What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-03-03 compared with 2021-03-02 · 8 added, 94 removed, 40 unchanged (72% of the section changed)

16 unchanged sentences

Under the Plans or

October 5, 2020 - November 1, 2020

October 4, 2021 - October 31, 2021

26 $ 169.68 — $ 187,415,787

5 unchanged sentences

________________

(1) Our Board has authorized us to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans.

(1) Our Board of Directors (our "Board") has authorized us to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to our equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to our equity incentive plans.

During the fourth quarter of fiscal year 2021, we repurchased 323 shares of common stock for this purpose at an aggregate cost of $0.1 million.

During the fiscal year 2020, we repurchased 72,251 shares of common stock for this purpose at an aggregate cost of $6.9 million.

During fiscal year 2021, we repurchased 71,248 shares of common stock for this purpose at an aggregate cost of $10.5 million.

The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

(2) On July 31, 2020, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program").

The Repurchase Program expired on July 23, 2020, and no shares remain available for repurchase under the Repurchase Program due to its expiration.

On July 31, 2020, our Board authorized us to repurchase shares of common stock for an aggregate amount up to $250.0 million under a new stock repurchase program (the "New Repurchase Program").

The New Repurchase Program will expire on July 27, 2022 unless terminated earlier by our Board and may be suspended or discontinued at any time.

During fiscal year 2020, we had no stock repurchases under either the Repurchase Program or the New Repurchase Program.

As of January 3, 2021, $250.0 million remained available for aggregate repurchases of shares under the New Repurchase Program.

The Repurchase Program will expire on July 27, 2022 unless terminated earlier by our Board and may be suspended or discontinued at any time.

During fiscal year 2021 , we repurchased 433,000 shares of common stock under the Repurchase Program for an aggregate cost of $62.6 million .

As of January 2, 2022, $187.4 million remained available for aggregate repurchases of shares under the Repurchase Program.

Stock Performance Graph

1 unchanged sentence

Our Peer Group Index consists of Agilent Technologies Inc., Thermo Fisher Scientific Inc., and Waters Corporation.

The peer group is the same as the peer group used in the stock performance graph in our Annual Report on Form 10-K for the fiscal year ended December 29, 2019.

The peer group is the same as the peer group used in the stock performance graph in our Annual Report on Form 10-K for the fiscal year ended January 3, 2021.

Comparison of Five-Year Cumulative Total Return

4 unchanged sentences

(Includes reinvestment of dividends)

3-Jan-16 1-Jan-17 31-Dec-17 30-Dec-18 29-Dec-19 3-Jan-21

1-Jan-17 31-Dec-17 30-Dec-18 29-Dec-19 3-Jan-21 2-Jan-22

PerkinElmer, Inc.

2 unchanged sentences

Peer Group $ 100.00 $ 138.59 $ 153.94 $ 218.62 $ 304.44 $ 434.63

Selected Financial Data

The following table sets forth selected historical financial information as of and for each of the fiscal years in the five-year period ended January 3, 2021.

We derived the selected historical financial information for the balance sheets for the fiscal years ended January 3, 2021 and December 29, 2019 and the statements of operations for each of the fiscal years in the three-year period ended January 3, 2021 from our audited consolidated financial statements which are included elsewhere in this annual report on Form 10-K.

We derived the selected historical financial information for the statements of operations for the fiscal years ended December 31, 2017 and January 1, 2017 from our audited consolidated financial statements which are not included in this annual report on Form 10-K.

We derived the selected historical financial information for the balance sheets as of December 30, 2018, December 31, 2017 and January 1, 2017 from our audited consolidated financial statements which are not included in this annual report on Form 10-K.

Our historical financial information may not be indicative of our future results of operations or financial position.

The following selected historical financial information should be read together with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements, including the related notes, included elsewhere in this annual report on Form 10-K.

Fiscal Years Ended

2021 December 29,

2019 December 30,

2018 December 31,

2017 January 1,

(In thousands, except per share data)

Statement of Operations Data:

Revenue $ 3,782,745 $ 2,883,673 $ 2,777,996 $ 2,256,982 $ 2,115,517

Operating income from continuing

operations (1)(2)

978,581 361,973 323,884 295,615 294,582

Interest and other expense (income), net (3)(4)

72,217 124,831 66,201 (1,103) 50,514

Income from continuing operations before income taxes 906,364 237,142 257,683 296,718 244,068

Income from continuing operations, net of income taxes (5)

728,098 227,753 237,475 156,890 215,706

(Loss) gain from discontinued operations and dispositions, net of income taxes (6)

(211) (195) 452 135,743 18,593

Net income $ 727,887 $ 227,558 $ 237,927 $ 292,633 $ 234,299

Basic earnings per share:

Continuing operations $ 6.53 $ 2.06 $ 2.15 $ 1.43 $ 1.97

Discontinued operations 0.00 0.00 0.00 1.24 0.17

Net income $ 6.53 $ 2.06 $ 2.15 $ 2.66 $ 2.14

Diluted earnings per share:

Continuing operations $ 6.50 $ 2.04 $ 2.13 $ 1.42 $ 1.96

Discontinued operations 0.00 0.00 0.00 1.22 0.17

Net income $ 6.49 $ 2.04 $ 2.13 $ 2.64 $ 2.12

Weighted-average common shares outstanding:

Basic 111,514 110,827 110,561 109,857 109,478

Diluted 112,085 111,501 111,534 110,859 110,313

Cash dividends declared per common share $ 0.28 $ 0.28 $ 0.28 $ 0.28 $ 0.28

2021 December 29,

2019 December 30,

2018 December 31,

2017 January 1,

(In thousands)

Balance Sheet Data:

Total assets (7)

$ 7,960,315 $ 6,538,564 $ 5,975,522 $ 6,091,463 $ 4,276,683

Short-term debt (3)

380,948 9,974 14,856 217,306 1,172

Long-term debt (3)(4)(7)(8)

1,609,701 2,064,041 1,876,624 1,788,803 1,045,254

Stockholders’ equity (7)(9)

3,735,492 2,813,824 2,584,955 2,503,188 2,153,570

Common shares outstanding (9)

112,090 111,140 110,597 110,361 109,617

____________________________

(1) Activity related to the mark-to-market adjustment on postretirement benefit plans was a pre-tax loss of $25.4 million in fiscal year 2020, a pre-tax loss of $31.2 million in fiscal year 2019, a pre-tax loss of $21.4 million in fiscal year 2018, a pre-tax gain of $2.1 million in fiscal year 2017 and a pre-tax loss of $15.3 million in fiscal year 2016.

(2) We recorded pre-tax restructuring and other costs, net, of $8.0 million in fiscal year 2020, $29.4 million in fiscal year 2019, $11.1 million in fiscal year 2018, $12.7 million in fiscal year 2017 and $5.1 million in fiscal year 2016.

(3) In fiscal years 2020, 2019, 2018, 2017 and 2016, interest expense was $49.7 million, $63.6 million, $67.0 million, $43.9 million and $41.5 million, respectively.

(4) In October 2019, we redeemed all of the outstanding 5% senior unsecured notes due in November 2021 ("November 2021 Notes").

The redemption of the November 2021 Notes resulted in a pre-tax, non-operating charge of $32.3 million.

(5) In fiscal years 2020 and 2019, provision for income tax on continuing operations was $178.3 million and $9.4 million, respectively.

The higher provision for income taxes in fiscal year 2020 compared to that of fiscal year 2019 was primarily due to significant increase in the overall business that resulted in higher net income before taxes in both U.S.

federal and high tax rate jurisdictions.

In fiscal years 2018, 2017 and 2016, tax expense on continuing operations was $20.2 million, $139.8 million and $28.4 million, respectively .

The lower provision for income taxes in fiscal year 2019 compared to fiscal year 2018 was primarily due to the execution of U.S.

federal and non-U.S.

tax planning.

The tax expense in fiscal year 2018 was primarily due to income in high tax rate jurisdictions, partially offset by losses in low tax rate jurisdictions and a tax benefit of $8.1 million related to discrete items.

The higher provision for income taxes in fiscal year 2017 was primarily due to the $106.5 million discrete tax expense related to the Tax Cuts & Jobs Act of 2017.

The tax expense in fiscal year 2016 was primarily due to income in high tax rate jurisdictions, partially offset by losses in low tax rate jurisdictions and a tax benefit of $9.6 million in fiscal year 2016 related to discrete items.

(6) In May 2017, we completed the sale of our Medical Imaging business.

We recorded a pre-tax gain of $179.6 million and income tax expense of $43.1 million in fiscal year 2017.

We accounted for this business as discontinued operations beginning in 2016.

(7) At the beginning of fiscal year 2019, we adopted Accounting Standards Codification No.

842, Leases ("ASC 842"), using a modified retrospective approach and as a result, the comparative information has not been restated and is reported under the accounting standards in effect for these years.

(8) In September 2019, we issued and sold ten-year senior notes at a rate of 3.3% with a face value of $850.0 million and received $847.2 million of net proceeds from the issuance.

The debt, which matures in September 2029, is unsecured.

In April 2018, we issued and sold three-year senior notes at a rate of 0.6% with a face value of €300.0 million and received €298.7 million of net proceeds from the issuance.

The debt, which matures in April 2021, is unsecured.

In July 2016, we issued and sold ten-year senior notes at a rate of 1.875% with a face value of €500.0 million and received €492.3 million of net proceeds from the issuance.

The debt, which matures in July 2026, is unsecured.

(9) In fiscal year 2018, we repurchased in the open market 650,000 shares of our common stock at an aggregate cost of $52.2 million, including commissions, under the stock repurchase program authorized by our Board on July 23, 2018.

In fiscal years 2018 and 2017, we did not repurchase any shares of our common stock under a stock repurchase program originally announced in July 2017 that was terminated in July 2018.

In fiscal year 2016, we repurchased in the open market 3,200,000 shares of our common stock at an aggregate cost of $148.2 million, including commissions under a stock repurchase program originally announced in October 2014 that was terminated in July 2016.

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 5. Market for Registrant’s Common Equity