs in gain on sale, as compared to $19.0 million during the three months ended April 2, 2023, a decrease of $17.3 million. During the three months ended April 2, 2023, we recognized $36.0 million of divestiture-related costs in selling, general and administrative expenses in discontinued operations.

Liquidity and Capital Resources

We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are from our operations, borrowing capacity available under our senior unsecured revolving credit facility and access to debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, smaller acquisitions, interest payments on our debt and dividends on our common stock. However, we expect to use external sources to satisfy the balance of our debt when due, any larger acquisitions and other long-term liabilities, such as contributions to our postretirement benefit plans. The sale of the Business generated approximately $2.13 billion in cash

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proceeds. We expect to use these proceeds for a combination of funding upcoming debt maturities, opportunistic share repurchases and continued strategic and value creating acquisitions.

At March 31, 2024, we had cash and cash equivalents of $998.1 million, of which $411.1 million was held by our non-U.S. subsidiaries, and we had $1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility. We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed. At March 31, 2024, we had investments in U.S. treasury securities with a carrying amount of $697.3 million whose proceeds upon maturity are intended to be utilized to repay our outstanding 0.850% Senior Unsecured Notes due in September 2024 (“2024 Notes”).

In connection with the sale of the Business, we are entitled to an additional $75.0 million in proceeds as consideration for our ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser. This consideration is expected to be received in installments through the first half of 2025. In addition, we have also recorded a receivable of approximately $161.0 million as of March 31, 2024 for post-closing adjustments related to the sale of the Business that is expected to be received during fiscal year 2024.

On April 27, 2023, our Board of Directors (our “Board”) authorized us to repurchase shares of common stock for an aggregate amount up to $600.0 million under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on April 26, 2025, unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended March 31, 2024, we repurchased 63,170 shares of common stock under the Repurchase Program for an aggregate cost of $6.6 million. As of March 31, 2024, $348.9 million remained available for aggregate repurchases of shares under the Repurchase Program. If we continue to repurchase shares, the Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility.

As of March 31, 2024, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $80.9 million. As of March 31, 2024, we have recorded contingent consideration obligations of $30.5 million, of which $12.1 million was recorded in accrued expenses and other current liabilities, and $18.4 million was recorded in long-term liabilities. The maximum earnout period for acquisitions with open contingency periods is 7.7 years from March 31, 2024, and the remaining weighted average expected earnout period at March 31, 2024 was 4.9 years.

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

Our pension plans have not experienced a material impact on liquidity or counterparty exposure due to the volatility and uncertainty in the credit markets. During the three months ended March 31, 2024, we contributed $1.7 million, in the aggregate, to pension plans outside of the United States, and expect to contribute an additional $5.2 million by the end of fiscal year 2024. We could potentially have to make additional contributions in future periods for all pension plans. We expect to use existing cash and external sources to satisfy future contributions to our pension plans.

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

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

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

•changes in our working capital requirements and capital expenditures.

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

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

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

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

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

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

•volatility in the public debt and equity markets.

Cash Flows

Operating Activities. Net cash provided by operating activities of our continuing operations was $150.1 million for the three months ended March 31, 2024, as compared to $71.7 million for the three months ended April 2, 2023, an increase of $78.5 million, primarily due to less cash used for investments in working capital during the three months ended March 31, 2024 as compared to the three months ended April 2, 2023. The cash provided by operating activities for the three months ended March 31, 2024 was principally a result of income from continuing operations of $28.7 million, adjustments for non-cash charges aggregating to $140.2 million, including depreciation and amortization of $107.8 million, and a net cash decrease in working capital of $18.7 million. The cash provided by operating activities for the three months ended April 2, 2023 was principally a result of income from continuing operations of $24.8 million, and adjustments for non-cash charges aggregating to $142.4 million, including depreciation and amortization of $109.0 million, as well as net cash decrease in working capital of $95.6 million. During the three months ended March 31, 2024, we contributed $1.7 million, in the aggregate, to pension plans outside of the United States.

Investing Activities. Net cash used in investing activities of our continuing operations was $18.2 million for the three months ended March 31, 2024, as compared to $215.1 million for the three months ended April 2, 2023, a decrease of $196.9 million. For the three months ended March 31, 2024, the net cash used for capital expenditures was $17.8 million, as compared to $20.9 million for the three months ended April 2, 2023. During the three months ended April 2, 2023, purchases of investments in U.S. treasury securities amounted to $193.5 million and net cash used for acquisitions was $0.7 million.

Financing Activities. Net cash used in financing activities was $35.0 million for the three months ended March 31, 2024, as compared to $113.2 million for the three months ended April 2, 2023, a decrease in net cash used in financing activities of $78.2 million. During the three months ended March 31, 2024, we made net payments of $10.8 million on debts, as compared to $41.7 million during the three months ended April 2, 2023. The changes in both periods reflect our intentions to pay down debt, which we expect to continue throughout fiscal year 2024. During the three months ended March 31, 2024, we repurchased shares of our common stock for a total cost of $10.8 million, as compared to $61.7 million in the prior year period. We paid $8.7 million for acquisition-related contingent consideration during the three months ended March 31, 2024, as compared to $1.5 million in the prior year period. We paid $8.6 million in dividends for the three months ended March 31, 2024, as compared to $8.8 million for the three months ended April 2, 2023. The cash used in financing activities during the three months ended March 31, 2024 was partially offset by proceeds from the issuance of common stock under our stock plans of $3.9 million during the three months ended March 31, 2024, as compared to $0.5 million for the three months ended April 2, 2023.

Borrowing Arrangements

At March 31, 2024, our 2024 Notes had $711.5 million in outstanding principal and we had investments in U.S. treasury securities with a carrying amount of $697.3 million whose proceeds upon maturity are intended to be utilized to repay the outstanding 2024 Notes. See Note 6, Debt, in the Notes to Condensed Consolidated Financial Statements and Note 13, Debt, to our audited consolidated financial statements in the 2023 Form 10-K for a detailed discussion of our borrowing arrangements.

Dividends

Our Board declared a regular quarterly cash dividend of $0.07 per share for the first quarter of fiscal year 2024 and in each quarter of fiscal year 2023. At March 31, 2024, we had accrued $8.6 million for dividends declared on January 25, 2024 for the first quarter of fiscal year 2024 that will be paid in May 2024. On April 25, 2024, we announced that our Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2024 that will be payable in August 2024. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

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Effects of Recently Adopted and Issued Accounting Pronouncements

See Note 1, Nature of Operations and Accounting Policies, to our audited consolidated financial statements in the 2023 Form 10-K for a summary of recently adopted new accounting pronouncements during the fiscal year ended December 31, 2023.

We have not adopted any new accounting pronouncements during the three months ended March 31, 2024.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

Market Risk. We are exposed to market risk, including changes in interest rates and currency exchange rates. To manage the volatility relating to these exposures, we enter into various derivative transactions pursuant to our policies to hedge against known or forecasted market exposures. We briefly describe several of the market risks we face below. Our market risks are not materially different from the disclosure provided under the heading, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2023 Form 10-K.

Foreign Currency Exchange Risk—Value-at-Risk Disclosure. We continue to measure foreign currency risk using the Value-at-Risk model described in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2023 Form 10-K. The measures for our Value-at-Risk analysis have not changed materially.

Interest Rate Risk. Our debt portfolio is primarily comprised of fixed interest debt; however, there is $1.3 million of variable rate instruments. Our cash and cash equivalents, for which we receive interest at variable rates, were $998.1 million at March 31, 2024. Fluctuations in interest rates can therefore have a direct impact on both our short-term cash flows, as they relate to interest, and our earnings. To manage the volatility relating to these exposures, we periodically enter into various derivative transactions pursuant to our policies to hedge against known or forecasted interest rate exposures. However, no such instruments are outstanding at March 31, 2024.

Interest Rate Risk—Sensitivity. Our 2023 Form 10-K presents sensitivity measures for our interest rate risk. The measures for our sensitivity analysis have not changed materially. More information is available in Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in our 2023 Form 10-K for our sensitivity disclosure.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of our fiscal quarter ended March 31, 2024. The term “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to provide reasonable assurance that information required to be disclosed by the company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of the end of our fiscal quarter ended March 31, 2024, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended March 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.Legal Proceedings

We are subject to various claims, legal proceedings and investigations covering a wide range of matters that arise in the ordinary course of our business activities. Although we have established accruals for potential losses that we believe are probable and reasonably estimable, in the opinion of our management, based on its review of the information available at this time, the total cost of resolving these contingencies at March 31, 2024 should not have a material adverse effect on our condensed consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to us.

Item 1A.Risk Factors

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

Risks Related to our Business Operations and Industry

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

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

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

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

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

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

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

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

•accurately anticipate customer needs,

•innovate and develop new reliable technologies and applications,

•receive regulatory approvals in a timely manner,

•successfully commercialize new technologies in a timely manner,

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

•differentiate our offerings from our competitors’ offerings.

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

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

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

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

•competition among buyers and licensees,

•the high valuations of businesses and technologies,

•the need for regulatory and other approval, and

•our inability to raise capital to fund these acquisitions.

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

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

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

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

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

•demand for and market acceptance of our products,

•competitive pressures resulting in lower selling prices,

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

•changes in general economic conditions or government funding,

•settlements of income tax audits,

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

•contract termination and litigation costs,

•differing tax laws and changes in those laws (including the enactment by countries of the Organization for Economic Cooperation and Development (OECD) Base Erosion and Profit Shifting Pillar Two, which would impose a minimum corporate income tax rate of least 15%), or changes in the countries in which we are subject to taxation,

•changes in our effective tax rate,

•changes in industries, such as pharmaceutical and biomedical,

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

•our ability to introduce new products,

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

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

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

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

•changes in the volume or timing of product orders,

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

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

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

•changes in foreign currency exchange rates.

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

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

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

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

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

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

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

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

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

We rely on several centralized information technology systems throughout our company to develop, manufacture and provide products and services, keep financial records, process orders, manage inventory, process shipments to customers and operate other critical functions. Our and our third-party service providers' information technology systems may be susceptible to damage, disruptions or shutdowns due to power outages, hardware failures, computer viruses, attacks by computer hackers, telecommunication failures, user errors, catastrophes or other unforeseen events. The risk of a security breach or disruption through cyber-attacks has generally increased as the number, intensity and sophistication of attempted attacks from around the world have increased. For example, many companies have experienced an increase in phishing and social engineering attacks from third parties. If we were to experience a prolonged system disruption in the information technology systems that involve our interactions with customers, suppliers or other third parties, it could result in the loss of sales and customers and significant

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incremental costs, which could adversely affect our business. In addition, security breaches of our information technology systems or cybercrime, resulting in inappropriate access to or inadvertent transfer of information or assets, could result in losses or misappropriation of assets, ransom demands by third parties, or unauthorized disclosure of confidential information belonging to us or to our employees, partners, customers or suppliers, which could result in our suffering significant financial or reputational damage.

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

As of March 31, 2024, our total assets included $9.4 billion of net intangible assets. Net intangible assets consist principally of goodwill associated with acquisitions and costs associated with securing patent rights, trademark rights, customer relationships, core technology and technology licenses, net of accumulated amortization. We test goodwill at least annually for potential impairment by comparing the carrying value to the fair value of the reporting unit to which it is assigned. All of our amortizing intangible assets are also evaluated for impairment should events occur that call into question the value of the intangible assets.

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

Risks Related to our Intellectual Property

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

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

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

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

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

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

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Risks Related to Legal, Government and Regulatory Matters

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

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

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

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

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

We are subject to stringent data privacy and information security laws and regulations and changes in such laws or regulations, or our failure to comply with such requirements, could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations.

We are subject to data privacy and information security laws and regulations that apply to the collection, transmission, storage and use of personally identifying information, which among other things, impose certain requirements relating to the privacy, security and transmission of personal information, including comprehensive regulatory systems in the United States, European Union and the United Kingdom. The legislative and regulatory landscape for privacy and data protection continues to evolve in jurisdictions worldwide, and there has been an increasing focus on privacy and data protection issues with the potential to affect our business. Failure to comply with any of these laws or regulations could result in enforcement actions against us, including fines, claims for damages by affected individuals, damage to our reputation and loss of goodwill, any of which could have a material adverse effect on our business, financial condition, results of operations or prospects.

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

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

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

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

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programs, and the loss of various licenses, certificates and authorizations necessary to operate our business, as well as incur liabilities from third-party claims, all of which could have a significant adverse effect on our business.

Risks Related to our Foreign Operations

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

Because we sell our products worldwide, our businesses are subject to risks associated with doing business internationally. Our sales originating outside the United States represented the majority of our total revenue in fiscal year 2023. We anticipate that sales from international operations will continue to represent a substantial portion of our total revenue. In addition, many of our manufacturing facilities, employees and suppliers are located outside the United States. Accordingly, our future results of operations could be harmed by a variety of factors, including:

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

•global health crises of unknown duration,

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

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

•trade protection measures including embargoes, sanctions and tariffs, such as the sanctions and other restrictions implemented by the United States and other governments on the Russian Federation and related parties in connection with the conflict in Ukraine,

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

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

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

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

•differing business practices associated with foreign operations,

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

•difficulty in staffing and managing widespread operations,

•differing labor laws and changes in those laws,

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

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

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

•differing regulatory requirements and changes in those requirements.

Risks Related to our Debt

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

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

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

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

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

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

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

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

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

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

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

•sell assets,

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

•guarantee or secure indebtedness,

•enter into transactions with affiliates, and

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

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

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

Risks Related to Ownership of our Common Stock

Our share price will fluctuate.

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

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

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

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

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

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

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•changes to economic conditions arising from global health crises and pandemics, climate change, or from wars or conflicts.

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

On January 25, 2024, we announced that our Board of Directors (our “Board”) had declared a quarterly dividend of $0.07 per share for the first quarter of fiscal year 2024 that will be paid in May 2024. On April 25, 2024, we announced that our Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2024 that will be payable in August 2024. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

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

Stock Repurchases

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


	Issuer Repurchases of Equity Securities
Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)	Maximum Number (or Approximate Dollar Value) Shares that May Yet Be Purchased Under the Plans or Programs(2)
January 1, 2024—February 4, 2024	304	$	106.41	—	$	355,447,934
February 5, 2024—March 3, 2024	65,709	104.28		26,070	352,747,638
March 3, 2024—March 31, 2024	37,241	103.93		37,100	348,892,122
Activity for quarter ended March 31, 2024	103,254	$	104.16	63,170	$	348,892,122

____________________

(1)Our Board of Directors (our “Board”) has authorized us to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans. During the three months ended March 31, 2024, we repurchased 40,084 shares of common stock for this purpose at an aggregate cost of $4.2 million.

(2)On April 27, 2023, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $600 million under a stock repurchase program (the “Repurchase Program”). During the three months ended March 31, 2024, we repurchased 63,170 shares of common stock under the Repurchase Program for an aggregate cost of $6.6 million. As of March 31, 2024, $348.9 million remained available for aggregate repurchases of shares under the Repurchase Program. The Repurchase Program will expire on April 26, 2025, unless terminated earlier by our Board and may be suspended or discontinued at any time.

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Item 5.Other Information

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2024, Joel S. Goldberg, Daniel R. Tereau and Prahlad Singh, each an officer for purposes of Section 16 of the Securities Exchange Act of 1934, adopted a “Rule 10b5-1 trading arrangement” as the term is defined in Item 408(a) of Regulation S-K.

Rule 10b5-1 Trading Arrangements

Name

Position

Trading Arrangement Adoption Date

Duration of Trading Arrangement

Aggregate Number of Securities to be Sold under the Trading Arrangement

Joel S. Goldberg

Senior Vice President, Administration, General Counsel and Secretary

February 7, 2024

June 7, 2024 -
January 31, 2025

Up to 22,670

Daniel R. Tereau

Senior Vice President, Strategy and Business Development

February 20, 2024

June 20, 2024 -
June 28, 2024

Up to 2,000

Prahlad Singh

President and Chief Executive Officer

February 29, 2024

July 1, 2024 -
February 28, 2025

Up to 18,365

During the three months ended March 31, 2024, none of our directors or officers adopted a “non-Rule 10b5-1 trading arrangement”, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as the terms are defined in Item 408(a) of Regulation S-K.

Subsequent to March 31, 2024, Mr. Singh terminated his above referenced “Rule 10b5-1 trading arrangement” effective April 9, 2024.

Item 6.Exhibits


Exhibit Number						Exhibit Name
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1						Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

____________________________

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

(i) Cover Page, Form 10-Q, Quarterly Report for the quarterly period ended March 31, 2024 (ii) Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and April 2, 2023, (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and April 2, 2023, (iv) Condensed

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Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, (v) Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2024 and April 2, 2023, (vi) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and April 2, 2023, and (vii) Notes to Condensed Consolidated Financial Statements.

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SIGNATURES

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


	REVVITY, INC.

May 7, 2024	By:	/s/ MAXWELL KRAKOWIAK
		Maxwell Krakowiak Senior Vice President and Chief Financial Officer (Principal Financial Officer)


	REVVITY, INC.

May 7, 2024	By:	/s/ ANITA GONZALES
		Anita Gonzales Vice President and Controller (Principal Accounting Officer)

EXHIBIT 31.1

CERTIFICATION

I, Prahlad Singh, certify that:

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

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

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

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

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

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

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

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

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

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

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


Date:	May 7, 2024	/s/ PRAHLAD SINGH, PhD
		Prahlad Singh, PhD President and Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION

I, Maxwell Krakowiak, certify that:

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

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


Date:	May 7, 2024	/s/ MAXWELL KRAKOWIAK
		Maxwell Krakowiak Senior Vice President and Chief Financial Officer

EXHIBIT 32.1

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Revvity, Inc. (the “Company”) for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Prahlad Singh, President and Chief Executive Officer of the Company, and Maxwell Krakowiak, Senior Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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


Dated:	May 7, 2024	/s/ PRAHLAD SINGH, PhD
		Prahlad Singh, PhD President and Chief Executive Officer

Dated:	May 7, 2024	/s/ MAXWELL KRAKOWIAK
		Maxwell Krakowiak Senior Vice President and Chief Financial Officer

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-5075
Entity Registrant Name	REVVITY, 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		123,392,991
Entity Central Index Key	0000031791
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-29
RVTY [Member]
Entity Listings [Line Items]
Trading Symbol	RVTY
Trading Symbol	RVTY
RVTY 21A [Member]
Entity Listings [Line Items]
Trading Symbol	RVTY 26
Trading Symbol	RVTY 26
Common stock, $1 par value per share [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $1 par value per share
Title of 12(b) Security	Common stock, $1 par value per share
1.875% Notes due 2026 [Member]
Entity Listings [Line Items]
Title of 12(b) Security	1.875% Notes due 2026
Title of 12(b) Security	1.875% Notes due 2026
NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Listings [Line Items]
Security Exchange Name	NYSE
Security Exchange Name	NYSE

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Revenue from Contract with Customer, Excluding Assessed Tax	$ 649,920	$ 674,865
Cost of Goods and Services Sold	294,873	293,499
Selling, general and administrative expenses	260,571	248,557
Research and development expenses	50,360	56,690
Operating income from continuing operations	44,116	76,119
Interest And Other Expense Net	9,567	46,679
Income from continuing operations before income taxes	34,549	29,440
Provision for income taxes	5,853	4,595
Income from continuing operations	28,696	24,845
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	(2,683)	544,630
Net income	$ 26,013	$ 569,475
Basic earnings (loss) per share:
Income (loss) from continuing operations (per share)	$ 0.23	$ 0.20
Gain (loss) on discontinued operations and dispositions (per share)	(0.02)	4.31
Net income (per share)	0.21	4.51
Diluted earnings (loss) per share:
Income (loss) from continuing operations (per share)	0.23	0.20
Gain (loss) on discontinued operations and dispositions (per share)	(0.02)	4.31
Net income (per share)	$ 0.21	$ 4.50
Weighted average shares of common stock outstanding:
Basic (in shares)	123,428	126,285
Diluted (in shares)	123,538	126,469
Cash dividends per common share	$ 0.07	$ 0.07
Product [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 565,755	$ 592,280
Cost of Goods and Services Sold	262,523	257,901
Service [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	84,165	82,585
Cost of Goods and Services Sold	$ 32,350	$ 35,598

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Amount [Member]	Common Stock Amount [Member] Net Income [Member]	Common Stock Amount [Member] Other comprehensive loss [Member]	Common Stock Amount [Member] Dividends [Member]	Common Stock Amount [Member] Exercise of employee stock options and related income tax benefits [Member]	Common Stock Amount [Member] Purchases of common stock [Member]	Common Stock Amount [Member] Issuance of common stock for long-term incentive program [Member]	Common Stock Amount [Member] Stock compensation [Member]	Capital In Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Common stock, Shares, Issued and outstanding		126,300,000
Beginning Balance at Jan. 01, 2023	$ 7,382,876	$ 126,300								$ 2,753,055	$ 4,951,018	$ (447,497)
Net income	569,475										569,475
Other comprehensive income (loss)	143,116
Dividends	(8,841)										(8,841)
Exercise of employee stock options and related income tax benefits	523	9								514
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(67,529)	(516)								(67,013)
Issuance of common stock for long-term incentive program	(11,158)	(188)								(10,970)
Stock compensation	3,032	0								3,032	0	0
Ending Balance at Apr. 02, 2023	8,033,810	$ 125,981								2,700,558	5,511,652	(304,381)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	$ 143,116											143,116
Common stock, Shares, Issued and outstanding		125,981,000	0	0	0	9,000	(516,000)	188,000	0
Common stock, Shares, Issued and outstanding	123,426,000	123,426,000
Beginning Balance at Dec. 31, 2023	$ 7,872,739	$ 123,426								2,416,793	5,609,212	(276,692)
Net income	26,013										26,013
Other comprehensive income (loss)	(48,662)
Dividends	(8,645)										(8,645)
Exercise of employee stock options and related income tax benefits	4,111	75								4,036
Cost of Repurchased Common Shares, Repurchase Plan and Amount for Statutory Tax Withholding Obligations	(10,756)	(103)								(10,653)
Issuance of common stock for long-term incentive program	(9,135)	(94)								(9,041)
Stock compensation	2,561	0								2,561	0	0
Ending Balance at Mar. 31, 2024	7,846,496	$ 123,492								$ 2,421,778	$ 5,626,580	(325,354)
Other Comprehensive Income (Loss), after Reclassifications, Net of Tax	$ (48,662)											$ (48,662)
Common stock, Shares, Issued and outstanding	123,492,000	123,492,000	0	0	0	75,000	(103,000)	94,000	0

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Net income	$ 26,013	$ 569,475
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments, net of income taxes, recognized in other comprehensive income	(48,927)	52,008
Foreign currency translation adjustments, net of income taxes, reclassified to earnings	0	(90,814)
Net foreign currency translation adjustments, net of income taxes	(48,927)	142,822
Unrealized gain on securities, net of income taxes	265	294
Other comprehensive (loss) income	(48,662)	143,116
Comprehensive (loss) income	$ (22,649)	$ 712,591

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 998,081	$ 913,163
Marketable Securities, Current	697,327	689,916
Accounts receivable, net	588,974	632,811
Inventories, net	414,029	428,062
Other current assets	360,929	337,139
Total current assets	3,059,340	3,001,091
Property, plant and equipment, net:
Property, plant and equipment, net	503,964	509,654
Operating Lease, Right-of-Use Asset	148,724	155,083
Intangible assets, net	2,919,145	3,022,321
Goodwill	6,503,897	6,533,550
Other assets, net	297,635	342,966
Total assets	13,432,705	13,564,665
Current liabilities:
Current portion of long-term debt	711,443	721,872
Accounts payable	183,532	204,121
Accrued expenses and other current liabilities	479,247	524,470
Total current liabilities	1,374,222	1,450,463
Long-term debt	3,164,994	3,177,770
Deferred taxes and long-term liabilities	919,795	930,946
Operating Lease, Liability, Noncurrent	127,198	132,747
Total liabilities	5,586,209	5,691,926
Commitments and contingencies (see Note 13)
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 123,492,000 shares and 123,426,000 shares at March 31, 2024 and December 31, 2023, respectively	123,492	123,426
Capital in excess of par value	2,421,778	2,416,793
Retained earnings	5,626,580	5,609,212
Accumulated other comprehensive loss	(325,354)	(276,692)
Total stockholders’ equity	7,846,496	7,872,739
Total liabilities and stockholders’ equity	$ 13,432,705	$ 13,564,665

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	123,492,000	123,426,000
Common stock, Shares, Issued and outstanding	123,492,000	123,426,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Operating activities:
Net income	$ 26,013	$ 569,475
Loss (income) from discontinued operations, net of income taxes	2,683	(544,630)
Income from continuing operations	28,696	24,845
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations:
Restructuring and other costs, net	12,356	3,096
Depreciation and amortization	107,802	109,008
Gain (Loss) on Extinguishment of Debt	0	(3,345)
Stock-based compensation	11,692	9,893
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	6,173	(1,360)
Amortization of deferred debt financing costs and accretion of discounts	1,736	1,792
Change in fair value of financial securities	806	(2,768)
Unrealized Foreign Exchange (Gain) Loss Related to Proceed from Sale of Business	(377)	26,095
Changes in operating assets and liabilities which provided (used) cash, excluding effects from companies purchased and divested:
Accounts receivable, net	37,189	34,424
Inventories	7,209	(18,520)
Accounts payable	(18,227)	(4,895)
Increase (Decrease) in Accrued Expenses and Other	(44,909)	(106,591)
Net cash provided by operating activities of continuing operations	150,146	71,674
Net cash used in operating activities of discontinued operations	(2,583)	(8,211)
Net cash provided by operating activities	147,563	63,463
Investing activities:
Capital expenditures	(17,844)	(20,946)
Payments to Acquire Marketable Securities	0	193,454
Payments to Acquire Notes Receivable	(337)	0
Cash paid for acquisitions, net of cash acquired	0	(686)
Net cash used in investing activities of continuing operations	(18,181)	(215,086)
Net cash provided by investing activities of discontinued operations	0	2,079,588
Net cash (used in) provided by investing activities	(18,181)	1,864,502
Financing activities:
Repayments of Senior Debt	0	(49,603)
Net payments on other credit facilities	(10,811)	7,867
Payment for Contingent Consideration Liability, Financing Activities	(8,749)	(1,475)
Proceeds from issuance of common stock under stock plans	3,943	523
Purchases of common stock	(10,756)	(61,656)
Dividends paid	(8,640)	(8,841)
Net cash used in financing activities	(35,013)	(113,185)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(9,277)	(16,969)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalent	85,092	1,797,811
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period	914,373	470,746
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	999,465	2,268,557
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	998,081	2,267,183
Restricted Cash, Current	1,384	1,019
Restricted Cash, Noncurrent	0	355
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	999,465	2,268,557
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Non-cash consideration in sale of business	$ 0	$ 261,317

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting [Text Block]	Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Revvity, 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 31, 2023, filed with the SEC (the “2023 Form 10-K”). The balance sheet amounts at December 31, 2023 in this report were derived from the Company’s audited 2023 consolidated financial statements included in the 2023 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended March 31, 2024 and April 2, 2023, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. In March 2023, the Company completed the previously announced sale of certain assets and the equity interests of certain entities constituting the Company’s Applied, Food and Enterprise Services businesses (the “Business”). The Business is reported for all periods as discontinued operations in the Company’s condensed consolidated financial statements.

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

3 Months Ended

Mar. 31, 2024

Apr. 02, 2023

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 and major goods and service lines.


	Reportable Segments
	Three Months Ended
	March 31, 2024						April 2, 2023
	Life Sciences		Diagnostics		Total		Life Sciences		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	156,328	$	138,026	$	294,354	$	163,854	$	138,174	$	302,028
Europe	69,645		108,917		178,562		80,285		104,612		184,897
Asia	77,064		99,940		177,004		84,302		103,638		187,940
	$	303,037	$	346,883	$	649,920	$	328,441	$	346,424	$	674,865

Major goods/service lines
Life Sciences reagents	$	177,225	$	—	$	177,225	$	189,878	$	—	$	189,878
Life Sciences instruments	80,910		—		80,910		96,174		—		96,174
Life Sciences software	44,902		—		44,902		42,389		—		42,389
Reproductive health	—		123,875		123,875		—		122,121		122,121
Applied genomics	—		47,447		47,447		—		63,410		63,410
Immunodiagnostics	—		175,561		175,561		—		160,893		160,893
	$	303,037	$	346,883	$	649,920	$	328,441	$	346,424	$	674,865

Contract Balances

Revenue from Contract with Customer, Excluding Assessed Tax

$ 649,920

$ 674,865

Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

294,354

302,028

Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

178,562

184,897

Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

177,004

187,940

Life Sciences reagents [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

177,225

189,878

Life Sciences instruments [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

80,910

96,174

Life Sciences software [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

44,902

42,389

Reproductive health [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

123,875

122,121

Applied genomics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

47,447

63,410

Immunodiagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

175,561

160,893

Diagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

346,883

346,424

Diagnostics [Member] | Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

138,026

138,174

Diagnostics [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

108,917

104,612

Diagnostics [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

99,940

103,638

Diagnostics [Member] | Life Sciences reagents [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Diagnostics [Member] | Life Sciences instruments [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Diagnostics [Member] | Life Sciences software [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Diagnostics [Member] | Reproductive health [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

123,875

122,121

Diagnostics [Member] | Applied genomics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

47,447

63,410

Diagnostics [Member] | Immunodiagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

175,561

160,893

Life Sciences [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

303,037

328,441

Life Sciences [Member] | Americas [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

156,328

163,854

Life Sciences [Member] | Europe [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

69,645

80,285

Life Sciences [Member] | Asia [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

77,064

84,302

Life Sciences [Member] | Life Sciences reagents [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

177,225

189,878

Life Sciences [Member] | Life Sciences instruments [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

80,910

96,174

Life Sciences [Member] | Life Sciences software [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

44,902

42,389

Life Sciences [Member] | Reproductive health [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Life Sciences [Member] | Applied genomics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

Life Sciences [Member] | Immunodiagnostics [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 0

Interest and Other Expense (Income), Net

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024		April 2, 2023
	(In thousands)
Interest income	$	(20,086)	$	(5,272)
Interest expense	24,397		22,738


Change in fair value of financial securities	806		(2,768)
Other components of net periodic pension cost	1,917		2,189
Foreign exchange losses and other expense, net	2,533		29,792
Total interest and other expense, net	$	9,567	$	46,679

Inventories, Net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, net

Inventories, net consisted of the following:


	March 31, 2024		December 31, 2023
	(In thousands)
Raw materials	$	194,263	$	197,268
Work in progress	69,377		69,176
Finished goods	150,389		161,618
Total inventories, net	$	414,029	$	428,062

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

The Company’s debt consisted of the following:


	March 31, 2024
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(1,785)	$	(1,785)
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026	539,500		(1,266)		(1,154)		537,080
1.900% Senior Unsecured Notes due in 2028	500,000		(238)		(2,875)		496,887
3.3% Senior Unsecured Notes due in 2029	850,000		(1,662)		(4,601)		843,737
2.55% Senior Unsecured Notes due in March 2031	400,000		(98)		(2,557)		397,345
2.250% Senior Unsecured Notes due in September 2031	500,000		(1,175)		(3,353)		495,472
3.625% Senior Unsecured Notes due in 2051	400,000		(4)		(4,140)		395,856
Other Debt Facilities, non-current	402		—		—		402
Total Long-Term Debt	$	3,189,902	$	(4,443)	$	(20,465)	$	3,164,994
Current Portion of Long-term Debt:
0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”)	711,479		(76)		(842)		710,561
Other Debt Facilities, current	882		—		—		882
Total Current Portion of Long-Term Debt	712,361		(76)		(842)		711,443
Total	$	3,902,263	$	(4,519)	$	(21,307)	$	3,876,437

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended
	March 31, 2024	April 2, 2023
	(In thousands)
Number of common shares—basic	123,428	126,285
Effect of dilutive securities:
Stock options	58	151
Restricted stock awards	52	33
Number of common shares—diluted	123,538	126,469
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	1,032	753

Industry Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Industry Segment Information

Segment Information

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

•Life Sciences. Provides products and services targeted towards life sciences customers.

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Revenues
Life Sciences	$	303,037	$	328,441
Diagnostics	347,092		346,630
Revenue purchase accounting adjustments	(209)		(206)
Total revenues	$	649,920	$	674,865

Segment Operating Income
Life Sciences	$	101,725	$	129,459
Diagnostics	75,430		74,432
Corporate	(11,361)		(14,697)
Subtotal reportable segments adjusted operating income	165,794		189,194
Amortization of intangible assets	(91,238)		(91,811)
Purchase accounting adjustments	(6,622)		914
Acquisition, divestiture and rebranding costs	(11,462)		(17,951)


Significant environmental matters	—		(1,132)
Restructuring and other, net	(12,356)		(3,095)
Operating income from continuing operations	44,116		76,119
Interest and other expense, net (see Note 4)	9,567		46,679
Income from continuing operations before income taxes	$	34,549	$	29,440

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive (Loss) Income:

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


	March 31, 2024		December 31, 2023
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(324,605)	$	(275,678)
Unrecognized prior service costs, net of income taxes	(798)		(798)

Unrealized net gains (losses) on marketable securities, net of income taxes	49		(216)
Accumulated other comprehensive loss	$	(325,354)	$	(276,692)

Stock Repurchases:

Dividends:

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

The changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows:


	Life Sciences		Diagnostics		Consolidated
	(In thousands)
Balance at December 31, 2023	$	4,587,938	$	1,945,612	$	6,533,550
Foreign currency translation	(20,823)		(8,830)		(29,653)


Balance at March 31, 2024	$	4,567,115	$	1,936,782	$	6,503,897

Identifiable intangible asset balances by category were as follows:


	March 31, 2024		December 31, 2023
	(In thousands)
Patents	$	27,808	$	27,811
Less: Accumulated amortization	(26,159)		(26,072)
Net patents	1,649		1,739
Trade names and trademarks	144,206		145,542
Less: Accumulated amortization	(78,131)		(73,781)
Net trade names and trademarks	66,075		71,761
Licenses	26,908		27,018
Less: Accumulated amortization	(16,755)		(16,551)
Net licenses	10,153		10,467
Core technology	1,574,307		1,582,458
Less: Accumulated amortization	(639,010)		(607,814)
Net core technology	935,297		974,644
Customer relationships	2,825,635		2,842,531
Less: Accumulated amortization	(919,664)		(878,821)
Net customer relationships	1,905,971		1,963,710

Total	$	2,919,145	$	3,022,321

Derivatives And Hedging Activities	3 Months Ended
Derivatives And Hedging Activities	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company uses derivative instruments as part of its risk management strategy only, and includes derivatives utilized as economic hedges that are not designated as hedging instruments. By nature, all financial instruments involve market and credit risks. The Company enters into derivative instruments with major investment grade financial institutions and has policies to monitor the credit risk of those counterparties. The Company does not enter into derivative contracts for trading or other speculative purposes, nor does the Company use leveraged financial instruments. Approximately 60% of the Company’s business is conducted outside of the United States, generally in foreign currencies. As a result, fluctuations in foreign currency exchange rates can increase the costs of financing, investing and operating the business. In the ordinary course of business, the Company enters into foreign exchange contracts for periods consistent with its committed exposures to mitigate the effect of foreign currency movements on transactions denominated in foreign currencies. The intent of these economic hedges is to offset gains and losses that occur on the underlying exposures from these currencies, with gains and losses resulting from the forward currency contracts that hedge these exposures. Transactions covered by hedge contracts include intercompany and third-party receivables and payables. The contracts are primarily in European and Asian currencies, have maturities that do not exceed 12 months, have no cash requirements until maturity, and are recorded at fair value on the Company’s condensed consolidated balance sheets. The unrealized gains and losses on the Company’s foreign currency contracts are recognized immediately in interest and other expense, net. The cash flows related to the settlement of these hedges are included in cash flows from operating activities within the Company’s condensed consolidated statement of cash flows. Principal hedged currencies include the Chinese Renminbi, British Pound, Euro and Singapore Dollar. The Company held forward foreign exchange contracts, designated as economic hedges, with U.S. dollar equivalent notional amounts totaling $426.6 million, $412.1 million and $291.4 million at March 31, 2024, December 31, 2023 and April 2, 2023, 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 March 31, 2024 and April 2, 2023. During fiscal year 2018, the Company designated a portion of the 2026 Notes to hedge its net investments in certain foreign subsidiaries. Unrealized translation adjustments from a portion of the 2026 Notes were included in the foreign currency translation component of accumulated other comprehensive income (“AOCI”), which offsets translation adjustments on the underlying net assets of foreign subsidiaries. The cumulative translation gains or losses will remain in AOCI until the foreign subsidiaries are liquidated or sold. As of March 31, 2024, the total notional amount of the 2026 Notes that was designated to hedge net investments in foreign subsidiaries was €498.6 million. The unrealized foreign exchange (gains) losses recorded in AOCI related to the net investment hedge were $(13.9) million and $9.3 million for the three months ended March 31, 2024 and April 2, 2023, respectively. The Company does not expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive loss into interest and other expense, net within the next twelve months.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements


			Fair Value Measurements at March 31, 2024 Using:
	Total Carrying Value at March 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	13,655	$	13,655	$	—	$	—
Foreign exchange derivative assets	279		—		279		—
Foreign exchange derivative liabilities	(1,894)		—		(1,894)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(30,516)		—		—		(30,516)


			Fair Value Measurements at December 31, 2023 Using:
	Total Carrying Value at December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	13,913	$	13,913	$	—	$	—
Foreign exchange derivative assets	1,697		—		1,697		—
Foreign exchange derivative liabilities	(1,763)		—		(1,763)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(40,005)		—		—		(40,005)

Marketable securities - available for sale: Includes equity and mutual fund investments measured at fair value using the quoted market prices in active markets at the reporting date.

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Balance at beginning of period	$	14,890	$	—
Amount recognized upon the sale of the Business	—		15,930
Change in fair value	—		—
Balance at end of period	$	14,890	$	15,930

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Balance at beginning of period	$	(40,005)	$	(46,618)

Amounts paid and foreign currency translation	15,662		1,424

Change in fair value (included within selling, general and administrative expenses)	(6,173)		1,360
Balance at end of period	$	(30,516)	$	(43,834)

Financial Instruments Not Recorded at Fair Value

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
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 $14.4 million and $14.1 million as of March 31, 2024 and December 31, 2023, respectively, which represents its management’s estimate of the cost of the remediation of known environmental matters and does not include any potential liability for related personal injury or property damage claims. These amounts were included in accrued expenses and other current liabilities. The Company’s environmental accrual is not discounted and does not reflect the recovery of any material amounts through insurance or indemnification arrangements. The cost estimates are subject to a number of variables, including the stage of the environmental investigations, the magnitude of the possible contamination, the nature of the potential remedies, possible joint and several liability, the time period over which remediation may occur, and the possible effects of changing laws and regulations. For sites where the Company has been named a PRP, management does not currently anticipate any additional liability to result from the inability of other significant named parties to contribute. The Company expects that the majority of such accrued amounts could be paid out over a period of up to ten years. As assessment and remediation activities progress at each individual site, these liabilities are reviewed and adjusted to reflect additional information as it becomes available. There have been no environmental problems to date that have had, or are expected to have, a material adverse effect on the Company’s condensed consolidated financial statements. While it is possible that a loss exceeding the amounts recorded in the condensed consolidated financial statements may be incurred, the potential exposure is not expected to be materially different from those amounts recorded. The Company is subject to various claims, legal proceedings, regulatory matters, and investigations covering a wide range of matters that arise in the ordinary course of its business activities. Although the Company has established accruals for potential losses that it believes are probable and reasonably estimable, in the opinion of the Company’s management, based on its review of the information available at this time, the total cost of resolving these contingencies at March 31, 2024 would not have a material adverse effect on the Company’s consolidated financial statements. However, each of these matters is subject to uncertainties, and it is possible that some of these matters may be resolved unfavorably to the Company.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Apr. 02, 2023
Pay vs Performance Disclosure
Net income	$ 26,013	$ 569,475

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Joel S. Goldberg [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 7, 2024
Arrangement Duration	238 days
Aggregate Available	22,670
Daniel R. Tereau [Member]
Trading Arrangements, by Individual
Name	Daniel R. Tereau
Title	Senior Vice President, Strategy and Business Development
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024
Arrangement Duration	8 days
Aggregate Available	2,000
Prahlad Singh [Member]
Trading Arrangements, by Individual
Name	Prahlad Singh
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 29, 2024
Arrangement Duration	242 days
Aggregate Available	18,365

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

In the following tables, revenue is disaggregated by primary geographical markets and major goods and service lines.


	Reportable Segments
	Three Months Ended
	March 31, 2024						April 2, 2023
	Life Sciences		Diagnostics		Total		Life Sciences		Diagnostics		Total
	(In thousands)
Primary geographical markets
Americas	$	156,328	$	138,026	$	294,354	$	163,854	$	138,174	$	302,028
Europe	69,645		108,917		178,562		80,285		104,612		184,897
Asia	77,064		99,940		177,004		84,302		103,638		187,940
	$	303,037	$	346,883	$	649,920	$	328,441	$	346,424	$	674,865

Major goods/service lines
Life Sciences reagents	$	177,225	$	—	$	177,225	$	189,878	$	—	$	189,878
Life Sciences instruments	80,910		—		80,910		96,174		—		96,174
Life Sciences software	44,902		—		44,902		42,389		—		42,389
Reproductive health	—		123,875		123,875		—		122,121		122,121
Applied genomics	—		47,447		47,447		—		63,410		63,410
Immunodiagnostics	—		175,561		175,561		—		160,893		160,893
	$	303,037	$	346,883	$	649,920	$	328,441	$	346,424	$	674,865

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Revenue	$	—	$	175,423
Cost of revenue	—		124,647
Selling, general and administrative expenses	—		74,794
Research and development expenses	—		10,434
Operating loss	—		(34,452)
Other (expense) income:
(Loss) gain on sale	(1,710)		866,919
Other income, net	—		913
Total other (expense) income	(1,710)		867,832
(Loss) income from discontinued operations before income taxes	(1,710)		833,380
Provision for income tax	973		288,750
(Loss) income from discontinued operations	$	(2,683)	$	544,630

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

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Interest and Other Expense (Income), Net

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Interest income	$	(20,086)	$	(5,272)
Interest expense	24,397		22,738


Change in fair value of financial securities	806		(2,768)
Other components of net periodic pension cost	1,917		2,189
Foreign exchange losses and other expense, net	2,533		29,792
Total interest and other expense, net	$	9,567	$	46,679

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Net Inventories

Inventories, net consisted of the following:


	March 31, 2024		December 31, 2023
	(In thousands)
Raw materials	$	194,263	$	197,268
Work in progress	69,377		69,176
Finished goods	150,389		161,618
Total inventories, net	$	414,029	$	428,062

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt consisted of the following:


	March 31, 2024
	Outstanding Principal		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Net Carrying Amount
	(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility	$	—	$	—	$	(1,785)	$	(1,785)
€500,000 Principal 1.875% Senior Unsecured Notes due in 2026	539,500		(1,266)		(1,154)		537,080
1.900% Senior Unsecured Notes due in 2028	500,000		(238)		(2,875)		496,887
3.3% Senior Unsecured Notes due in 2029	850,000		(1,662)		(4,601)		843,737
2.55% Senior Unsecured Notes due in March 2031	400,000		(98)		(2,557)		397,345
2.250% Senior Unsecured Notes due in September 2031	500,000		(1,175)		(3,353)		495,472
3.625% Senior Unsecured Notes due in 2051	400,000		(4)		(4,140)		395,856
Other Debt Facilities, non-current	402		—		—		402
Total Long-Term Debt	$	3,189,902	$	(4,443)	$	(20,465)	$	3,164,994
Current Portion of Long-term Debt:
0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”)	711,479		(76)		(842)		710,561
Other Debt Facilities, current	882		—		—		882
Total Current Portion of Long-Term Debt	712,361		(76)		(842)		711,443
Total	$	3,902,263	$	(4,519)	$	(21,307)	$	3,876,437

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024	April 2, 2023
	(In thousands)
Number of common shares—basic	123,428	126,285
Effect of dilutive securities:
Stock options	58	151
Restricted stock awards	52	33
Number of common shares—diluted	123,538	126,469
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	1,032	753

Industry Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

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

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Revenues
Life Sciences	$	303,037	$	328,441
Diagnostics	347,092		346,630
Revenue purchase accounting adjustments	(209)		(206)
Total revenues	$	649,920	$	674,865

Segment Operating Income
Life Sciences	$	101,725	$	129,459
Diagnostics	75,430		74,432
Corporate	(11,361)		(14,697)
Subtotal reportable segments adjusted operating income	165,794		189,194
Amortization of intangible assets	(91,238)		(91,811)
Purchase accounting adjustments	(6,622)		914
Acquisition, divestiture and rebranding costs	(11,462)		(17,951)


Significant environmental matters	—		(1,132)
Restructuring and other, net	(12,356)		(3,095)
Operating income from continuing operations	44,116		76,119
Interest and other expense, net (see Note 4)	9,567		46,679
Income from continuing operations before income taxes	$	34,549	$	29,440

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Components of Accumulated Other Comprehensive Loss

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


	March 31, 2024		December 31, 2023
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(324,605)	$	(275,678)
Unrecognized prior service costs, net of income taxes	(798)		(798)

Unrealized net gains (losses) on marketable securities, net of income taxes	49		(216)
Accumulated other comprehensive loss	$	(325,354)	$	(276,692)

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 were as follows:


	Life Sciences		Diagnostics		Consolidated
	(In thousands)
Balance at December 31, 2023	$	4,587,938	$	1,945,612	$	6,533,550
Foreign currency translation	(20,823)		(8,830)		(29,653)


Balance at March 31, 2024	$	4,567,115	$	1,936,782	$	6,503,897

Identifiable Intangible Asset Balances

Identifiable intangible asset balances by category were as follows:


	March 31, 2024		December 31, 2023
	(In thousands)
Patents	$	27,808	$	27,811
Less: Accumulated amortization	(26,159)		(26,072)
Net patents	1,649		1,739
Trade names and trademarks	144,206		145,542
Less: Accumulated amortization	(78,131)		(73,781)
Net trade names and trademarks	66,075		71,761
Licenses	26,908		27,018
Less: Accumulated amortization	(16,755)		(16,551)
Net licenses	10,153		10,467
Core technology	1,574,307		1,582,458
Less: Accumulated amortization	(639,010)		(607,814)
Net core technology	935,297		974,644
Customer relationships	2,825,635		2,842,531
Less: Accumulated amortization	(919,664)		(878,821)
Net customer relationships	1,905,971		1,963,710

Total	$	2,919,145	$	3,022,321

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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


			Fair Value Measurements at March 31, 2024 Using:
	Total Carrying Value at March 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	13,655	$	13,655	$	—	$	—
Foreign exchange derivative assets	279		—		279		—
Foreign exchange derivative liabilities	(1,894)		—		(1,894)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(30,516)		—		—		(30,516)


			Fair Value Measurements at December 31, 2023 Using:
	Total Carrying Value at December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Marketable securities - available for sale	$	13,913	$	13,913	$	—	$	—
Foreign exchange derivative assets	1,697		—		1,697		—
Foreign exchange derivative liabilities	(1,763)		—		(1,763)		—
Contingent consideration asset	14,890		—		—		14,890
Contingent consideration liabilities	(40,005)		—		—		(40,005)

Reconciliation of Beginning and Ending Level 3 Net Assets


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Balance at beginning of period	$	14,890	$	—
Amount recognized upon the sale of the Business	—		15,930
Change in fair value	—		—
Balance at end of period	$	14,890	$	15,930

Disposition of Businesses and Assets, Net (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

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


	Three Months Ended
	March 31, 2024		April 2, 2023
	(In thousands)
Revenue	$	—	$	175,423
Cost of revenue	—		124,647
Selling, general and administrative expenses	—		74,794
Research and development expenses	—		10,434
Operating loss	—		(34,452)
Other (expense) income:
(Loss) gain on sale	(1,710)		866,919
Other income, net	—		913
Total other (expense) income	(1,710)		867,832
(Loss) income from discontinued operations before income taxes	(1,710)		833,380
Provision for income tax	973		288,750
(Loss) income from discontinued operations	$	(2,683)	$	544,630

Basis of Presentation (Basis of Presentation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Basis of Presentation [Line Items]
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ (9,277)	$ (16,969)
Operating Lease, Right-of-Use Asset	$ 148,724		$ 155,083

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 649,920	$ 674,865
Contract with Customer, Liability, Current	(22,680)		$ (22,504)
Contract with Customer, Asset, Net, Current	54,577		52,648
Contract with Customer, Asset and Liability [Abstract]
Contract with Customer, Asset, Net, Current	54,577		52,648
Contract with Customer, Liability, Current	(22,680)		$ (22,504)
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	294,354	302,028
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	178,562	184,897
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	177,004	187,940
Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	346,883	346,424
Diagnostics [Member] \| Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	138,026	138,174
Diagnostics [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	108,917	104,612
Diagnostics [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	99,940	103,638
Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	303,037	328,441
Life Sciences [Member] \| Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	156,328	163,854
Life Sciences [Member] \| Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	69,645	80,285
Life Sciences [Member] \| Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	77,064	84,302
Life Sciences reagents [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	177,225	189,878
Life Sciences reagents [Member] \| Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Life Sciences reagents [Member] \| Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	177,225	189,878
Life Sciences instruments [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	80,910	96,174
Life Sciences instruments [Member] \| Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Life Sciences instruments [Member] \| Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	80,910	96,174
Life Sciences software [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	44,902	42,389
Life Sciences software [Member] \| Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Life Sciences software [Member] \| Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	44,902	42,389
Reproductive health [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	123,875	122,121
Reproductive health [Member] \| Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	123,875	122,121
Reproductive health [Member] \| Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Applied genomics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	47,447	63,410
Applied genomics [Member] \| Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	47,447	63,410
Applied genomics [Member] \| Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0	0
Immunodiagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	175,561	160,893
Immunodiagnostics [Member] \| Diagnostics [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	175,561	160,893
Immunodiagnostics [Member] \| Life Sciences [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0	$ 0

Business Combinations (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023	Jan. 01, 2023
Business Acquisition [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 30,516	$ 43,834	$ 40,005	$ 46,618
Goodwill	6,503,897		6,533,550
Interest Expense	24,397	$ 22,738
Diagnostics [Member]
Business Acquisition [Line Items]
Goodwill	$ 1,936,782		$ 1,945,612

Business Combinations (Fair Values of the Business Combinations and Allocations for the Acquisitions Completed) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 6,503,897	$ 6,533,550

Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Mar. 13, 2023	Aug. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (2,683)	$ 544,630
Analytical, Food and Enterprise Services businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Consideration				$ 2,450,000
Disposal Group, Including Discontinued Operation, Revenue	0	175,423
(Loss) Gain on Sale, before Income Tax	(1,710)	866,919
Discontinued Operation, Tax Effect of Discontinued Operation	973	288,750
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	(2,683)	544,630
Disposal Group, Including Discontinued Operation, Costs of Goods Sold	0	124,647
Disposal Group, Including Discontinued Operation, General and Administrative Expense	0	74,794
Disposal Group, Including Discontinued Operations, Research and development expenses	0	10,434
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	0	(34,452)
Disposal Group, Including Discontinued Operation, Total other (expense) income	(1,710)	867,832
Discontinued Operation, Income from Discontinued Operation, before Income Tax	(1,710)	833,380
Disposal Group, Consideration, Receivable at Closing, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks			$ 75,000
Disposal Group, Consideration, Receivable at Closing, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks, Recognized at Closing			65,200
Disposal Group, Consideration, Contingent on Exit Valuation			150,000
Disposal Group, Including Discontinued Operation, Other income, net	0	$ 913
Disposal Group, including Discontinued Operations, Receivable at Closing, Working Capital Adjustments	$ 161,000
Disposal Group, including Discontinued Operations, Fair Value of Consideration, Contingent on Exit Valuation			15,900
Disposal Group, Consideration, Cash Proceeds at Closing			$ 2,130,000

Interest and Other Expense (Income), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Other Income and Expenses [Abstract]
Interest income	$ (20,086)	$ (5,272)
Interest expense	24,397	22,738
Gain (Loss) on Extinguishment of Debt	0	3,345
Change in fair value of financial securities	806	(2,768)
Other components of net periodic pension (credit) cost	1,917	2,189
Foreign exchange losses and other expense (income), net	2,533	29,792
Total interest and other expense, net	$ 9,567	$ 46,679

Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 194,263	$ 197,268
Work in progress	69,377	69,176
Finished goods	150,389	161,618
Total inventories, net	$ 414,029	$ 428,062

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Apr. 02, 2023
Income Tax Contingency [Line Items]
Provision for income taxes	$ 5,853	$ 4,595

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument, Unamortized Discount	$ (4,519)
Unamortized Debt Issuance Expense	(21,307)
Current Portion of Long-Term Debt, Gross	712,361
Debt, Long-term and Short-term, Combined Amount	3,902,263
Long-term Debt, Gross	3,189,902
Current portion of long-term debt	711,443	$ 721,872
Quoted Prices In Active Markets (Level 1) [Member]
Carrying value of Investments in US Treasury Securities measured at amortized cost (held-to-maturity)	697,300	$ 689,900
Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(3,164,994)
Debt, Long-term and Short-term, Combined Amount	3,876,437
2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Debt Instrument, Unamortized Discount	(98)
Unamortized Debt Issuance Expense	(2,557)
Long-term Debt, Gross	400,000
2.55 Percent Senior Unsecured Notes due in 2031 [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(397,345)
3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Debt Instrument, Unamortized Discount	(4)
Unamortized Debt Issuance Expense	(4,140)
Long-term Debt, Gross	400,000
3.625 Percent Senior Unsecured Notes due in 2051 [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(395,856)
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member]
Debt Instrument, Unamortized Discount	(1,662)
Unamortized Debt Issuance Expense	(4,601)
Long-term Debt, Gross	850,000
3.3 Percent Ten Year Senior Unsecured Notes due in Sept 2029 [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(843,737)
1.875 Percent Ten Year Senior Unsecured Notes [Member]
Debt Instrument, Unamortized Discount	(1,266)
Unamortized Debt Issuance Expense	(1,154)
Long-term Debt, Gross	539,500
1.875 Percent Ten Year Senior Unsecured Notes [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(537,080)
Other Debt Facilities - Current [Member]
Debt Instrument, Unamortized Discount	0
Other Long-term Debt, Current	882
Unamortized Debt Issuance Expense	0
Other Debt Facilities - Current [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Other Long-term Debt, Current	882
Other Debt Facilities - Non-current [Member]
Debt Instrument, Unamortized Discount	0
Other Long-term Debt, Noncurrent	402
Unamortized Debt Issuance Expense	0
Other Debt Facilities - Non-current [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Other Long-term Debt, Noncurrent	402
Line of Credit, Maturing August 24, 2026 [Member]
Debt Instrument, Unamortized Discount	0
Long-term Debt	(1,785)
Unamortized Debt Issuance Expense	(1,785)
Revolving credit facility outstanding balance	0
0.850% Senior Unsecured Notes due 2024 [Member]
Debt Instrument, Unamortized Discount	(76)
Unamortized Debt Issuance Expense	(842)
Current Portion of Long-Term Debt, Gross	711,479
0.850% Senior Unsecured Notes due 2024 [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Current portion of long-term debt	710,561
1.900% Senior Unsecured Notes due 2028 [Member]
Debt Instrument, Unamortized Discount	(238)
Unamortized Debt Issuance Expense	(2,875)
Long-term Debt, Gross	500,000
1.900% Senior Unsecured Notes due 2028 [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(496,887)
2.250% Senior Unsecured Notes due in 2031 [Member]
Debt Instrument, Unamortized Discount	(1,175)
Unamortized Debt Issuance Expense	(3,353)
Long-term Debt, Gross	500,000
2.250% Senior Unsecured Notes due in 2031 [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Long-term Debt	(495,472)
Long-term Debt [Member]
Debt Instrument, Unamortized Discount	(4,443)
Unamortized Debt Issuance Expense	(20,465)
Long-term Debt - Current Portion [Member]
Debt Instrument, Unamortized Discount	(76)
Unamortized Debt Issuance Expense	$ (842)

Earnings Per Share (Schedule of Reconciliation of Number of Shares Utilized in Earnings Per Share Calculations) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Earnings Per Share [Abstract]
Number of common shares-basic	123,428	126,285
Effect of dilutive securities, Stock options	58	151
Effect of dilutive securities, Restricted stock	52	33
Number of common shares-diluted	123,538	126,469
Number of potentially dilutive securities excluded from calculation due to antidilutive impact	1,032	753

Industry Segment Information Industry Segment Information Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segments
Segment Reporting Information [Line Items]
Number of Operating Segment	2

Industry Segment Information (Schedule of Sales and Operating Income by Operating Segment, Excluding Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 649,920	$ 674,865
Operating income (loss) from continuing operations	44,116	76,119
Interest and other expense, net	9,567	46,679
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	34,549	29,440
Total amortization expense related to finite-lived intangible assets	91,200	91,800
Product [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	565,755	592,280
Service [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	84,165	82,585
Corporate [Member]
Segment Reporting Information [Line Items]
Reportable segment operating income (loss)	(11,361)	(14,697)
Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	346,883	346,424
Reportable segment operating income (loss)	75,430	74,432
Life Sciences [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	303,037	328,441
Reportable segment operating income (loss)	101,725	129,459
Reportable Segment Revenue [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	649,920	674,865
Reportable Segment Revenue [Member] \| Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	347,092	346,630
Reportable Segment Revenue [Member] \| Life Sciences [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	303,037	328,441
Segment Operating Income [Member]
Segment Reporting Information [Line Items]
Reportable segment operating income (loss)	165,794	189,194
Total amortization expense related to finite-lived intangible assets	(91,238)	(91,811)
Purchase accounting adjustments	(6,622)	(914)
Business Combination, Acquisition Related Costs	(11,462)	(17,951)
Significant environmental matters	0	(1,132)
Restructuring and contract termination charges, net	(12,356)	(3,095)
Revenue Purchase Accounting Adjustments [Member] \| Reportable Segment Revenue [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ (209)	$ (206)

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Oct. 01, 2023	Jul. 02, 2023	Apr. 02, 2023	Apr. 27, 2023
Schedule of Shareholders' Equity [Line Items]
Repurchased Common Shares For Activity Pursuant to Equity Incentive Plans		40,084
Aggregate Cost of Repurchased Common Shares for Activity Pursuant to Equity Incentive Plans		$ 4.2
Cash dividends (per share)		$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07
Dividends Payable, Amount		$ 8.6
Dividends Payable, Date Declared		Jan. 25, 2024
Repurchase Program, 04/27/2023 [Member]
Schedule of Shareholders' Equity [Line Items]
Stock Repurchase Program, Authorized Amount							$ 600.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 348.9
Number of common stock repurchased in open market		63,170
Aggregate Cost of Repurchased Common Shares Under Repurchase Program		$ 6.6
Subsequent Event [Member]
Schedule of Shareholders' Equity [Line Items]
Cash dividends (per share)	$ 0.07
Dividends Payable, Date Declared	Apr. 25, 2024

Stockholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Foreign currency translation adjustments, net of income taxes	$ (324,605)	$ (275,678)
Unrecognized losses and prior service costs, net of income taxes	(798)	(798)
Unrealized net losses on securities, net of income taxes	49	(216)
Accumulated other comprehensive loss	$ (325,354)	$ (276,692)

Stock Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Stock Plans (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Apr. 02, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock under stock plans	$ 3,943	$ 523

Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Net [Line Items]
Goodwill		$ 6,503,897		$ 6,533,550
Total amortization expense related to finite-lived intangible assets		91,200	$ 91,800
Future Amortization Expense, Remainder of Fiscal Year		269,000
Future Amortization Expense, Year One		333,400
Future Amortization Expense, Year Two		327,200
Future Amortization Expense, Year Three		300,200
Future Amortization Expense, Year Four		274,600
Finite-Lived Intangible Assets, Net		2,919,145		3,022,321
Intangible assets, net		2,919,145		3,022,321
Impairment Testing Date	January 1, 2024
Patents [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		27,808		27,811
Less: Accumulated amortization		26,159		26,072
Finite-Lived Intangible Assets, Net		1,649		1,739
Trade Names And Trademarks [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		144,206		145,542
Less: Accumulated amortization		78,131		73,781
Finite-Lived Intangible Assets, Net		66,075		71,761
Licensing Agreements [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		26,908		27,018
Less: Accumulated amortization		16,755		16,551
Finite-Lived Intangible Assets, Net		10,153		10,467
Core Technology [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		1,574,307		1,582,458
Less: Accumulated amortization		639,010		607,814
Finite-Lived Intangible Assets, Net		935,297		974,644
Customer Relationships [Member]
Goodwill and Intangible Assets Net [Line Items]
Gross amortizable intangible assets		2,825,635		2,842,531
Less: Accumulated amortization		919,664		878,821
Finite-Lived Intangible Assets, Net		$ 1,905,971		$ 1,963,710

Goodwill and Intangible Assets, Net (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Changes in the carrying amount of goodwill
Balance at beginning of period	$ 6,533,550
Foreign currency translation	(29,653)
Balance at end of period	6,503,897
Diagnostics [Member]
Changes in the carrying amount of goodwill
Balance at beginning of period	1,945,612
Foreign currency translation	(8,830)
Balance at end of period	1,936,782
Life Sciences [Member]
Changes in the carrying amount of goodwill
Balance at beginning of period	4,587,938
Foreign currency translation	(20,823)
Balance at end of period	$ 4,567,115

Goodwill and Intangible Assets, Net (Identifiable Intangible Asset Balances) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Net amortizable intangible assets	$ 2,919,145	$ 3,022,321
Intangible assets, net	2,919,145	3,022,321
Patents [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	27,808	27,811
Less: Accumulated amortization	(26,159)	(26,072)
Net amortizable intangible assets	1,649	1,739
Trade Names And Trademarks [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	144,206	145,542
Less: Accumulated amortization	(78,131)	(73,781)
Net amortizable intangible assets	66,075	71,761
Licensing Agreements [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	26,908	27,018
Less: Accumulated amortization	(16,755)	(16,551)
Net amortizable intangible assets	10,153	10,467
Core Technology [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	1,574,307	1,582,458
Less: Accumulated amortization	(639,010)	(607,814)
Net amortizable intangible assets	935,297	974,644
Customer Relationships [Member]
Finite and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross amortizable intangible assets	2,825,635	2,842,531
Less: Accumulated amortization	(919,664)	(878,821)
Net amortizable intangible assets	$ 1,905,971	$ 1,963,710

Derivatives And Hedging Activities (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Apr. 02, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Company's business conducted outside United States	60.00%	60.00%
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 0.0
European And Asian Currencies [Member]
Derivative [Line Items]
Maximum maturity period for foreign exchange contracts, in months	12 months	12 months
Duration Of Foreign Currency Derivatives	30 days	30 days
Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 426.6		$ 291.4	$ 412.1
Net Investment Hedging [Member] \| 1.875 Percent Ten Year Senior Unsecured Notes [Member]
Derivative [Line Items]
Notional Amount of Nonderivative Instruments \| €		€ 498.6
Unrealized Gain (Loss) on Net Investment Hedge in AOCI	$ 13.9		$ (9.3)

Fair Value Measurements (Narrative) (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Apr. 02, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Mar. 13, 2023 USD ($)	Jan. 01, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 30,516	$ 43,834		$ 40,005			$ 46,618
Unamortized Debt Issuance Expense	21,307
Debt Instrument, Unamortized Discount	(4,519)
Payment for Contingent Consideration Liability, Financing Activities	8,749	$ 1,475
Analytical, Food and Enterprise Services businesses [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Disposal Group, Consideration, Contingent on Exit Valuation						$ 150,000
2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	2,557
Debt Instrument, Unamortized Discount	(98)
3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	4,140
Debt Instrument, Unamortized Discount	(4)
1.875 Percent Ten Year Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized Debt Issuance Expense	1,154
Debt Instrument, Unamortized Discount	(1,266)
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	4,601
Debt Instrument, Unamortized Discount	(1,662)
Quoted Prices In Active Markets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of Investments in US Treasury Securities measured at amortized cost (held-to-maturity)	697,300			689,900
Quoted Prices In Active Markets (Level 1) [Member] \| Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	0			0
Fair value of Investments in US Treasury Securities measured at amortized cost (held-to-maturity), classified as current	696,300			688,700
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	3,164,994
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	0			0
Significant Other Observable Inputs (Level 2) [Member] \| 2.55 Percent Senior Unsecured Notes due in 2031 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	397,345
Significant Other Observable Inputs (Level 2) [Member] \| 3.625 Percent Senior Unsecured Notes due in 2051 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	395,856
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	537,080
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	843,737
Significant Other Observable Inputs (Level 2) [Member] \| Senior Unsecured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	3,876,900			3,889,300
Unsecured senior notes, fair value	3,450,800			3,474,500
Significant Other Observable Inputs (Level 2) [Member] \| Other Debt Facilities, including the senior revolving credit facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Long-term Debt \| €			€ 1.3		€ 10.3
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 30,516			$ 40,005

Fair Value Measurements (Assets and Liabilities Carried at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Apr. 02, 2023	Jan. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 14,890	$ 14,890	$ 15,930	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	30,516	40,005	43,834	$ 46,618
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	13,655	13,913
Foreign exchange derivative assets, net	(279)	(1,697)
Foreign exchange derivative liabilities, net	(1,894)	(1,763)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	14,890		14,890
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	30,516	40,005
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	13,655	13,913
Foreign exchange derivative assets, net	0	0
Foreign exchange derivative liabilities, net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	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	(279)	(1,697)
Foreign exchange derivative liabilities, net	(1,894)	(1,763)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	0		0
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, Asset Value	14,890		$ 14,890
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 30,516	$ 40,005

Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Fair Value Disclosures [Abstract]
Balance Beginning of period	$ (14,890)	$ 0
Amount recognized upon the sale of the Business	0	15,930
Change in fair value (included within selling, general and administrative expenses)	0	0
Balance end of period	$ (14,890)	$ (15,930)

Fair Value Measurements (Reconciliation of Beginning and Ending Level 3 Net Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Fair Value Disclosures [Abstract]
Balance beginning of period	$ (40,005)	$ (46,618)
Payments	15,662	1,424
Change in fair value (included within selling, general and administrative expenses)	(6,173)	1,360
Balance end of period	$ (30,516)	$ (43,834)

Contingencies (Details) $ in Millions	3 Months Ended
Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($) years	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Management's estimate of total cost of ultimate disposition \| $	$ 14.4	$ 14.1
Number of years over which estimated environmental cost will be paid \| years	10

Disposition of Businesses and Assets, Net (Details) $ in Millions	Mar. 13, 2023 USD ($)
Analytical, Food and Enterprise Services businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Consideration, Receivable at Closing, Deferred Payments Tied to Transfer of the PKI Brand and Related Trademarks	$ 75.0

Subsequent Events (Details) - Analytical, Food and Enterprise Services businesses [Member] - USD ($) $ in Millions	Mar. 13, 2023	Aug. 01, 2022
Subsequent Event [Line Items]
Disposal Group, Consideration		$ 2,450.0
Disposal Group, Consideration, Contingent on Exit Valuation	$ 150.0

Grafico Azioni Revvity (NYSE:RVTY)
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