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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________
FORM 10-Q
_______________________________________
(Mark One)
|
| |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2019
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 | Name of exchange on which registered |
Common stock, $1 par value per share | PKI | 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.
|
| | | | | |
Large accelerated filer | | ☑ | Accelerated filer | | ☐ |
Non-accelerated filer | | ☐ | Smaller reporting company | | ☐ |
| |
| Emerging growth company
| | ☐ |
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 August 1, 2019, there were outstanding 111,076,181 shares of common stock, $1 par value per share.
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION |
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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PART II. OTHER INFORMATION | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 6. | | |
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PART I. FINANCIAL INFORMATION
| |
Item 1. | Unaudited Financial Statements |
PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2019 | | July 1, 2018 | | June 30, 2019 | | July 1, 2018 |
| (In thousands, except per share data) |
Product revenue | $ | 502,114 |
| | $ | 495,608 |
| | $ | 940,836 |
| | $ | 943,216 |
|
Service revenue | 220,403 |
| | 207,754 |
| | 430,418 |
| | 404,118 |
|
Total revenue | 722,517 |
| | 703,362 |
| | 1,371,254 |
| | 1,347,334 |
|
Cost of product revenue | 238,455 |
| | 229,723 |
| | 444,731 |
| | 449,979 |
|
Cost of service revenue | 136,269 |
| | 133,499 |
| | 270,924 |
| | 264,993 |
|
Total cost of revenue | 374,724 |
| | 363,222 |
| | 715,655 |
| | 714,972 |
|
Selling, general and administrative expenses | 201,553 |
| | 204,880 |
| | 400,410 |
| | 404,605 |
|
Research and development expenses | 48,344 |
| | 47,196 |
| | 96,324 |
| | 93,180 |
|
Restructuring and contract termination charges, net | 6,161 |
| | — |
| | 13,800 |
| | 6,578 |
|
Operating income from continuing operations | 91,735 |
| | 88,064 |
| | 145,065 |
| | 127,999 |
|
Interest and other expense, net | 19,908 |
| | 16,356 |
| | 36,473 |
| | 27,786 |
|
Income from continuing operations before income taxes | 71,827 |
| | 71,708 |
| | 108,592 |
| | 100,213 |
|
Provision for income taxes | 2,686 |
| | 7,035 |
| | 3,998 |
| | 9,505 |
|
Income from continuing operations | 69,141 |
| | 64,673 |
| | 104,594 |
| | 90,708 |
|
Loss on disposition of discontinued operations before income taxes | — |
| | (551 | ) | | — |
| | (551 | ) |
Provision for income taxes on discontinued operations and dispositions | 54 |
| | 59 |
| | 95 |
| | 70 |
|
Loss from discontinued operations and dispositions | (54 | ) | | (610 | ) | | (95 | ) | | (621 | ) |
Net income | $ | 69,087 |
| | $ | 64,063 |
| | $ | 104,499 |
| | $ | 90,087 |
|
Basic earnings per share: | | | | | | | |
Income from continuing operations | $ | 0.62 |
| | $ | 0.59 |
| | $ | 0.94 |
| | $ | 0.82 |
|
Loss from discontinued operations and dispositions | (0.00 | ) | | (0.01 | ) | | (0.00 | ) | | (0.01 | ) |
Net income | $ | 0.62 |
| | $ | 0.58 |
| | $ | 0.94 |
| | $ | 0.82 |
|
Diluted earnings per share: | | | | | | | |
Income from continuing operations | $ | 0.62 |
| | $ | 0.58 |
| | $ | 0.94 |
| | $ | 0.81 |
|
Loss from discontinued operations and dispositions | (0.00 | ) | | (0.01 | ) | | (0.00 | ) | | (0.01 | ) |
Net income | $ | 0.62 |
| | $ | 0.57 |
| | $ | 0.94 |
| | $ | 0.81 |
|
Weighted average shares of common stock outstanding: | | | | | | | |
Basic | 110,845 |
| | 110,477 |
| | 110,694 |
| | 110,386 |
|
Diluted | 111,528 |
| | 111,452 |
| | 111,411 |
| | 111,391 |
|
Cash dividends declared per common share | $ | 0.07 |
| | $ | 0.07 |
| | $ | 0.14 |
| | $ | 0.14 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2019 | | July 1, 2018 | | June 30, 2019 | | July 1, 2018 |
| (In thousands) |
Net income | $ | 69,087 |
| | $ | 64,063 |
| | $ | 104,499 |
| | $ | 90,087 |
|
Other comprehensive income (loss): | | | | | | | |
Foreign currency translation adjustments | (7,320 | ) | | (102,592 | ) | | (4,254 | ) | | (84,093 | ) |
Unrealized gain (loss) on securities, net of tax | 103 |
| | 4 |
| | (17 | ) | | 45 |
|
Other comprehensive loss | (7,217 | ) | | (102,588 | ) | | (4,271 | ) | | (84,048 | ) |
Comprehensive income (loss) | $ | 61,870 |
| | $ | (38,525 | ) | | $ | 100,228 |
| | $ | 6,039 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
| | | | | | | |
| June 30, 2019 | | December 30, 2018 |
| (In thousands, except share and per share data) |
Current assets: | | | |
Cash and cash equivalents | $ | 150,016 |
| | $ | 163,111 |
|
Accounts receivable, net | 654,454 |
| | 632,669 |
|
Inventories | 414,330 |
| | 338,347 |
|
Other current assets | 118,961 |
| | 100,507 |
|
Total current assets | 1,337,761 |
| | 1,234,634 |
|
Property, plant and equipment: | | | |
At cost | 670,821 |
| | 680,183 |
|
Accumulated depreciation | (368,101 | ) | | (361,593 | ) |
Property, plant and equipment, net | 302,720 |
| | 318,590 |
|
Operating lease right-of-use assets
| 187,934 |
| | — |
|
Intangible assets, net | 1,282,440 |
| | 1,199,667 |
|
Goodwill | 3,042,049 |
| | 2,952,608 |
|
Other assets, net | 246,168 |
| | 270,023 |
|
Total assets | $ | 6,399,072 |
| | $ | 5,975,522 |
|
Current liabilities: | | | |
Current portion of long-term debt | $ | 8,205 |
| | $ | 14,856 |
|
Accounts payable | 188,051 |
| | 220,949 |
|
Accrued restructuring and contract termination charges | 10,987 |
| | 4,834 |
|
Accrued expenses and other current liabilities | 497,426 |
| | 528,827 |
|
Current liabilities of discontinued operations | 2,130 |
| | 2,165 |
|
Total current liabilities | 706,799 |
| | 771,631 |
|
Long-term debt | 2,104,466 |
| | 1,876,624 |
|
Long-term liabilities | 716,929 |
| | 742,312 |
|
Operating lease liabilities
| 164,011 |
| | — |
|
Total liabilities | 3,692,205 |
| | 3,390,567 |
|
Commitments and contingencies (see Note 19) |
| |
|
Stockholders’ equity: | | | |
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 111,071,000 shares and 110,597,000 shares at June 30, 2019 and at December 30, 2018, respectively | 111,071 |
| | 110,597 |
|
Capital in excess of par value | 72,181 |
| | 48,772 |
|
Retained earnings | 2,704,367 |
| | 2,602,067 |
|
Accumulated other comprehensive loss | (180,752 | ) | | (176,481 | ) |
Total stockholders’ equity | 2,706,867 |
| | 2,584,955 |
|
Total liabilities and stockholders’ equity | $ | 6,399,072 |
| | $ | 5,975,522 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| For the Six-Month Period Ended June 30, 2019 |
| Common Stock Amount | | Capital in Excess of Par Value | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders’ Equity |
| (In thousands) |
Balance, December 30, 2018 | $ | 110,597 |
| | $ | 48,772 |
| | $ | 2,602,067 |
| | $ | (176,481 | ) | | $ | 2,584,955 |
|
Impact of adopting ASC 842 (see Note 1)
| — |
| | — |
| | 13,289 |
| | — |
| | 13,289 |
|
Net income | — |
| | — |
| | 35,412 |
| | — |
| | 35,412 |
|
Other comprehensive income | — |
| | — |
| | — |
| | 2,946 |
| | 2,946 |
|
Dividends | — |
| | — |
| | (7,742 | ) | | — |
| | (7,742 | ) |
Exercise of employee stock options and related income tax benefits | 186 |
| | 8,424 |
| | — |
| | — |
| | 8,610 |
|
Issuance of common stock for employee stock purchase plans | 19 |
| | 1,367 |
| | — |
| | — |
| | 1,386 |
|
Purchases of common stock | (57 | ) | | (5,236 | ) | | — |
| | — |
| | (5,293 | ) |
Issuance of common stock for long-term incentive program | 146 |
| | 3,392 |
| | — |
| | — |
| | 3,538 |
|
Stock compensation | — |
| | 1,371 |
| | — |
| | — |
| | 1,371 |
|
Balance, March 31, 2019 | $ | 110,891 |
| | $ | 58,090 |
| | $ | 2,643,026 |
| | $ | (173,535 | ) | | $ | 2,638,472 |
|
Net income | — |
| | — |
| | 69,087 |
| | — |
| | 69,087 |
|
Other comprehensive income | — |
| | — |
| | — |
| | (7,217 | ) | | (7,217 | ) |
Dividends | — |
| | — |
| | (7,746 | ) | | — |
| | (7,746 | ) |
Exercise of employee stock options and related income tax benefits | 167 |
| | 7,777 |
| | — |
| | — |
| | 7,944 |
|
Issuance of common stock for employee stock purchase plans | 15 |
| | 1,387 |
| | — |
| | — |
| | 1,402 |
|
Purchases of common stock | (7 | ) | | (757 | ) | | — |
| | — |
| | (764 | ) |
Issuance of common stock for long-term incentive program | 5 |
| | 4,384 |
| | — |
| | — |
| | 4,389 |
|
Stock compensation | — |
| | 1,300 |
| | — |
| | — |
| | 1,300 |
|
Balance, June 30, 2019 | $ | 111,071 |
| | $ | 72,181 |
| | $ | 2,704,367 |
| | $ | (180,752 | ) | | $ | 2,706,867 |
|
|
| | | | | | | | | | | | | | | | | | | |
| For the Six-Month Period Ended July 1, 2018 |
| Common Stock Amount | | Capital in Excess of Par Value | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders’ Equity |
| (In thousands) |
Balance, December 31, 2017 | $ | 110,361 |
| | $ | 58,828 |
| | $ | 2,380,517 |
| | $ | (46,518 | ) | | $ | 2,503,188 |
|
Cumulative effect of adopting ASC 606
| — |
| | — |
| | 10,209 |
| | — |
| | 10,209 |
|
Impact of adopting ASU 2016-16
| — |
| | — |
| | (2,062 | ) | | — |
| | (2,062 | ) |
Net income | — |
| | — |
| | 26,024 |
| | — |
| | 26,024 |
|
Other comprehensive income | — |
| | — |
| | — |
| | 18,540 |
| | 18,540 |
|
Dividends | — |
| | — |
| | (7,736 | ) | | — |
| | (7,736 | ) |
Exercise of employee stock options and related income tax benefits | 173 |
| | 7,295 |
| | — |
| | — |
| | 7,468 |
|
Issuance of common stock for employee stock purchase plans | — |
| | — |
| | — |
| | — |
| | — |
|
Purchases of common stock | (58 | ) | | (4,444 | ) | | — |
| | — |
| | (4,502 | ) |
Issuance of common stock for long-term incentive program | 144 |
| | 2,741 |
| | — |
| | — |
| | 2,885 |
|
Stock compensation | — |
| | 1,238 |
| | — |
| | — |
| | 1,238 |
|
Balance, April 1, 2018 | $ | 110,620 |
| | $ | 65,658 |
| | $ | 2,406,952 |
| | $ | (27,978 | ) | | $ | 2,555,252 |
|
Net income | — |
| | — |
| | 64,063 |
| | — |
| | 64,063 |
|
Other comprehensive income | — |
| | — |
| | — |
| | (102,588 | ) | | (102,588 | ) |
Dividends | — |
| | — |
| | (7,728 | ) | | — |
| | (7,728 | ) |
Exercise of employee stock options and related income tax benefits | 21 |
| | 859 |
| | — |
| | — |
| | 880 |
|
Issuance of common stock for employee stock purchase plans | 21 |
| | 1,462 |
| | — |
| | — |
| | 1,483 |
|
Purchases of common stock | (1 | ) | | (93 | ) | | — |
| | — |
| | (94 | ) |
Issuance of common stock for long-term incentive program | 55 |
| | 4,512 |
| | — |
| | — |
| | 4,567 |
|
Stock compensation | — |
| | 1,342 |
| | — |
| | — |
| | 1,342 |
|
Balance, July 1, 2018 | $ | 110,716 |
| | $ | 73,740 |
| | $ | 2,463,287 |
| | $ | (130,566 | ) | | $ | 2,517,177 |
|
The accompanying notes are an integral part of these consolidated financial statements.
PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
| | | | | | | |
| Six Months Ended |
| June 30, 2019 | | July 1, 2018 |
| (In thousands) |
Operating activities: | | | |
Net income | $ | 104,499 |
| | $ | 90,087 |
|
Loss from discontinued operations and dispositions, net of income taxes | 95 |
| | 621 |
|
Income from continuing operations | 104,594 |
| | 90,708 |
|
Adjustments to reconcile income from continuing operations to net cash used in continuing operations: | | | |
Stock-based compensation | 12,801 |
| | 12,148 |
|
Restructuring and contract termination charges, net | 13,800 |
| | 6,578 |
|
Depreciation and amortization | 103,793 |
| | 88,225 |
|
Loss on disposition of businesses and assets, net | 2,469 |
| | — |
|
Change in fair value of contingent consideration | 3,161 |
| | 7,065 |
|
Amortization of deferred debt financing costs and accretion of discount | 1,790 |
| | 1,519 |
|
Amortization of acquired inventory revaluation | 5,565 |
| | 18,160 |
|
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired: | | | |
Accounts receivable, net | (9,604 | ) | | (18,768 | ) |
Inventories | (50,450 | ) | | (42,993 | ) |
Accounts payable | (39,951 | ) | | (24,384 | ) |
Accrued expenses and other | (106,425 | ) | | (79,831 | ) |
Net cash provided by operating activities of continuing operations | 41,543 |
| | 58,427 |
|
Net cash provided by operating activities of discontinued operations | — |
| | — |
|
Net cash provided by operating activities | 41,543 |
| | 58,427 |
|
Investing activities: | | | |
Capital expenditures | (36,461 | ) | | (39,608 | ) |
Purchases of investments | (868 | ) | | — |
|
Purchases of licenses | (5,000 | ) | | — |
|
Proceeds from disposition of businesses | 550 |
| | 173 |
|
Proceeds from surrender of life insurance policies | — |
| | 72 |
|
Activity related to acquisitions and investments, net of cash and cash equivalents acquired | (244,738 | ) | | (40,557 | ) |
Net cash used in investing activities of continuing operations | (286,517 | ) | | (79,920 | ) |
Net cash provided by investing activities of discontinued operations | — |
| | — |
|
Net cash used in investing activities | (286,517 | ) | | (79,920 | ) |
Financing activities: | | | |
Payments on borrowings | (578,000 | ) | | (667,000 | ) |
Proceeds from borrowings | 849,550 |
| | 342,000 |
|
Proceeds from sale of senior debt | — |
| | 369,340 |
|
Payments of debt financing costs | (181 | ) | | (2,634 | ) |
Settlement of cash flow hedges | (1,659 | ) | | (32,711 | ) |
Net payments on other credit facilities | (9,806 | ) | | (10,154 | ) |
Payments for acquisition-related contingent consideration | (23,700 | ) | | — |
|
Proceeds from issuance of common stock under stock plans | 16,554 |
| | 8,348 |
|
Purchases of common stock | (6,057 | ) | | (4,649 | ) |
Dividends paid | (15,507 | ) | | (15,471 | ) |
Net cash provided by (used in) financing activities of continuing operations | 231,194 |
| | (12,931 | ) |
Net cash provided by financing activities of discontinued operations | — |
| | — |
|
Net cash provided by (used in) financing activities | 231,194 |
| | (12,931 | ) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 685 |
| | (4,351 | ) |
Net decrease in cash, cash equivalents and restricted cash | (13,095 | ) | | (38,775 | ) |
Cash, cash equivalents and restricted cash at beginning of period | 166,315 |
| | 202,371 |
|
Cash, cash equivalents and restricted cash at end of period | $ | 153,220 |
| | $ | 163,596 |
|
| | | |
Supplemental disclosures of cash flow information | | | |
Reconciliation 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:
| | | |
Cash and cash equivalents | 150,016 |
| | 163,392 |
|
Restricted cash included in other current assets | 3,204 |
| | 204 |
|
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 153,220 |
| | $ | 163,596 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
PERKINELMER, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Basis of Presentation
The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended December 30, 2018, filed with the SEC (the “2018 Form 10-K”). The balance sheet amounts at December 30, 2018 in this report were derived from the Company’s audited 2018 consolidated financial statements included in the 2018 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three and six months ended June 30, 2019 and July 1, 2018, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period.
The Company’s fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending December 29, 2019 ("fiscal year 2019") will include 52 weeks, and the fiscal year ended December 30, 2018 ("fiscal year 2018") included 52 weeks.
Recently Adopted and Issued Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. 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 April 2019, the FASB issued Accounting Standards Update No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04"). ASU 2019-04 clarifies certain aspects of previously issued accounting standards related to: (1) ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements ("ASU 2016-13"), in areas of accrued interest receivable, transfers of loans and debt securities between classifications, recoveries and prepayments, (2) ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), in areas of partial-term fair value hedges, fair value hedge basis adjustments, certain disclosures and transition requirements and (3) ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), in areas of remeasurement of equity securities under ASC 820, Fair Value Measurement, when using the measurement alternative and remeasurement of equity securities at historical exchange rates. The amendments related to ASU 2016-13 are required to be adopted in conjunction with that accounting standards update, as further described below. Since the Company has already adopted ASU 2017-12 and ASU 2016-01, the related amendments in ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted in any interim period. The amendments to ASU 2017-12 can either be adopted retrospectively as of the date of adoption of ASU 2017-12 or they can be adopted prospectively. The amendments to ASU 2016-01 are required to be applied using a modified-retrospective adoption approach with a cumulative-effect adjustment to retained earnings as of the date of adoption of ASU 2016-01, except for those related to equity securities without readily determinable fair values that are measured using the measurement alternative, which are required to be applied prospectively. The Company is currently evaluating the requirements of ASU 2019-04 and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows.
In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software (and hosting arrangements that include an internal-use software license). The provisions of this guidance are to be applied either retrospectively or prospectively to all implementation costs incurred after the date of
adoption. ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years with early adoption permitted. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows.
In August 2018, the FASB issued Accounting Standards Update No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"). ASU 2018-14 adds, removes, and clarifies disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 adds requirements for an entity to disclose the weighted-average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. Further, ASU 2018-14 removes guidance that currently requires the following disclosures: the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year; the amount and timing of plan assets expected to be returned to the employer; information about (1) benefits covered by related-party insurance and annuity contracts and (2) significant transactions between the plan and related parties; and the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. ASU 2018-14 also clarifies the guidance in Compensation-Retirement Benefits (Topic 715-20-50-3) on defined benefit plans to require disclosure of (1) the projected benefit obligation ("PBO") and fair value of plan assets for pension plans with PBOs in excess of plan assets (the same disclosure with reference to the accumulated postretirement benefit obligation rather than the PBO is required for other postretirement benefit plans) and (2) the accumulated benefit obligation ("ABO") and fair value of plan assets for pension plans with ABOs in excess of plan assets. The provisions of this guidance are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-14 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those years with early adoption permitted. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows.
In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 adds, removes, and modifies certain disclosures related to fair value measurements. ASU 2018-13 adds requirements for an entity to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Further, ASU 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies existing disclosure requirements related to measurement uncertainty. The amendments regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments are to be applied retrospectively to all periods presented upon their effective date. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted for any removed or modified disclosures. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows.
In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard requires entities to use the expected loss impairment model and will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. Entities are required to estimate the lifetime “expected credit loss” for each applicable financial asset and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The standard also amends the impairment model for available-for-sale (“AFS”) debt securities and requires entities to determine whether all or a portion of the unrealized loss on an AFS debt security is a credit loss. An entity will recognize an allowance for credit losses on an AFS debt security as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment. The provisions of this guidance are to be applied using a modified-retrospective approach. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. Subsequent to the issuance of ASU 2016-13, in November 2018, the FASB issued Accounting Standards Update No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses ("ASU 2018-19"), in April 2019, the FASB issued ASU 2019-04, and in May 2019, the FASB issued Accounting Standards Update No. 2019-05, Financial Instruments - Credit Losses (Topic 326), Targeted Transition Relief ("ASU
2019-05"). The amendments in ASU 2018-19 clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The amendments in ASU 2019-04 clarify the measurement of allowance for credit losses on accrued interest receivable; the inclusion of expected recoveries in the allowance for credit losses; the permission of a prepayment-adjusted effective interest rate when determining the allowance for credit losses; and the steps entities should take when recording the transfer of loans or debt securities between measurement classifications. The amendments in ASU 2019-05 provide an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of ASU 2016-13, but this fair value option election does not apply to held-to-maturity debt securities. The effective date and transition requirements for the amendments in ASU 2018-19, ASU 2019-04 and ASU 2019-05 are the same as the effective date and transition requirements of ASU 2016-13, which is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial position, results of operations and cash flows.
In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease of assets will primarily depend on its classification as a finance or operating lease. ASU 2016-02 also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The provisions of this guidance are effective for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. ASU 2016-02 is to be applied using a modified retrospective approach. Subsequent to the issuance of ASU 2016-02, in July 2018, the FASB issued Accounting Standards Update No. 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10") and Accounting Standards Update No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"), and in March 2019, the FASB issued Accounting Standards Update No. 2019-01, Leases (Topic 842): Codification Improvements ("ASU 2019-01"). The amendments in ASU 2018-10 clarify, correct or remove inconsistencies in the guidance provided under ASU 2016-02 related to sixteen specific issues identified. The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in the period of adoption will continue to be in accordance with Accounting Standards Codification (“ASC”) 840, Leases ("ASC 840"). An entity that elects this additional (and optional) transition method must provide the required disclosures under ASC 840 for all periods that continue to be in accordance with ASC 840. ASU 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if certain criteria are met. ASU 2019-01 provides clarification on implementation issues associated with adopting ASU 2016-02. ASU 2019-01 provides guidance on transition disclosures related to Topic 250, Accounting Changes and Error Corrections, specifically paragraph 205-10-50-3, which requires entities to provide in the fiscal year in which a new accounting principle is adopted the identical disclosures for interim periods after the date of adoption. The guidance in ASU 2019-01 explicitly provides an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The effective date and transition requirements for these standards are the same as the effective date and transition requirements of ASU 2016-02. The standards were effective for the Company beginning on December 31, 2018, the first day of the Company's fiscal year 2019. The Company did not early adopt these standards and adopted these standards using the optional transition method.
The Company applied the modified retrospective approach, and applied the new leases standards at December 31, 2018, with a cumulative effect adjustment recognized in the opening balance of retained earnings in fiscal year 2019. As a lessee, the most significant impact of the standards relates to the recognition of the right-of-use assets and lease liabilities for the operating leases in the balance sheet. In addition, the Company had deferred gains from sale-leaseback transactions that are being amortized in operating expenses over the lease terms and the leases are accounted for as operating leases under ASC 840. Under the new standards, the Company recognized the deferred gains from the sales as a cumulative effect adjustment in retained earnings at December 31, 2018. The Company also derecognized the impact of its build-to-suit arrangements in which the Company was the deemed owner during the construction period, for which the construction is complete and the lease commenced before the initial date of adoption. The adoption of the standards resulted in an increase in retained earnings at December 31, 2018 of approximately $13.3 million for the cumulative effect of initially applying the standards as of that date. In addition, the adoption of the standards resulted in the recognition of right-of-use assets of approximately $199.5 million and lease liabilities of approximately $147.1 million, primarily related to the facilities operating leases, a decrease in property and equipment of approximately $34.6 million and an increase in deferred tax liabilities of $4.6 million for the tax impact of the
cumulative adjustments. The adoption did not have an impact to cash from or used in operating, investing or financing activities in the Company's consolidated statement of cash flows at December 31, 2018.
Note 2: Revenue
Disaggregation of revenue
In the following tables, revenue is disaggregated by primary geographical markets, primary end-markets and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments revenue.
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Reportable Segments |
| Three Months Ended |
| June 30, 2019 | | July 1, 2018 |
| Discovery & Analytical Solutions | | Diagnostics | | Total | | Discovery & Analytical Solutions | | Diagnostics | | Total |
| (In thousands) |
Primary geographical markets | | | | | | | | | | | |
Americas | $ | 177,974 |
| | $ | 105,636 |
| | $ | 283,610 |
| | $ | 170,973 |
| | $ | 98,395 |
| | $ | 269,368 |
|
Europe | 123,809 |
| | 72,646 |
| | 196,455 |
| | 127,646 |
| | 69,700 |
| | 197,346 |
|
Asia | 132,184 |
| | 110,268 |
| | 242,452 |
| | 132,009 |
| | 104,639 |
| | 236,648 |
|
| $ | 433,967 |
| | $ | 288,550 |
| | $ | 722,517 |
| | $ | 430,628 |
| | $ | 272,734 |
| | $ | 703,362 |
|
| | | | | | | | | | | |
Primary end-markets | | | | | | | | | | | |
Diagnostics | $ | — |
| | $ | 288,550 |
| | $ | 288,550 |
| | $ | — |
| | $ | 272,734 |
| | $ | 272,734 |
|
Life sciences | 241,862 |
| | — |
| | 241,862 |
| | 233,906 |
| | — |
| | 233,906 |
|
Applied markets | 192,105 |
| | — |
| | 192,105 |
| | 196,722 |
| | — |
| | 196,722 |
|
| $ | 433,967 |
| | $ | 288,550 |
| | $ | 722,517 |
| | $ | 430,628 |
| | $ | 272,734 |
| | $ | 703,362 |
|
| | | | | | | | | | | |
Timing of revenue recognition | | | | | | | | | | | |
Products and services transferred at a point in time | $ | 316,713 |
| | $ | 267,450 |
| | $ | 584,163 |
| | $ | 312,994 |
| | $ | 252,463 |
| | $ | 565,457 |
|
Services transferred over time | 117,254 |
| | 21,100 |
| | 138,354 |
| | 117,634 |
| | 20,271 |
| | 137,905 |
|
| $ | 433,967 |
| | $ | 288,550 |
| | $ | 722,517 |
| | $ | 430,628 |
| | $ | 272,734 |
| | $ | 703,362 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Reportable Segments |
| Six Months Ended |
| June 30, 2019 | | July 1, 2018 |
| Discovery & Analytical Solutions | | Diagnostics | | Total | | Discovery & Analytical Solutions | | Diagnostics | | Total |
| (In thousands) |
Primary geographical markets | | | | | | | | | | | |
Americas | $ | 340,391 |
| | $ | 203,644 |
| | $ | 544,035 |
| | $ | 328,467 |
| | $ | 186,929 |
| | $ | 515,396 |
|
Europe | 231,415 |
| | 138,504 |
| | 369,919 |
| | 247,019 |
| | 137,412 |
| | 384,431 |
|
Asia | 250,994 |
| | 206,306 |
| | 457,300 |
| | 251,667 |
| | 195,840 |
| | 447,507 |
|
| $ | 822,800 |
| | $ | 548,454 |
| | $ | 1,371,254 |
| | $ | 827,153 |
| | $ | 520,181 |
| | $ | 1,347,334 |
|
| | | | | | | | | | | |
Primary end-markets | | | | | | | | | | | |
Diagnostics | $ |
|