Balance Sheet Account Details

3 Months Ended

Apr. 02, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash, Cash Equivalents and Restricted Cash


(In millions)	April 2, 2023		January 1, 2023
Cash and cash equivalents	$	353.9	$	292.9
Restricted cash included in Other assets	1.0		1.0
Cash, cash equivalents and restricted cash	$	354.9	$	293.9

Marketable Securities

The following table is a summary of marketable securities:


	April 2, 2023				January 1, 2023
(In millions)	Amortized Cost		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Losses		Fair Value
Corporate bonds	$	33.4	$	(0.2)	$	33.2	$	40.5	$	(0.5)	$	40.0

Corporate asset-backed securities	6.1		—		6.1		6.7		—		6.7
U.S. government securities	—		—		—		2.0		—		2.0
Agency bonds	1.0		—		1.0		1.0		—		1.0
Sovereign government bonds	2.0		—		2.0		1.9		—		1.9
Foreign and other	0.5		—		0.5		0.5		—		0.5
Total marketable securities, current	43.0		(0.2)		42.8		52.6		(0.5)		52.1
Corporate bonds, non-current	23.6		—		23.6		13.3		(0.1)		13.2
Corporate asset-backed securities, non-current	8.8		(0.1)		8.7		7.9		(0.1)		7.8
Agency bonds	1.6		(0.1)		1.5		—		—		—
Total marketable securities	$	77.0	$	(0.4)	$	76.6	$	73.8	$	(0.7)	$	73.1

Accounts Receivable, Net

Accounts receivables primarily consist of trade accounts receivables with maturities of one year or less and are presented net of reserves:


(In millions)	April 2, 2023		January 1, 2023
Accounts receivable	$	356.2	$	543.0
Allowance for contract rebates and discounts	(67.8)		(77.1)
Allowance for doubtful accounts	(13.6)		(12.0)
Total accounts receivable, net	$	274.8	$	453.9

Inventories

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following:


(In millions)	April 2, 2023		January 1, 2023
Raw materials	$	198.6	$	185.2
Work-in-process (materials, labor and overhead)	95.1		82.7
Finished goods (materials, labor and overhead)	274.3		295.1
Total inventories (1)	$	568.0	$	563.0

Inventories	$	528.6	$	524.1
Other assets (2)	39.4		38.9
Total inventories	$	568.0	$	563.0

(1) Includes adjustment of approximately $39 million in the three months ended April 2, 2023 due to changes in estimates to decrease inventory obsolescence reserves from the prior period.

(2) Other assets includes inventory expected to remain on hand beyond one year.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(In millions)	April 2, 2023		January 1, 2023
Prepaid expenses	$	101.0	$	96.7
Contract assets	53.4		49.6
Other receivables (1)	78.1		44.3
Income taxes and other tax receivables	48.4		38.6
Derivatives	17.1		22.0
Other	0.8		0.9
Total prepaid expenses and other current assets	$	298.8	$	252.1

(1) Includes a settlement award of approximately $41 million from a third party related to one of the Company’s collaboration agreements, of which approximately $20 million is due to the Company’s collaboration partner and is included within Accounts payable as of April 2, 2023.

Goodwill

Changes in goodwill were as follows:


(In millions)	North America		EMEA		China		Other		Total
Balance at January 1, 2023	$	1,547.7	$	358.6	$	118.1	$	452.4	$	2,476.8

Purchase accounting adjustments	(1.6)		(0.4)		(0.2)		(0.6)		(2.8)
Foreign currency translation	—		5.7		0.5		11.1		17.3
Balance at April 2, 2023	$	1,546.1	$	363.9	$	118.4	$	462.9	$	2,491.3

Other Current Liabilities

Other current liabilities consist of the following:


(In millions)	April 2, 2023		January 1, 2023
Deferred revenue	$	61.9	$	76.4
Accrued commissions and rebates	57.6		55.1
Deferred consideration	39.8		39.3
Operating lease liabilities	26.1		24.4
Derivatives	17.9		19.7
Accrued other taxes payable	16.5		9.3

Other	114.2		101.2
Total other current liabilities	$	334.0	$	325.4