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Segment and Geographic Information (Tables)

12 Months Ended

Dec. 29, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the results of operations of the Company’s reportable segments for fiscal years ended 2024, 2023 and 2022:

			Fiscal Year Ended 2024
(In millions)			North America						EMEA						China						Other						Total
Total revenues			$	1,619.8					$	335.8					$	325.0					$	502.3					$	2,782.9
Less (1):
Cost of sales, excluding amortization of intangibles			547.0						179.5						148.0						271.3						1,145.8
Selling, marketing and administrative			179.6						105.8						44.6						96.6						426.6
Research and development			1.6						2.6						4.3						3.1						11.6
Other expense, net			(0.5)						1.4						(2.4)						(2.2)						(3.7)
Total segment Adjusted EBITDA			$	892.1					$	46.5					$	130.5					$	133.5					1,202.6
Reconciliation of segment Adjusted EBITDA
Corporate (2)																											(659.7)
Depreciation and amortization																											(453.4)
Interest expense, net																											(163.5)
Acquisition and integration costs																											(127.2)
Goodwill impairment charge																											(1,822.6)
Asset impairment charge																											(56.9)
Asset write off (3)																											(20.0)
Amortization of deferred cloud computing implementation costs																											(14.7)
Employee compensation charges																											(5.6)
Credit Agreement amendment fees																											(4.0)
EU medical device regulation transition costs (4)																											(2.0)
Loss on disposal (5)																											(1.2)
Gain on investments																											0.7
Other adjustments																											(4.0)
(Loss) income before income taxes																											$	(2,131.5)

			Fiscal Year Ended 2023
(In millions)			North America						EMEA						China						Other						Total
Total revenues			$	1,877.1					$	327.3					$	310.1					$	483.3					$	2,997.8
Less (1):
Cost of sales, excluding amortization of intangibles			644.3						176.2						134.9						264.7						1,220.1
Selling, marketing and administrative			205.9						105.1						44.7						100.1						455.8
Research and development			1.6						2.5						4.5						3.1						11.7
Other expense, net			0.1						2.5						(1.2)						0.1						1.5
Total segment Adjusted EBITDA			$	1,025.2					$	41.0					$	127.2					$	115.3					1,308.7
Reconciliation of segment Adjusted EBITDA
Corporate (2)																											(585.5)
Depreciation and amortization																											(457.2)
Interest expense, net																											(147.6)
Acquisition and integration costs																											(113.4)
Asset impairment charge																											(4.5)
Tax indemnification expense																											(12.6)
Amortization of deferred cloud computing implementation costs																											(9.2)
Loss on investments																											(3.6)
EU medical device regulation transition costs (4)																											(2.5)
Other adjustments																											(1.7)
(Loss) income before income taxes																											$	(29.1)

			Fiscal Year Ended 2022
(In millions)			North America						EMEA						China						Other						Total
Total revenues			$	2,536.5					$	206.8					$	220.0					$	302.7					$	3,266.0
Less (1):
Cost of sales, excluding amortization of intangibles			619.8						105.1						92.5						153.4						970.8
Selling, marketing and administrative			226.6						66.7						27.1						56.1						376.5
Research and development			1.0						2.2						2.4						1.7						7.3
Other expense, net			(0.1)						1.4						(1.4)						0.3						0.2
Total segment Adjusted EBITDA			$	1,689.2					$	31.4					$	99.4					$	91.2					1,911.2
Reconciliation of segment Adjusted EBITDA
Corporate (2)																											(580.2)
Depreciation and amortization																											(283.6)
Interest expense, net																											(75.7)
Loss on extinguishment of debt																											(24.0)
Acquisition and integration costs																											(136.0)
Asset impairment charge																											(2.8)
Unwind inventory fair value adjustment																											(60.6)
Loss on investments																											(5.8)
Amortization of deferred cloud computing implementation costs																											(5.4)
Employee compensation charges																											(3.2)
EU medical device regulation transition costs (4)																											(1.5)
Tax indemnification expense																											(0.3)
Derivative mark-to-market gain																											4.4
Other adjustments																											(0.6)
(Loss) income before income taxes																											$	735.9

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and IT functions, which benefit the Company as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards.

(3) Represents the write off of the tax assessment refund related to the Luxembourg net wealth tax, as the weight of available evidence indicated that it is not more likely than not that the position will be sustained during the pendency of an appeal.

(4) Represents incremental consulting costs and R&D manufacturing site costs to align compliance of the Company’s existing, on-market products that were previously registered under the European In Vitro Diagnostics Directive regulatory framework with the requirements under the EU’s In Vitro Diagnostic Regulation, which generally apply from May 2022 onwards.

(5) Represents loss on disposal from the sale of the McKellar, San Diego, CA facility.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following presents long-lived assets (excluding intangible assets) and total net revenue by geographic territory:

			Long-lived Assets as of												Total Revenues for Fiscal Year Ended
(In millions)			December 29, 2024						December 31, 2023						2024						2023						2022
Domestic			$	947.8					$	1,024.5					$	1,568.8					$	1,829.4					$	2,451.7
Foreign			432.4						419.3						1,214.1						1,168.4						814.3
Total			$	1,380.2					$	1,443.8					$	2,782.9					$	2,997.8					$	3,266.0

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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