PERKINELMER INC, DEF 14A filed on 3/8/2023
Proxy Statement (definitive)
v3.22.4
Cover
 12 Months Ended
Dec. 31, 2022
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name PerkinElmer, Inc.
Entity Central Index Key 0000031791
v3.22.4
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay Versus Performance
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and
non-PEO
named executive officers (“NEOs”) and Company performance for the fiscal years listed below. The compensation and benefits committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
 
Year
Summary
Compensation Table
Total for Prahlad R.
Singh¹
($)
Compensation
Actually Paid
to Prahlad R.
Singh
1,2,3
($)
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
1
($)
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
1,2,3

($)
Value of Initial
Fixed $100
Investment Based
On:
4
Net
Income
($ Millions)
Organic
Revenue
Growth
5
TSR
($)
Peer
Group
TSR
($)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
2022
 
10,576,998
 
1,806,595
 
2,074,392
 
(698,239
)
 
145.42
 
141.02
 
579
 
9.0
%
2021
 
9,661,006
 
22,364,293
 
2,401,828
 
5,469,748
 
208.13
 
183.38
 
943
 
16.0
%
2020
 
9,017,969
 
17,608,514
 
2,945,673
 
5,888,871
 
148.27
 
132.40
 
728
 
29.0
%
 
1.
Prahlad R. Singh was our PEO for each year presented. The individuals comprising the
non-PEO
NEOs for each year presented are listed below.
 
2020
   
2021
   
2022
James M. Mock
    James M. Mock    James M. Mock
Joel S. Goldberg
    Joel S. Goldberg    Joel S. Goldberg
Daniel R. Tereau
    Daniel R. Tereau    Daniel R. Tereau
Tajinder S. Vohra
    Tajinder S. Vohra    Tajinder S. Vohra
 
   
 
    Maxwell Krakowiak
 
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
 
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
non-PEO
NEOs as set forth below. Equity values are calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
 
Year
Summary Compensation
Table Total for Prahlad
R. Singh
($)
Exclusion of Stock Awards
and Option Awards for
Prahlad R. Singh
($)
Inclusion of Equity Values
for Prahlad R. Singh
($)
Compensation Actually
Paid to Prahlad R. Singh
($)
2022
   10,576,998   (7,348,927 )   (1,421,477 )   1,806,595
2021
   9,661,006   (5,512,504 )   18,215,791   22,364,293
2020
   9,017,969   (4,155,820 )   12,746,365   17,608,514
 
Year
Average Summary
Compensation Table
Total for
Non-PEO

NEOs
($)
Average Exclusion of
Stock Awards
and Option Awards
for
Non-PEO
NEOs
($)
Average Inclusion of Equity
Values for
Non-PEO
NEOs
($)
Average Compensation
Actually Paid to
Non-PEO
NEOs
($)
2022
   2,074,392   (1,185,783 )   (1,586,848 )   (698,23
9
 )
2021
   2,401,828   (1,059,689 )   4,127,610   5,469,748
2020
   2,945,673   (941,105 )   3,884,303   5,888,871
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
Year-End Fair Value

of Equity Awards
Granted During
Year That
Remained
Outstanding and
Unvested as of Last
Day of Year for
Prahlad R. Singh
($)
Change in Fair Value
from Last Day of
Prior Year to
Last Day of Year
of Outstanding
and Unvested
Equity Awards Granted
in any Prior Year
for Prahlad R. Singh
($)
Change in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested
Equity Awards
that Vested
During Year
for Prahlad R. Singh
($)
Total - Inclusion of
Equity Values for
Prahlad R. Singh
($)
2022
   5,507,444   (5,589,952 )   (1,338,969 )   (1,421,477 )
2021
   10,058,141   7,976,956   180,694   18,215,791
2020
   8,530,319   4,365,107   (149,061 )   12,746,365
 
Year
  
Average
Year-End
Fair
Value of Equity
Awards
Granted
During Year
That Remained
Outstanding
and Unvested
as of Last Day
of Year for
Non-PEO
NEOs
($)
    
Average Change
in Fair
Value from Last
Day of Prior
Year to Last Day
of Year of
Outstanding
and Unvested
Equity Awards
Granted in any
Prior Year for
Non-PEO
NEOs
($)
    
Average Change
in Fair Value
from Last Day
of Prior Year to
Vesting Date of
Unvested Equity
Awards that
Vested During
Year for
Non-PEO
NEOs
($)
    
Average Fair Value
at Last Day of
Prior Year of
Equity Awards
That Failed to
Meet the
Applicable Vesting
Conditions During
Year for
Non-PEO

NEOs
($)
    
Total - Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
  
2022
     625,017       (631,522 )      (318,387 )      (1,261,956 )      (1,586,848 ) 
2021
     1,933,522       2,097,851       96,237       —         4,127,610  
2020
     1,973,919       1,963,190       (52,806 )      —         3,884,303  
 
4.
The Peer Group TSR set forth in this table utilizes the S&P 500 Life Sciences Tools & Services Industry Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the fiscal year ended January 1, 2023. The comparison assumes $100 was invested for the period starting December 30, 2019, through the end of the listed year in the Company and in the S&P 500 Life Sciences Tools & Services Industry Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
 
5.
We determined Organic Revenue Growth to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and
non-PEO
NEOs in 2022. More information on Organic Revenue Growth can be found in the “Determining Executive Pay” section of the Compensation Discussion and Analysis. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years.
   
Company Selected Measure Name Organic Revenue Growth    
Named Executive Officers, Footnote [Text Block] Prahlad R. Singh was our PEO for each year presented. The individuals comprising the
non-PEO
NEOs for each year presented are listed below.
 
2020
   
2021
   
2022
James M. Mock
    James M. Mock    James M. Mock
Joel S. Goldberg
    Joel S. Goldberg    Joel S. Goldberg
Daniel R. Tereau
    Daniel R. Tereau    Daniel R. Tereau
Tajinder S. Vohra
    Tajinder S. Vohra    Tajinder S. Vohra
 
   
 
    Maxwell Krakowiak
 
    
Peer Group Issuers, Footnote [Text Block] The Peer Group TSR set forth in this table utilizes the S&P 500 Life Sciences Tools & Services Industry Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the fiscal year ended January 1, 2023. The comparison assumes $100 was invested for the period starting December 30, 2019, through the end of the listed year in the Company and in the S&P 500 Life Sciences Tools & Services Industry Index, respectively. Historical stock performance is not necessarily indicative of future stock performance. 		   
PEO Total Compensation Amount $ 10,576,998 $ 9,661,006 $ 9,017,969
PEO Actually Paid Compensation Amount $ 1,806,595 22,364,293 17,608,514
Adjustment To PEO Compensation, Footnote [Text Block] Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
non-PEO
NEOs as set forth below. Equity values are calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
 
Year
Summary Compensation
Table Total for Prahlad
R. Singh
($)
Exclusion of Stock Awards
and Option Awards for
Prahlad R. Singh
($)
Inclusion of Equity Values
for Prahlad R. Singh
($)
Compensation Actually
Paid to Prahlad R. Singh
($)
2022
   10,576,998   (7,348,927 )   (1,421,477 )   1,806,595
2021
   9,661,006   (5,512,504 )   18,215,791   22,364,293
2020
   9,017,969   (4,155,820 )   12,746,365   17,608,514
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
Year-End Fair Value

of Equity Awards
Granted During
Year That
Remained
Outstanding and
Unvested as of Last
Day of Year for
Prahlad R. Singh
($)
Change in Fair Value
from Last Day of
Prior Year to
Last Day of Year
of Outstanding
and Unvested
Equity Awards Granted
in any Prior Year
for Prahlad R. Singh
($)
Change in Fair Value
from Last Day of
Prior Year to
Vesting Date of
Unvested
Equity Awards
that Vested
During Year
for Prahlad R. Singh
($)
Total - Inclusion of
Equity Values for
Prahlad R. Singh
($)
2022
   5,507,444   (5,589,952 )   (1,338,969 )   (1,421,477 )
2021
   10,058,141   7,976,956   180,694   18,215,791
2020
   8,530,319   4,365,107   (149,061 )   12,746,365
   
Non-PEO NEO Average Total Compensation Amount $ 2,074,392 2,401,828 2,945,673
Non-PEO NEO Average Compensation Actually Paid Amount $ (698,239) 5,469,748 5,888,871
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
non-PEO
NEOs as set forth below. Equity values are calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
Year
Average Summary
Compensation Table
Total for
Non-PEO

NEOs
($)
Average Exclusion of
Stock Awards
and Option Awards
for
Non-PEO
NEOs
($)
Average Inclusion of Equity
Values for
Non-PEO
NEOs
($)
Average Compensation
Actually Paid to
Non-PEO
NEOs
($)
2022
   2,074,392   (1,185,783 )   (1,586,848 )   (698,23
9
 )
2021
   2,401,828   (1,059,689 )   4,127,610   5,469,748
2020
   2,945,673   (941,105 )   3,884,303   5,888,871
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
  
Average
Year-End
Fair
Value of Equity
Awards
Granted
During Year
That Remained
Outstanding
and Unvested
as of Last Day
of Year for
Non-PEO
NEOs
($)
    
Average Change
in Fair
Value from Last
Day of Prior
Year to Last Day
of Year of
Outstanding
and Unvested
Equity Awards
Granted in any
Prior Year for
Non-PEO
NEOs
($)
    
Average Change
in Fair Value
from Last Day
of Prior Year to
Vesting Date of
Unvested Equity
Awards that
Vested During
Year for
Non-PEO
NEOs
($)
    
Average Fair Value
at Last Day of
Prior Year of
Equity Awards
That Failed to
Meet the
Applicable Vesting
Conditions During
Year for
Non-PEO

NEOs
($)
    
Total - Average
Inclusion of
Equity Values for
Non-PEO
NEOs
($)
  
2022
     625,017       (631,522 )      (318,387 )      (1,261,956 )      (1,586,848 ) 
2021
     1,933,522       2,097,851       96,237       —         4,127,610  
2020
     1,973,919       1,963,190       (52,806 )      —         3,884,303  
    
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.
 
LOGO 		   
Compensation Actually Paid vs. Net Income [Text Block]
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the three most recently completed fiscal years.
 
LOGO 		   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
non-PEO
NEOs, and our Organic Revenue Growth during the three most recently completed fiscal years.
 
LOGO 		   
Total Shareholder Return Vs Peer Group [Text Block]
The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the S&P 500 Life Sciences Tools & Services Industry Index over the same period.
 
LOGO 		   
Tabular List [Table Text Block]
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and
non-PEO
NEOs for 2022 to Company performance. The measures in this table are not ranked.
 
Organic Revenue Growth
Adjusted Operating Margin Expansion
Non-COVID
Organic Revenue Growth
COVID Revenue
Adjusted EPS
Free Cash Flow
    
Total Shareholder Return Amount $ 145.42 208.13 148.27
Peer Group Total Shareholder Return Amount 141.02 183.38 132.4
Net Income (Loss) $ 579,000,000 $ 943,000,000 $ 728,000,000
Company Selected Measure Amount 9 16 29
PEO Name Prahlad R. Singh Prahlad R. Singh Prahlad R. Singh
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Organic Revenue Growth    
Non-GAAP Measure Description [Text Block] We determined Organic Revenue Growth to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and
non-PEO
NEOs in 2022. More information on Organic Revenue Growth can be found in the “Determining Executive Pay” section of the Compensation Discussion and Analysis. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years. 		   
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted Operating Margin Expansion    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Non-COVID Organic Revenue Growth    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name COVID Revenue    
Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted EPS    
Measure [Axis]: 6      
Pay vs Performance Disclosure [Table]      
Measure Name Free Cash Flow    
PEO [Member] | Exclusion of Stock Awards and Option Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (7,348,927) $ (5,512,504) $ (4,155,820)
PEO [Member] | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,421,477) 18,215,791 12,746,365
Fair Value of Equity Awards Granted During Year That Remained Outstanding and Unvested as of Last Day of Year 5,507,444 10,058,141 8,530,319
Change in Fair Value from Last Day of Prior Year to Last Day of Year of Outstanding and Unvested Equity Awards Granted in any Prior Year (5,589,952) 7,976,956 4,365,107
Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year (1,338,969) 180,694 (149,061)
Non-PEO NEO [Member] | Exclusion of Stock Awards and Option Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,185,783) (1,059,689) (941,105)
Non-PEO NEO [Member] | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,586,848) 4,127,610 3,884,303
Fair Value of Equity Awards Granted During Year That Remained Outstanding and Unvested as of Last Day of Year 625,017 1,933,522 1,973,919
Change in Fair Value from Last Day of Prior Year to Last Day of Year of Outstanding and Unvested Equity Awards Granted in any Prior Year (631,522) 2,097,851 1,963,190
Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year (318,387) 96,237 (52,806)
Fair Value at Last Day of Prior Year of Equity Awards That Failed to Meet the Applicable Vesting Conditions During Year $ (1,261,956) $ 0 $ 0