What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-24 compared with 2025-02-25 · 311 added, 278 removed, 1170 unchanged (33% of the section changed)

28 unchanged sentences

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill of Life Sciences Reporting Unit — Refer to Notes 1 and 11 to the financial statements

Goodwill - Life Sciences Solutions Reporting Unit — Refer to Notes 1 and 12 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value.

As of December 29, 2024, the Company’s balance of goodwill was $6.5 billion, of which $4.3 billion was allocated to the Life Sciences reporting unit.

As of December 28, 2025, the Company’s balance of goodwill was $6.6 billion, of which $4.5 billion was allocated to the Life Sciences Solutions reporting unit.

In connection with the annual impairment assessment as of November 3, 2025, the Company concluded that the fair value of each reporting unit exceeded the carrying value of each reporting unit and no impairment was recognized.

The fair value of the Life Sciences reporting unit exceeded the carrying value by more than 10% but less than 20%.

The Company determined the fair value of the Life Sciences reporting unit using a combination of an income approach and a discounted cash flow model.

The discounted cash flow model required management to make significant estimates and assumptions related to the discount

rate and forecasts of future revenue.

The fair value of the Life Sciences Solutions reporting unit exceeded the carrying value by more than 10% but less than 20%.

The Company determined the fair value of the Life Sciences Solutions reporting unit using an income approach which was corroborated with a market approach.

The income approach required management to make significant estimates and assumptions related to the discount rate and forecasts of future revenue.

Changes in these assumptions could have a significant impact on the fair value of the reporting unit.

We identified the valuation of the Life Sciences reporting unit as a critical audit matter because of the significant estimates and assumptions management made to measure the fair value of the Life Sciences reporting unit.

These fair value measurements required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s forecasts of future revenue and the selection of the discount rate for the Life Sciences reporting unit.

We identified the valuation of the Life Sciences Solutions reporting unit as a critical audit matter because of the significant estimates and assumptions management made to measure the fair value of the Life Sciences Solutions reporting unit.

Auditing these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the selection of the discount rate and revenue growth rates within the Life Sciences Solutions reporting unit.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the forecasts of future revenue and selection of the discount rate included the following, among others:

– We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those controls related to management’s forecasts and selection of the discount rate used in measuring the fair value of the Life Sciences reporting unit.

– We evaluated management’s ability to accurately forecast operating results by comparing actual results to management’s historical forecasts.

– We evaluated the reasonableness of management’s forecasts by comparing the forecasts to (1) historical results, (2) internal communications, budgets and other information obtained while performing the audit and (3) external information.

Our audit procedures related to testing the selection of the discount rate and the forecasts of future revenue included the following, among others:

– We tested the effectiveness of controls over management’s evaluation of goodwill for impairment, including those controls related to the selection of the discount rate and revenue growth rates used in measuring the fair value of the Life Sciences Solutions reporting unit.

– Evaluated management’s ability to accurately forecast operating results by comparing actual results to management’s historical forecasts.

– Evaluated the reasonableness of management’s forecasts by comparing the forecasts to (1) historical results, (2) internal communications, budgets and other information obtained while performing the audit and (3) external information.

– With the assistance of our fair value specialists, we performed the following:

– We evaluated the discount rate, including testing the underlying source information and developing a range of independent estimates and comparing those to the discount rate selected by management.

– We evaluated the discount rate, including testing the underlying source information and mathematical accuracy of the calculations, and developing a range of independent estimates and comparing those to the discount rate selected by management.

– We tested the mathematical accuracy of the calculations.

5 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands, except per share data)

11 unchanged sentences

Income from continuing operations 239,883 283,071 179,503

(Loss) income from discontinued operations ( 12,686 ) 513,591 56,503

Income (loss) from discontinued operations 1,318 ( 12,686 ) 513,591

Net income $ 241,201 $ 270,385 $ 693,094

1 unchanged sentence

Income from continuing operations $ 2.06 $ 2.31 $ 1.44

(Loss) income from discontinued operations ( 0.10 ) 4.12 0.45

Income (loss) from discontinued operations 0.01 ( 0.10 ) 4.12

Net income $ 2.07 $ 2.21 $ 5.56

1 unchanged sentence

Income from continuing operations $ 2.06 $ 2.30 $ 1.44

(Loss) income from discontinued operations ( 0.10 ) 4.11 0.45

Income (loss) from discontinued operations 0.01 ( 0.10 ) 4.11

Net income $ 2.07 $ 2.20 $ 5.55

2 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

Net income $ 241,201 $ 270,385 $ 693,094

Other comprehensive (loss) income

Other comprehensive income (loss)

Foreign currency translation adjustments, net of income taxes:

2 unchanged sentences

Net foreign currency translation adjustments, net of income taxes 173,876 ( 119,260 ) 170,986

Unrecognized prior service credit, net of tax — — 44

Unrealized (losses) gains on securities, net of tax ( 153 ) ( 181 ) 5

Other comprehensive (loss) income ( 119,413 ) 170,805 ( 284,805 )

Unrealized gains (losses) on securities, net of tax 94 ( 153 ) ( 181 )

Other comprehensive income (loss) 173,970 ( 119,413 ) 170,805

Comprehensive income $ 415,171 $ 150,972 $ 863,899

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Cash and cash equivalents $ 919,860 $ 1,163,396

Marketable securities — 689,916

Accounts receivable, net 744,671 632,400

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Common stock—$1 par value per share, authorized 300,000,000 shares;

issued and outstandin g 120,646,000 and 123,4 26,000 shares at December 29, 2024 and December 31, 2023, respectively

120,646 123,426

issued and outstanding 112,281,000 and 120,646,000 shares at December 28, 2025 and December 29, 2024, respectively 112,281 120,646

Capital in excess of par value 1,305,900 2,097,110

22 unchanged sentences

Stock-based compensation — — 10,498 — — 10,498

Balance, January 1, 2023 126,300 $ 126,300 $ 2,753,055 $ 4,951,018 $ ( 447,497 ) $ 7,382,876

Balance, December 31, 2023 123,426 $ 123,426 $ 2,416,793 $ 5,609,212 $ ( 276,692 ) $ 7,872,739

Net income — — — 270,385 — 270,385

16 unchanged sentences

Balance, December 28, 2025

112,281 $ 112,281 $ 1,305,900 $ 6,054,314 $ ( 222,135 ) $ 7,250,360

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

2 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

1 unchanged sentence

Net income $ 241,201 $ 270,385 $ 693,094

Loss (income) from discontinued operations 12,686 ( 513,591 ) ( 56,503 )

(Income) loss from discontinued operations ( 1,318 ) 12,686 ( 513,591 )

Income from continuing operations 239,883 283,071 179,503

3 unchanged sentences

Stock-based compensation 22,847 37,809 41,410

Pension and other post-retirement expense (income) 9,381 23,089 ( 23,104 )

Pension and other post-retirement expense 3,639 9,381 23,089

Change in fair value of contingent consideration ( 1,400 ) ( 1,869 ) 4,168

2 unchanged sentences

Amortization of deferred debt issuance costs and accretion of discounts 4,552 6,073 7,349

Gain on disposition of businesses and assets, net — — ( 2,887 )

Amortization of acquired inventory revaluation — — 45,289

Asset impairment 4,784 22,814 —

1 unchanged sentence

Debt extinguishment gain — — ( 3,685 )

Unrealized foreign exchange loss ( 1,059 ) 24,089 —

Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:

Unrealized foreign exchange loss (gain) 273 ( 1,059 ) 24,089

Changes in assets and liabilities which provided (used) cash:

Accounts receivable, net ( 101,023 ) ( 15,969 ) ( 8,997 )

Inventories 45,086 ( 14,109 ) ( 48,634 )

Inventories, net 14,782 45,086 ( 14,109 )

Accounts payable 7,345 ( 26,025 ) ( 76,426 )

1 unchanged sentence

Net cash provided by operating activities of continuing operations 588,956 664,955 279,387

Net cash (used in) provided by operating activities of discontinued operations ( 36,656 ) ( 188,115 ) 7,310

Net cash used in operating activities of discontinued operations ( 6,023 ) ( 36,656 ) ( 188,115 )

Net cash provided by operating activities 582,933 628,299 91,272

4 unchanged sentences

Proceeds from maturities of marketable securities — 710,000 550,000

Proceeds from investments and notes receivables 2,500 — 8,890

Proceeds from disposition of businesses and assets — 153 14,505

Proceeds from investments, notes receivable and disposition of businesses and assets 304 2,500 153

Cash paid for acquisitions, net of cash acquired — — ( 2,086 )

Net cash provided by (used in) investing activities of continuing operations 619,265 ( 761,210 ) ( 116,936 )

Net cash provided by (used in) investing activities of discontinued operations 156,897 2,074,734 ( 15,915 )

Net cash (used in) provided by investing activities of continuing operations ( 73,603 ) 619,265 ( 761,210 )

Net cash provided by investing activities of discontinued operations 56,250 156,897 2,074,734

Net cash (used in) provided by investing activities ( 17,353 ) 776,162 1,313,524

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

Net cash provided by (used in) investing activities 776,162 1,313,524 ( 132,851 )

Financing activities:

Payments on borrowings — — ( 740,000 )

Proceeds from borrowings — — 240,000

Payments of senior unsecured notes — ( 711,479 ) ( 523,808 )

1 unchanged sentence

Net (payments) proceeds on other credit facilities ( 521 ) ( 11,593 ) 6,323

Settlement of cash flow hedges — — ( 762 )

Payments for acquisition-related contingent consideration ( 3,838 ) ( 8,832 ) ( 10,117 )

4 unchanged sentences

Effect of exchange rate changes on cash, cash equivalents and restricted cash 48,521 ( 26,147 ) ( 14,048 )

Net increase (decrease) in cash, cash equivalents and restricted cash 250,079 443,627 ( 148,591 )

Net (decrease) increase in cash, cash equivalents and restricted cash ( 243,422 ) 250,079 443,627

Cash, cash equivalents and restricted cash at beginning of year 1,164,452 914,373 470,746

5 unchanged sentences

Restricted cash included in other assets 1,164 — —

Cash and cash equivalents included in current assets of discontinued operations — — 14,999

Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 921,030 $ 1,164,452 $ 914,373

1 unchanged sentence

Interest $ 86,195 $ 91,092 $ 94,008

Income taxes 154,876 359,800 323,077

Supplemental disclosures of non-cash investing and financing activities:

5 unchanged sentences

Revvity, Inc.

(the “Company”) is a leading provider of health sciences solutions, technologies, expertise and services that deliver complete workflow from discovery to development, and diagnosis to cure.

(the “Compan y”) is a leading provider of health sciences solutions, technologies, expertise and services that deliver complete workflow from discovery to development, and diagnosis to cure.

The Company has two operating segments:

Life Sciences and Diagnostics.

The Company’s Life Sciences segment focuses on service and innovating for custo mers spanning the life sciences market.

Th e Company’s Diagnostics segment is targeted towards meeting the needs of clinically-oriented customers, especially within the growing areas of reproductive health, emerging market diagnostics and applied genomics.

The Company’s Life Sciences segment focuses on service a nd innovating for custo mers spanning the life sciences market.

Th e Company’s Diagnostics segment is targeted towards meeting the needs of clinically-oriented customers, especially within the growing areas of reproductive health and emerging market diagnostics.

The consolidated financial statements include the accounts of the Company and its subsidiaries.

All intercompany balances and transactions have been eliminated in consolidation.

In March 2023, the Company completed the 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 pe riods as discontinued operations in the Company’s consolidated financial statements.

The Company’s fiscal year ends on the Sunday nearest December 31.

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52/53-week format and as a result, certain fiscal years will contain 53 weeks.

Each of the fiscal years ended December 29, 2024 (“fiscal year 2024”), December 31, 2023 (“fiscal year 2023”) and January 1, 2023 (“fiscal year 2022”) included 52 weeks.

The fiscal year ending December 28, 2025 (“fiscal year 2025”) will incl ude 52 weeks.

Each of the fiscal years ended December 28, 2025 (“fiscal year 2025”), December 29, 2024 (“fiscal year 2024”) and December 31, 2023 (“fiscal year 2023”) included 52 weeks.

The fiscal year ending January 3, 2027 (“fiscal year 2025”) will incl ude 53 weeks.

Accounting Policies and Estimates:

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A valuation allowance is established for any deferred tax asset for which realization is not more likely than not.

The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues.

These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit.

Potential interest and penalties associated with such uncertain tax positions is recorded as a component of income tax expense.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company is subject to the Global In tangible Low Taxed Income (“GILTI”) tax in the U.S.

The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions.

These reserves are based on a determination of whether a tax benefit taken by the Company in its tax filings is more likely than not to be sustained upon audit based on its technical merits.

The tax benefit recognized is measured as the largest amount that is more likely than not to be realized upon ultimate settlement.

Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense.

The Company is subject to the Global Intangible Low Taxed Income (“GILTI”) tax in the U.S.

The Company elected to treat taxes on future GILTI inclusions in U.S.

ta xable income as a current period expense when incurred.

taxable income as a current period expense when incurred.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income.

3 unchanged sentences

leasehold improvements - estimated useful life or remaining term of lease, whichever is shorter;

and machinery, equipment and capitalized internal-use software - 3 to 10 years.

machinery and equipment - 3 to 10 years;

and capitalized internal-use softw are - 3 to 10 years.

Certain tooling costs are capitalized and amortized over a 3 -year life, while repairs and maintenance costs are expensed.

30 unchanged sentences

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 goodw ill.

During the fourth quarter of fiscal year 2024, the Company voluntarily changed its annual goodwill impairment testing date from the later of January 1 or the first day of each fiscal year to the later of November 1 or the first day of its eleventh fiscal month of each fiscal year.

The Company changed the measurement date to more closely align the annual impairment testing date with the most current information from the budgeting and strategic planning process.

The Company believes the change in goodwill impairment testing date does not represent a material change to the Company ’s method of applying an accounting principle in light of the Company ’s internal controls and requirements to assess goodwill impairment upon certain triggering events.

This change was applied prospectively and

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

therefore, the Company performed its annual impairment testing for its reporting units for fiscal year 2024 as of January 1, 2024 and November 1, 2024 .

The Company concluded that there was no goodwill impairment in the periods presented.

The Company's annual goodwill impairment testing date is the later of November 1 or the first day of its eleventh fiscal month of each fiscal year.

Amortizing intangible assets are reviewed for impairment when indicators of impairment are present.

4 unchanged sentences

The fair value is recognized as expense in the consolidated financial statements over the requisite service period.

The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of subjective assumptions, including the expected term and the expected price volatility of the underlying stock.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of subjective assumptions, including the expected term and the expected price volatility of the underlying stock.

The Company estimates the expected term assumption based on historical experience.

19 unchanged sentences

Costs related to employee separation arrangements requiring future service beyond a specified minimum retention period are recognized over the service period .

The Company recorded restructuring charges, included in selling, general and administrative expenses in the consolidated statements of operations, of $ 17.5 million , $ 26.6 million and $ 13.6 million primarily associated with workforce reductions during fiscal years 2024, 2023 and 2022, respectively .

The Company expects severance payments will be substantially completed duri ng fiscal year 2025 .

Comprehensive Income:

9 unchanged sentences

Discontinued or dedesignated cash flow hedges are immediately settled with counterparties, and the related accumulated derivative gains or losses are recognized into net earnings on the consolidated financial statements.

Settled cash flow hedges related to forecasted transactions that remain probable are recorded

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

as a component of other comprehensive income (loss) and are subsequently amortized into net earnings when the hedged exposure affects net earnings.

Settled cash flow hedges related to forecasted transactions that remain probable are recorded as a component of other comprehensive income (loss) and are subsequently amortized into net earnings when the hedged exposure affects net earnings.

Forward contract effectiveness for cash flow hedges is calculated by comparing the fair value of the contract to the change in value of the anticipated transaction using forward rates on a monthly basis.

5 unchanged sentences

Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in the Company’s consolidated balance sheet.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

ROU assets represent the Company’s right to use an

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

Operating lease ROU assets and liabilities were recognized based on the present value of the remaining lease payments over the lease term.

16 unchanged sentences

Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations.

In December 2025, the FASB issued Accounting Standards Update 2025-10, Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities (“ASU 2025-10”), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants.

Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received.

ASU 2025-10 provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis.

ASU 2025-10 also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements.

ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted.

The Company is currently evaluating the impact of adopting ASU 2025-10 but does not expect the impact of such adoption to be material.

In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements (“ASU 2025-11”), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting.

ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted.

The Company is currently evaluating the impact of adopting ASU 2025-11.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”).

ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs.

The amendments in this update are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods.

Ea rly adoption is permitted as of the beginning of an annual reporting period.

The guidance may be applied prospectively, retrospectively, or via a modified prospective transition method.

The Company is in the process of determining the impact of this guidance on its financial statements and disclosures.

In November 2024, the FASB issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”).

ASU 2024-03 will require public entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items.

ASU 2024-03 requires public entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items.

Such disclosures are required on an annual and interim basis in a tabular presentation in the footnotes to the financial statements.

In addition, ASU 2024-03 requires public entities to disclose selling expenses on an annual and interim basis.

In addition, ASU 2024-03 requires public

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

entities to disclose selling expenses on an annual and interim basis.

The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

6 unchanged sentences

ASU 2023-09 requires all entities to disclose on an annual basis the amount of income taxes paid (net of refunds received), disaggregated between federal (national), state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid.

The guidance is required to be applied on a prospective basis;

retrospective application is permitted.

The guidance is

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

effective for annual periods beginning after December 15, 2024.

Early adoption is permitted.

The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements and disclosures.

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

ASU 2023-07 amends Accounting Standards Codification 280, Segment Reporting (“ASC 280”) to require public entities to disclose significant segment expenses and other segment items that are regularly provided to the chief operating decision maker (“CODM”) and included in each reported measure of a reportable segment’s profit or loss, on an annual and interim basis, and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually.

ASU 2023-07 permits entities to report multiple measures of a reportable segment’s profit or loss if the CODM uses those measures to allocate resources and assess performance.

The Company adopted the guidance in fiscal year 2024 and has included the additional disclosures related to the reportable segments in Note 21, Industry Segment and Geographic Area Information.

The Company adopted the guidance in fi scal year 2025 on a prospective basis and has included the additional disclosures related to income taxes in Note 6, Income Taxes .

For arrangements with multiple performance obligations, the Company accounts for individual products and services separately if they are distinct - i.e., if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer.

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The typical length of a contract for service is 12 to 36 months.

The revenue generated from the sale of instruments (inclusive of consumables), reagents, and certain software is recognized at a point in time.

The revenue generated from the sale of instruments, reagents, and certain software is recognized at a point in time.

The Company recognizes revenue in these arrangements at the point in time when control of the products has been transferred to customers, which is typically at delivery.

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For the fiscal year ended

December 29, 2024 December 31, 2023 January 1, 2023

December 28, 2025 December 29, 2024 December 31, 2023

Sciences Diagnostics Total Life Sciences Diagnostics Total Life Sciences Diagnostics Total

6 unchanged sentences

Major goods/service lines

Life Sciences reagents $ 719,268 $ — $ 719,268 $ 732,789 $ — $ 732,789 $ 691,344 $ — $ 691,344

Life Sciences instruments 334,078 — 334,078 381,262 — 381,262 405,554 — 405,554

Life Sciences software 200,799 — 200,799 178,289 — 178,289 196,011 — 196,011

Reproductive health — 523,931 523,931 — 501,302 501,302 — 516,574 516,574

Applied genomics — 204,760 204,760 — 228,443 228,443 — 393,602 393,602

Life Sciences Solutions $ 1,194,728 $ — $ 1,194,728 $ 1,197,802 $ — $ 1,197,802 $ 1,279,903 $ — $ 1,279,903

Software 236,376 — 236,376 200,799 — 200,799 178,289 — 178,289

Immunodiagnostics — 869,908 869,908 — 828,627 828,627 — 787,394 787,394

Reproductive health — 555,039 555,039 — 527,798 527,798 — 504,985 504,985

$ 1,431,104 $ 1,424,947 $ 2,856,051 $ 1,398,601 $ 1,356,425 $ 2,755,026 $ 1,458,192 $ 1,292,379 $ 2,750,571

Major Customer Concentration

No single customer comprises more than 10% of net revenues during the fiscal years 2024 and 2023.

Revenues from one customer in the Company’s Diagnostics segment represented approximately $ 330.7 million, or 10 %, of the Company’s total revenue during the fiscal year 2022.

No single customer comprises more than 10% of net revenues in the years presented.

Contract Balances

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The unbilled receivables are classif ied as either current in “Accounts receivable, net” or as long-term in “Other assets, net” in the consolidated balance sheets.

Unbilled receivables totaled $ 80.6 million and $ 75.8 million at December 29, 2024 and December 31, 2023, respectively, primarily related to the Life Sciences software business.

Unbilled receivables totaled $ 105.6 million and $ 80.6 million at December 28, 2025 and December 29, 2024, respectively, primarily related to software revenue.

The Company has no material contract assets as of December 28, 2025 and December 29, 2024.

9 unchanged sentences

The Company applies the practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The estimated revenue expected to be recognized in the future related

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the period are not material to the Company.

The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the period are not material to the Company.

The remaining performance obligations primarily include noncancelable purchase orders, noncancelable software subscriptions and cloud service contracts and long-term prepaid storage contracts.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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 $ 2.27 billion in cash proceeds before transaction costs.

At the Closing, the Company was entitled to an additional $ 75.0 million in proceeds payable in installments to commence upon the Company’s ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the Purchaser (the “Brand Fee”).

The discounted value of the $ 75.0 million was measured as $ 65.2 million and was included in the proceeds at Closing.

During the fiscal year 2024, the Company received $ 18.8 million of the Brand Fee.

The Company expects to receive the remaining balance of the Brand Fee i n installments in 2025.

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.

During fiscal year 2024, the Company received approximately $ 138.5 million of cash from the Purchaser and recognized a loss of $ 19.8 million primarily related to post-closing adjustments.

In connection and concurrent with the Closing, the Company has also entered into a Transition Services Agreement ( “TSA”) with the Purchaser for a period of up to 24 months from the Closing, with the options to renew.

The costs and amounts of reimbursements related to the TSA and other commercial transactions between the parties were not significant in fiscal years 2024 and 2023 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 had a major effect on the Company's operations and financial statements.

Accordingly, t he Business is reported for all pe riods as discontinued operations in the Company’s consolidated financial statements.

During fiscal year 2023, the Company completed the sale of certain assets and the equity interests constituting the Company’s Applied, Food and Enterprise Services businesses (the “Business”) for approximately $ 2.27 billion in cash proceeds before transaction costs.

The Business was a component of the Company’s Discovery & Analytical Solutions segment, which is now referred to as the Life Sciences segment.

The sale of the Business was reported as discontinued operations in the Company’s consolidated financial statements.

The Company was entitled to an additional $ 75.0 million in proceeds payable in installments to commence upon the Company’s ceasing the use of the PerkinElmer brand and related trademarks and transferring them to the buyer (the “Brand Fee”).

During fiscal years 2025 and 2024, the Company received $ 56.2 million and $ 18.8 million, respectively, of the Brand Fee.

The following table summarizes the results of discontinued operations which are presented as income from discontinued operations in the Company’s consolidated statements of operations:

December 29, 2024 December 31, 2023 January 1, 2023

December 28, 2025 December 29, 2024 December 31, 2023

(In thousands)

3 unchanged sentences

Research and development expenses — — 10,434

Operating (loss) income — ( 37,942 ) 68,409

Operating loss — — ( 37,942 )

Other (loss) income:

(Loss) gain on sale ( 817 ) ( 25,448 ) 811,472

Other (expense) income, net — ( 49 ) 5,195

Other expense, net — — ( 49 )

Total other (loss) income ( 817 ) ( 25,448 ) 811,423

1 unchanged sentence

(Benefit from) provision for income tax ( 2,135 ) ( 12,762 ) 259,890

(Loss) income from discontinued operations $ ( 12,686 ) $ 513,591 $ 56,503

The following operating and investing items from discontinued operations were as follows for the fiscal years ended:

Income (loss) from discontinued operations $ 1,318 $ ( 12,686 ) $ 513,591

The capital expenditures from discontinued operations for the fiscal year 2023 were not material.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Restructuring and Other Costs

Restructuring and other costs in fiscal year 2025 primarily included charges associated with workforce reductions and facility consolidations in an effort to streamline operations, other exit costs, abandonments or associated asset write-downs, cost of terminating certain lease agreements or contracts, as well as costs associated with relocating facilities.

In fiscal year 2025, severance actions associated with facility consolidations and cost reduction measures affected approximately 5 % of the Company’s workforce.

Restructuring and other costs in fiscal years 2024 and 2023 primarily included charges for workforce reductions and facility consolidations, abandonments or associated asset write-downs, cost of terminating certain lease agreements or contracts, as well as costs associated with relocating facilities.

Severance actions associated with facility consolidations and cost reduction initiatives were not material to the Company’s overall workforce in both fiscal years.

Restructuring and other costs, included in the selling, general and administrative expenses in the consolidated statements of operations, by segment are as follows:

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

Life Sciences $ 15,552 $ 4,532 $ 6,203

Diagnostics 39,337 12,539 15,465

Corporate 1,043 383 4,933

$ 55,932 $ 17,454 $ 26,601

Capital expenditures — 1,292 10,670

The following table summarizes the changes in the Company’s accrued restructuring balance for fiscal year 202 5.

The changes in accrued restructuring balance for fiscal years 2024 and 2023 were not material.

Other amounts reported as restructuring and other costs during fiscal year 2025 in the accompanying statement of income have been summarized in the notes to the table.

Remaining obligations related to these accounts are expected to be paid over the next 12 months and are included in the accrued expenses and other current liabilities in the consolidated balance sheets.

(In thousands)

Balance at December 29, 2024 $ 3,836

Net restructuring charges incurred in 2025 (a)

Payments ( 14,210 )

Balance at December 28, 2025 $ 17,793

(a) Excludes $ 27.8 million of charges, principally $ 20.8 million for asset impairment and $ 0.8 million of lease abandonment charges in the Diagnostics segment and $ 6.2 million of lease abandonment charges in the Life Sciences segment.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

2 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

2 unchanged sentences

Change in fair value of investments 11,456 ( 7,958 ) 33,921

Other components of net periodic pension cost (credit) 8,508 19,006 ( 33,158 )

Other components of net periodic pension cost 871 8,508 19,006

Foreign exchange losses and other expense, net 14,949 6,977 37,977

3 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

16 unchanged sentences

Total $ 135,287 $ ( 102,232 ) $ 33,055

Fiscal year ended January 1, 2023

Fiscal year ended December 31, 2023

Federal $ 39,800 $ ( 60,845 ) $ ( 21,045 )

4 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

2 unchanged sentences

Total $ 26,259 $ 20,293 $ 263,363

As described in Note 1 above, the Company has elected to adopt the guidance in ASU 2023-09 on a prospective basis.

A reconciliation of income tax expense at the U.S.

federal statutory income tax rate to the recorded tax provision is as follows for the fiscal years ended:

federal statutory income tax rate to the recorded tax provision for the fiscal year ended December 28, 2025 is as follows:

Amount Percent

(In thousands)

Tax at statutory rate $ 56,338 21.0 %

Domestic state and local income taxes, net of federal effect (a)

( 1,281 ) ( 0.5 )

Foreign tax effects

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Audit and dispute resolution 4,390 1.6

Other ( 2,780 ) ( 1.0 )

Audit and dispute resolution ( 2,902 ) ( 1.1 )

Rate change 4,850 1.8

State and local income taxes ( 4,045 ) ( 1.5 )

Other ( 1,942 ) ( 0.7 )

Other foreign jurisdictions 3,978 1.5

Foreign tax credits ( 30,208 ) ( 11.3 )

Other ( 2,473 ) ( 0.9 )

Nontaxable and nondeductible items

Effect of stock compensation 4,943 1.8

Other ( 575 ) ( 0.2 )

Cross-border tax laws

Subpart F income 5,217 1.9

Foreign-derived intangible income ( 15,526 ) ( 5.8 )

Other 3,855 1.4

Change in valuation allowance

( 2,003 ) ( 0.6 )

Worldwide changes in unrecognized tax benefits ( 86 ) —

Provision for income tax at effective tax rate $ 28,394 10.6 %

(a) State taxes in California, Massachusetts and Pennsylvania made up the majority (greater than 50%) of the tax effect in this category.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

A reconciliation of income tax expense at the U.S.

federal statutory income tax rate to the recorded tax provision is as follows for the fiscal years ended:

2024 December 31,

2023 January 1,

(In thousands)

11 unchanged sentences

Other, net ( 1,950 ) 4,472

Total $ 33,055 $ 3,473 $ 139,161

Provision for income taxes $ 33,055 $ 3,473

The amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign was as follows for the fiscal year ended December 28, 2025:

(In thousands)

Federal $ 34,706

State and local 10,306

Germany 14,636

Finland 23,957

The Netherlands 7,377

Singapore 16,300

All other foreign 24,068

Total income taxes paid, net of refunds received $ 131,350

The amount of income taxes paid by the Company during fiscal years 2024 and 2023 were $ 154.9 million and $ 359.8 million, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits.

6 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

1 unchanged sentence

Gross increases—tax positions in prior periods 1,638 29,623 64,697

Gross decreases—tax positions in prior periods — — ( 2,519 )

Gross increases—current-period tax positions — — 14,969

Settlements ( 10,224 ) — —

Lapse of statute of limitations ( 3,046 ) ( 7,251 ) ( 10,830 )

3 unchanged sentences

At December 28, 2025 and December 29, 2024, the Company had accrued interest and penalties of $ 4.5 million and $ 5.1 million, respectively.

During fiscal years 2024, 2023 and 2022, the Company recognized a net benefit of $ 1.2 million, $ 1.1 million and $ 0.5 million, respectively, for interest and penalties in its total tax provision.

During fiscal years 2025, 2024 and 2023, the Company recognized a net expense (benefit) of $ 0.3 million, $( 1.2 ) million and $( 1.1 ) million, respectively, for interest and penalties in its total tax provision.

At December 28, 2025, substantially all of the unrecognized tax benefits, if recognized, would affect the effective tax rate.

The Company believes that it is reasonably possible that approximately $ 76.1 million of its uncertain tax positions at December 29, 2024, including accrued interest and penalties, and net of tax benefits, may be resolved over the next twelve months as a result of lapses in applicable statutes of limitations and potential settlements.

Various tax years aft er 2010 r emain open to examination by certain jurisdictions in which the Company has significant business operations, such as China, Finland, Germany, Luxembourg, The Netherlands, Singapore, the United Kingdom and the United States.

The tax years under examination vary by jurisdiction.

The Company is subject to income taxes in numerous jurisdictions and is routinely examined by taxing authorities.

In the fourth quarter of 2025, the Internal Revenue Service (“IRS”) opened an examination of the Company’s fiscal year 2023 federal income tax return.

In addition, the Company is currently under audit in Germany and Singapore.

The resolution of these examinations could have a material impact on the Company’s future results of operations depending on their outcome.

Further, various tax years after 2015 remain open to examination by certain taxing authorities in jurisdictions in which the Company has significant business operations, including China, Finland, Luxembourg, the Netherlands, and the United Kingdom.

The specific tax years subject to examination vary by jurisdiction.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

12 unchanged sentences

Operating lease liabilities 31,335 33,468

Unrealized foreign exchange loss

Unrealized foreign exchange losses

All other, net 219 775

2 unchanged sentences

Postretirement health benefits ( 5,540 ) ( 5,139 )

Unrealized foreign exchange gains

Depreciation and amortization ( 621,045 ) ( 688,771 )

17 unchanged sentences

Valuation allowances have been provided on state net operating loss and state tax credit carryforwards and on certain foreign tax attributes that the Company has determined are not more likely tha n not to be realized.

The increase in the valuation allowance of $ 29.8 million in fiscal year 2024 was primarily due to generation of foreign tax credit carryforwards for which a benefit is not expected to be realized in future periods.

The change in valuation allowance of $ 4.6 million for fiscal year 2025, primarily relates to valuation allowances recorded for losses in foreign jurisdictions and generation of foreign tax credit carryforwards for which realizability is not expected, partially offset by the release of a valuation allowance against certain state tax credits.

The Company records the applicable taxes associated with the future remittance of undistributed foreign earnings previously taxed at the U.S.

federal level and/or that would be claimed for a dividend received deduction if repatriated.

For the remaining other undistributed foreign earnings and outside basis differences we continue to be indefinitely reinvested and have

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

not provided any taxes for these amounts, and it is not practicable to estimate the amount of deferred tax liability that would be incurred.

remaining other undistributed foreign earnings and outside basis differences, we continue to be indefinitely reinvested and have not provided any taxes for these amounts.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

The OBBBA includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key 2017 Tax Cuts & Jobs Act provisions.

Notable domestic tax provisions include options related to the accelerated deduction of previously capitalized U.S.

Section 174 research and development expenditures and permanent 100% bonus depreciation.

Several of the provisions being modified are retroactive to an earlier date in 2025.

The effects of such changes were included in the Company’s results in the period in which the law was enacted.

The OBBBA also makes additional changes to international tax provisions, including substantive changes to existing GILTI, foreign-derived intangible income, and base erosion and anti-abuse tax provisions.

The enactment of the OBBBA has no material impact on the Company’s fiscal year 2025 provision for income tax.

The Company continues to monitor guidance that could be issued clarifying or implementing OBBBA.

Earnings Per Share

3 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

21 unchanged sentences

(In thousands)

Year ended January 1, 2023 $ 38,254 $ 9,857 $ ( 9,672 ) $ ( 896 ) $ 37,543

Year ended December 31, 2023 $ 37,543 $ 9,067 $ ( 3,559 ) $ 329 $ 43,380

Year ended December 29, 2024 43,380 9,715 ( 4,487 ) ( 636 ) 47,972

(1) Other amounts primarily relate to the impact of acquisitions, discontinued operations and foreign exchange movements.

Year ended December 28, 2025

47,972 2,476 ( 3,513 ) 1,128 48,063

(1) Other amounts primarily relate to the impact of foreign exchange movements.

Inventories, Net

12 unchanged sentences

Building and leasehold improvements 391,098 364,556

Machinery, equipment and capitalized internal-use software 587,807 595,124

Machinery and equipment 534,711 486,614

Capitalized internal-use software 134,309 101,193

Total property, plant and equipment 1,093,134 981,884

1 unchanged sentence

Total property, plant and equipment, net $ 479,249 $ 482,217

Depreciation expense on property, plant and equipment for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023 was $ 68.5 million, $ 66.7 million and $ 56.4 million, respectively.

Depreciation expense on property, plant and equipment for the fiscal years 2025, 2024 and 2023 were $ 69.8 million, $ 68.5 million and $ 66.7 million, respectively.

During fiscal year 2025, as part of the restructuring actions, the Company recognized an asset impairment amounting to $ 20.8 million related to certain property and equipment, which is included in Note 4, Restructuring and other costs , and in Selling, general and administrative expenses in the consolidated statements of operations.

During fiscal year 2024, the Company recognized an asset impairment amounting to $ 22.8 million related to capitalized internal-use software in the Diagnostics segment, which is included in Selling, general and administrative expenses in the consolidated statements of operations.

3 unchanged sentences

(In thousands)

Marketable securities - held to maturity (current) $ — $ 689,916

Marketable securities - available for sale $ 27,956 $ 27,413

2 unchanged sentences

$ 90,136 $ 95,920

Marketable securities - held to maturity.

The Company’s investments in U.S.

treasury securities were classified as held-to-maturity and measured at amortized cost.

The Company has no outstanding investments in U.S.

treasury securities as of December 29, 2024.

All the outstanding investments in U.S.

treasury securities as of December 31, 2023 had a contractual maturity of less than one year and have been classified as current in the consolidated balance sheet to match the maturities of the long-term debt that was retired concurrently with the maturity of the marketable securities.

Marketable securities - available for sale.

Marketable securities, which are included in Other assets, net, are accounted for as available for sale and include equity and fixed-income securities.

The net unrealized holding gain and loss on marketable securities, net of deferred income taxes, reported as a component of other comprehensive income (loss) in the consolidated statements of stockholders’ equity, was not material.

The net unrealized holding gain and loss on marketable securities, net of income taxes, reported as a component of other comprehensive income (loss) in the consolidated statements of stockholders’ equity, was not material.

The proceeds from the sales of securities and the related gains and losses are not material for any period presented.

1 unchanged sentence

The Company has equity interests in privately-held entities over which the Company neither has significant influence nor control.

Equity investments, which are included in Other assets, net, as of December 29, 2024 and December 31, 2023 consisted of the following:

2024 December 31,

(In thousands)

Equity investments, carried at cost minus impairment, if any $ 46,460 $ 47,260

Equity investments, carried at fair value 9,710 9,946

$ 56,170 $ 57,206

Equity investments, which are included in Other assets, net, in the consolidated balance sheets, have no readily determinable fair values and are carried at cost less any impairment.

The amount of upward adjustments during the periods presented were not material.

The cumulative amount of upward adjustments as of each of December 28, 2025 and December 29, 2024 was $ 31.3 million.

The amount of impairment during fiscal year 2024 was $2.1 million.

The amount of asset impairment and downward adjustments during fiscal years 2025 and 2024 were $ 13.3 million and $ 2.1 million, respectively.

The cumulative amount of impairments and downward adjustments as of December 28, 2025 and December 29, 2024 was $ 20.5 million and $ 7.1 million, respectively.

The impairments were measured using fair value estimates developed using an income approach as well as consideration of comparable assets, which are level 3 measurements.

Notes receivables and other investments.

Notes receivables and other investments, which are included in Other assets, net, are carried at cost less allowance for credit losses.

Notes receivables and other investments, which are included in Other assets, net, in the consolidated balance sheets, are carried at cost less allowance for credit losses.

The amortized cost of these investments are not materially different than the fair value.

Notes receivables and other investments with a notional amount and carrying value of $ 0.3 million are due within one to five years.

Notes receivables and other investments with a notional amount and carrying value of $ 0.4 million are convertible into equity securities or are due within one to five years if not converted.

Notes receivables and other investments with a notional amount and carrying value of $ 12.0 million are convertible into equity securities or are due and payable upon an event of default (as defined in the applicable agreement).

The credit losses, included in Interest and other expense, net, in the consolidated statements of operations, during fiscal years 2024, 2023 and 2022 were $ 1.8 million, $ 34.5 million and $— , respectively.

The credit losses, included in Interest and other expense, net, in the consolidated statements of operations, during fiscal years 2024 and 2023 were $ 1.8 million and $ 34.5 million, respectively.

Goodwill and Intangible Assets, Net

2 unchanged sentences

(In thousands)

Balance at January 1, 2023 $ 4,551,575 $ 1,930,193 $ 6,481,768

Balance at December 31, 2023 $ 4,587,938 $ 1,945,612 $ 6,533,550

Foreign currency translation ( 46,471 ) ( 23,460 ) ( 69,931 )

1 unchanged sentence

Foreign currency translation 105,495 44,379 149,874

Other 98,000 ( 98,000 ) —

Balance at December 28, 2025

Identifiable intangible asset balances at December 29, 2024 and December 31, 2023 were as follows:

$ 4,744,962 $ 1,868,531 $ 6,613,493

Amortizable intangible asset balances at December 28, 2025 and December 29, 2024 were as follows:

2025 December 29,

26 unchanged sentences

Senior Unsecured Revolving Credit Facility $ — $ — $ ( 2,857 ) $ ( 2,857 )

€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”) 521,700 ( 834 ) ( 780 ) 520,086

1.900% Senior Unsecured Notes due in 2028 (“2028 Notes”)

5 unchanged sentences

3.625% Senior Unsecured Notes due in 2051 (“2051 Notes”) 400,000 ( 3 ) ( 3,974 ) 396,023

Other Debt Facilities, non-current 233 — — 233

Total Long-Term Debt 2,650,000 ( 2,314 ) ( 16,450 ) 2,631,236

Current Portion of Long-Term Debt:

Other Debt Facilities, current 242 — — 242

€500,000 Principal 1.875% Senior Unsecured Notes due in 2026 (“2026 Notes”)

589,450 ( 343 ) ( 279 ) 588,828

Total Current Portion of Long-Term Debt 589,450 ( 343 ) ( 279 ) 588,828

16 unchanged sentences

Current Portion of Long-Term Debt:

0.850% Senior Unsecured Notes due in 2024 (“2024 Notes”)

711,479 ( 118 ) ( 1,301 ) 710,060

Other Debt Facilities, current 242 — — 242

2 unchanged sentences

Senior Unsecured Revolving Credit Facility.

On August 24, 2021, the Company entered into a senior unsecured revolving credit facility (“2021 Senior Unsecured Revolving Credit Facility”) with a five-year term and a borrowing capacity o f $ 1.5 billion available through August 24, 2026.

As of December 29, 2024, undrawn letters of credit in the aggregate amount of $ 4.2 million were treated as issued and outstanding when calculating the borrowing availability under the facility.

As of December 29, 2024, the Company had $ 1.5 billion available for additional borrowing under the facility.

Borrowings bore interest, payable quarterly or, if earlier, at the end of an y interest period, at the Company ’ s option at either (a) the base rate (as described in the credit agreement), or (b) the eurocurrency rate (a publicly published rate), in each case plus a percentage spread based on the credit rating of the Company ’s debt.

The base rate was the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50 %, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, and (c) the Eurocurrency Rate plus 1.00 % .

T he credit agreement for the facility contained customary affirmative, negative and financial covenants and events of default.

The financial covenants included a debt-to-capitalization ratio that remained applicable for so long as the Company ’ s debt was rated as investment grade.

In the event that the Company ’ s debt was not rated as investment grade, the debt-to-capitalization ratio covenant was replaced with leverage ratio and interest coverage ratio covenants.

On January 7, 2025, the 2021 Senior Unsecured Revolving Credit Facility was cancelled and replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $ 1.5 billion available through January 7, 2030.

The Company entered into a senior unsecured revolving credit facility in 2021 (the “2021 Senior Unsecured Revolving Credit Facility”) with a five-year term and a borrowing capacity o f $ 1.5 billion available through August 24, 2026.

On January 7, 2025, the 2021 Senior Unsecured Revolving Credit Facility was replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $ 1.5 billion available through January 7, 2030.

Borrowings will bear interest, payable quarterly or, if earlier, at the end of any interest period, at the Company’s option at either (a) the base rate (as described in the credit agreement), or (b) the Term Secured Overnight Financing Rate (“Term SOFR”) (as described in the credit agreement), in each case plus a percentage spread based on the credit rating of the Company’s debt.

3 unchanged sentences

In the event that the Company’s debt is not rated as investment grade, the debt-to-capitalization ratio covenant is replaced with leverage ratio and interest coverage ratio covenants.

During fiscal year 2024, the Company paid in full $ 711.5 million of outstanding 2024 Notes that became due in September 2024.

During fiscal year 2024, the Company received proceeds of $ 710.0 million upon the maturity of all its outstanding U.S.

Treasury securities and utilized those proceeds to partially repay the outstanding 2024 Notes.

The following table summarizes the maturities of the Company’s indebtedness as of December 28, 2025:

(In thousands)

2026 $ 589,450

2031 and thereafter 1,300,000

23 unchanged sentences

The principal U.S.

defined benefit pension plan is closed to new hires and plan benefits have been frozen.

defined benefit pension plan is closed to new hires and plan benefits

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

have been frozen.

The plans provide benefits that are based on an employee’s years of service and compensation near retirement.

4 unchanged sentences

The resulting settlement of the U.S.

pension plan was not material and included in the actuarial gains and losses recognized during the fiscal year 2024.

pension plan was not material and is included in the actuarial gains and losses recognized during fiscal year 2024.

In January 2025, the Company executed a sale of its United Kingdom (“UK”) pension plan to a third party as part of a multi-year buy-out plan.

The resulting settlement of the UK pension plan was not material.

Following satisfaction of all obligations in the buy-out agreement, excess plan assets of $ 2.7 million, net of taxes, reverted to the Company.

The resulting settlement of the UK pension plan was not material and was included in the actuarial gains and losses recognized during fiscal year 2025.

As of December 28, 2025, all the principal non-U.S.

pension plans are unfunded.

Net periodic pension cost for U.S.

1 unchanged sentence

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

2 unchanged sentences

Expected return on plan assets ( 4,003 ) ( 12,899 ) ( 14,600 )

Actuarial losses (gains) 1,188 9,341 ( 23,706 )

Net periodic pension cost (credit) $ 10,314 $ 20,062 $ ( 28,680 )

Actuarial (gains) losses ( 5,188 ) 1,188 9,341

Net periodic pension cost $ 3,460 $ 10,314 $ 20,062

The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in the fourth quarter of the year in which the gains and losses occur.

15 unchanged sentences

Plan settlements ( 89,351 ) — — ( 96,270 )

Actuarial losses (gains) ( 2,950 ) ( 11,573 ) 12,871 4,441

Actuarial (gains) losses ( 4,065 ) 3,262 ( 2,950 ) ( 11,573 )

Effect of exchange rate changes 15,333 — ( 9,147 ) —

5 unchanged sentences

Employer’s contributions 8,045 — 7,066 —

Refund of annuity purchase premium — 2,147 — —

Plan settlements ( 89,351 ) — — ( 96,270 )

Excess plan assets returned to the employer ( 3,271 ) — — —

Effect of exchange rate changes ( 878 ) — ( 1,588 ) —

Fair value of plan assets at end of year $ — $ 92,318 $ 93,500 $ 91,777

Net liabilities recognized in the consolidated balance sheets $ ( 118,620 ) $ 1,484 $ ( 115,274 ) $ ( 6,174 )

Net (liabilities) assets recognized in the consolidated balance sheets $ ( 132,279 ) $ 1,133 $ ( 118,620 ) $ 1,484

Net amounts recognized in the consolidated balance sheets consist of:

2 unchanged sentences

Long-term liabilities ( 124,317 ) — ( 119,073 ) —

Net liabilities recognized in the consolidated balance sheets $ ( 118,620 ) $ 1,484 $ ( 115,274 ) $ ( 6,174 )

Net (liabilities) assets recognized in the consolidated balance sheets $ ( 132,279 ) $ 1,133 $ ( 118,620 ) $ 1,484

Actuarial assumptions as of the year-end measurement date:

2 unchanged sentences

Actuarial assumptions used to determine net periodic pension cost during the year were as follows:

December 29, 2024 December 31, 2023 January 1, 2023

December 28, 2025 December 29, 2024 December 31, 2023

Discount rate 4.19 % 5.71 % 3.69 % 4.54 % 4.12 % 4.84 %

Rate of compensation increase 3.19 % None 3.19 % None 3.16 % None

Expected rate of return on assets 3.78 % 4.60 % 3.92 % 4.80 % 1.11 % 7.25 %

Expected rate of return on assets None 4.60 % 3.78 % 4.60 % 3.92 % 4.80 %

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

16 unchanged sentences

Target Allocation Percentage of Plan Assets at

December 28, 2025 December 29, 2024 December 31, 2023

Asset Category Non-U.S.

January 3, 2027 December 28, 2025 December 29, 2024

Asset Category U.S.

Equity securities 0-10% 5 % — % 5 %

13 unchanged sentences

Total Carrying

December 29, 2024 Quoted Prices in

December 28, 2025

Quoted Prices in

Active Markets

11 unchanged sentences

debt instruments 87,237 — 87,237 —

Short-term corporate bonds 1,630 — 1,630 —

Other types of investments:

Foreign liability driven instrument 88,486 — — 88,486

Total assets measured at fair value $ 92,318 $ 5,081 $ 87,237 $ —

1 unchanged sentence

Total Carrying

December 31, 2023 Quoted Prices in

December 29, 2024

Quoted Prices in

Active Markets

30 unchanged sentences

These securities are valued using third-party pricing services.

These services may use, for example, model-based pricing

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

methods that utilize observable market data as inputs.

These services may use, for example, model-based pricing methods that utilize observable market data as inputs.

Broker dealer bids or quotes of securities with similar characteristics may also be used.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Other Types of Investments:

In September 2021, the Company’s UK pension plan executed a buy-in contract with Phoenix Life LTD (“Phoenix”), under which the Company made an upfront payment to Phoenix in exchange for Phoenix agreeing to make the benefit payments under the Company’s UK pension plan due to specified participants and their beneficiaries, thus transferring most of the investment and longevity risk associated with the covered participants and beneficiaries from the Company to Phoenix.

This buy-in contract can be considered a liability-driven investment (“LDI”) solution that hedges not only the investment risk but also the longevity risk under the Company’s UK pension plan.

Like other LDI solutions, it does not eliminate ongoing administrative costs.

These are categorized as Level 3 assets.

In September 2021, the Company’s UK pension plan executed a buy-in contract with Phoenix Life LTD (“Phoenix”), under which the Company made an upfront payment to Phoenix in exchange for Phoenix’s agreement to make the benefit payments under the Company’s UK pension plan due to specified participants and their beneficiaries, thus transferring most of the investment and longevity risk associated with the covered participants and beneficiaries from the Company to Phoenix.

This buy-in contract was considered a liability-driven investment (“LDI”) solution.

These were categorized as Level 3 assets.

The Company’s policy is to recognize significant transfers between levels at the actual date of the event.

1 unchanged sentence

(In thousands)

Balance at January 1, 2023 $ 95,062

Balance at December 31, 2023 $ 100,666

Pension benefits paid ( 6,216 )

2 unchanged sentences

Balance at December 29, 2024 88,486

Pension benefits paid ( 6,216 )

Foreign exchange gains ( 1,237 )

Return on plan assets ( 4,727 )

Foreign exchange losses ( 831 )

Settlement of plan obligation ( 87,655 )

Balance at December 28, 2025

10 unchanged sentences

Effective July 31, 2000, this plan was closed to new entrants.

At December 29, 2024 and December 31, 2023, the projected benefit obligations were $ 16.4 million and $ 18.6 million, respectively.

Assets with a fair value of $ 0.6 million, segregated in a trust (which is included in marketable securities in the Other assets, net, on the consolidated balance sheets), were available to meet this obligation as of each of December 29, 2024 and December 31, 2023.

Pension income and expenses for this plan netted to income of $ 0.3 million in fiscal year 2024, expense of $ 1.5 million in fiscal year 2023 and income of $ 3.2 million in fiscal year 2022.

At December 28, 2025 and December 29, 2024, the projected benefit obligations were each $ 16.4 million.

Assets with a fair value of $ 0.1 million and $ 0.6 million, segregated in a trust (which is included in marketable securities in the Other assets, net, on the consolidated balance sheets), were available to meet this obligation as of December 28, 2025 and December 29, 2024, respectively.

Pension income and expenses for this plan netted to expense of $ 1.8 million in fiscal year 2025, income of $ 0.3 million in fiscal year 2024 and expense of $ 1.5 million in fiscal year 2023.

Post-retirement Medical Plan:

10 unchanged sentences

The costs of this plan are not material and the net assets in the plan totaled $ 21.2 million and $ 19.2 million at December 28, 2025 and December 29, 2024, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Contingencies

21 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

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The average expected life was based on the contractual term of the option and historic exercise experience.

The risk-free interest rate is based on United States Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant.

The risk-free interest rate is based on U.S.

Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant.

The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows for the fiscal years ended:

2025 December 29,

2023 January 1,

2024 December 31,

Risk-free interest rate 4.0 % 4.1 % 4.1 %

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The following table summarizes stock option activity for the fiscal year ended December 28, 2025:

Shares Weighted-

Average Exercise

(Shares in thousands)

Number of Shares Weighted-Average Exercise Price

(In thousands)

Outstanding at beginning of year 1,160 $ 130.50

15 unchanged sentences

The Company has awarded shares of restricted stock and restricted stock units to certain employees and non-employee directors at no cost to them, which cannot be sold, assigned, transferred or pledged during the restriction period.

The restricted stock and restricted stock units vest through the passage of time, assuming continued

The restricted stock and restricted stock units vest through the passage of time, assuming continued employment.

The fair value of the award at the time of the grant is expensed on a straight-line basis primarily in selling, general and administrative expenses over the vesting period, which is generally 3 years.

1 unchanged sentence

The following table summarizes restricted stock award activity for the fiscal year ended December 28, 2025:

Shares Weighted-

(Shares in thousands)

Shares Weighted-Average Grant-Date Fair Value

(In thousands)

Nonvested at beginning of year 275 $ 122.80

28 unchanged sentences

Current year change 80,172 — ( 181 ) 79,991

Balance, January 1, 2023 ( 446,664 ) ( 798 ) ( 35 ) ( 447,497 )

Current year change 80,172 — ( 181 ) 79,991

Reclassification to retained earnings 90,814 — — 90,814

2 unchanged sentences

Balance, December 29, 2024 ( 394,938 ) ( 798 ) ( 369 ) ( 396,105 )

Current year change 173,876 — 94 173,970

Balance, December 28, 2025

$ ( 221,062 ) $ ( 798 ) $ ( 275 ) $ ( 222,135 )

The unrealized foreign exchange (gains) losses, net of income taxes, on intercompany debt for which repayment is not anticipated in the foreseeable future that was recorded in AOCI for the fiscal years 2025, 2024 and 2023 were $( 165.3 ) million, $( 0.9 ) million and $ 11.3 million, respectively.

Income taxes related to foreign currency translation adjustments recognized in AOCI during fiscal year 2025 were $ 59.5 million.

Income taxes related to foreign currency translation adjustments recognized in AOCI during fiscal years 2024 and 2023 were not material.

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”).

On October 24, 2024, the Board authorized the Company to repurchase shares of common stock for an aggregate amount up to $ 1.0 billion under a stock repurchase program (the “Repurchase Program”).

On October 23, 2025, the Repurchase Program was terminated by the Board and the Board authorized the Company to repurchase shares of common stock for an aggregate amount up to $ 1.0 billion under a new stock repurchase program (the “New Repurchase Program”).

No shares remain available for repurchase under the Repurchase Program due to its termination.

The New Repurchase Program will expire on October 22, 2027 unless terminated earlier by the Board and may be suspended or discontinued at any time.

3 unchanged sentences

Subsequent to fiscal year 2025, the Company repurchased 608,907 shares of common stock under the New Repurchase Program at an aggregate cost of $ 64.2 million.

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.

In addition, the Board has authorized the Company to repurc hase 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 fiscal year 2025, the Company repurchased 37,710 shares of common stock for this purpose at an aggregate cost of $ 4.2 million.

21 unchanged sentences

The Company held forward foreign exchange contracts, designated as economic hedges, with U.S.

dollar equivalent notional amounts totaling $ 409.8 million at December 29, 2024 and $ 412.1 million at December 31, 2023, and the fair value of these foreign currency derivative contracts was insignificant.

dollar equivalent notional amounts totaling

$ 598.4 million at December 28, 2025 and $ 409.8 million at December 29, 2024, 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.

4 unchanged sentences

As of December 28, 2025, the total notional amount of the 2026 Notes that was designated to hedge investments in foreign subsidiaries was € 498.6 million.

The unrealized foreign exchange (gains) losses recorded in AOCI related to the ne t investment hedge were $( 31.7 ) million , $ 19.5 million and $( 34.5 ) million during the fiscal years 2024, 2023 and 2022, respectively.

The unrealized foreign exchange losses (gains) recorded in AOCI related to the ne t investment hedge were $ 67.6 million, $( 31.7 ) million and $ 19.5 million during the fiscal years 2025, 2024 and 2023, respectively.

The Company does no t expect any material net pre-tax gains or losses to be reclassified from accumulated other comprehensive income (loss) into interest and other expense, net within the next twelve months.

12 unchanged sentences

The following tables show the assets and liabilities carried at fair value measured on a recurring basis as of December 28, 2025 and December 29, 2024 classified in one of the three classifications described above:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Fair Value Measurements at December 28, 2025 Using:

Total Carrying

Value at December 29, 2024 Quoted Prices in

Value at December 28, 2025

Quoted Prices in

Active Markets

9 unchanged sentences

Contingent consideration liability ( 17,869 ) — — ( 17,869 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Fair Value Measurements at December 29, 2024 Using:

Total Carrying

Value at December 31, 2023 Quoted Prices in

Value at December 29, 2024

Quoted Prices in

Active Markets

27 unchanged sentences

Projected risk-adjusted contingent payments are discounted back to the current period using a discounted cash flow model.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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.

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 buyer 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 consolidated statements of operations.

The Company recognized $ 15.9 million upon the sale of Business in fiscal year 2023.

The change in fair value of $( 1.0 ) million was recognized in selling, general and administrative expenses in fiscal year 2023.

Adjustments to the fair value since initial recognition were not material.

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

(In thousands)

Balance at January 1, 2023 $ —

Amount recognized upon the sale of the Business 15,930

Change in fair value (included within selling, general and administrative expenses) ( 1,040 )

Balance at December 31, 2023 14,890

Change in fair value (included within selling, general and administrative expenses) —

Balance at December 29, 2024 $ 14,890

As of December 28, 2025 and December 29, 2024, the carrying value of the contingent consideration asset was $ 14.9 million.

The fair values of contingent consideration liability are calculated on a quarterly basis based on a collaborative effort of the Company’s operations, finance and accounting groups, as appropriate.

2 unchanged sentences

The expected maximum earnout period for acquisitions with open contingency period is 5.9 years from December 28, 2025, and the remaining weighted average expected earnout period at December 28, 2025 was 3.7 years.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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

1 unchanged sentence

Balance at January 1, 2023 $ ( 46,618 )

Additions ( 4,961 )

Amounts paid and foreign currency translation 9,741

Purchase accounting adjustments recognized to goodwill 12,400

Change in fair value (included within selling, general and administrative expenses) ( 3,128 )

Balance at January 1, 2023 ( 46,618 )

Balance at December 31, 2023 ( 40,005 )

Amounts paid and foreign currency translation 16,383

7 unchanged sentences

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 were 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 .

If measured at fair value, the investments in U.S.

treasury securities would be classified as Level 1.

The Company’s outstanding senior unsecured notes had an aggregate fair value of $ 2,963.7 million and aggregate carrying value of $ 3,222.9 million as of December 28, 2025.

The Company’s outstanding senior unsecured notes had an

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

aggregate fair value of $ 3,474.5 million and aggregate carrying value of $ 3,889.3 million as of December 31, 2023.

The Company’s outstanding senior unsecured notes had an aggregate fair value of $ 2,765.5 million and aggregate carrying value of $ 3,151.5 million as of December 29, 2024.

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 $ 0.5 million and $ 10.3 million as of December 29, 2024 and December 31, 2023, respectively.

The Company’s other debt facilities, including the Company’s senior unsecured revolving credit facility, had an aggregate carrying value of $ 0.5 million as of December 29, 2024.

The carrying value approximates fair value and were classified as Level 2.

5 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

2 unchanged sentences

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

22 unchanged sentences

Less imputed interest ( 33,777 )

Total $ 175,087

Industry Segment and Geographic Area Information

Total operating lease liabilities $ 178,143

Segment and Geographic Area 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.

3 unchanged sentences

The accounting policies of the operating segments are the same as those described in Note 1.

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

• Life Sciences .

Provides products and services targeted towards the life sciences customers.

• Diagnostics .

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

Effective at the beginning of fiscal year 2025, the Company implemented changes to its operating model.

The majority of the Company ’s Applied Genomics business, previously reported as part of the Diagnostics segment, has been integrated into a newly formed Life Sciences Solutions business, encompassing all Life Sciences reagents and consumables, instruments and services, as well as technology and licensing, which is reported as part of the Life Sciences segment.

Beginning in fiscal year 2025, the Life Sciences segment consists of Life Sciences Solutions and Software, while the Diagnostics segment consists of Immunodiagnostics and Reproductive Health.

The effect of the change is not significant.

Prior period financial information has been reclassified to reflect this new segment composition for consistent comparison.

The Company has included the expenses for its corporate headquarters, such as legal, tax, audit, human resources, information technology, and other management and compliance costs, as well as the activity related to the mark-to-market adjustment on postretirement benefit plans, as “Corporate” below.

The Company has a process to allocate and recharge expenses to the reportable segments when these costs are administered or paid by the corporate headquarters based on the extent to which the segment benefited from the expenses.

The Company has a process to allocate and recharge

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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 plus amortization of intangible assets, adjustments to operations arising from purchase accounting (primarily adjustments to the fair value of acquired inventory that are subsequently recognized), 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.

The CODM does not evaluate operating segments using discrete asset information and there are no segment assets reported to the CODM.

Accordingly, no segment assets have been reported.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Revenue and operating income, including significant segment expenses, by reportable segment are shown in the table below for the fiscal years ended:

December 29, 2024 December 31, 2023 January 1, 2023

December 28, 2025 December 29, 2024 December 31, 2023

Sciences Diagnostics Total Life Sciences Diagnostics Total Life Sciences Diagnostics Total

9 unchanged sentences

Acquisition and divestiture-related costs ( 3,783 ) ( 25,379 ) ( 69,159 )

Transformation costs ( 9,280 ) — —

Asset impairment — ( 22,814 ) —

4 unchanged sentences

Income from continuing operations before income taxes $ 268,277 $ 316,126 $ 182,976

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Depreciation expense included in the Company’s reportable segment operating income and corporate expenses is as follows:

Depreciation Expense

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

4 unchanged sentences

The following geographic area information for continuing operations includes revenue based on location of external customers for the three fiscal years ended December 28, 2025 and net long-lived assets based on physical location as of December 28, 2025 and December 29, 2024:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

2025 December 29,

2023 January 1,

2024 December 31,

(In thousands)

2 unchanged sentences

China 425,060 450,007 454,426

Germany 177,664 162,575 193,170

United Kingdom 126,849 112,883 125,419

2 unchanged sentences

Total revenue $ 2,856,051 $ 2,755,026 $ 2,750,571

Net Long-Lived Assets (1)

Net Long-Lived Assets (a)

2025 December 29,

3 unchanged sentences

Germany 130,645 134,713

United Kingdom 40,839 35,097

China 34,894 49,207

2 unchanged sentences

Total net long-lived assets $ 749,031 $ 745,880

(1) Long-lived assets consist of property and equipment, net, operating lease right-of-use assets, rental equipment and other long-term assets.

(a) Long-lived assets consist of property and equipment, net, operating lease right-of-use assets, rental equipment and other long-term assets.

Subsequent Events

Subsequent to fiscal year 2025, the Company completed its acquisition of Advanced Chemistry Development Inc.

(“ACD/Labs”) for $ 72 million in cash paid at the closing and up to $ 8 million in contingent consideration to be paid in cash based on the achievement of certain revenue metrics through 2028.

AC D/Labs is based in Toronto, Canada, has approximately 200 employees, and is a provider of scientific software solutions that support analytical characterization and molecular design across pharmaceutical and material sciences end markets.

ACD/Labs will be recognized in the Life Sciences segment.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data