pki-20210704
PERKINELMER, INC00000317912021Q2false01/02111,000,0001,000,00011300,000,000300,000,000112,025,000112,090,000112,025,000112,090,0000.150.200.070.070.070.070.07Stock Plans
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three and six months ended July 4, 2021 and July 5, 2020:
 Three Months Ended
 July 4,
2021
July 5,
2020
 (In thousands)
Cost of revenue$692 $253 
Research and development expenses366 316 
Selling, general and administrative expenses6,146 9,034 
Total stock-based compensation expense$7,204 $9,603 
The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $4.1 million and $2.2 million for the three and six months ended July 4, 2021 and July 5, 2020, respectively. Stock-based compensation costs capitalized as part of inventory were $0.5 million and $0.3 million as of July 4, 2021 and July 5, 2020, respectively.
Stock Options: The fair value of each option grant is estimated using the Black-Scholes option pricing model. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:
 Three and Six Months Ended
 July 4,
2021
July 5,
2020
Risk-free interest rate0.6 %0.9 %
Expected dividend yield0.2 %0.3 %
Expected term5 years5 years
Expected stock volatility27.3 %23.8 %
The following table summarizes stock option activity for the six months ended July 4, 2021:
Number
of
Shares
Weighted-
Average Exercise
Price
Weighted-Average
Remaining
Contractual 
Term
Total
Intrinsic
Value
 (In thousands) (In years)(In millions)
Outstanding at January 3, 2021961 $74.40 
Granted162 134.53 
Exercised(96)53.98 
Forfeited(7)88.54 
Outstanding at July 4, 20211,020 $85.78 4.3$46.2 
Exercisable at July 4, 2021640 $72.63 3.2$36.7 
The weighted-average per-share grant-date fair value of options granted during the six months ended July 4, 2021 and July 5, 2020 was $65.80 and $18.98. The total intrinsic value of options exercised during the three and six months ended July 4, 2021 and July 5, 2020 was $9.5 million and $7.8 million, respectively. Cash received from option exercises for the six months ended July 4, 2021 and July 5, 2020 was $5.0 million and $1.1 million, respectively.
The total compensation expense recognized related to the Company’s outstanding options was $0.9 million and $0.8 million for the three and six months ended July 4, 2021 and July 5, 2020, respectively.
There was $8.9 million of total unrecognized compensation cost related to nonvested stock options granted as of July 4, 2021. This cost is expected to be recognized over a weighted-average period of 2.3 years.
Restricted Stock Awards: The following table summarizes restricted stock award activity for the six months ended July 4, 2021:
Number of
Shares
Weighted-
Average
Grant-
Date Fair
Value
 (In thousands) 
Nonvested at January 3, 2021296 $85.67 
Granted102 129.27 
Vested(102)83.16 
Forfeited(5)86.90 
Nonvested at July 4, 2021291 $101.83 
The fair value of restricted stock awards vested during the three and six months ended July 4, 2021 and July 5, 2020 was $8.5 million and $1.4 million, respectively. The total compensation expense recognized related to the Company’s outstanding restricted stock awards was $2.8 million and $2.7 million for the three and six months ended July 4, 2021 and July 5, 2020, respectively.
As of July 4, 2021, there was $23.4 million of total unrecognized compensation cost related to nonvested restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.8 years.
Performance Restricted Stock Units: As part of the Company's executive compensation program, the Company granted 77,373 performance restricted stock units during the six months ended July 4, 2021 that will vest based on performance of the Company. The weighted-average per-share grant date fair value of performance restricted stock units granted during the six months ended July 4, 2021 was $113.44. During the six months ended July 4, 2021, no performance restricted stock units were forfeited. The total compensation expense recognized related to performance restricted stock units was $1.4 million and $2.0 million for the three and six months ended July 4, 2021 and July 5, 2020, respectively. As of July 4, 2021, there were 128,386 performance restricted stock units outstanding.
Performance Units: No performance units were granted during the six months ended July 4, 2021. During the six months ended July 4, 2021, no performance units were forfeited. The total compensation expense (income) recognized related to performance units was $0.1 million and $3.3 million for the three and six months ended July 4, 2021 and July 5, 2020, respectively. As of July 4, 2021, there were no performance units outstanding.
Stock Awards: The Company’s stock award program provides an annual equity award to non-employee directors. During the six months ended July 4, 2021, the Company awarded no shares to non-employee directors. The total compensation expense recognized related to the stock awards were minimal for the six months ended July 5, 2020.
Employee Stock Purchase Plan: During the six months ended July 4, 2021, the Company issued 58 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $136.33 per share. During the six months ended July 5, 2020, the Company issued 13,612 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $92.25 per share. At July 4, 2021, an aggregate of 0.8 million shares of the Company’s common stock remained available for sale to employees out of the 5.0 million shares authorized by shareholders for issuance under this plan.
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three and six months ended July 4, 2021 and July 5, 2020:
 Three Months Ended
 July 4,
2021
July 5,
2020
 (In thousands)
Cost of revenue$692 $253 
Research and development expenses366 316 
Selling, general and administrative expenses6,146 9,034 
Total stock-based compensation expense$7,204 $9,603 
The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $4.1 million and $2.2 million for the three and six months ended July 4, 2021 and July 5, 2020, respectively. Stock-based compensation costs capitalized as part of inventory were $0.5 million and $0.3 million as of July 4, 2021 and July 5, 2020, respectively.
6922533663166,1469,0347,2049,6034.12.20.50.3The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:
 Three and Six Months Ended
 July 4,
2021
July 5,
2020
Risk-free interest rate0.6 %0.9 %
Expected dividend yield0.2 %0.3 %
Expected term5 years5 years
Expected stock volatility27.3 %23.8 %
0.60.90.20.35527.323.8
The following table summarizes stock option activity for the six months ended July 4, 2021:
Number
of
Shares
Weighted-
Average Exercise
Price
Weighted-Average
Remaining
Contractual 
Term
Total
Intrinsic
Value
 (In thousands) (In years)(In millions)
Outstanding at January 3, 2021961 $74.40 
Granted162 134.53 
Exercised(96)53.98 
Forfeited(7)88.54 
Outstanding at July 4, 20211,020 $85.78 4.3$46.2 
Exercisable at July 4, 2021640 $72.63 3.2$36.7 
96174.40162134.539653.98788.541,02085.784.346.264072.633.236.765.8018.989.57.85.01.10.90.88.92.3The following table summarizes restricted stock award activity for the six months ended July 4, 2021:
Number of
Shares
Weighted-
Average
Grant-
Date Fair
Value
 (In thousands) 
Nonvested at January 3, 2021296 $85.67 
Granted102 129.27 
Vested(102)83.16 
Forfeited(5)86.90 
Nonvested at July 4, 2021291 $101.83 
29685.67102129.2710283.16586.90291101.838.51.42.82.723.41.877,373113.44no1.42.0128,386Nono0.13.3nono58136.3313,61292.250.85.0Warranty Reserves
The Company provides warranty protection for certain products usually for a period of one year beyond the date of sale. The majority of costs associated with warranty obligations include the replacement of parts and the time for service personnel to respond to repair and replacement requests. A warranty reserve is recorded based upon historical results, supplemented by management’s expectations of future costs. Warranty reserves are included in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets.
A summary of warranty reserve activity is as follows:
 Three Months Ended
 July 4,
2021
July 5,
2020
 (In thousands)
Balance at beginning of period$12,073 $8,812 
Provision charged to income3,691 2,712 
Payments(6,182)(3,266)
Adjustments to previously provided warranties, net2,455 1,052 
Foreign currency translation and acquisitions(190)(269)
Balance at end of period$11,847 $9,041 
A summary of warranty reserve activity is as follows:
 Three Months Ended
 July 4,
2021
July 5,
2020
 (In thousands)
Balance at beginning of period$12,073 $8,812 
Provision charged to income3,691 2,712 
Payments(6,182)(3,266)
Adjustments to previously provided warranties, net2,455 1,052 
Foreign currency translation and acquisitions(190)(269)
Balance at end of period$11,847 $9,041 
12,0738,8123,6912,7126,1823,2662,4551,05219026911,8479,041Employee Postretirement Benefit Plans
The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans:
 Defined Benefit
Pension Benefits
Postretirement
Medical Benefits
 Three Months Ended
 July 4,
2021
July 5,
2020
July 4,
2021
July 5,
2020
 (In thousands)
Service and administrative costs$1,338 $1,688 $15 $18 
Interest cost2,376 3,138 17 23 
Expected return on plan assets(6,121)(5,371)(397)(347)
Net periodic pension credit$(2,407)$(545)$(365)$(306)
 Defined Benefit
Pension Benefits
Postretirement
Medical Benefits
 Six Months Ended
 July 4,
2021
July 5,
2020
July 4,
2021
July 5,
2020
 (In thousands)
Service and administrative costs$2,672 $3,595 $29 $36 
Interest cost4,753 6,282 34 47 
Expected return on plan assets(12,248)(10,755)(794)(694)
Net periodic benefit credit$(4,823)$(878)$(731)$(611)
During the six months ended July 4, 2021 and July 5, 2020, the Company contributed $3.7 million and $3.4 million, respectively, in the aggregate, to pension plans outside of the United States. During the six months ended July 4, 2021, the Company contributed $20.0 million to its defined benefit pension plan in the United States for the plan year 2019.
The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in the fourth quarter of the year in which the gains and losses occur, in accordance with the Company's accounting method for defined benefit pension plans and other postretirement benefits as described in Note 1 of the Company's audited consolidated financial statements and notes included in its 2020 Form 10-K. Such adjustments for gains and losses are primarily driven by events and circumstances beyond the Company's control, including changes in interest rates, the performance of the financial markets and mortality assumptions. Service costs for plans in active accrual are included in operating expenses.
The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans:
 Defined Benefit
Pension Benefits
Postretirement
Medical Benefits
 Three Months Ended
 July 4,
2021
July 5,
2020
July 4,
2021
July 5,
2020
 (In thousands)
Service and administrative costs$1,338 $1,688 $15 $18 
Interest cost2,376 3,138 17 23 
Expected return on plan assets(6,121)(5,371)(397)(347)
Net periodic pension credit$(2,407)$(545)$(365)$(306)
 Defined Benefit
Pension Benefits
Postretirement
Medical Benefits
 Six Months Ended
 July 4,
2021
July 5,
2020
July 4,
2021
July 5,
2020
 (In thousands)
Service and administrative costs$2,672 $3,595 $29 $36 
Interest cost4,753 6,282 34 47 
Expected return on plan assets(12,248)(10,755)(794)(694)
Net periodic benefit credit$(4,823)$(878)$(731)$(611)
1,3381,68815182,3763,13817236,1215,3713973472,4075453653062,6723,59529364,7536,282344712,24810,7557946944,8238787316113.73.420.030Contingent 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.
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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 July 4, 2021
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,Massachusetts02451
(Address of principal executive offices)(Zip Code)
(781663-6900
(Registrant’s telephone number, including area code)
______________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common stock, $1 par value per sharePKIThe New York Stock Exchange
1.875% Notes due 2026PKI 21AThe 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. 


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Large accelerated filerAccelerated filer
Non-accelerated filerSmaller 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 5, 2021, there were outstanding 112,114,149 shares of common stock, $1 par value per share.


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TABLE OF CONTENTS
 
  Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.


3


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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 EndedSix Months Ended
 July 4,
2021
July 5,
2020
July 4,
2021
July 5,
2020
 (In thousands, except per share data)
Product revenue$767,759 $601,506 $1,579,311 $1,027,035 
Service revenue460,712 210,212 956,849 437,079 
Total revenue1,228,471 811,718 2,536,160 1,464,114 
Cost of product revenue365,823 240,494 705,135 446,684 
Cost of service revenue177,454 123,880 360,685 262,063 
Total cost of revenue543,277 364,374 1,065,820 708,747 
Selling, general and administrative expenses281,819 221,026 533,229 429,595 
Research and development expenses65,824 49,521 126,040 98,435 
Restructuring and other costs, net5,063 1,158 10,807 7,016 
Operating income from continuing operations332,488 175,639 800,264 220,321 
Interest and other expense (income), net6,431 10,812 (6,275)20,805 
Income from continuing operations before income taxes326,057 164,827 806,539 199,516 
Provision for income taxes80,089 27,614 181,228 28,588 
Income from continuing operations245,968 137,213 625,311 170,928 
Loss on disposition of discontinued operations before income taxes    
Provision for income taxes on discontinued operations and dispositions38 51 76 101 
Loss from discontinued operations and dispositions(38)(51)(76)(101)
Net income$245,930 $137,162 $625,235 $170,827 
Basic earnings per share:
Income from continuing operations$2.20 $1.23 $5.58 $1.54 
Loss from discontinued operations and dispositions(0.00)(0.00)(0.00)(0.00)
Net income$2.20 $1.23 $5.58 $1.54 
Diluted earnings per share:
Income from continuing operations$2.19 $1.23 $5.56 $1.53 
Loss from discontinued operations and dispositions(0.00)(0.00)(0.00)(0.00)
Net income$2.19 $1.23 $5.56 $1.53 
Weighted average shares of common stock outstanding:
Basic111,973 111,329 112,000 111,225 
Diluted112,417 111,869 112,456 111,756 
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.
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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months EndedSix Months Ended
July 4,
2021
July 5,
2020
July 4,
2021
July 5,
2020
(In thousands)
Net income$245,930 $137,162 $625,235 $170,827 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income taxes11,724 61,568 (60,581)(17,025)
Unrealized gain (loss) on securities, net of income taxes11 87 105 (1)
Other comprehensive income (loss)11,735 61,655 (60,476)(17,026)
Comprehensive income$257,665 $198,817 $564,759 $153,801 










The accompanying notes are an integral part of these condensed consolidated financial statements.
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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
July 4,
2021
January 3,
2021
 (In thousands, except share and per share data)
Current assets:
Cash and cash equivalents$572,810 $402,036 
Accounts receivable, net992,602 1,155,109 
Inventories513,429 514,567 
Other current assets181,151 167,208 
Total current assets2,259,992 2,238,920 
Property, plant and equipment, net379,065 368,304 
Operating lease right-of-use assets208,494 207,236 
Intangible assets, net1,561,534 1,365,693 
Goodwill3,844,070 3,447,114 
Other assets, net486,306 333,048 
Total assets$8,739,461 $7,960,315 
Current liabilities:
Current portion of long-term debt$4,669 $380,948 
Accounts payable324,711 327,325 
Accrued expenses and other current liabilities793,443 943,916 
Total current liabilities1,122,823 1,652,189 
Long-term debt2,348,523 1,609,701 
Long-term liabilities838,974 774,531 
Operating lease liabilities189,334 188,402 
Total liabilities4,499,654 4,224,823 
Commitments and contingencies (see Note 14)
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 112,025,000 shares and 112,090,000 shares at July 4, 2021 and January 3, 2021, respectively112,025 112,090 
Capital in excess of par value103,394 148,101 
Retained earnings4,116,825 3,507,262 
Accumulated other comprehensive loss(92,437)(31,961)
Total stockholders’ equity4,239,807 3,735,492 
Total liabilities and stockholders’ equity$8,739,461 $7,960,315 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

 
For the Six-Month Period Ended July 4, 2021
Common
Stock
Amount
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
(In thousands)
Balance, January 3, 2021$112,090 $148,101 $3,507,262 $(31,961)$3,735,492 
Net income— — 379,305 — 379,305 
Other comprehensive loss— — — (72,211)(72,211)
Dividends— — (7,846)— (7,846)
Exercise of employee stock options and related income tax benefits95 4,892 — — 4,987 
Issuance of common stock for employee stock purchase plans 8 — — 8 
Purchases of common stock(295)(42,484)— — (42,779)
Issuance of common stock for long-term incentive program176 4,274 — — 4,450 
Stock compensation 899   899 
Balance, April 4, 2021$112,066 $115,690 $3,878,721 $(104,172)$4,002,305 
Net income— — 245,930 — 245,930 
Other comprehensive income— — — 11,735 11,735 
Dividends— — (7,826)— (7,826)
Exercise of employee stock options and related income tax benefits128 9,070 — — 9,198 
Issuance of common stock for employee stock purchase plans11 1,613 — — 1,624 
Purchases of common stock(209)(29,936)— — (30,145)
Issuance of common stock for long-term incentive program24 4,998 — — 5,022 
Stock compensation5 1,959   1,964 
Balance, July 4, 2021$112,025 $103,394 $4,116,825 $(92,437)$4,239,807 


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For the Six-Month Period Ended July 5, 2020
Common
Stock
Amount
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
(In thousands)
Balance, December 29, 2019$111,140 $90,357 $2,811,973 $(199,646)$2,813,824 
Impact of adopting ASU 2016-13  (1,328) (1,328)
Net income— — 33,665 — 33,665 
Other comprehensive loss— — — (78,681)(78,681)
Dividends— — (7,779)— (7,779)
Exercise of employee stock options and related income tax benefits21 1,085 — — 1,106 
Issuance of common stock for employee stock purchase plans14 1,242   1,256 
Purchases of common stock(66)(6,276)— — (6,342)
Issuance of common stock for long-term incentive program197 2,831 — — 3,028 
Stock compensation 997   997 
Balance, April 5, 2020$111,306 $90,236 $2,836,531 $(278,327)$2,759,746 
Net income— — 137,162 — 137,162 
Other comprehensive loss— — — 61,655 61,655 
Dividends— — (7,803)— (7,803)
Exercise of employee stock options and related income tax benefits175 8,792 — — 8,967 
Issuance of common stock for employee stock purchase plans14 1,291   1,305 
Purchases of common stock(4)(323)— — (327)
Issuance of common stock for long-term incentive program2 5,123 — — 5,125 
Stock compensation8 1,625   1,633 
Balance, July 5, 2020$111,501 $106,744 $2,965,890 $(216,672)$2,967,463 

 
The accompanying notes are an integral part of these consolidated financial statements.

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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
 July 4,
2021
July 5,
2020
 (In thousands)
Operating activities:
Net income$625,235 $170,827 
Loss from discontinued operations and dispositions, net of income taxes76 101 
Income from continuing operations625,311 170,928 
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation12,361 12,654 
Restructuring and other costs, net10,807 7,016 
Depreciation and amortization145,822 120,047 
Loss on disposition of businesses and assets, net 485 
Change in fair value of contingent consideration477 (11,446)
Amortization of deferred debt financing costs and accretion of discounts1,724 1,642 
Change in fair value of financial securities(27,931) 
Amortization of acquired inventory revaluation5,303 1,485 
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net155,270 4,312 
Inventories7,239 (126,707)
Accounts payable(26,795)20,907 
Accrued expenses and other(148,226)(2,677)
Net cash provided by operating activities of continuing operations761,362 198,646 
Investing activities:
Capital expenditures(34,675)(37,138)
Purchases of investments(14,507)(7,393)
Proceeds from disposition of businesses and assets 1,815 
Proceeds from surrender of life insurance policies 131 
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired(702,697)(2,990)
Net cash used in investing activities of continuing operations(751,879)(45,575)
Financing activities:
Payments on borrowings(763,545)(290,000)
Proceeds from borrowings729,000 188,000 
Payments of senior unsecured notes(339,605) 
Proceeds from sale of senior unsecured notes799,856  
Payments of debt financing costs(8,242) 
Settlement of cash flow hedges(5,935)5,037 
Net payments on other credit facilities(11,826)(6,036)
Payments for acquisition-related contingent consideration (5,200)
Proceeds from issuance of common stock under stock plans14,185 10,074 
Purchases of common stock(72,924)(6,669)
Dividends paid(15,697)(15,572)
Net cash provided by (used in) financing activities of continuing operations325,267 (120,366)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10,659)(4,658)
Net increase in cash, cash equivalents and restricted cash324,091