falsedesktopPKI2020-10-04000003179120000010{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Title of each class\tTrading Symbol (s)\tName of each exchange on which registered\nCommon stock $1 par value per share\tPKI\tThe New York Stock Exchange\n1.875% Notes due 2026\tPKI 21A\tThe New York Stock Exchange\n0.60% Notes due 2021\tPKI 21B\tThe New York Stock Exchange\n", "q10k_tbl_1": "Large accelerated filer\t☑\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_2": "\t\tPage\nPART I. FINANCIAL INFORMATION\t\t\nItem 1.\tUnaudited Financial Statements\t4\n\tCondensed Consolidated Statements of Operations\t4\n\tCondensed Consolidated Statements of Comprehensive Income\t5\n\tCondensed Consolidated Balance Sheets\t6\n\tCondensed Consolidated Statements of Stockholders' Equity\t7\n\tCondensed Consolidated Statements of Cash Flows\t9\n\tNotes to Condensed Consolidated Financial Statements\t10\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t36\n\tOverview\t36\n\tCritical Accounting Policies and Estimates\t37\n\tConsolidated Results of Continuing Operations\t37\n\tReporting Segment Results of Continuing Operations\t42\n\tLiquidity and Capital Resources\t44\n\tDividends\t48\n\tContractual Obligations\t48\n\tEffects of Recently Adopted and Issued Accounting Pronouncements\t48\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t49\nItem 4.\tControls and Procedures\t51\nPART II. OTHER INFORMATION\t\t\nItem 1.\tLegal Proceedings\t52\nItem 1A.\tRisk Factors\t52\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t60\nItem 6.\tExhibits\t61\nSignatures\t\t62\n", "q10k_tbl_3": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands except per share data)\t\t\t\nProduct revenue\t736846\t493320\t1763881\t1434156\nService revenue\t227179\t213603\t664258\t644021\nTotal revenue\t964025\t706923\t2428139\t2078177\nCost of product revenue\t299785\t236618\t746469\t681349\nCost of service revenue\t136795\t128030\t398858\t398954\nTotal cost of revenue\t436580\t364648\t1145327\t1080303\nSelling general and administrative expenses\t225249\t204171\t654844\t604581\nResearch and development expenses\t50131\t45376\t148566\t141700\nRestructuring and other costs net\t4059\t14068\t11075\t27868\nOperating income from continuing operations\t248006\t78660\t468327\t223725\nInterest and other expense net\t14249\t15406\t35054\t51879\nIncome from continuing operations before income taxes\t233757\t63254\t433273\t171846\nProvision for income taxes\t57021\t4644\t85609\t8642\nIncome from continuing operations\t176736\t58610\t347664\t163204\nLoss on disposition of discontinued operations before income taxes\t0\t0\t0\t0\nProvision for income taxes on discontinued operations and dispositions\t37\t52\t138\t147\nLoss from discontinued operations and dispositions\t(37)\t(52)\t(138)\t(147)\nNet income\t176699\t58558\t347526\t163057\nBasic earnings per share:\t\t\t\t\nIncome from continuing operations\t1.58\t0.53\t3.12\t1.47\nLoss from discontinued operations and dispositions\t(0.00)\t(0.00)\t(0.00)\t(0.00)\nNet income\t1.58\t0.53\t3.12\t1.47\nDiluted earnings per share:\t\t\t\t\nIncome from continuing operations\t1.57\t0.53\t3.11\t1.46\nLoss from discontinued operations and dispositions\t(0.00)\t(0.00)\t(0.00)\t(0.00)\nNet income\t1.57\t0.52\t3.10\t1.46\nWeighted average shares of common stock outstanding:\t\t\t\t\nBasic\t111684\t110946\t111378\t110778\nDiluted\t112292\t111559\t111935\t111460\nCash dividends declared per common share\t0.07\t0.07\t0.21\t0.21\n", "q10k_tbl_4": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nNet income\t176699\t58558\t347526\t163057\nOther comprehensive income (loss):\t\t\t\t\nForeign currency translation adjustments\t72862\t(62700)\t55837\t(66954)\nUnrealized gain (loss) on securities net of tax\t43\t(5)\t42\t(22)\nOther comprehensive income (loss)\t72905\t(62705)\t55879\t(66976)\nComprehensive income (loss)\t249604\t(4147)\t403405\t96081\n", "q10k_tbl_5": "\tOctober 4 2020\tDecember 29 2019\n\t(In thousands except share and per share data)\t\nCurrent assets:\t\t\nCash and cash equivalents\t258293\t191877\nAccounts receivable net\t797911\t725184\nInventories\t486555\t356937\nOther current assets\t133062\t100381\nTotal current assets\t1675821\t1374379\nProperty plant and equipment:\t\t\nAt cost\t762661\t701580\nAccumulated depreciation\t(426219)\t(383357)\nProperty plant and equipment net\t336442\t318223\nOperating lease right-of-use assets\t193897\t167276\nIntangible assets net\t1181754\t1283286\nGoodwill\t3161998\t3111227\nOther assets net\t315653\t284173\nTotal assets\t6865565\t6538564\nCurrent liabilities:\t\t\nCurrent portion of long-term debt\t360217\t9974\nAccounts payable\t258038\t235855\nShort-term accrued restructuring and other costs\t10344\t11559\nAccrued expenses and other current liabilities\t614101\t503332\nCurrent liabilities of discontinued operations\t2097\t2112\nTotal current liabilities\t1244797\t762832\nLong-term debt\t1492633\t2064041\nLong-term liabilities\t720800\t751468\nOperating lease liabilities\t175654\t146399\nTotal liabilities\t3633884\t3724740\nCommitments and contingencies (see Note 18)\t\t\nStockholders' equity:\t\t\nPreferred stock-$1 par value per share authorized 1000000 shares; none issued or outstanding\t0\t0\nCommon stock-$1 par value per share authorized 300000000 shares; issued and outstanding 111878000 shares and 111140000 shares at October 4 2020 and December 29 2019 respectively\t111878\t111140\nCapital in excess of par value\t128820\t90357\nRetained earnings\t3134750\t2811973\nAccumulated other comprehensive loss\t(143767)\t(199646)\nTotal stockholders' equity\t3231681\t2813824\nTotal liabilities and stockholders' equity\t6865565\t6538564\n", "q10k_tbl_6": "\tFor the Nine-Month Period Ended October 4 2020\t\t\t\t\n\tCommon Stock Amount\tCapital in Excess of Par Value\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTotal Stockholders' Equity\n\t(In thousands)\t\t\t\t\nBalance December 29 2019\t111140\t90357\t2811973\t(199646)\t2813824\nImpact of adopting ASU 2016-13 (see Note 1)\t0\t0\t(1328)\t0\t(1328)\nNet income\t0\t0\t33665\t0\t33665\nOther comprehensive loss\t0\t0\t0\t(78681)\t(78681)\nDividends\t0\t0\t(7779)\t0\t(7779)\nExercise of employee stock options and related income tax benefits\t21\t1085\t0\t0\t1106\nIssuance of common stock for employee stock purchase plans\t14\t1242\t0\t0\t1256\nPurchases of common stock\t(66)\t(6276)\t0\t0\t(6342)\nIssuance of common stock for long-term incentive program\t197\t2831\t0\t0\t3028\nStock compensation\t0\t997\t0\t0\t997\nBalance April 5 2020\t111306\t90236\t2836531\t(278327)\t2759746\nNet income\t0\t0\t137162\t0\t137162\nOther comprehensive income\t0\t0\t0\t61655\t61655\nDividends\t0\t0\t(7803)\t0\t(7803)\nExercise of employee stock options and related income tax benefits\t175\t8792\t0\t0\t8967\nIssuance of common stock for employee stock purchase plans\t14\t1291\t0\t0\t1305\nPurchases of common stock\t(4)\t(323)\t0\t0\t(327)\nIssuance of common stock for long-term incentive program\t2\t5123\t0\t0\t5125\nStock compensation\t8\t1625\t0\t0\t1633\nBalance July 5 2020\t111501\t106744\t2965890\t(216672)\t2967463\nNet income\t0\t0\t176699\t0\t176699\nOther comprehensive income\t0\t0\t0\t72905\t72905\nDividends\t0\t0\t(7839)\t0\t(7839)\nExercise of employee stock options and related income tax benefits\t369\t17085\t0\t0\t17454\nIssuance of common stock for employee stock purchase plans\t0\t26\t0\t0\t26\nPurchases of common stock\t(1)\t(158)\t0\t0\t(159)\nIssuance of common stock for long-term incentive program\t9\t4176\t0\t0\t4185\nStock compensation\t0\t947\t0\t0\t947\nBalance October 4 2020\t111878\t128820\t3134750\t(143767)\t3231681\n", "q10k_tbl_7": "\tFor the Nine-Month Period Ended September 29 2019\t\t\t\t\n\tCommon Stock Amount\tCapital in Excess of Par Value\tRetained Earnings\tAccumulated Other Comprehensive Income (Loss)\tTotal Stockholders' Equity\n\t(In thousands)\t\t\t\t\nBalance December 30 2018\t110597\t48772\t2602067\t(176481)\t2584955\nImpact of adopting ASU 2016-02\t0\t0\t13289\t0\t13289\nNet income\t0\t0\t35412\t0\t35412\nOther comprehensive income\t0\t0\t0\t2946\t2946\nDividends\t0\t0\t(7742)\t0\t(7742)\nExercise of employee stock options and related income tax benefits\t186\t8424\t0\t0\t8610\nIssuance of common stock for employee stock purchase plans\t19\t1367\t0\t0\t1386\nPurchases of common stock\t(57)\t(5236)\t0\t0\t(5293)\nIssuance of common stock for long-term incentive program\t146\t3392\t0\t0\t3538\nStock compensation\t0\t1371\t0\t0\t1371\nBalance March 31 2019\t110891\t58090\t2643026\t(173535)\t2638472\nNet income\t0\t0\t69087\t0\t69087\nOther comprehensive loss\t0\t0\t0\t(7217)\t(7217)\nDividends\t0\t0\t(7746)\t0\t(7746)\nExercise of employee stock options and related income tax benefits\t167\t7777\t0\t0\t7944\nIssuance of common stock for employee stock purchase plans\t15\t1387\t0\t0\t1402\nPurchases of common stock\t(7)\t(757)\t0\t0\t(764)\nIssuance of common stock for long-term incentive program\t5\t4384\t0\t0\t4389\nStock compensation\t0\t1300\t0\t0\t1300\nBalance June 30 2019\t111071\t72181\t2704367\t(180752)\t2706867\nNet income\t0\t0\t58558\t0\t58558\nOther comprehensive loss\t0\t0\t0\t(62705)\t(62705)\nDividends\t0\t0\t(7760)\t0\t(7760)\nExercise of employee stock options and related income tax benefits\t19\t990\t0\t0\t1009\nIssuance of common stock for employee stock purchase plans\t(1)\t(11)\t0\t0\t(12)\nPurchases of common stock\t(2)\t(142)\t0\t0\t(144)\nIssuance of common stock for long-term incentive program\t6\t7890\t0\t0\t7896\nStock compensation\t0\t3088\t0\t0\t3088\nBalance September 29 2019\t111093\t83996\t2755165\t(243457)\t2706797\n", "q10k_tbl_8": "\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\nOperating activities:\t\t\nNet income\t347526\t163057\nLoss from discontinued operations and dispositions net of income taxes\t138\t147\nIncome from continuing operations\t347664\t163204\nAdjustments to reconcile income from continuing operations to net cash provided by continuing operations:\t\t\nStock-based compensation\t19770\t25105\nRestructuring and other costs net\t11075\t27868\nDepreciation and amortization\t182521\t157117\nLoss on disposition of businesses and assets net\t886\t2469\nChange in fair value of contingent consideration\t(8807)\t4399\nDebt extinguishment costs\t0\t471\nAmortization of deferred debt financing costs and accretion of discounts\t2559\t2778\nAmortization of acquired inventory revaluation\t1757\t13258\nChanges in assets and liabilities which provided (used) cash excluding effects from companies acquired:\t\t\nAccounts receivable net\t(67695)\t(22132)\nInventories\t(120934)\t(48367)\nAccounts payable\t16391\t(34043)\nAccrued expenses and other\t24893\t(143869)\nNet cash provided by operating activities of continuing operations\t410080\t148258\nNet cash used in operating activities of discontinued operations\t0\t0\nNet cash provided by operating activities\t410080\t148258\nInvesting activities:\t\t\nCapital expenditures\t(57391)\t(53082)\nPurchases of investments\t(9559)\t(5387)\nPurchases of licenses\t0\t(5000)\nProceeds from disposition of businesses and assets\t2423\t550\nProceeds from surrender of life insurance policies\t131\t0\nActivity related to acquisitions net of cash and cash equivalents acquired\t(3702)\t(252620)\nNet cash used in investing activities of continuing operations\t(68098)\t(315539)\nNet cash provided by investing activities of discontinued operations\t0\t0\nNet cash used in investing activities\t(68098)\t(315539)\nFinancing activities:\t\t\nPayments on borrowings\t(515210)\t(1419489)\nProceeds from borrowings\t257000\t1034416\nProceeds from sale of senior unsecured notes\t0\t847195\nPayments of debt financing costs\t0\t(7922)\nSettlement of cash flow hedges\t(2089)\t(1587)\nNet payments on other credit facilities\t(8124)\t(11166)\nPayments for acquisition-related contingent consideration\t(5200)\t(28200)\nProceeds from issuance of common stock under stock plans\t27528\t17563\nPurchases of common stock\t(6829)\t(6201)\nDividends paid\t(23381)\t(23282)\nNet cash (used in) provided by financing activities of continuing operations\t(276305)\t401327\nNet cash provided by financing activities of discontinued operations\t0\t0\nNet cash (used in) provided by financing activities\t(276305)\t401327\nEffect of exchange rate changes on cash cash equivalents and restricted cash\t832\t(4384)\nNet increase in cash cash equivalents and restricted cash\t66509\t229662\nCash cash equivalents and restricted cash at beginning of period\t191894\t166315\nCash cash equivalents and restricted cash at end of period\t258403\t395977\nSupplemental disclosures of cash flow information\t\t\nReconciliation of cash cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:\t\t\nCash and cash equivalents\t258293\t392969\nRestricted cash included in other current assets\t110\t3008\nTotal cash cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows\t258403\t395977\n", "q10k_tbl_9": "\tReportable Segments\t\t\t\t\t\n\tThree Months Ended\t\t\t\t\t\n\tOctober 4 2020\t\t\tSeptember 29 2019\t\t\n\tDiscovery & Analytical Solutions\tDiagnostics\tTotal\tDiscovery & Analytical Solutions\tDiagnostics\tTotal\n\t(In thousands)\t\t\t\t\t\nPrimary geographical markets\t\t\t\t\t\t\nAmericas\t173992\t213347\t387339\t178493\t96759\t275252\nEurope\t115281\t198205\t313486\t119801\t70225\t190026\nAsia\t134350\t128850\t263200\t128610\t113035\t241645\n\t423623\t540402\t964025\t426904\t280019\t706923\nPrimary end-markets\t\t\t\t\t\t\nDiagnostics\t0\t540402\t540402\t0\t280019\t280019\nLife sciences\t251929\t0\t251929\t243167\t0\t243167\nApplied markets\t171694\t0\t171694\t183737\t0\t183737\n\t423623\t540402\t964025\t426904\t280019\t706923\nTiming of revenue recognition\t\t\t\t\t\t\nProducts and services transferred at a point in time\t293460\t518867\t812327\t311123\t259161\t570284\nServices transferred over time\t130163\t21535\t151698\t115781\t20858\t136639\n\t423623\t540402\t964025\t426904\t280019\t706923\n", "q10k_tbl_10": "\tReportable Segments\t\t\t\t\t\n\tNine Months Ended\t\t\t\t\t\n\tOctober 4 2020\t\t\tSeptember 29 2019\t\t\n\tDiscovery & Analytical Solutions\tDiagnostics\tTotal\tDiscovery & Analytical Solutions\tDiagnostics\tTotal\n\t(In thousands)\t\t\t\t\t\nPrimary geographical markets\t\t\t\t\t\t\nAmericas\t503490\t475113\t978603\t518884\t300403\t819287\nEurope\t337435\t429671\t767106\t351216\t208729\t559945\nAsia\t372095\t310335\t682430\t379604\t319341\t698945\n\t1213020\t1215119\t2428139\t1249704\t828473\t2078177\nPrimary end-markets\t\t\t\t\t\t\nDiagnostics\t0\t1215119\t1215119\t0\t828473\t828473\nLife sciences\t734782\t0\t734782\t702406\t0\t702406\nApplied markets\t478238\t0\t478238\t547298\t0\t547298\n\t1213020\t1215119\t2428139\t1249704\t828473\t2078177\nTiming of revenue recognition\t\t\t\t\t\t\nProducts and services transferred at a point in time\t827270\t1149166\t1976436\t903274\t765858\t1669132\nServices transferred over time\t385750\t65953\t451703\t346430\t62615\t409045\n\t1213020\t1215119\t2428139\t1249704\t828473\t2078177\n", "q10k_tbl_11": "\tCisbio\tMeizheng Group\tOther\n\t(In thousands)\t\t\nFair value of business combination:\t\t\t\nCash payments\t219795\t145000\t45042\nOther liability\t0\t6446\t638\nContingent consideration\t0\t12100\t634\nWorking capital and other adjustments\t138\t2961\t302\nLess: cash acquired\t(12542)\t(2108)\t(1334)\nTotal\t207391\t164399\t45282\nIdentifiable assets acquired and liabilities assumed:\t\t\t\nCurrent assets\t43554\t15160\t4042\nProperty plant and equipment\t4835\t6278\t727\nOther assets\t100\t24\t502\nIdentifiable intangible assets:\t\t\t\nCore technology\t89000\t36600\t27667\nTrade names\t5000\t4900\t1310\nCustomer relationships\t39000\t55800\t6700\nGoodwill\t73417\t78599\t17092\nDeferred taxes\t(34962)\t(21494)\t(6657)\nDebt assumed\t0\t(706)\t(2698)\nLiabilities assumed\t(12553)\t(10762)\t(3403)\nTotal\t207391\t164399\t45282\n", "q10k_tbl_12": "\tWorkforce Reductions\t\t\tClosure of Excess Facility\t\tTotal\t\t(Expected) Date Payments Substantially Completed by\t\t\n\tHeadcount Reduction\tDiscovery & Analytical Solutions\tDiagnostics\tDiscovery & Analytical Solutions\tDiagnostics\t\tSeverance\t\tExcess Facility\n\t(In thousands except headcount data)\t\t\t\t\t\t\t\t\t\nQ3 2020 Plan\t23\t2080\t901\t0\t0\t2981\t\tQ2 FY2021\t\t0\nQ1 2020 Plan\t32\t2312\t1134\t92\t682\t4220\t\tQ4 FY2020\t\tQ1 FY2022\nQ4 2019 Plan\t22\t177\t2404\t0\t0\t2581\t\tQ3 FY2020\t\t0\nQ3 2019 Plan\t259\t11156\t2641\t0\t0\t13797\t\tQ2 FY2020\t\t0\nQ2 2019 Plan\t44\t4461\t1129\t0\t0\t5590\t\tQ1 FY2020\t\t0\nQ1 2019 Plan\t105\t6001\t1459\t0\t0\t7460\t\tQ4 FY2019\t\t0\n", "q10k_tbl_13": "\tBalance at December 29 2019\t2020 Charges\t2020 Changes in Estimates Net\t2020 Amounts Paid\tBalance at October 4 2020\n\t(In thousands)\t\t\t\t\nSeverance:\t\t\t\t\t\nQ3 2020 Plan\t0\t2981\t0\t(566)\t2415\nQ1 2020 Plan\t0\t3446\t0\t(2239)\t1207\nQ4 2019 Plan\t889\t0\t(69)\t(454)\t366\nQ3 2019 Plan\t6311\t0\t0\t(2654)\t3657\nQ2 2019 Plan\t1889\t0\t0\t(1241)\t648\nQ1 2019 Plan\t2129\t0\t0\t(669)\t1460\nFacility:\t\t\t\t\t\nQ1 2020 Plan\t0\t774\t0\t(95)\t679\nPrevious Plans\t1647\t0\t269\t(511)\t1405\nRestructuring\t12865\t7201\t200\t(8429)\t11837\nContract Termination\t188\t0\t212\t(68)\t332\nOther Costs\t827\t3462\t0\t(981)\t3308\nTotal Restructuring and Other Liabilities\t13880\t10663\t412\t(9478)\t15477\n", "q10k_tbl_14": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nInterest income\t(205)\t(292)\t(662)\t(925)\nInterest expense\t12057\t16149\t37308\t49206\nLoss on disposition of businesses and assets net\t0\t0\t0\t2469\nDebt extinguishment costs\t0\t471\t0\t471\nOther expense (income) net\t2397\t(922)\t(1592)\t658\nTotal interest and other expense net\t14249\t15406\t35054\t51879\n", "q10k_tbl_15": "\tOctober 4 2020\tDecember 29 2019\n\t(In thousands)\t\nRaw materials\t205339\t130673\nWork in progress\t36501\t26409\nFinished goods\t244715\t199855\nTotal inventories\t486555\t356937\n", "q10k_tbl_16": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nContinuing operations\t57021\t4644\t85609\t8642\nDiscontinued operations\t37\t52\t138\t147\nTotal\t57058\t4696\t85747\t8789\n", "q10k_tbl_17": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nNumber of common shares-basic\t111684\t110946\t111378\t110778\nEffect of dilutive securities:\t\t\t\t\nStock options\t477\t484\t476\t558\nRestricted stock awards\t131\t129\t81\t124\nNumber of common shares-diluted\t112292\t111559\t111935\t111460\nNumber of potentially dilutive securities excluded from calculation due to antidilutive impact\t0\t413\t294\t396\n", "q10k_tbl_18": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nDiscovery & Analytical Solutions\t\t\t\t\nProduct revenue\t245556\t256118\t686529\t738422\nService revenue\t178067\t170786\t526491\t511282\nTotal revenue\t423623\t426904\t1213020\t1249704\nOperating income from continuing operations\t42689\t52347\t110632\t146963\nDiagnostics\t\t\t\t\nProduct revenue\t491290\t237202\t1077352\t695734\nService revenue\t49112\t42817\t137767\t132739\nTotal revenue\t540402\t280019\t1215119\t828473\nOperating income from continuing operations\t223819\t47443\t413710\t128184\nCorporate\t\t\t\t\nOperating loss from continuing operations\t(18502)\t(21130)\t(56015)\t(51422)\nContinuing Operations\t\t\t\t\nProduct revenue\t736846\t493320\t1763881\t1434156\nService revenue\t227179\t213603\t664258\t644021\nTotal revenue\t964025\t706923\t2428139\t2078177\nOperating income from continuing operations\t248006\t78660\t468327\t223725\nInterest and other expense net (see Note 5)\t14249\t15406\t35054\t51879\nIncome from continuing operations before income taxes\t233757\t63254\t433273\t171846\n", "q10k_tbl_19": "\tOctober 4 2020\tDecember 29 2019\n\t(In thousands)\t\nForeign currency translation adjustments\t(144600)\t(200437)\nUnrecognized prior service costs net of income taxes\t1052\t1052\nUnrealized net losses on securities net of income taxes\t(219)\t(261)\nAccumulated other comprehensive loss\t(143767)\t(199646)\n", "q10k_tbl_20": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nCost of revenue\t463\t477\t970\t1188\nResearch and development expenses\t327\t178\t915\t802\nSelling general and administrative expenses\t6327\t11649\t17885\t23115\nTotal stock-based compensation expense\t7117\t12304\t19770\t25105\n", "q10k_tbl_21": "\tThree and Nine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\nRisk-free interest rate\t0.9%\t1.9%\nExpected dividend yield\t0.3%\t0.3%\nExpected term\t5 years\t5 years\nExpected stock volatility\t23.8%\t22.8%\n", "q10k_tbl_22": "\tNumber of Shares\tWeighted- Average Exercise Price\tWeighted-Average Remaining Contractual Term\tTotal Intrinsic Value\n\t(In thousands)\t\t(In years)\t(In millions)\nOutstanding at December 29 2019\t1535\t60.42\t\t\nGranted\t266\t86.87\t\t\nExercised\t(565)\t48.67\t\t\nForfeited\t(65)\t87.41\t\t\nOutstanding at October 4 2020\t1171\t70.60\t3.9\t63.2\nExercisable at October 4 2020\t758\t61.56\t2.8\t47.8\n", "q10k_tbl_23": "\tNumber of Shares\tWeighted- Average Grant- Date Fair Value\n\t(In thousands)\t\nNonvested at December 29 2019\t345\t78.69\nGranted\t182\t84.39\nVested\t(190)\t72.14\nForfeited\t(34)\t85.10\nNonvested at October 4 2020\t303\t85.52\n", "q10k_tbl_24": "\tDiscovery & Analytical Solutions\tDiagnostics\tConsolidated\n\t(In thousands)\t\t\nBalance at December 29 2019\t1498820\t1612407\t3111227\nForeign currency translation\t25283\t27265\t52548\nAcquisitions earn-outs and other\t(1777)\t0\t(1777)\nBalance at October 4 2020\t1522326\t1639672\t3161998\n", "q10k_tbl_25": "\tOctober 4 2020\tDecember 29 2019\n\t(In thousands)\t\nPatents\t30843\t30831\nLess: Accumulated amortization\t(28445)\t(27423)\nNet patents\t2398\t3408\nTrade names and trademarks\t90290\t87997\nLess: Accumulated amortization\t(46177)\t(40295)\nNet trade names and trademarks\t44113\t47702\nLicenses\t58512\t58496\nLess: Accumulated amortization\t(51969)\t(49733)\nNet licenses\t6543\t8763\nCore technology\t706508\t689089\nLess: Accumulated amortization\t(372258)\t(320926)\nNet core technology\t334250\t368163\nCustomer relationships\t1200214\t1161526\nLess: Accumulated amortization\t(477714)\t(378188)\nNet customer relationships\t722500\t783338\nIn-process research and development\t1366\t1328\nNet amortizable intangible assets\t1111170\t1212702\nNon-amortizing intangible asset:\t\t\nTrade name\t70584\t70584\nTotal\t1181754\t1283286\n", "q10k_tbl_26": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nBalance at beginning of period\t10470\t7985\t8812\t8393\nProvision charged to income\t4294\t2899\t10479\t8601\nPayments\t(3876)\t(3999)\t(10031)\t(10536)\nAdjustments to previously provided warranties net\t(248)\t1239\t1459\t1658\nForeign currency translation and acquisitions\t180\t(169)\t101\t(161)\nBalance at end of period\t10820\t7955\t10820\t7955\n", "q10k_tbl_27": "\tDefined Benefit Pension Benefits\t\tPostretirement Medical Benefits\t\n\tThree Months Ended\t\t\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nService and administrative costs\t1708\t1698\t19\t22\nInterest cost\t3150\t4136\t23\t29\nExpected return on plan assets\t(5382)\t(6132)\t(347)\t(294)\nAmortization of prior service costs\t0\t(38)\t0\t0\nNet periodic pension credit\t(524)\t(336)\t(305)\t(243)\n\tDefined Benefit Pension Benefits\t\tPostretirement Medical Benefits\t\n\tNine Months Ended\t\t\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nService cost\t5303\t4960\t55\t66\nInterest cost\t9432\t12445\t70\t87\nExpected return on plan assets\t(16137)\t(18469)\t(1041)\t(882)\nAmortization of prior service costs\t0\t(115)\t0\t0\nNet periodic benefit credit\t(1402)\t(1179)\t(916)\t(729)\n", "q10k_tbl_28": "\t\tFair Value Measurements at October 4 2020 Using:\t\t\n\tTotal Carrying Value at October 4 2020\tQuoted Prices in Active Markets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\n\t(In thousands)\t\t\t\nMarketable securities\t2911\t2911\t0\t0\nForeign exchange derivative assets\t14872\t0\t14872\t0\nForeign exchange derivative liabilities\t(8113)\t0\t(8113)\t0\nContingent consideration\t(2817)\t0\t0\t(2817)\n", "q10k_tbl_29": "\t\tFair Value Measurements at December 29 2019 Using:\t\t\n\tTotal Carrying Value at December 29 2019\tQuoted Prices in Active Markets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\n\t(In thousands)\t\t\t\nMarketable securities\t2906\t2906\t0\t0\nForeign exchange derivative assets\t451\t0\t451\t0\nForeign exchange derivative liabilities\t(1538)\t0\t(1538)\t0\nContingent consideration\t(35481)\t0\t0\t(35481)\n", "q10k_tbl_30": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nBalance at beginning of period\t(13726)\t(34261)\t(35481)\t(69661)\nAmounts paid and foreign currency translation\t(144)\t9997\t10165\t48558\nReclassified to other current liabilities for achieved milestones\t13692\t0\t13692\t0\nChange in fair value (included within selling general and administrative expenses)\t(2639)\t(1238)\t8807\t(4399)\nBalance at end of period\t(2817)\t(25502)\t(2817)\t(25502)\n", "q10k_tbl_31": "\tWorkforce Reductions\t\t\tClosure of Excess Facility\t\tTotal\t\t(Expected) Date Payments Substantially Completed by\t\t\n\tHeadcount Reduction\tDiscovery & Analytical Solutions\tDiagnostics\tDiscovery & Analytical Solutions\tDiagnostics\t\tSeverance\t\tExcess Facility\n\t(In thousands except headcount data)\t\t\t\t\t\t\t\t\t\nQ3 2020 Plan\t23\t2080\t901\t0\t0\t2981\t\tQ2 FY2021\t\t0\nQ1 2020 Plan\t32\t2312\t1134\t92\t682\t4220\t\tQ4 FY2020\t\tQ1 FY2022\nQ4 2019 Plan\t22\t177\t2404\t0\t0\t2581\t\tQ3 FY2020\t\t0\nQ3 2019 Plan\t259\t11156\t2641\t0\t0\t13797\t\tQ2 FY2020\t\t0\nQ2 2019 Plan\t44\t4461\t1129\t0\t0\t5590\t\tQ1 FY2020\t\t0\nQ1 2019 Plan\t105\t6001\t1459\t0\t0\t7460\t\tQ4 FY2019\t\t0\n", "q10k_tbl_32": "\tBalance at December 29 2019\t2020 Charges\t2020 Changes in Estimates Net\t2020 Amounts Paid\tBalance at October 4 2020\n\t(In thousands)\t\t\t\t\nSeverance:\t\t\t\t\t\nQ3 2020 Plan\t0\t2981\t0\t(566)\t2415\nQ1 2020 Plan\t0\t3446\t0\t(2239)\t1207\nQ4 2019 Plan\t889\t0\t(69)\t(454)\t366\nQ3 2019 Plan\t6311\t0\t0\t(2654)\t3657\nQ2 2019 Plan\t1889\t0\t0\t(1241)\t648\nQ1 2019 Plan\t2129\t0\t0\t(669)\t1460\nFacility:\t\t\t\t\t\nQ1 2020 Plan\t0\t774\t0\t(95)\t679\nPrevious Plans\t1647\t0\t269\t(511)\t1405\nRestructuring\t12865\t7201\t200\t(8429)\t11837\nContract Termination\t188\t0\t212\t(68)\t332\nOther Costs\t827\t3462\t0\t(981)\t3308\nTotal Restructuring and Other Liabilities\t13880\t10663\t412\t(9478)\t15477\n", "q10k_tbl_33": "\tThree Months Ended\t\tNine Months Ended\t\n\tOctober 4 2020\tSeptember 29 2019\tOctober 4 2020\tSeptember 29 2019\n\t(In thousands)\t\t\t\nInterest income\t(205)\t(292)\t(662)\t(925)\nInterest expense\t12057\t16149\t37308\t49206\nLoss on disposition of businesses and assets net\t0\t0\t0\t2469\nDebt extinguishment costs\t0\t471\t0\t471\nOther expense (income) net\t2397\t(922)\t(1592)\t658\nTotal interest and other expense net\t14249\t15406\t35054\t51879\n", "q10k_tbl_34": "\tIssuer Repurchases of Equity Securities\t\t\t\nPeriod\tTotal Number of Shares Purchased(1)\tAverage Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)\tMaximum Number (or Approximate Dollar Value) Shares that May Yet Be Purchased Under the Plans or Programs\nJuly 6 2020-August 2 2020\t937\t108.89\t0\t250000000\nAugust 3 2020-August 30 2020\t96\t118.25\t0\t250000000\nAugust 31 2020-October 4 2020\t383\t119.64\t0\t250000000\nActivity for quarter ended October 4 2020\t1416\t112.43\t0\t250000000\n", "q10k_tbl_35": "Exhibit Number\tExhibit Name\n31.1\tCertification of Chief Executive Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n31.2\tCertification of Chief Financial Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n32.1\tCertification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101.INS\tInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n101.LAB\tInline XBRL Taxonomy Extension Labels Linkbase Document.\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n104\tCover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).\n"}{"bs": "q10k_tbl_5", "is": "q10k_tbl_3", "cf": "q10k_tbl_8"}None
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
Exhibits
EX-31.1
pki-10042020xex311.htm
EX-31.2
pki-10042020xex312.htm
EX-32.1
pki-10042020xex321.htm
PerkinElmer Earnings 2020-10-04
Balance Sheet
Income Statement
Cash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin
pki-20201004
PERKINELMER INC00000317912020Q3false01/03111,000,0001,000,000————11300,000,000300,000,000111,878,000111,140,000111,878,000111,140,0005352Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in cash.The interest rates on the Eurocurrency Rate loans are based on the Eurocurrency Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The interest rates on the US Dollar Base Rate loans are based on the US Dollar Base Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The base rate is the higher of (i) the Federal Funds Rate (as defined in the credit agreement) plus 50 basis points (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," or (iii) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of October 4, 2020 was 101.5 basis points.The weighted average Eurocurrency interest rate as of October 4, 2020 was 0.15%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.16%, which was the interest applicable to the borrowings outstanding as of October 4, 2020.0.501.16Interest on the 2026 Notes is payable annually on July 19th each year0.35Interest on the 2021 Notes is payable annually on April 9th each year.0.15Interest on the 2029 Notes is payable semi-annually on March 15th and September 15th each year0.25Of these bank loans, loans in the aggregate amount of $17.7 million bear fixed interest rates between 1.1% and 4.3% and a loan in the amount of $0.1 million bears a variable interest rate based on the Euribor rate plus a margin of 1.5%.The secured bank loans of $0.8 million bear fixed annual interest rates between 1.95% and 20.0% and are required to be repaid in monthly installments until 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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 4, 2020
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-5075
_______________________________________
PerkinElmer, Inc.
(Exact name of Registrant as specified in its Charter)
_______________________________________
Massachusetts
04-2052042
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
940 Winter Street,
Waltham,
Massachusetts
02451
(Address of principal executive offices)
(Zip Code)
(781) 663-6900
(Registrant’s telephone number, including area code)
______________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol (s)
Name of each exchange on which registered
Common stock, $1 par value per share
PKI
The New York Stock Exchange
1.875% Notes due 2026
PKI 21A
The New York Stock Exchange
0.60% Notes due 2021
PKI 21B
The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of November 5, 2020, there were outstanding 111,974,485 shares of common stock, $1 par value per share.
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding
—
—
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 111,878,000 shares and 111,140,000 shares at October 4, 2020 and December 29, 2019, respectively
111,878
111,140
Capital in excess of par value
128,820
90,357
Retained earnings
3,134,750
2,811,973
Accumulated other comprehensive loss
(143,767)
(199,646)
Total stockholders’ equity
3,231,681
2,813,824
Total liabilities and stockholders’ equity
$
6,865,565
$
6,538,564
The accompanying notes are an integral part of these condensed consolidated financial statements.