Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Feb. 20, 2024 | Jul. 01, 2023 | |
Cover Page | |||
Entity Central Index Key | 0001000228 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-30 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Document Transition Report | false | ||
Entity Registrant Name | HENRY SCHEIN INC | ||
Entity File Number | 0-27078 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 11-3136595 | ||
Entity Address, Address Line One | 135 Duryea Road | ||
Entity Address, City or Town | Melville | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11747 | ||
City Area Code | 631 | ||
Local Phone Number | 843-5500 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | HSIC | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,506,752,000 | ||
Entity Common Stock, Shares Outstanding | 128,505,719 | ||
Entity Voluntary Filers | No | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year (December 30, 2023) are incorporated by reference in Part III hereof. | ||
ICFR Auditor Attestation Flag | true | ||
AuditorName | BDO USA, | ||
Auditor Firm Id | 243 | ||
Auditor Location | New York, NY | ||
Document Fin Stmt Error Correction Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 171 | $ 117 | |
Accounts receivable, net of allowance of credit losses of $83 and $65 | [1] | 1,863 | 1,442 |
Inventories, net | 1,815 | 1,963 | |
Prepaid expenses and other | 639 | 466 | |
Total current assets | 4,488 | 3,988 | |
Property and equipment, net | 498 | 383 | |
Operating lease right-of-use assets | 325 | 284 | |
Goodwill | 3,875 | 2,893 | |
Other intangibles, net | 916 | 587 | |
Investments and other | 471 | 472 | |
Total assets | 10,573 | 8,607 | |
Current liabilities: | |||
Accounts payable | 1,020 | 1,004 | |
Bank credit lines | 264 | 103 | |
Current maturities of long-term debt | 150 | 6 | |
Operating lease liabilities | 80 | 73 | |
Accrued expenses: | |||
Payroll and related | 332 | 314 | |
Taxes | 137 | 132 | |
Other | 700 | 592 | |
Total current liabilities | 2,683 | 2,224 | |
Long-term debt | [1] | 1,937 | 1,040 |
Deferred income taxes | 54 | 36 | |
Operating lease liabilities | 310 | 275 | |
Other liabilities | 436 | 361 | |
Total liabilities | 5,420 | 3,936 | |
Redeemable noncontrolling interests | 864 | 576 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none outstanding | 0 | 0 | |
Common stock, $0.01 par value, 480,000,000 shares authorized, 129,247,765 outstanding on December 30, 2023 and 131,792,817 outstanding on December 31, 2022 | 1 | 1 | |
Additional paid-in capital | 0 | 0 | |
Retained earnings | 3,860 | 3,678 | |
Accumulated other comprehensive loss | (206) | (233) | |
Total Henry Schein, Inc. stockholders' equity | 3,655 | 3,446 | |
Noncontrolling interests | 634 | 649 | |
Total stockholders' equity | 4,289 | 4,095 | |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 10,573 | $ 8,607 | |
[1] Amounts presented include balances held by our consolidated variable interest entity (“VIE”). December 31, 2022, includes trade accounts receivable of $ 284 327 210 million and $ 255 Note 1 – Basis of Presentation and Significant Accounting Policies information. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Accounts receivable, reserves (in dollars) | $ 83 | $ 65 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 480,000,000 | 480,000,000 |
Common stock, shares outstanding (in shares) | 129,247,765 | 131,792,817 |
Variable Interest Entity, Primary Beneficiary [Member] | Recourse [Member] | ||
Liabilities of VIE | $ 210 | $ 255 |
Asset Pledged As Collateral [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Pledged assets | $ 284 | $ 327 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 12,339 | $ 12,647 | $ 12,401 |
Cost of sales | 8,478 | 8,816 | 8,727 |
Gross profit | 3,861 | 3,831 | 3,674 |
Operating expenses: | |||
Selling, general and administrative | 2,956 | 2,771 | 2,634 |
Depreciation and amortization | 210 | 182 | 180 |
Restructuring and integration costs | 80 | 131 | 8 |
Operating income | 615 | 747 | 852 |
Other income (expense): | |||
Interest income | 17 | 8 | 6 |
Interest expense | (87) | (35) | (27) |
Other, net | (3) | 1 | 0 |
Income before taxes, equity in earnings of affiliates and noncontrolling interests | 542 | 721 | 831 |
Income taxes | (120) | (170) | (198) |
Equity in earnings of affiliates, net of tax | 14 | 15 | 20 |
Gain on sale of equity investment | 0 | 0 | 7 |
Net Income | 436 | 566 | 660 |
Less: Net income attributable to noncontrolling interests | (20) | (28) | (29) |
Net income attributable to Henry Schein, Inc. | $ 416 | $ 538 | $ 631 |
Earnings per share attributable to Henry Schein, Inc.: | |||
Basic (in dollars per share) | $ 3.18 | $ 3.95 | $ 4.51 |
Diluted (in dollars per share) | $ 3.16 | $ 3.91 | $ 4.45 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 130,618,990 | 136,064,221 | 140,090,889 |
Diluted (in shares) | 131,748,171 | 137,755,670 | 141,772,781 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 436 | $ 566 | $ 660 |
Other comprehensive income, net of tax: | |||
Foreign currency translation gain (loss) | 53 | (88) | (84) |
Unrealized gain (loss) from hedging activities | (18) | 7 | 9 |
Pension adjustment gain (loss) | (3) | 12 | 6 |
Other comprehensive income (loss), net of tax | 32 | (69) | (69) |
Comprehensive income | 468 | 497 | 591 |
Comprehensive income attributable to noncontrolling interests: | |||
Net income | (20) | (28) | (29) |
Foreign currency translation loss (gain) | (5) | 7 | 6 |
Comprehensive income attributable to noncontrolling interests | (25) | (21) | (23) |
Comprehensive income attributable to Henry Schein, Inc. | $ 443 | $ 476 | $ 568 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 26, 2020 | $ 3,984 | $ 1 | $ 0 | $ 3,455 | $ (108) | $ 636 |
Beginning Balance (in shares) at Dec. 26, 2020 | 142,462,571 | |||||
Net income (excluding amounts attributable to Redeemable noncontrolling interests) | 637 | $ 0 | 0 | 631 | 0 | 6 |
Foreign currency translation gain (loss) (excluding amounts attributable to Redeemable noncontrolling interests) | (78) | 0 | 0 | 0 | (78) | 0 |
Unrealized gain (loss) from hedging activities, net of tax expense (benefit) | 9 | 0 | 0 | 0 | 9 | 0 |
Pension adjustment gain (loss), net of tax impact | 6 | 0 | 0 | 0 | 6 | 0 |
Distributions to noncontrolling shareholders | (11) | 0 | 0 | 0 | 0 | (11) |
Change in fair value of redeemable securities | (160) | 0 | (160) | 0 | 0 | 0 |
Noncontrolling interests and adjustments related to business acquisitions | 7 | 0 | 0 | 0 | 0 | 7 |
Repurchase and retirement of common stock - Value | (401) | $ 0 | (53) | (348) | 0 | 0 |
Repurchase and retirement of common stock - Shares | (5,505,704) | |||||
Stock-based compensation expense - Value | 78 | $ 0 | 78 | 0 | 0 | 0 |
Stock-based compensation expense - Shares | 303,643 | |||||
Shares withheld for payroll taxes - Value | (8) | $ 0 | (8) | 0 | 0 | 0 |
Shares withheld for payroll taxes - Shares | (114,952) | |||||
Transfer of charges in excess of capital | 0 | $ 0 | 143 | (143) | 0 | 0 |
Ending Balance at Dec. 25, 2021 | 4,063 | $ 1 | 0 | 3,595 | (171) | 638 |
Ending Balance (in shares) at Dec. 25, 2021 | 137,145,558 | |||||
Net income (excluding amounts attributable to Redeemable noncontrolling interests) | 545 | $ 0 | 0 | 538 | 0 | 7 |
Foreign currency translation gain (loss) (excluding amounts attributable to Redeemable noncontrolling interests) | (82) | 0 | 0 | 0 | (81) | (1) |
Unrealized gain (loss) from hedging activities, net of tax expense (benefit) | 7 | 0 | 0 | 0 | 7 | 0 |
Pension adjustment gain (loss), net of tax impact | 12 | 0 | 0 | 0 | 12 | 0 |
Distributions to noncontrolling shareholders | (1) | 0 | 0 | 0 | 0 | (1) |
Purchase of noncontrolling interests | (7) | 0 | 0 | 0 | 0 | (7) |
Change in fair value of redeemable securities | 4 | 0 | 4 | 0 | 0 | 0 |
Noncontrolling interests and adjustments related to business acquisitions | 13 | 0 | 0 | 0 | 0 | 13 |
Repurchase and retirement of common stock - Value | (485) | $ 0 | (65) | (420) | 0 | 0 |
Repurchase and retirement of common stock - Shares | (6,111,676) | |||||
Stock issued upon exercise of stock options, Value | 2 | $ 0 | 2 | 0 | 0 | 0 |
Stock issued upon exercise of stock options, shares | 35,792 | |||||
Stock-based compensation expense - Value | 54 | $ 0 | 54 | 0 | 0 | 0 |
Stock-based compensation expense - Shares | 1,102,108 | |||||
Shares withheld for payroll taxes - Value | (32) | $ 0 | (32) | 0 | 0 | 0 |
Shares withheld for payroll taxes - Shares | (376,034) | |||||
Settlement of stock-based compensation awards | 2 | $ 0 | 2 | 0 | 0 | 0 |
Settlement of stock-based compensation awards, shares | (2,931) | |||||
Transfer of charges in excess of capital | 0 | $ 0 | 35 | (35) | 0 | 0 |
Ending Balance at Dec. 31, 2022 | $ 4,095 | $ 1 | 0 | 3,678 | (233) | 649 |
Ending Balance (in shares) at Dec. 31, 2022 | 131,792,817 | 131,792,817 | ||||
Net income (excluding amounts attributable to Redeemable noncontrolling interests) | $ 430 | $ 0 | 0 | 416 | 0 | 14 |
Foreign currency translation gain (loss) (excluding amounts attributable to Redeemable noncontrolling interests) | 48 | 0 | 0 | 0 | 48 | 0 |
Unrealized gain (loss) from hedging activities, net of tax expense (benefit) | (18) | 0 | 0 | 0 | (18) | 0 |
Pension adjustment gain (loss), net of tax impact | (3) | 0 | 0 | 0 | (3) | 0 |
Distributions to noncontrolling shareholders | (27) | 0 | 0 | 0 | 0 | (27) |
Change in fair value of redeemable securities | 11 | 0 | 11 | 0 | 0 | 0 |
Noncontrolling interests and adjustments related to business acquisitions | (2) | 0 | 0 | 0 | 0 | (2) |
Repurchase and retirement of common stock - Value | (252) | $ 0 | (33) | (219) | 0 | 0 |
Repurchase and retirement of common stock - Shares | (3,214,136) | |||||
Stock issued upon exercise of stock options, Value | 1 | $ 0 | 1 | 0 | 0 | 0 |
Stock issued upon exercise of stock options, shares | 21,068 | |||||
Stock-based compensation expense - Value | 39 | $ 0 | 39 | 0 | 0 | 0 |
Stock-based compensation expense - Shares | 1,065,319 | |||||
Shares withheld for payroll taxes - Value | (34) | $ 0 | (34) | 0 | 0 | 0 |
Shares withheld for payroll taxes - Shares | (416,605) | |||||
Settlement of stock-based compensation awards | 1 | $ 0 | 1 | 0 | 0 | 0 |
Settlement of stock-based compensation awards, shares | (698) | |||||
Transfer of charges in excess of capital | 0 | $ 0 | 15 | (15) | 0 | 0 |
Ending Balance at Dec. 30, 2023 | $ 4,289 | $ 1 | $ 0 | $ 3,860 | $ (206) | $ 634 |
Ending Balance (in shares) at Dec. 30, 2023 | 129,247,765 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Unrealized gain (loss) from foreign currency hedging activities, tax benefit (expense) | $ 7 | $ (3) | $ (3) |
Pension adjustment gain (loss), net of tax impact, (expense) benefit | 0 | (4) | (2) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net income attributable to redeemable noncontrolling interests | 6 | 21 | 23 |
Foreign currency translation (gain) loss | $ (5) | $ 6 | $ 6 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Cash flows from operating activities: | |||
Net Income | $ 436 | $ 566 | $ 660 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 248 | 212 | 210 |
Impairment charge on intangible assets | 7 | 34 | 1 |
Impairment of capitalized software | 27 | 0 | 0 |
Non-cash restructuring charges | 27 | 93 | 0 |
Gain on sale of equity investment | 0 | 0 | (10) |
Stock-based compensation expense | 39 | 54 | 78 |
Provision for (benefits from) losses on trade and other accounts receivable | 18 | 5 | (8) |
Benefit from deferred income taxes | (20) | (73) | (11) |
Equity in earnings of affiliates | (14) | (15) | (20) |
Distributions from equity affiliates | 15 | 15 | 18 |
Changes in unrecognized tax benefits | 10 | 12 | (2) |
Other | (3) | (20) | (10) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (327) | (7) | 4 |
Inventories | 231 | (126) | (295) |
Other current assets | (138) | (52) | 9 |
Accounts payable and accrued expenses | (56) | (96) | 86 |
Net cash provided by operating activities | 500 | 602 | 710 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (147) | (96) | (79) |
Payments related to equity investments and business acquisitions, net of cash acquired | (955) | (158) | (571) |
Proceeds from sale of equity investment | 0 | 0 | 10 |
Proceeds from loan to affiliate | 6 | 11 | (4) |
Settlements for net investment hedges | 22 | 0 | 0 |
Capitalized software costs | (40) | (32) | (33) |
Other | (21) | (1) | 0 |
Net cash used in investing activities | (1,135) | (276) | (677) |
Cash flows from financing activities: | |||
Net change in bank credit lines | 153 | 48 | (18) |
Proceeds from issuance of long-term debt | 1,368 | 270 | 305 |
Principal payments for long-term debt | (468) | (59) | (122) |
Debt issuance costs | (3) | 0 | (3) |
Proceeds from issuance of stock upon exercise of stock options | 1 | 2 | 0 |
Payments for repurchases and retirement of common stock | (250) | (485) | (401) |
Payments for taxes related to shares withheld for employee taxes | (34) | (32) | (8) |
Distributions to noncontrolling shareholders | (47) | (21) | (26) |
Acquisitions of noncontrolling interests in subsidiaries | (19) | (38) | (60) |
Net cash provided by (used in) financing activities | 701 | (315) | (333) |
Effect of exchange rate changes on cash and cash equivalents | (12) | (12) | (3) |
Net change in cash and cash equivalents | 54 | (1) | (303) |
Cash and cash equivalents, beginning of period | 117 | 118 | 421 |
Cash and cash equivalents, end of period | $ 171 | $ 117 | $ 118 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 1 – Basis of Presentation and Significant Accounting Policies Nature of Operations We distribute health care products and services primarily to office-based dental and medical practitioners, across dental practices, laboratories, physician practices, and ambulatory surgery centers, institutional health care clinics and alternate care clinics. added services to health care practitioners. laboratories, schools, government and other institutions. care centers, ambulatory care sites, emergency medical technicians, dialysis centers, governments and large enterprises, such as group practices and integrated delivery across a wide range of specialties. We have operations or affiliates in the United States, Australia, Austria, Belgium, Brazil, Canada, Chile, China, the Czech Republic, France, Germany, Hong Kong SAR, Ireland, Israel, Italy, Japan, Liechtenstein, Luxembourg, Malaysia, Mexico, Morocco, the Netherlands, New Zealand, Poland, Portugal, Sweden, Switzerland, Thailand, United Arab Emirates and the United Kingdom. Basis of Presentation Our consolidated financial statements include the accounts of Henry subsidiaries. unconsolidated affiliates for which we have the ability to influence the operating or accounted for under the equity method. current period presentation. impact on our consolidated financial condition, results of operations We consolidate the results of operations and financial position of a trade accounts receivable securitization which we consider a Variable Interest Entity (“VIE”) because we are its primary beneficiary as we have the power to direct activities that most significantly affect its economic performance and have majority of its losses or benefits. collateral to the related debt. At December 30, 2023 and December 31, 2022, obligations of this VIE were $ 284 327 creditors have recourse to us were $ 210 255 Fair Value Fair value is defined as the price that would be received to sell an asset or transaction between market participants at the measurement date. (1) market participant assumptions developed based on market data obtained inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the in active markets for identical assets or liabilities (Level 1) and the lowest priority The three levels of the fair value hierarchy are described as follows: • measurement date. • either directly or indirectly. quoted prices for identical or similar assets or liabilities in markets prices that are observable for the asset or liability; and inputs that are observable market data by correlation or other means. • Use of Estimates The preparation of consolidated financial statements in conformity with the United States requires us to make estimates and assumptions that liabilities and disclosure of contingent assets and liabilities at the date of amounts of revenues and expenses during the reporting period. Our consolidated financial statements reflect estimates and assumptions our goodwill, long-lived asset and definite-lived intangible asset valuation; valuation; assessment of the annual effective tax rate; valuation of deferred income contingencies; the allowance for doubtful accounts; redeemable noncontrolling rebates; measurement of compensation cost for certain share-based pension plan assumptions. Fiscal Year We report our results of operations and cash flows on a 52 53 Saturday of December. 52 31, 2022 and December 25, 2021 consisted of 53 52 Revenue Recognition Revenue is recognized when a customer obtains control of promised goods consideration that we expect to receive for those goods or services. • • • • • We generate revenue from the sale of dental and medical consumable products, equipment (Health care distribution revenues), software products and services and other sources (Technology and value-added services revenues). Provisions for discounts, rebates to customers, customer returns and other in the transaction price at contract inception by estimating the most likely estimates and are provided for in the period in which the related sales are Revenue derived from the sale of consumable products is recognized at the the customer. carriers. to the customer. ownership transfer to the customer and we have an enforceable right Revenue derived from the sale of equipment is recognized when control when the equipment is delivered. equipment service technicians. time of delivery. instances where we provide warranty labor services, the warranty costs Standards Codification (“ASC”) Topic 460 Guarantees. accrued approximately $ 12 8 Revenue derived from the sale of software products is recognized when made available electronically. training. training, is generally recognized over time using time elapsed as the input method control to the customer. over the subscription period as control is transferred to the customer. Revenue derived from other sources, including freight charges, equipment repairs and financial recognized when the related product revenue is recognized or when practical expedient to treat shipping and handling activities performed after fulfillment activities, rather than a separate performance obligation in the Sales, value-add and other taxes we collect concurrent with revenue-producing revenue. Some of our revenue is derived from bundled arrangements that include which are accounted for separately. and technical support), we allocate revenue to software by the residual selling price to estimate the fair value of the undelivered elements. that are not considered software consist primarily of equipment and the related revenue for such arrangements based on the relative selling prices of the goods price is not available (i.e., because we or others do not sell the goods or following techniques to estimate the standalone selling price: adjusted residual method. our best estimate of what the selling prices of each deliverable would be basis taking into consideration the cost structure of our business, technical skill other market conditions. Sales Returns Sales returns are recognized as a reduction of revenue by the amount liability within accrued expenses-other within our consolidated balance sheets. liability based on historical data for specific products, adjusted as necessary returns is presented gross as a refund liability and we record an inventory cost of sales) for any products that we expect to be returned Cost of Sales The primary components of cost of sales include the cost of the product chargebacks and rebates) and inbound and outbound freight charges. Costs related to purchasing, receiving, inspections, warehousing, distribution network are included in selling, general and administrative Total distribution network costs were $ 105 103 89 2023, December 31, 2022 and December 25, 2021, respectively. Supplier Rebates Supplier rebates are included as a reduction of cost of sales and are recognized factors we consider in estimating supplier rebate accruals include forecasted rebate contract terms, which generally provide for increasing rebates based volumes. Direct Shipping and Handling Costs Freight and other direct shipping costs are included in cost of sales. primarily direct compensation costs of employees who pick, pack and otherwise for shipment to our customers are reflected in selling, general and administrative were $ 98 96 97 December 25, 2021, respectively. Advertising and Promotional Costs We expense advertising and promotional costs as incurred. 47 million, $ 47 48 25, 2021, respectively. Stock-Based Compensation Costs We measure stock-based compensation at the grant date, based on the estimated recognize the cost (net of estimated forfeitures) as compensation expense on service period for time-based restricted stock units and on a graded vesting performance-based awards, at each reporting date, we reassess whether achievement is probable and accrue compensation expense when achievement of stock-based compensation expense is reflected in selling, general and administrative Employment Benefit Plans and other Postretirement Benefit Plans Some of our employees in our international markets participate We recognize the funded status, measured as the difference between the fair value of plan assets and the projected benefit obligation. asset or liability based on its funded status. Net periodic pension costs and valuations are dependent on assumptions those amounts. compensation levels, retirement rates, mortality rates, and other factors. net pension cost in selling, general and administrative expenses within Gains and losses that result from changes in actuarial assumptions or actuarial assumptions are recognized in and then amortized from Accumulated Cash and Cash Equivalents We consider all highly liquid short-term investments with an original maturity of three months or less to be cash equivalents. fair value. 52 53 payments for inventory, were classified as accounts payable as of December 30, 2023 and December 31, 2022. Accounts Receivable and Allowance for Credit Losses Accounts receivable are generally recognized when health care distribution services revenues are recognized. accounts receivable is reduced by a valuation allowance that reflects not expect to collect. estimating our reserve, including types of customers and their credit worthiness, adjusted for current conditions and reasonable supportable forecasts. We record allowances for credit losses based upon a specific review of all those invoices not specifically reviewed, provisions are provided at differing rates, receivable, the collection history associated with the geographic region economic trends and reasonable supportable forecasts. We write-off a receivable and charge it against its recorded allowance when we deem them uncollectible. Our net accounts receivable balance was $ 1,863 1,442 1,452 December 31, 2022, and December 25, 2021, respectively. 83 65 million $ 67 88 December 26, 2020, respectively. 31, 2022 and December 25, 2021 were $ 34 8 0 allowance for the years ended December 30, 2023, December 31, 2022 16 $ 10 21 Contract Assets Contract assets include amounts related to any conditional right to consideration as of the reporting date. unconditional. consumables and sales of term software licenses. other and the non-current contract assets are included in investments and other sheets. material. Contract Liabilities Contract liabilities are comprised of advance payments and upfront payments over time that are accounted for as deferred revenue amounts. the performance obligation has been satisfied. and the non-current contract liabilities are included in other liabilities December 30, 2023 and December 31, 2022, the current and non-current contract 89 $ 9 86 8 substantially all of the current contract liability amounts that were previously December 25, 2021, the current and non-current contract liabilities were 89 10 year ended December 31, 2022, we recognized substantially all of the current previously deferred at December 25, 2021. $ 9 December 31, 2022 and December 25, 2021 were immaterial. Inventories and Reserves Inventories consist primarily of finished goods and are valued at determined by the weighted-average first-in, first-out method for merchandise equipment and high tech equipment. factors including the condition and salability of the inventory, historical sales, forecasted sales and market and economic trends. factors expected to affect the value of inventory. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation or computed under the straight-line method Amortization of leasehold improvements is computed using the straight-line over the lesser of the useful life of the assets or the remaining lease term. Capitalized Software Development Costs Capitalized internal-use software costs consist of costs to purchase and solely to meet internal needs and for cloud-based applications used to deliver incurred during the application development stage and include such costs within our consolidated balance sheets. software development costs when technological feasibility is reached and other within our consolidated balance sheets. Leases We determine if an arrangement contains a lease at inception. explicitly identifies an asset to be used and conveys the right to control for consideration. operating lease liabilities, and non-current operating lease liabilities in our leases are included in property and equipment, current maturities of consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease obligation to make lease payments arising from the lease. upon commencement of the lease based on the present value of the lease payments our leases do not provide an implicit interest rate, we generally use our incremental estimated rate of interest for fully collateralized and fully amortizing borrowings payments at commencement date to determine the present value of use the implicit rate. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. over the lease term. and administrative and interest expense, respectively within our consolidated leases with a term of 12 months or less are not capitalized. We have lease agreements with lease and non-lease components, which are lease component, except non-lease components for leases of vehicles, which vehicle lease contains both lease and non-lease components, we allocate the standalone selling price. Business Acquisitions We account for business acquisitions under the acquisition method of accounting, under which acquired businesses are recorded at their fair value at the acquisition include the acquired businesses’ results of operations from that date. Some prior owners of acquired subsidiaries are eligible to receive additional we may be entitled to recoup a portion of purchase price cash consideration have accrued liabilities for the estimated fair value of additional purchase acquisition, using the income approach, including a probability-weighted pricing method, where applicable. administrative within our consolidated statements of income. While we use our best estimates and assumptions to accurately value acquisition date, our estimates are inherently uncertain and subject 12 months following the date of acquisition, or the measurement period, we liabilities assumed with the corresponding offset to goodwill within our consolidated balance the measurement period or final determination of the values of such assets whichever comes first, any subsequent adjustments are recognized Goodwill Any excess of acquisition consideration over the fair value of identifiable goodwill. business combination that are not individually identified and separately technology, as well as the assembled workforce. Goodwill represents, for acquired business, the excess of the purchase price assets acquired, including the amount assigned to identifiable intangible analysis annually or more frequently if needed. the fair value to the carrying value of reporting units. global dental; global medical; and technology and value-added services. units, for the purposes of preparing our impairment analyses, based on For the years ended December 30, 2023 and December 31, 2022, we tested goodwill day of the fourth quarter, using a quantitative analysis comparing the carrying value of our reporting including goodwill, to their estimated fair values using a discounted fair value of a reporting unit exceeds its carrying amount, goodwill of the impaired. goodwill, limited to the total amount of goodwill allocated to that Application of the goodwill impairment test requires judgment, including assignment of assets and liabilities that are considered shared services determination of the fair value of each reporting unit. applying the discounted cash flow methodology and confirming with uncertainties related to fair value models, the inputs and our judgments significant inputs include estimation of future cash flows based on budget comparable companies to develop a weighted average cost of capital for each For the year ended December 30, 2023 and December 25, 2021, the results of no t result in any impairments. 20 goodwill relating to the disposal of an unprofitable business whose value. Intangible Assets In connection with our business acquisitions, the major classes of allocate acquisition consideration to, excluding goodwill, include relationships and lists, trademarks and trade names, product development and accounts receivable. and assumptions derived from analysis of market conditions, including rates (which are based on historical trends and assessment of financial projections), projected cash flows. earnings method, the relief-from-royalty method, and the with and without assumptions are forward-looking and could be affected by future economic and Intangible assets, other than goodwill, are evaluated for impairment whenever indicate that the carrying amount of the assets may not be recoverable expected to be derived from such asset or asset group. Definite-lived intangible assets primarily consist of non-compete agreements, lists, customer relationships and product development. are only recorded if the asset or asset groups carrying amount is not recoverable cash flows. estimated fair value. During the years ended December 30, 2023, December 31, 2022 impairment charges, within the selling, general and administrative line of our consolidated statements intangible assets of $ 7 34 1 Income Taxes We account for income taxes under an asset and liability approach that requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events financial statements or tax returns. events other than expected enactments of changes in tax laws or rates. liabilities of a change in tax rates is recognized as income or expense in We file a consolidated U.S. federal income tax return with our 80% or greater owned U.S. subsidiaries Redeemable Noncontrolling Interests Some minority stockholders in certain of our consolidated subsidiaries have to acquire their ownership interest in those entities at fair value. outside permanent equity on our consolidated balance sheets and are The redemption amounts have been estimated based on expected future earnings and cash flows are not achieved, the value of the redeemable noncontrolling Changes in the estimated redemption amounts of the noncontrolling each reporting period with a corresponding adjustment to Additional paid-in carrying amounts are subject to a “floor” amount that is equal to the interests at the time they were originally recorded. cannot go below the floor level. reflect a fair value redemption feature do not impact the calculation of reduced by the portion of the subsidiaries’ net income that is attributable Noncontrolling Interests Noncontrolling interest represents the ownership interests of certain subsidiaries. noncontrolling interests. Comprehensive Income Comprehensive income includes certain gains and losses that, under accounting United States, are excluded from net income as such amounts are recorded stockholders’ equity. translation gain (loss), unrealized gain (loss) from hedging activities Risk Management and Derivative Financial Instruments We use derivative instruments to minimize our exposure to fluctuations in foreign currency exchange rates, interest rates, and our unfunded non-qualified supplemental retirement plan (“SERP”) (“DCP”). recognized asset and liability fair values, earnings and cash flows, as well subsidiaries, the interest rate risk on variable rate debt, and the returns on management policy requires that derivative contracts used as hedges be with the exposure being hedged and be designated hedges at inception derivative instruments for speculative purposes. forward contracts, total return swaps, and interest rate swaps. Foreign currency forward agreements related to forecasted inventory foreign currency swaps related to foreign currency denominated debt, and debt are designated as cash flow hedges. changes in the fair value of the derivatives are recorded as a income in stockholders’ equity and subsequently reclassified into transactions affect earnings. consolidated statements of cash flows as the cash flows related Foreign currency forward contracts related to our euro-denominated investment hedges. value of the derivatives are recorded in the foreign currency translation gain other comprehensive income in stockholders’ equity until the net Interest swap agreements are entered into for the purpose of hedging loan. Our foreign currency forward agreements related to foreign currency hedges but are not designated as hedges for accounting purposes. For agreements not designated as hedges, changes in the value of the derivative, loss on the hedged item, are recorded in other, net, within our consolidated statements of income. Total return swaps are entered into for the purpose of economically hedging our SERP and DCP. expected to be renewed on an annual basis. selling, general, and administrative expenses within our consolidated changes in the fair values of our SERP and DCP liabilities. Foreign Currency Translation The financial position and results of operations of our foreign subsidiaries the functional currencies. each year-end. Translation adjustments arising from the use of differing exchange rates from period to period are included Accumulated other comprehensive income in stockholders’ equity. currency transactions are included in earnings. Accounting Pronouncements Adopted During the year ended December 30, 2023, we adopted ASC Topic 848, “Reference Rate Reform” (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and exceptions for applying GAAP to contracts, hedging relationships and discontinuation of the London Interbank Offered Rate or by another reference rate because of reference rate reform. financial statements. On December 26, 2021 we adopted Accounting Standards Update “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (Subtopic 805). an acquirer to recognize and measure contract assets and contract liabilities acquired accordance with ASU No. 2014 - 09, “Revenue from Contracts with Customers” date, an acquirer should account for the related revenue contracts in accordance originated the contracts. what to record for the acquired revenue contracts. measuring the acquired contract assets and contract liabilities consistent with how measured in the acquiree’s financial statements. our consolidated financial statements. On December 27, 2020 we adopted ASU No. 2019-12, “Income Taxes” (Topic for Income Taxes exceptions to the general principles in Topic 740. simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 did not have a material impact on our consolidated Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to ,” which requires public business entities to disclose additional information in specified categories with respect to statutory rate for federal, state, and foreign income taxes. items in the rate reconciliation to the extent the impact of those items new disclosures associated with the rate reconciliation, the ASU requires of refunds received) to be disaggregated for federal, state, and foreign jurisdictions to the extent the related amounts exceed a quantitative threshold. need to be disaggregated based on their nature, which is determined by essential characteristics, such as the transaction or event that triggered the activity with which the reconciling item is associated. disclose information concerning unrecognized tax benefits having a reasonable increasing or decreasing in the 12 months following the reporting date. beginning after December 15, 2024. been issued or made available for issuance. retrospective application is permitted. consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segments ,” which aims to improve financial reporting by requiring disclosure on an annual and interim basis for all public entities to enable investors to analyses. segments. uses to assess segment performance and make decisions about allocating specified segment items and amounts, such as depreciation, amortization, under certain circumstances. and do not change how a public entity identifies its operating segments, applies the quantitative thresholds to determine its reportable segments. beginning after December 15, 2023, and interim periods within fiscal years Early adoption is permitted. on our consolidated financial statements. |
Cybersecurity Incident
Cybersecurity Incident | 12 Months Ended |
Dec. 30, 2023 | |
Cybersecurity Incident [Abstract] | |
Cybersecurity Incident | Note 2 – Cybersecurity Incident In October 2023 Henry Schein experienced a cybersecurity incident that North American and European dental and medical distribution businesses. management software, revenue cycle management and patient relationship affected, and our manufacturing businesses were mostly unaffected. authorities, restored affected systems and applications, our distribution operations ecommerce platform. Subsequently, on or about November 8, 2023, we determined that the threat actor obtained personal and sensitive information maintained on our systems belonging we have notified affected and potentially affected parties as appropriate. impacted is still under investigation. platform and related applications, which has since been remediated. results for the fourth quarter and full year 2023. During the year ended December 30, 2023, we incurred $ 11 cybersecurity incident, mostly consisting of professional fees. certain retentions and policy limitations. 60 million insurance policy, following a $ 5 |
Net Sales from Contracts with C
Net Sales from Contracts with Customers | 12 Months Ended |
Dec. 30, 2023 | |
Net Sales from Contracts with Customers [Abstract] | |
Net Sales from Contracts with Customers | Note 3 – Net Sales from Contracts with Customers Net sales are recognized in accordance with policies disclosed Disaggregation of Net sales The following table disaggregates our net sales by reportable and operating segment Year December 30, 2023 North America International Global Net sales: Health care distribution Dental $ 4,500 $ 3,039 $ 7,539 Medical 3,897 97 3,994 Total health care distribution 8,397 3,136 11,533 Technology 705 101 806 Total net sales $ 9,102 $ 3,237 $ 12,339 Year December 31, 2022 North America International Global Net sales: Health care distribution Dental $ 4,628 $ 2,845 $ 7,473 Medical 4,375 76 4,451 Total health care distribution 9,003 2,921 11,924 Technology 633 90 723 Total net sales $ 9,636 $ 3,011 $ 12,647 Year December 25, 2021 North America International Global Net sales: Health care distribution Dental $ 4,506 $ 3,038 $ 7,544 Medical 4,107 103 4,210 Total health care distribution 8,613 3,141 11,754 Technology 560 87 647 Total net sales $ 9,173 $ 3,228 - $ 12,401 |
Segment and Geographic Data
Segment and Geographic Data | 12 Months Ended |
Dec. 30, 2023 | |
Segment and Geographic Data [Abstract] | |
Segment and Geographic Data | Note 4 – Segment and Geographic Data We conduct our business through two value-added services. dental businesses serve office-based dental practitioners, dental laboratories, schools, government institutions. medical technicians, dialysis centers, home health, federal and state governments group practices and integrated delivery networks, among other providers dental and medical groups serve practitioners in 33 The health care distribution reportable segment aggregates our global dental segment distributes consumable products, dental specialty products, small equipment, equipment repair services, branded and generic pharmaceuticals, tests, infection-control products, personal protective equipment products (“PPE”) Our global technology and value-added services reportable segment provides added services to health care practitioners. systems for dental and medical practitioners. education, revenue cycle management and financial services on a non-recourse technology, network and hardware services, as well as continuing education services for practitioners. The following tables present information about our reportable and operating Years December 30, December 31, December 25, 2023 2022 2021 Net sales: Health care distribution (1) Dental $ 7,539 $ 7,473 $ 7,544 Medical 3,994 4,451 4,210 Total health care distribution 11,533 11,924 11,754 Technology (2) 806 723 647 Total $ 12,339 $ 12,647 $ 12,401 Consists of consumable products, dental specialty products (including implant, orthodontic and endodontic products), small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, PPE products and vitamins. (2) Consists of practice management software and other value-added products, which are distributed primarily to health care providers, practice consultancy, education, revenue cycle management and financial services on a non-recourse basis, e-services, continuing education services for practitioners, consulting and other services. Years December 30, December 31, December 25, 2023 2022 2021 Operating Income: Health care distribution $ 470 $ 619 $ 727 Technology 145 128 125 Total $ 615 $ 747 $ 852 Income before taxes and equity in earnings of affiliates: Health care distribution $ 396 $ 592 $ 706 Technology 146 129 125 Total $ 542 $ 721 $ 831 Depreciation and Amortization: Health care distribution $ 184 $ 160 $ 157 Technology 64 52 53 Total $ 248 $ 212 $ 210 Interest Income: Health care distribution $ 16 $ 7 $ 6 Technology 1 1 - Total $ 17 $ 8 $ 6 Interest Expense: Health care distribution $ 87 $ 35 $ 27 Technology - - - Total $ 87 $ 35 $ 27 Income Tax Health care distribution $ 90 $ 141 $ 168 Technology 30 29 30 Total $ 120 $ 170 $ 198 Equity in Earnings of Affiliates: Health care distribution $ 14 $ 14 $ 19 Technology - 1 1 Total $ 14 $ 15 $ 20 Purchases of Property and Equipment: Health care distribution $ 139 $ 86 $ 74 Technology 8 10 5 Total $ 147 $ 96 $ 79 As of December 30, December 31, December 25, 2023 2022 2021 Total Health care distribution $ 9,083 $ 7,287 $ 7,157 Technology 1,490 1,320 1,324 Total $ 10,573 $ 8,607 $ 8,481 The following table presents information about our operations by geographic December 30, 2023, December 31, 2022 and December 25, 2021. respective locations of our subsidiaries. 10 % of consolidated net sales. there were no material amounts of export sales. 2023 2022 2021 Net Sales Long-Lived Assets Net Sales Long-Lived Assets Net Sales Long-Lived Assets United States $ 8,631 $ 3,434 $ 9,190 $ 2,891 $ 8,722 $ 2,981 Other 3,708 2,180 3,457 1,256 3,679 1,232 Consolidated total $ 12,339 $ 5,614 $ 12,647 $ 4,147 $ 12,401 $ 4,213 |
Business Acquisitions and Dives
Business Acquisitions and Divestitures | 12 Months Ended |
Dec. 30, 2023 | |
Business Acquisitions and Divestitures [Abstract] | |
Business Acquisitions and Divestitures | Note 5 – Business Acquisitions and Divestiture Our acquisition strategy is focused on investments in companies that our geographic footprint (whether entering a new country, such as emerging markets, or building scale where we have already invested in businesses), and finally, those that enable us to access new products and technologies Acquisition of Shield Healthcare On October 2, 2023 we acquired a 90 % voting equity interest in Shield Healthcare, Inc. (“Shield”), a supplier homecare medical products delivered directly to patients in their homes. existing medical business by delivering a diverse range of products, ostomy, enteral nutrition, advanced wound care, and diabetes supplies. glucose monitoring devices directly to patients in their homes. The following table aggregates paid and net assets acquired in the Shield acquisition: 2023 Acquisition consideration: Cash $ 307 Deferred consideration 22 Redeemable noncontrolling interest 37 Total consideration $ 366 Identifiable assets acquired and liabilities assumed: Current assets $ 41 Intangible assets 166 Other noncurrent assets 14 Current liabilities (24) Deferred income taxes (41) Other noncurrent liabilities (7) Total identifiable 149 Goodwill 217 Total net assets acquired $ 366 Goodwill is a result of expected synergies that are expected to originate from the growth potential of Shield. The following table summarizes the preliminary identifiable intangible assets Shield: 2023 Weighted Average Lives (in years) Customer relationships and lists $ 156 12 Trademarks / Tradenames 10 5 Total $ 166 The accounting for the acquisition of Shield has not been completed finalizing valuation assessments of accounts receivable, inventory, accrued liabilities and income and non-income based taxes. value of intangible and tangible assets acquired and liabilities assumed. We will finalize the amounts recognized as the information necessary to complete the analysis is obtained. possible but no later than one year from the acquisition date. presented because the impact of the Shield acquisition during the year ended our consolidated financial statements. Acquisition of S.I.N. Implant System On July 5, 2023, we acquired a 100 % voting equity interest in S.I.N. Implant System (“S.I.N.”). Paulo, S.I.N. manufactures an extensive line of products to perform dental advancing the development of value-priced dental implants. products into the United States and other international markets. The following table aggregates the preliminary estimated fair value, as of paid and net assets acquired in the S.I.N., including measurement period 30, 2023: Preliminary Allocation as of September 30, 2023 Measurement Period Adjustments Preliminary Allocation as of December 30, 2023 Acquisition consideration: Cash $ 326 $ 3 $ 329 Total consideration $ 326 $ 3 $ 329 Identifiable assets acquired and liabilities assumed: Current assets $ 75 $ (8) $ 67 Intangible assets 155 (68) 87 Other noncurrent assets 33 13 46 Current liabilities (33) - (33) Long-term debt (22) - (22) Deferred income taxes (55) 20 (35) Other noncurrent liabilities (27) - (27) Total identifiable 126 (43) 83 Goodwill 200 46 246 Total net assets acquired $ 326 $ 3 $ 329 Goodwill is a result of expected synergies that are expected to originate from the growth potential of S.I.N. adjustments recorded in the year ended December 30, 2023 were primarily capital adjustments and third party intangible valuations. The following table summarizes the preliminary identifiable intangible assets S.I.N.: 2023 Weighted Average Lives (in years) Customer relationships and lists $ 38 7 Trademarks / Tradenames 13 10 Product development 36 8 Total $ 87 The accounting for the acquisition of S.I.N. has not been completed finalizing valuation assessments of accounts receivable, inventory, accrued liabilities and income and non-income based taxes. value of intangible and tangible assets acquired and liabilities assumed. We will finalize the amounts recognized as the information necessary to complete the analysis is obtained. possible but no later than one year from the acquisition date. presented because the impact of the S.I.N. acquisition during the year ended our consolidated financial statements. Acquisition of Biotech Dental On April 5, 2023, we acquired a 57 % voting equity interest in Biotech Dental (“Biotech Dental”), which provider of dental implants, clear aligners, individualized prosthetics, in France. comprehensive, integrated suite of planning and diagnostic software medical devices to create a digital view of the patient, offering greater diagnostic experience. management software solutions will help customers streamline their the ultimate benefit of patients. The following table aggregates the preliminary estimated fair value, as paid and net assets acquired in the Biotech Dental acquisition, including through December 30, 2023: Preliminary Allocation as of July 1, 2023 Measurement Period Adjustments Allocation as of December 30, 2023 Acquisition consideration: Cash $ 216 $ - $ 216 Fair value of contributed equity share in a controlled subsidiary 25 - 25 Redeemable noncontrolling interests 182 - 182 Total consideration $ 423 $ - $ 423 Identifiable assets acquired and liabilities assumed: Current assets $ 78 $ - $ 78 Intangible assets 119 28 147 Other noncurrent assets 76 10 86 Current liabilities (50) (9) (59) Long-term debt (90) 16 (74) Deferred income taxes (38) (7) (45) Other noncurrent liabilities (16) (7) (23) Total identifiable 79 31 110 Goodwill 344 (31) 313 Total net assets acquired $ 423 $ - $ 423 Goodwill is a result of expected synergies that are expected to originate from the growth potential of Biotech Dental. adjustments recorded in the year ended December 30, 2023 were primarily intangible valuation and various other adjustments. The following table summarizes the preliminary identifiable intangible assets Biotech Dental: 2023 Weighted Average Lives (in years) Customer relationships and lists $ 46 9 Trademarks / Tradenames 18 7 Product development 83 10 Total $ 147 The accounting for the acquisition of Biotech Dental has limited to pending assessments of accounts receivable, inventory, intangible assets, accrued liabilities and income and non-income based taxes. determine the fair value of intangible and tangible assets acquired and liabilities amounts recognized as the information necessary to complete the amounts as soon as possible but no later than one year from the acquisition information has not been presented because the impact of the Biotech Dental December 30, 2023 was immaterial to our consolidated financial statements. Other 2023 Acquisitions During the year ended December 30, 2023, we acquired companies within technology and value-added services segments. 51 % to 100 %. The following table aggregates paid and net assets acquired for these acquisitions during the year ended 2023 Acquisition consideration: Cash $ 168 Deferred consideration 4 Estimated fair value of contingent consideration payable 6 Fair value of previously held equity method investment 29 Redeemable noncontrolling interests 77 Total consideration $ 284 Identifiable assets acquired and liabilities assumed: Current assets $ 32 Intangible assets 116 Other noncurrent assets 17 Current liabilities (23) Deferred income taxes (11) Long-term debt (8) Other noncurrent liabilities (10) Total identifiable 113 Goodwill 171 Total net assets acquired $ 284 Goodwill is a result of the expected synergies and cross-selling opportunities that provide for us, as well as the expected growth potential. for tax purposes. In connection with an acquisition of a controlling interest of an 18 million related to the remeasurement to fair value of our previously held flow model based on Level 3 inputs, as defined in The following table summarizes the preliminary identifiable intangible December 30, 2023 and their estimated useful lives as of the date of the acquisition: 2023 Weighted Average Lives (in years) Customer relationships and lists $ 79 9 Trademarks / Tradenames 8 5 Non-compete agreements 2 5 Product development 7 7 Patents 1 10 Other 19 2 Total $ 116 The pro forma financial information has not been presented because the ended December 30, 2023 was immaterial to our consolidated financial 2022 Acquisitions We completed several acquisitions during the year ended December 31, 2022, which were immaterial to our consolidated financial statements. 55 % to 100 %. Acquisitions in our health care distribution segment included companies products. connects dental office managers, practice administrators and dental business leaders The following table aggregates the estimated fair value, as of the assets acquired for acquisitions during the year ended December 31, 2022. goodwill is deductible for tax purposes. 2022 Acquisition consideration: Cash $ 158 Deferred consideration 2 Fair value of previously held equity method investment 16 Redeemable noncontrolling interests 17 Total consideration $ 193 Identifiable assets acquired and liabilities assumed: Current assets $ 41 Intangible assets 96 Other noncurrent assets 13 Current liabilities (29) Deferred income taxes (6) Other noncurrent liabilities (8) Total identifiable 107 Goodwill 86 Total net assets acquired $ 193 The following table summarizes the identifiable intangible assets acquired during 2022 and their estimated useful lives as of the date of the acquisition: Estimated Useful Lives 2022 (in years) Customer relationships and lists $ 81 8 - 12 Trademarks / Tradenames 9 5 Non-compete agreements 3 2 - 5 Other 3 10 Total $ 96 2021 Acquisitions We completed several acquisitions during the year ended December 25, 2021, which were immaterial to our financial statements. 51 % to 100 %. Acquisitions within our health care distribution segment included companies manufacturing of dental and medical products, a provider of home kitting and sterile packaging. that focus on dental marketing and website solutions, practice transition business analytics and intelligence software. purposes. The following table aggregates the estimated fair value, as of the date of assets acquired for acquisitions during the year ended December 25, 2021 2021 Acquisition consideration: Cash $ 579 Deferred consideration 11 Estimated fair value of contingent consideration receivable (5) Fair value of previously held equity method investment 8 Redeemable noncontrolling interests 181 Total consideration $ 774 Identifiable assets acquired and liabilities assumed: Current assets $ 195 Intangible assets 317 Other noncurrent assets 51 Current liabilities (93) Deferred income taxes (26) Other noncurrent liabilities (46) Total identifiable 398 Goodwill 376 Total net assets acquired $ 774 The following table summarizes the identifiable intangible assets acquired during 2021 and their estimated useful lives as of the date of the acquisition: Estimated Useful Lives 2021 (in years) Customer relationships and lists $ 220 5 - 12 Trademarks / Tradenames 58 5 - 12 Product development 19 5 - 10 Non-compete agreements 5 3 - 5 Other 15 18 Total $ 317 For the years ended December 30, 2023, December 31, 2022 and December adjustments recorded in our financial statements relating to acquisitions recorded in prior periods. $ 5 5 operations, based on delays in timing of government approval of a certain During the years ended December 30, 2023, December 31, 2022 22 $ 9 7 our consolidated statements of income. Divestiture In the third quarter of 2021 we received contingent proceeds of $ 10 resulting in the recognition of an after-tax gain of $ 7 contingent proceeds of $ 2 of $ 2 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 6 – Property and Equipment, Net Property and equipment, including related estimated useful lives, consisted December 30, December 31, 2023 2022 Land $ 21 $ 20 Buildings and permanent improvements 166 135 Leasehold improvements 103 94 Machinery and warehouse equipment 243 169 Furniture, fixtures and other 137 127 Computer equipment and software 500 411 1,170 956 Less accumulated depreciation and amortization (672) (573) Property and equipment, net $ 498 $ 383 Estimated Useful Lives (in years) Buildings and permanent improvements 40 Machinery and warehouse equipment 5 - 10 Furniture, fixtures and other 3 - 10 Computer equipment and software 3 - 10 Leasehold improvements are amortized on a straight-line basis over remaining lease term. Property and equipment related depreciation expense for the years and December 25, 2021, was $ 70 68 71 for finance lease amounts included in property and equipment, net within our During the year ended December 30, 2023 we recorded a $ 27 healthcare distribution segment. |
Leases
Leases | 12 Months Ended |
Dec. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 7 – Leases We have operating and finance leases for corporate offices, office space, distribution and other facilities, vehicles and certain equipment. one year 18 which may include options to extend the leases for up to 15 follows: Years December 30, December 31, December 25, 2023 2022 2021 Operating lease cost: $ 99 $ 132 $ 89 Variable 12 11 10 Short-term lease cost 10 7 4 Total operating lease cost 121 150 103 Finance lease cost 5 3 3 Total lease cost $ 126 $ 153 $ 106 (1) Total operating lease cost for the years ended December 30, 2023, December 31, 2022 and December 25, 2021, included costs of $ 11 42 0 within our consolidated statements of income. Further, for the years ended December 30, 2023, impairment of operating lease right-of-use assets of $ 3 3 0 facility leases recorded in “Restructuring and integration costs” within our consolidated Supplemental balance sheet information related to leases is as follows: Years December 30, December 31, 2023 2022 Operating Leases: Operating lease right-of-use assets $ 325 $ 284 Current operating lease liabilities 80 73 Non-current operating lease liabilities 310 275 Total operating lease liabilities $ 390 $ 348 Finance Leases: Property and equipment, at cost $ 18 $ 16 Accumulated depreciation (9) (6) Property and equipment, net of accumulated depreciation $ 9 $ 10 Current maturities of long-term debt $ 4 $ 4 Long-term debt 4 6 Total finance $ 8 $ 10 Weighted Average Operating leases 6.6 6.7 Finance leases 2.6 3.1 Weighted Average Operating leases 3.6 % 2.8 % Finance leases 4.0 % 3.3 % Supplemental cash flow information related to leases is as follows: Years December 30, December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 92 87 Financing cash flows for finance leases 5 3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 124 88 Finance leases 4 6 Maturities of lease liabilities are as follows: December 30, 2023 Operating Finance Leases Leases 2024 $ 92 $ 4 2025 77 2 2026 64 1 2027 48 1 2028 38 1 Thereafter 119 - Total future 438 9 Less imputed interest (48) (1) Total $ 390 $ 8 As of December 30, 2023, we have additional operating leases that have payments of $ 9 2023, with lease terms of one year 10 years . Certain of our facilities related to our acquisitions are leased from leases are classified as operating leases and have a remaining lease term five months 14 years . of December 30, 2023, current and non-current liabilities associated with 5 million and $ 23 6.3 % and 7.4 % of the total current and non-current operating lease liabilities, respectively. current liabilities associated with related party operating leases were 4 14 December 31, 2022 related party leases represented 5.0 % and 5.3 % of the total current and non-current operating lease liabilities, respectively. |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Other Intangibles, Net [Abstract] | |
Goodwill and Other Intangibles, Net | Note 8 – Goodwill and Other Intangibles, Net Changes in the carrying amounts as follows: Health Care Distribution Technology Value-Added Services Total Balance as of December 25, 2021 $ 1,831 $ 1,023 $ 2,854 Adjustments to goodwill: Acquisitions 86 (1) 85 Impairment (20) - (20) Foreign currency translation (22) (4) (26) Balance as of December 31, 2022 1,875 1,018 2,893 Adjustments to goodwill: Acquisitions 827 118 945 Foreign currency translation 35 2 37 Balance as of December 30, 2023 $ 2,737 $ 1,138 $ 3,875 For the year ended December 31, 2022, we recorded a $ 20 of an unprofitable business whose estimated fair value was lower than business is part of our restructuring initiative as more fully discussed Other intangible assets consisted of the following: December 30, 2023 Weighted Average Accumulated Remaining Life Cost Amortization Net (in years) Customer relationships and lists $ 984 $ (346) $ 638 10 Trademarks / Tradenames 168 (69) 99 8 Product development 205 (62) 143 9 Non-compete agreements 21 (6) 15 5 Other 39 (18) 21 10 Total $ 1,417 $ (501) $ 916 December 31, 2022 Weighted Average Accumulated Remaining Life Cost Amortization Net (in years) Customer relationships and lists $ 826 $ (387) $ 439 10 Trademarks / Tradenames 125 (51) 74 8 Product development 90 (56) 34 9 Non-compete agreements 25 (6) 19 5 Other 31 (10) 21 17 Total $ 1,097 $ (510) $ 587 Trademarks, trade names, customer lists and customer relationships were established through and are amortized on a straight-line basis over their respective asset life. amounts paid primarily to prior owners of acquired businesses and certain restrictions on their ability to pose a competitive risk to us. over the respective non-compete period, which generally commences upon separation from us. Amortization expense, excluding impairment charges, related to definite-lived intangible assets December 30, 2023, December 31, 2022 and December 25, 2021, was $ 152 126 124 During the year ended December 30, 2023 we recorded $ 19 our health care distribution segment, the components of which were 7 and relationships attributable to lower than anticipated operating 12 charge related to the planned exit of a business. between the carrying values and the estimated fair values estimate of future cash flows. During the year ended December 31, 2022 we recorded $ 49 our health care distribution segment, the components of which were 15 an unprofitable business and a $ 34 customer attrition rates being higher than expected in certain other health impairment charges were calculated as the differences between the carrying values and the estimated the impaired intangible assets, using a discounted estimate of future During the year ended December 25, 2021, we recorded a $ 1 business within our health care distribution segment and a business within segment. The above intangible asset impairment charges were recorded within selling, general and in restructuring and integration charges in our consolidated statement of income. The annual amortization expense expected to be recorded for existing 2028 is $ 157 138 121 109 91 |
Investments and Other
Investments and Other | 12 Months Ended |
Dec. 30, 2023 | |
Investments And Other [Abstract] | |
Investments and Other | Note 9 – Investments and Other Investments and other consisted of the following: December 30, December 31, 2023 2022 Investments in unconsolidated affiliates $ 180 $ 161 Non-current deferred foreign, state and local income taxes 38 88 Notes receivable (1) 44 28 Capitalized costs for software to be sold, leased or marketed to external 95 79 Security deposits 4 3 Acquisition-related indemnification 46 59 Non-current pension assets 9 8 Other long-term assets 55 46 Total $ 471 $ 472 (1) Long-term notes receivable carry interest rates ranging from 3.0 % to 10.0 % and are due in varying installments through November 21, 2028 . Amortization expense, primarily related to capitalized costs for software to users, for the years ended December 30, 2023, December 31, 2022 and 26 18 million and $ 15 consolidated statements of income. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 10 – Fair Value Measurements The following section describes the fair values of our financial instruments measure their fair values. Investments and notes receivable There are no quoted market prices available for investments in unconsolidated Certain of our notes receivable contain variable interest rates. estimate of fair value based on the interest rates in the applicable markets. fair value is based on Level 3 inputs within the fair value hierarchy. Debt The fair value of our debt (including bank credit lines, current maturities based on Level 3 inputs within the fair value hierarchy, and as of December 30, 2023 and December 31, 2022 was estimated at $ 2,351 1,149 value of our debt include market conditions, such as interest rates and credit Derivative contracts Derivative contracts are valued using quoted market prices and instruments primarily include foreign currency forward agreements, forecasted foreign currency forward contracts, interest rate swaps, and total return The fair values for the majority of our foreign currency derivative contracts rate to a published forward price of the underlying market rates, which transactions that are classified within Level 2 of the fair value hierarchy. The fair value of the interest rate swap, which is classified within Level 2 by comparing our contract rate to a forward market rate as of the The fair value of total return swaps is determined by valuing the underlying using market-on-close pricing by industry providers as of the valuation fair value hierarchy. Redeemable noncontrolling interests The values for redeemable noncontrolling interests are based on recent earnings that are classified within Level 3 of the fair value hierarchy. Assets measured on a non-recurring basis at fair value include intangibles. classified as Level 3 within the fair value hierarchy. December 30, 2023 Level 1 Level 2 Level 3 Total Assets: Derivative contracts designated as hedges $ - $ 1 $ - $ 1 Derivative contracts undesignated - 1 - 1 Total return - 4 - 4 Total assets $ - $ 6 $ - $ 6 Liabilities: Derivative contracts designated as hedges $ - $ 18 $ - $ 18 Derivative contracts undesignated - 2 - 2 Total liabilities $ - $ 20 $ - $ 20 Redeemable noncontrolling interests $ - $ - $ 864 $ 864 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Derivative contracts designated as hedges $ - $ 23 $ - $ 23 Derivative contracts undesignated - 4 - 4 Total assets $ - $ 27 $ - $ 27 Liabilities: Derivative contracts designated as hedges $ - $ 1 $ - $ 1 Derivative contracts undesignated - 3 - 3 Total return - 3 - 3 Total liabilities $ - $ 7 $ - $ 7 Redeemable noncontrolling interests $ - $ - $ 576 $ 576 |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 30, 2023 | |
Concentrations of Risk [Abstract] | |
Concentrations of Risk | Note 11 – Concentrations of Risk Certain financial instruments potentially subject us to concentrations of consist primarily of cash equivalents, trade receivables, long-term investments, instruments. instruments. not experienced any loss in such accounts and we manage this risk through highly liquid investments in high quality financial institutions. such losses, which have been within our expectations. financial instruments subject to credit risk, except for long-term notes receivable. We limit credit risk with respect to our cash equivalents, short-term and long-term investments and derivative instruments, by monitoring the credit worthiness of the financial institutions financial instruments. utilizing numerous investment grade counter-parties. With respect to our trade receivables, credit risk is somewhat limited due to a relatively large customer base dispersion across different types of health care professionals and geographic areas. for more than 2 % of our net sales in either of the years ended December 30, 2023 respect to our sources of supply, our top 10 health care distribution suppliers and our single largest supplier accounted for approximately 24 % and 4 %, respectively, of our aggregate purchases for the year ended December 30, 2023 and approximately 28 % and 4 %, respectively, of our aggregate purchases for the year ended December 31, 2022. Our long-term notes receivable primarily represent strategic financing arrangements Generally, these notes are secured by certain assets of the counterparty; however, in most cases our security is subordinate to the rights of other commercial financial institutions. event of non-performance by these counter-parties, we conduct ongoing operational performance. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 30, 2023 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | Note 12 – Derivatives and Hedging Activities We are exposed to market risks and changes in foreign currency exchange rates against the U.S. dollar and each other, and changes to the credit risk of the derivative counterparties. foreign currency forward contracts and by maintaining counter-party credit limits. only limited protection against currency exchange and credit risks. our hedging programs include currency markets and availability of hedging markets. anticipated currency exposure. and we manage our credit risks by diversifying our counterparties, multiple sources of capital. return swaps, and interest rate swaps. During 2019 we entered foreign currency forward contracts that we portion of our euro-denominated foreign operations. value of our investments in certain euro-functional currency subsidiaries due Gains and losses related to these net investment hedges are recorded within our consolidated balance sheets. in interest expense within our consolidated statements of income. investment hedges, which matured on November 16, 2023 , was approximately € 200 2023 we entered into new foreign currency forward contracts to operations which are designated as net investment hedges. hedges, which matured on November 16, 2023 , was approximately € 200 this net investment hedge, which matures on November 3, 2028 , is approximately € 300 ended December 30, 2023, December 31, 2022, and December 25, 2021, $ (32) 9 11 currency forward contracts. On March 20, 2020 , we entered a total return swap to economically hedge our unfunded our DCP. value of the investments in these plans was $ 43 investments in these plans was $ 96 based on the Secured Overnight Financing Rate (“SOFR”) of 5.33 % plus 0.52 %, for a combined rate of 5.85 %. the years ended December 30, 2023, December 31, 2022, general and administrative expenses in our consolidated statement of income, 10 17 ) million, and $ 12 On July 11, 2023, we entered into interest rate swap agreements to hedge the cash flow of our variable 750 million floating debt term loan facility, with three years our obligation to a fixed rate. payments based on the one-month Term SOFR rate and pay interest at a fixed rate. notional value of the interest rate swap agreements was $ 741 recorded, within accumulated other comprehensive loss within our consolidated 10 million related to the change in the fair value of these interest rate swaps agreements as cash flow hedges. Fluctuations in the value of certain foreign currencies as compared affect our revenues, gross margins, operating expenses and retained earnings, all of which are expressed dollars. contracts aimed at limiting the impact of foreign currency exchange short-term (i.e., generally 18 months or less) foreign currency forward contracts exchange risks associated with intercompany loans due from our international merchandise purchases to our foreign suppliers. U.S. dollars, as we consider foreign currency translation to be an accounting exposure. expenses: other within our consolidated balance sheets. The following table summarizes the terms and fair value of our outstanding derivative December 30, 2023 and December 31, 2022: December 30, 2023 Notional Amount Classification Fair Value Maturity Date Derivatives used in cash flow hedges: Foreign currency forward contracts $ 102 Accrued expenses, other $ (1) November 21, 2024 Interest rate swaps 741 Accrued expenses, other (10) July 13, 2026 Derivatives used in net investment hedges: Foreign currency forward contracts 352 Accrued expenses, other (6) November 3, 2028 Undesignated hedging relationships: Total return 96 Prepaid expenses and other 4 January 3, 2024 Total $ 1,291 $ (13) December 31, 2022 Notional Amount Classification Fair Value Maturity Date Derivatives used in cash flow hedges: Foreign currency forward contracts $ 123 Prepaid expenses and other $ 2 December 28, 2023 Derivatives used in net investment hedges: Foreign currency forward contracts 200 Prepaid expenses and other 20 November 16, 2023 Undesignated hedging relationships: Total return 78 Accrued expenses, other (3) January 4, 2023 Total $ 401 $ 19 The following table summarizes the effect of cash flow hedges and net investment hedges statements of income for the years ended Years December 30, December 31, December 25, 2023 2022 2021 Derivatives used in cash flow hedges: Foreign currency forward contracts $ (1) $ - $ 1 Interest rate swaps (7) - - Derivatives used in net investment hedges: Foreign currency forward contracts (10) 7 8 Total $ (18) $ 7 $ 9 The amount of gains or losses reclassified from accumulated other comprehensive material for the years ended December 30, 2023, December 31, 2022, |
Debt
Debt | 12 Months Ended |
Dec. 30, 2023 | |
Debt [Abstract] | |
Debt | Note 13 – Debt Bank Credit Lines Bank credit lines consisted of the following: December 30, December 31, 2023 2022 Revolving credit agreement $ 200 $ - Other short-term bank credit lines 64 103 Total $ 264 $ 103 Revolving Credit Agreement On August 20, 2021 , we entered a $ 1.0 which was scheduled to mature on August 20, 2026 . July 11, 2023 , we amended and restated the Revolving Credit Agreement to, among other things, extend the maturity date July 11, 2028 provisions to reflect the current market approach for a multicurrency credit facility is based on Term Secured Overnight Financing Rate (“Term SOFR”) plus a spread based on our leverage ratio at the end of each financial reporting quarter. other things, that we maintain certain maximum leverage ratios. contains customary representations, warranties and affirmative covenants as well subject to negotiated exceptions, on liens, indebtedness, significant corporate dispositions and certain restrictive agreements. 200 million and $ 0 December 30, 2023, the average outstanding balance under the Revolving Credit $ 61 10 9 credit, respectively, provided to third parties under this Revolving Credit Agreement. Other Short-Term Bank Credit As of December 30, 2023 and December 31, 2022, we had various other various currencies, with a maximum borrowing capacity of $ 368 402 December 30, 2023 and December 31, 2022, $ 64 103 the year ended December 30, 2023, the average outstanding balances under our lines was approximately $ 115 short-term bank credit lines had weighted average interest rates of 6.02 % and 10.11 %, respectively. Long-term debt Long-term debt consisted of the following: December 30, December 31, 2023 2022 Private placement facilities $ 1,074 $ 699 U.S. trade accounts receivable securitization 210 330 Term loan 741 - Various in varying installments through 2030 at interest rates from 0.00 % to 9.42 % at December 30, 2023 and from 0.00 % to 3.50 % at December 31, 2022 54 7 Finance lease obligations 8 10 Total 2,087 1,046 Less current maturities (150) (6) Total long-term debt $ 1,937 $ 1,040 As of December 30, 2023, deferred debt issuance costs of $ 1 2024 $ 150 2025 231 2026 721 2027 104 2028 179 Thereafter 702 Total $ 2,087 Private Placement Facilities Our private placement facilities include four insurance companies, have 1.5 are available on an uncommitted basis at fixed rate economic time to time through October 20, 2026 . fixed rate based on an agreed upon spread over applicable treasury notes possible issuance will be selected by us and can range from five 15 years 12 years ). working capital and capital expenditures, to refinance existing indebtedness, The agreements provide, among other things, that we maintain restrictions relating to subsidiary indebtedness, liens, affiliate transactions, disposal ownership. applicable due dates. The components of our private placement facility borrowings, which 3.65 %, as of December 30, 2023 are presented in the following table: Amount of Date of Borrowing Borrowing Borrowing Outstanding Rate Due Date January 20, 2012 $ 50 3.45 % January 20, 2024 December 24, 2012 50 3.00 December 24, 2024 June 16, 2017 100 3.42 June 16, 2027 September 15, 2017 100 3.52 September 15, 2029 January 2, 2018 100 3.32 January 2, 2028 September 2, 2020 100 2.35 September 2, 2030 June 2, 2021 100 2.48 June 2, 2031 June 2, 2021 100 2.58 June 2, 2033 May 4, 2023 75 4.79 May 4, 2028 May 4, 2023 75 4.84 May 4, 2030 May 4, 2023 75 4.96 May 4, 2033 May 4, 2023 150 4.94 May 4, 2033 Less: Deferred debt issuance costs (1) Total $ 1,074 U.S. Trade Accounts Receivable Securitization We have a facility agreement based on our U.S. trade accounts receivable that is structured as an asset-backed securitization program with pricing committed for up to three years . $ 450 two December 15, 2025 . As of December 30, 2023 and December 31, 2022, the borrowings outstanding were $ 210 330 this facility was based on the asset-backed commercial paper rate of 5.67 % plus 0.75 %, for a combined rate of 6.42 %. commercial paper rate of 4.58 % plus 0.75 %, for a combined rate of 5.33 %. If our accounts receivable collection pattern changes due to customers our ability to borrow under this facility may be reduced. We are required to pay a commitment fee of 30 35 On December 20, 2023 and February 23, 2024, we amended this facility levels. Term Loan On July 11, 2023, we entered into a three-year 750 Agreement”). ratio at the end of each financial reporting quarter. We are required to make quarterly payments of $ 5 payments of $ 9 of December 30, 2023, the borrowings outstanding under this term 741 the interest on this Term Credit Agreement was 5.36 % plus 1.35 % for a combined rate of 6.71 %. have a hedge in place (see for additional information) that ultimately creates an effective fixed rate of 5.79 %. maintain certain maximum leverage ratios. representations, warranties and affirmative covenants as well as customary negative negotiated exceptions, on liens, indebtedness, significant corporate changes certain restrictive agreements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 14 – Income Taxes Income before taxes and equity in earnings of affiliates was as follows: Years December 30, December 31, December 25, 2023 2022 2021 Domestic $ 424 $ 506 $ 593 Foreign 118 215 238 Total $ 542 $ 721 $ 831 The provisions for income taxes were as follows: Years December 30, December 31, December 25, 2023 2022 2021 Current income tax expense: U.S. Federal $ 72 $ 150 $ 129 State and local 28 49 37 Foreign 40 44 43 Total current 140 243 209 Deferred income tax expense (benefit): U.S. Federal 9 (48) (12) State and local (3) (13) (3) Foreign (26) (12) 4 Total deferred (20) (73) (11) Total provision $ 120 $ 170 $ 198 The tax effects of temporary differences that give rise to our deferred income tax asset (liability) were Years December 30, December 31, 2023 2022 Deferred income tax asset: Net operating losses $ 90 $ 64 Other carryforwards 34 10 Inventory, premium valuation allowances 44 57 Operating lease liability 80 77 Other asset 66 60 Total deferred income 314 268 Valuation (1) (36) (36) Net deferred income tax asset 278 232 Deferred income tax liability Intangibles amortization (219) (112) Operating lease right-of-use asset (65) (61) Property and equipment (10) (7) Total deferred tax (294) (180) Net deferred income tax asset (liability) $ (16) $ 52 (1) Primarily relates to operating losses, the benefits of which are uncertain. reflected as a reduction of income tax expense. The assessment of the amount of value assigned to our deferred tax assets under judgmental. We are required to consider all available positive and negative evidence that we will be able to realize the benefit of our deferred tax assets in the future. of deferred tax liabilities and projected future taxable income. events that may occur some years into the future, there is an element of deferred tax assets is dependent on generating sufficient taxable income in future periods. We believe that it is more likely than not that future taxable income will be sufficient to allow us to recover assigned to our deferred tax assets. not that we will be able to recover the value assigned to our deferred tax assets, we valuation allowance accordingly. As of December 30, 2023, we had federal, state and foreign net operating $ 37 69 317 carryforwards will begin to expire in various years from 2024 through foreign net operating losses that can be carried-forward indefinitely are $ 37 23 304 respectively. Years December 30, December 31, December 25, 2023 2022 2021 Income tax provision at federal statutory rate $ 114 $ 151 $ 175 State income tax provision, net of federal income tax effect 15 20 21 Foreign income tax provision 5 4 6 Pass-through noncontrolling interest (8) (4) (4) Valuation (3) (2) (6) Unrecognized tax benefits and audit settlements 9 11 7 Interest expense related to loans (13) (12) (11) Tax on global 7 6 5 Other (6) (4) 5 Total income $ 120 $ 170 $ 198 For the year ended December 30, 2023 our effective tax rate was 22.1 %, compared to 23.5 % for the prior year period. state and foreign income taxes and interest expense. federal statutory tax rate was primarily due to state and foreign income effective tax rate was 23.8 %, the difference between our effective tax rate and the federal statutory tax rate was primarily due to state and foreign income taxes and interest expense. On December 22, 2017, the U.S. government passed the Tax Cuts and Jobs Act, which requires U.S. companies to pay a mandatory one-time transition tax on historical offshore earnings that have not The transition tax is payable over eight years. 11 and $ 19 24 23 were included in “other liabilities” for 2023 and 2022, respectively. Due to the one-time transition tax and the imposition of the GILTI provisions, all previously unremitted earnings will no longer be subject to U.S. federal income tax; however, there could be U.S., state and/or foreign withholding taxes upon distribution of such unremitted earnings. liability with respect to such earnings is not practicable. The Organization of Economic Co-Operation and Development (OECD) issued guidance on Pillar Two Model Rules in December 2021, which provides for a global minimum tax rate on the earnings of large multinational businesses, on a country-by-country basis. global tax rate is 15% for various jurisdictions pursuant to the Pillar Two framework. from these developments may result in changes to long-standing tax principles, effective tax rate going forward or result in higher cash tax liabilities. adopted Pillar 2, we are continuing to analyze the implications to effectively manage beyond. ASC Topic 740 prescribes the accounting for uncertainty in income taxes recognized in accordance with other provisions contained within its guidance. for the financial statement recognition and measurement of tax positions taken or return. examination by the taxing authorities. a greater than 50% likelihood of being realized upon ultimate audit settlement. our tax returns are subject to examination by various taxing authorities. and interest assessments by these taxing authorities for uncertain tax positions matters. The total amount of unrecognized tax benefits, which are included in “other balance sheets, as of December 30, 2023 and December 31, 2022, was $ 115 94 of which $ 107 80 that the amount of unrecognized tax benefits will change in the next 12 impact on our consolidated statements of income. All tax returns audited by the IRS are officially closed through 2019. IRS include years 2020 and forward. examination. The amount of tax interest expense included as a component of the provision 4 0 and $ 0 liabilities,” and was $ 16 12 of penalties accrued for during the periods presented were not material to The following table provides a reconciliation of unrecognized tax benefits: December 30, December 31, December 25, 2023 2022 2021 Balance, beginning of period $ 82 $ 71 $ 70 Additions based on current year tax positions 9 14 3 Additions based on prior year tax positions 26 8 11 Reductions based on prior year tax positions (2) - (1) Reductions resulting from settlements with taxing authorities (3) (1) (9) Reductions resulting from lapse in statutes of limitations (14) (10) (3) Balance, end of period $ 98 $ 82 $ 71 |
Plans of Restructuring and Inte
Plans of Restructuring and Integration Costs | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Plans of Restructuring | Note 15 – Plans of Restructuring On August 1, 2022, we committed to a restructuring plan focused on plan, streamlining operations and other initiatives to increase efficiency. completion and we have extended this initiative through the end of 2024. make a determination of an estimate of the amount or range of amounts these activities, both with respect to each major type of cost associated estimate of the amount or range of amounts that will result in future During the years ended December 30, 2023, December 31, 2022, and December restructuring costs of $ 80 128 8 periods primarily related to severance and employee-related costs, amortization of right-of-use lease assets and fixed assets, other lease exit discussed below. During the year ended December 30, 2023, in connection with our restructuring an intangible asset of $ 12 be completed in 2024. 80 During the year ended December 31, 2022, in connection with our one buildings at our corporate headquarters in Melville, New York, which resulted in an accelerated amortization of a right-of-use lease asset of $ 34 recorded related costs of $ 49 inventory impairment, and severance and employee-related costs. 128 of restructuring charges discussed above. On August 26, 2022, we acquired Midway Dental Supply. ended December 31, 2022, we recorded integration costs of $ 3 costs, as well as restructuring charges of $ 9 128 discussed above. On November 20, 2019, we committed to a contemplated restructuring associated with the spin-off of our animal health business and to rationalize operations efficiencies. the end of 2021 in light of the changes to the business environment brought restructuring activities under this prior initiative were completed Restructuring and integration costs recorded during our 2023, 2022 and following: Year Health Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 41 $ - $ 5 $ - $ 46 Impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 13 - 2 - 15 Exit and other related costs 5 - 1 - 6 Loss on disposal of a business 13 - - - 13 Total restructuring and integration costs $ 72 $ - $ 8 $ - $ 80 Year Health Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 25 $ - $ 4 $ - $ 29 Impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 47 - - - 47 Exit and other related costs 3 - - - 3 Loss on disposal of a business 49 - - - 49 Integration employee-related and other costs - 3 - - 3 Total restructuring and integration costs $ 124 $ 3 $ 4 $ - $ 131 Year Health Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 6 $ - $ 2 $ - $ 8 Total restructuring and integration costs $ 6 $ - $ 2 $ - $ 8 The following table summarizes, by reportable segment, the activity related restructuring initiatives for the year ended December 30, 2023. costs as of December 30, 2023, which primarily relates to severance and accrued expenses: other within our consolidated balance sheets. recorded within our current and non-current operating lease liabilities within sheets. Technology Health Care Value-Added Distribution Services Total Balance, December 25, 2021 $ 3 $ 1 $ 4 Restructuring and integration costs 124 4 128 Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets (47) - (47) Non-cash impairment on disposal of a business (46) - (46) Cash payments and other adjustments (13) (2) (15) Balance, December 31, 2022 21 3 24 Restructuring and integration costs 72 8 80 Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets (13) (2) (15) Non-cash impairment on disposal of a business (12) - (12) Cash payments and other adjustments (46) (8) (54) Balance, December 30, 2023 $ 22 $ 1 $ 23 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 – Commitments and Contingencies Purchase Commitments In our health care distribution business, we sometimes enter into long-term purchase availability of products for distribution. of December 30, 2023 were: 2024 $ 5 2025 4 2026 4 2027 4 2028 - Thereafter - Total minimum $ 17 Employment, Consulting and Non-Compete Agreements We have employment, consulting and non-compete agreements that have varying base aggregate annual payments for the years 2024 through 2028 and thereafter of approximately $ 21 8 1 1 0 million, and $ 0 compensation of four-hundred thousand dollars per year, with small scheduled increases every fifth year with the next increase in 2027. Legal Proceedings Henry Schein, Inc. has been named as a defendant in multiple opioid related hundred and seventy-five ( 175 ); one or more of Henry Schein, Inc.’s subsidiaries is also named as a defendant in a number of those cases). in a false advertising campaign to expand the market for such drugs and in the supply chain (including Henry Schein, Inc. and its subsidiaries) reaped otherwise failing to monitor appropriately and restrict the improper distribution consist of some that have been consolidated within the MultiDistrict Litigation Prescription Opiate Litigation (MDL No. 2804; Case No. 17-md-2804) remain pending in state courts and are proceeding independently and outside following cases are set for trial: the action filed by DCH Health Care Authority, et al. in Alabama state court, which is currently set for a jury trial on July 8, 2024; the action filed by Mobile state court, which has been set for a jury trial on August 12, 2024; Center, Inc. (and 25 other hospitals located throughout the State of Florida) in Florida state court, scheduled for a jury trial in September 2025. 12.3 sales of opioids represented less than four-tenths of 1 percent. business. In August 2022, Henry Schein received a Grand Jury Subpoena from the United Western District of Virginia, Federal Food, Drug & Cosmetic Act by Butler Animal Health Supply, LLC (“Butler”), a former subsidiary of Henry Schein. October 2022, Henry Schein received a second Grand Jury Subpoena the Western District of Virginia. received from Butler or Covetrus, Inc. (“Covetrus”). subsidiary of Covetrus in 2019 and is no longer owned by Henry Schein. investigation. On January 18, 2024, a putative class action was filed against the Company Eastern District of New York (“EDNY”), Case No. 24-cv-387 (the “Cruz-Bermudez Action”), based on the October 2023 cybersecurity incident described above. filed against the Company based on the cybersecurity incident, also in “Depperschmidt Action”). prejudice. plaintiffs’ counsel from the Depperschmidt Action and an additional new plaintiff. Plaintiffs in the Cruz-Bermudez Action seek to represent a class of all individuals information and personal health information was compromised by been harmed by alleged actions and/or omissions by the Company Company made deceptive public statements regarding privacy and data protection. common law and statutory claims seeking monetary damages, injunctive related relief. From time to time, we may become a party to other legal proceedings, liability claims, employment matters, commercial disputes, governmental in some cases involve our entering into settlement arrangements or consent of the ordinary course of our business. in our opinion none of these other pending matters are currently consolidated financial position, liquidity or results of operations. As of December 30, 2023, we had accrued our best estimate of potential to result in liability and for which we were able to reasonably estimate related expenses, was not material to our financial position, results of operations determining estimated losses considers currently available factors, including probable recoveries from third parties. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 30, 2023 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 17 – Stock-Based Compensation Stock-based awards are provided to certain employees under our 2020 Stock Incentive directors under our 2023 Non-Employee Director Stock Incentive Plan Employee Director Stock Incentive Plan) (together, the “Plans”). Committee of the Board (the “Compensation Committee”). have been granted solely in the form of time-based and performance-based exception of our 2021 plan year in which non-qualified stock options were RSUs and in 2022, when we granted time-based and performance-based options. time-based and performance-based RSUs. form of time-based RSUs. As of December 30, 2023, there were 70,942,657 6,773,234 under the 2020 Stock Incentive Plan and 2,075,000 393,309 under the 2023 Non-Employee Director Stock Incentive Plan. RSUs are stock-based awards granted to recipients with specified vesting provisions. stock is delivered on or following satisfaction of vesting conditions. vest (i) solely based on the recipient’s continued service over time, primarily with four -year cliff vesting and/or (ii) based on achieving specified performance measurements and the recipient’s continued service over time, primarily with three -year cliff vesting. 12 -month cliff vesting. For these RSUs, we recognize the cost as compensation expense on a straight-line For all RSUs, we estimate the fair value based on our closing stock performance-based RSUs, the number of shares that ultimately vest and our performance as measured against specified targets over a specified period, as Committee. performance-based RSUs based on our closing stock price at time of grant. Each of the Plans provide for certain adjustments to the performance the Plans. performance measurement adjustments relate to significant events, including, divestitures, new business ventures, certain capital transactions (including share budgeted average outstanding shares (other than those resulting from capital restructuring costs, if any, certain litigation settlements or payments, if any, changes in accounting principles or in applicable laws or regulations, changes in income tax rates in certain financial impact either positive or negative, of the difference in projected earnings (solely with respect to performance-based RSUs granted in the 2022 and (solely with respect to performance-based RSUs granted in the 2023 plan circumstances affecting us. Over the performance period, the number of RSUs that will ultimately vest compensation expense is adjusted upward or downward based upon our targets. expense is based on our actual performance metrics as defined under Stock options are awards that allow the recipient to purchase shares of our price set at the time of grant. date of grant. service, subject to the terms and conditions of the 2020 Stock Incentive Plan, three years grant date and have a contractual term of ten years term acceleration upon certain events. vesting method. During the year ended December 30, 2023, we did no t grant any stock options. In addition to equity-based awards granted in fiscal 2021 under the long-term Committee granted a Special Pandemic Recognition Award under the 2020 Stock Incentive Plan to recipients of performance-based RSUs under the 2018 long-term incentive program. restricted stock units granted under the fiscal 2018 long-term incentive program impacted by the global COVID-19 pandemic. three - year EPS goal under such equity awards and the contributions made by our received such awards), on March 3, 2021, the Compensation Committee granted Award to recipients of performance-based restricted stock units under the 2018 LTIP who were employed by us on the grant date of the Special Pandemic Recognition Award. 50 % on the first anniversary of the grant date and 50 % on the second anniversary of the grant date, based on the recipient’s continued service and subject to the terms and conditions of the 2020 Stock Incentive compensation expense using a graded vesting method. 20 % payout based on actual performance of the 2018 LTIP and the one-time Special Pandemic Recognition Award granted in 2021 generated a cumulative payout of 75 % of each recipient’s original number of performance-based restricted stock units awarded in 2018 if the recipient satisfied the two -year vesting schedule commencing on the grant date. Our consolidated statements of income reflect pre-tax share-based compensation 39 54 million and $ 78 Total unrecognized compensation cost related to unvested awards as of December 30, 2023 was $ 65 is expected to be recognized over a weighted-average period of approximately 2.6 The weighted-average grant date fair value of stock-based awards granted 76.43 , $ 85.51 62.72 during the years ended December 30, 2023, December 31, 2022 and December Certain stock-based compensation is required to be settled in cash. recorded a liability of $ 0.1 We record deferred income tax assets for awards that will result in amount of compensation cost recognized and our statutory tax rate in the deduction. Our consolidated statements of cash flows present our stock-based compensation adjustment between net income and net cash provided by operating no cash benefits associated with tax deductions in excess of recognized December 30, 2023, December 31, 2022 and December 25, 2021. The following weighted-average assumptions were used in determining using the Black-Scholes valuation model: 2022 2021 Expected dividend yield - % - % Expected stock price volatility 27.80 % 27.10 % Risk-free interest rate 3.62 % 1.33 % Expected life of options (in years) 6.00 6.00 We have not declared cash dividends on our stock in the past and we do not anticipate declaring cash dividends in the foreseeable future. our stock, historical volatility of our stock and other factors. Treasury yield curve in effect at the time of grant that most closely aligns to the expected life of options. year expected life of the options was determined using the simplified permitted under Staff Accounting Bulletin Topic 14. The following table summarizes the stock option activity for the year Stock Options Weighted Average Aggregate Weighted Average Remaining Contractual Intrinsic Shares Exercise Price Life (in years) Value Outstanding at beginning of year 1,117,574 $ 71.38 Granted - - Exercised (23,498) 62.74 Forfeited (15,617) 79.04 Outstanding at end of year 1,078,459 $ 71.46 7.6 $ 9 Options exercisable at end of year 573,459 $ 68.43 Weighted Average Aggregate Number of Weighted Average Remaining Contractual Intrinsic Options Exercise Price Life (in years) Value Vested 503,497 $ 74.95 7.7 $ 3 The following tables summarize the activity of our unvested RSUs for Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Weighted Average Weighted Average Grant Date Fair Intrinsic Value Grant Date Fair Intrinsic Value Shares/Units Value Per Share Per Share Shares/Units Value Per Share Per Share Outstanding at beginning of period 1,756,044 $ 66.59 520,916 $ 60.23 Granted 426,021 77.50 381,571 81.00 Vested (433,973) 61.96 (631,458) 60.65 Forfeited (92,699) 72.37 (62,287) 77.45 Outstanding at end of period 1,655,393 $ 70.34 $ 75.71 208,742 $ 78.02 $ 75.71 The total intrinsic value per share of RSUs that vested was $ 76.85 , $ 78.74 73.99 December 30, 2023, December 31, 2022 and December 25, 2021, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2023 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 18 – Employee Benefit Plans Defined benefit plans Certain of our employees in our international markets participate These plans are managed to provide pension benefits to covered employees and practices. liabilities within our consolidated balance sheets. obligations, plan assets, and the funded status of our defined benefit Years December 30, December 31, 2023 2022 Obligation and funded status: Change in benefit obligation Projected benefit obligation, beginning of period $ 108 $ 128 Service costs 3 3 Interest cost 3 1 Past service cost 1 - Actuarial gain (loss) 6 (19) Benefits paid - (1) Participant contributions 1 1 Settlements (3) (1) Effect of foreign currency translation 6 (4) Projected benefit obligation, end of period $ 125 $ 108 Change in plan assets Fair value of plan assets at beginning of period $ 73 $ 75 Actual return on plan assets 4 (3) Employer contributions 2 2 Plan participant contributions 1 1 Expected return on plan assets 1 1 Benefit received 2 - Settlements (2) (1) Effect of foreign currency translation 5 (2) Fair value of plan assets at end of period $ 86 $ 73 Unfunded status at end of period $ 39 $ 35 Includes regular benefit payments and amounts transferred in by new The majority of our defined benefit plans are unfunded, with the exception amount of assets exceeds the projected benefit obligation by approximately 7 6 December 30, 2023 and December 31, 2022, respectively. The following table provides the amounts recognized in our consolidated pension plans: Years December 30, December 31, 2023 2022 Non-current assets $ 27 $ 25 Current liabilities (1) (1) Non-current liabilities (65) (59) Accumulated other comprehensive loss, pre-tax 8 4 The following table provides the components of net periodic pension cost Years December 30, December 31, December 25, 2023 2022 2021 Service cost $ 3 $ 3 $ 4 Interest cost 3 1 - Expected return on plan assets (3) (1) (1) Employee contributions (1) - - Amortization of prior service credit - 1 1 Recognized net actuarial loss - - - Settlements - - - Net periodic pension cost $ 2 $ 4 $ 4 The following tables present the weighted-average actuarial assumptions obligation and our net periodic pension cost for the periods presented: Years December 30, December 31, Pension Benefit Obligation 2023 2022 Weighted average 2.71 % 1.67 % Years December 30, December 31, December 25, Net Periodic Pension Cost 2023 2022 2021 Discount rate-pension benefit 1.50 % 1.25 % 0.56 % Expected return on plan assets 0.51 % 0.81 % 0.71 % Rate of compensation increase 1.64 % 1.68 % 1.95 % Pension increase rate 0.80 % 0.61 % 0.72 % The following table presents the estimated pension benefit payments that December 30, 2023: Year 2024 $ 7 2025 6 2026 7 2027 7 2028 8 2029 to 2033 44 Total $ 79 401(k) Plans We offer matching contributions to these plans generally do not exceed 100 % of the participants’ contributions up to 7 % of their base compensation, subject to applicable legal limits. allocated consistent with the participants’ investment elections on file, subject 20 % allocation limit to the Henry Schein Stock Fund. fully vested are reallocated as part of our ongoing matching contributions the 401(k) plans. Assets of the 401(k) and other defined contribution plans are held choose from various investment fund options. during the years ended December 30, 2023, December 31, 2022 and December 50 $ 45 38 42 37 and $ 30 8 8 8 included in cost of goods sold for the years ended December 30, 2023, December 2021, respectively. Supplemental Executive Retirement Plan We offer highly compensated employees after they have reached the maximum limit. base compensation for the portion of the year in which such employees are contributions to the 401(k) plan. December 31, 2022 and December 25, 2021 amounted to $ 3 (1) 2 charges are included in selling, general and administrative within our consolidated Deferred Compensation Plan During 2011, we began to offer DCP to a select group of management or highly compensated employees of Company and certain subsidiaries. commission compensation by eligible employees. ended December 30, 2023, December 31, 2022 and December 25, 2021 12 (11) million and $ 8 consolidated statements of income. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 30, 2023 | |
Redeemable Noncontrolling Interests [Abstract] | |
Redeemable Noncontrolling Interests | Note 19 – Redeemable Noncontrolling Interests Some minority stockholders in certain of our subsidiaries have the right, their ownership interest in those entities at fair value. where we are or may be required to purchase all or a portion of the from the noncontrolling interest holder under the terms of a put option contained components of the change in the redeemable noncontrolling interests for the December 31, 2022 and December 25, 2021, are presented in the following table: December 30, December 31, December 25, 2023 2022 2021 Balance, beginning of period $ 576 $ 613 $ 328 Decrease in redeemable noncontrolling interests due to acquisitions of noncontrolling interests in subsidiaries (19) (31) (60) Increase in redeemable noncontrolling interests due to business acquisitions 326 4 189 Net income attributable to redeemable noncontrolling interests 6 21 23 Distributions declared, net of capital contributions (19) (21) (21) Effect of foreign currency translation gain (loss) redeemable noncontrolling interests 5 (6) (6) Change in fair value of redeemable securities (11) (4) 160 Balance, end of period $ 864 $ 576 $ 613 |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 30, 2023 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | Note 20 – Comprehensive Income Comprehensive income includes certain gains and losses that, under U.S. are recorded directly to stockholders’ equity. The following table summarizes our Accumulated other comprehensive loss, net December 30, December 31, December 25, 2023 2022 2021 Attributable to redeemable noncontrolling interests: Foreign currency translation adjustment $ (32) $ (37) $ (31) Attributable to noncontrolling interests: Foreign currency translation adjustment $ (1) $ (1) $ - Attributable to Henry Schein, Inc.: Foreign currency translation adjustment $ (188) $ (236) $ (155) Unrealized gain (loss) from hedging activities (13) 5 (2) Pension adjustment loss (5) (2) (14) Accumulated other comprehensive loss $ (206) $ (233) $ (171) Total Accumulated $ (239) $ (271) $ (202) The following table summarizes the components of comprehensive income, net December 30, December 31, December 25, 2023 2022 2021 Net income $ 436 $ 566 $ 660 Foreign currency translation gain (loss) 53 (88) (84) Tax effect - - - Foreign currency translation gain (loss) 53 (88) (84) Unrealized gain (loss) from hedging activities (25) 10 12 Tax effect 7 (3) (3) Unrealized gain (loss) from hedging activities (18) 7 9 Pension adjustment gain (loss) (3) 16 8 Tax effect - (4) (2) Pension adjustment gain (loss) (3) 12 6 Comprehensive income $ 468 $ 497 $ 591 Our financial statements are denominated in U.S. Dollars. compared to the U.S. Dollar may have a significant impact on our translation gain (loss) during the years ended December 30, 2023, December 31, primarily due to changes in foreign currency exchange rates of the Euro, Franc, and Canadian Dollar. The hedging gain (loss) during the years ended December 30, 2023 , December was attributable to a net investment hedge. The following table summarizes our total comprehensive income, net of December 30, December 31, December 25, 2023 2022 2021 Comprehensive income attributable to Henry Schein, Inc. $ 443 $ 476 $ 568 Comprehensive income attributable to noncontrolling interests 14 6 6 Comprehensive income attributable to Redeemable noncontrolling interests 11 15 17 Comprehensive income $ 468 $ 497 $ 591 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 21 – Earnings Per Share Basic earnings per share is computed by dividing net income attributable average number of common shares outstanding for the period. to basic earnings per share, except that it reflects the effect of common shares issuable exercise of stock options using the treasury stock method in periods A reconciliation of shares used in calculating earnings per basic and Years December 30, December 31, December 25, 2023 2022 2021 Basic 130,618,990 136,064,221 140,090,889 Effect of dilutive securities: Stock options and restricted stock units 1,129,181 1,691,449 1,681,892 Diluted 131,748,171 137,755,670 141,772,781 The number of antidilutive securities that were excluded from the calculation shares outstanding are as follows: Years December 30, December 31, December 25, 2023 2022 2021 Stock options 424,695 342,716 611,869 Restricted stock units 15,040 19,466 1,048 Total anti-dilutive computation 439,735 362,182 612,917 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 22 – Supplemental Cash Flow Information Cash paid for interest and income taxes was: for additional information related to our total return swap and interest rate swap agreements. There was approximately $ 143 2023. Dental and S.I.N. Years December 30, December 31, December 25, 2023 2022 2021 Interest $ 84 $ 47 $ 29 Income taxes 218 265 242 For the years ended December 30, 2023, December 31, 2022 and December (25) 10 million and $ 12 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 30, 2023 | |
Related Party Transactions | |
Related Party Transactions | Note 23 – Related Party Transactions In connection with the formation of Henry Schein One, LLC, our joint venture formed on July 1, 2018, we entered into a ten-year Internet Brands approximately $ 31 ended December 30, 2023, December 31, 2022 and December 25, 2021, we recorded 31 31 $ 31 December 31, 2022, Henry Schein One, LLC had a net payable balance 1 9 million, respectively, comprised of amounts related to results of operations and the royalty agreement. components of this payable are recorded within accrued expenses: other, respectively, within our consolidated balance sheets. We have interests in entities that we account for under the equity accounting business, during the years ended December 30, 2023, December 31, 2022 sales of $ 46 46 48 30, 2023, December 31, 2022 and December 25, 2021, we purchased 10 9 15 respectively, from such entities. 32 and $ 36 5 6 equity affiliates. Certain of our facilities related to our acquisitions are leased from employees for further information. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations We distribute health care products and services primarily to office-based dental and medical practitioners, across dental practices, laboratories, physician practices, and ambulatory surgery centers, institutional health care clinics and alternate care clinics. added services to health care practitioners. laboratories, schools, government and other institutions. care centers, ambulatory care sites, emergency medical technicians, dialysis centers, governments and large enterprises, such as group practices and integrated delivery across a wide range of specialties. We have operations or affiliates in the United States, Australia, Austria, Belgium, Brazil, Canada, Chile, China, the Czech Republic, France, Germany, Hong Kong SAR, Ireland, Israel, Italy, Japan, Liechtenstein, Luxembourg, Malaysia, Mexico, Morocco, the Netherlands, New Zealand, Poland, Portugal, Sweden, Switzerland, Thailand, United Arab Emirates and the United Kingdom. |
Basis of Presentation | Basis of Presentation Our consolidated financial statements include the accounts of Henry subsidiaries. unconsolidated affiliates for which we have the ability to influence the operating or accounted for under the equity method. current period presentation. impact on our consolidated financial condition, results of operations We consolidate the results of operations and financial position of a trade accounts receivable securitization which we consider a Variable Interest Entity (“VIE”) because we are its primary beneficiary as we have the power to direct activities that most significantly affect its economic performance and have majority of its losses or benefits. collateral to the related debt. At December 30, 2023 and December 31, 2022, obligations of this VIE were $ 284 327 creditors have recourse to us were $ 210 255 |
Fair Value Measurements | Fair Value Fair value is defined as the price that would be received to sell an asset or transaction between market participants at the measurement date. (1) market participant assumptions developed based on market data obtained inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the in active markets for identical assets or liabilities (Level 1) and the lowest priority The three levels of the fair value hierarchy are described as follows: • measurement date. • either directly or indirectly. quoted prices for identical or similar assets or liabilities in markets prices that are observable for the asset or liability; and inputs that are observable market data by correlation or other means. • |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with the United States requires us to make estimates and assumptions that liabilities and disclosure of contingent assets and liabilities at the date of amounts of revenues and expenses during the reporting period. Our consolidated financial statements reflect estimates and assumptions our goodwill, long-lived asset and definite-lived intangible asset valuation; valuation; assessment of the annual effective tax rate; valuation of deferred income contingencies; the allowance for doubtful accounts; redeemable noncontrolling rebates; measurement of compensation cost for certain share-based pension plan assumptions. |
Fiscal Year | Fiscal Year We report our results of operations and cash flows on a 52 53 Saturday of December. 52 31, 2022 and December 25, 2021 consisted of 53 52 |
Revenue Recognition | Revenue Recognition Revenue is recognized when a customer obtains control of promised goods consideration that we expect to receive for those goods or services. • • • • • We generate revenue from the sale of dental and medical consumable products, equipment (Health care distribution revenues), software products and services and other sources (Technology and value-added services revenues). Provisions for discounts, rebates to customers, customer returns and other in the transaction price at contract inception by estimating the most likely estimates and are provided for in the period in which the related sales are Revenue derived from the sale of consumable products is recognized at the the customer. carriers. to the customer. ownership transfer to the customer and we have an enforceable right Revenue derived from the sale of equipment is recognized when control when the equipment is delivered. equipment service technicians. time of delivery. instances where we provide warranty labor services, the warranty costs Standards Codification (“ASC”) Topic 460 Guarantees. accrued approximately $ 12 8 Revenue derived from the sale of software products is recognized when made available electronically. training. training, is generally recognized over time using time elapsed as the input method control to the customer. over the subscription period as control is transferred to the customer. Revenue derived from other sources, including freight charges, equipment repairs and financial recognized when the related product revenue is recognized or when practical expedient to treat shipping and handling activities performed after fulfillment activities, rather than a separate performance obligation in the Sales, value-add and other taxes we collect concurrent with revenue-producing revenue. Some of our revenue is derived from bundled arrangements that include which are accounted for separately. and technical support), we allocate revenue to software by the residual selling price to estimate the fair value of the undelivered elements. that are not considered software consist primarily of equipment and the related revenue for such arrangements based on the relative selling prices of the goods price is not available (i.e., because we or others do not sell the goods or following techniques to estimate the standalone selling price: adjusted residual method. our best estimate of what the selling prices of each deliverable would be basis taking into consideration the cost structure of our business, technical skill other market conditions. Sales Returns Sales returns are recognized as a reduction of revenue by the amount liability within accrued expenses-other within our consolidated balance sheets. liability based on historical data for specific products, adjusted as necessary returns is presented gross as a refund liability and we record an inventory cost of sales) for any products that we expect to be returned Cost of Sales The primary components of cost of sales include the cost of the product chargebacks and rebates) and inbound and outbound freight charges. Costs related to purchasing, receiving, inspections, warehousing, distribution network are included in selling, general and administrative Total distribution network costs were $ 105 103 89 2023, December 31, 2022 and December 25, 2021, respectively. Supplier Rebates Supplier rebates are included as a reduction of cost of sales and are recognized factors we consider in estimating supplier rebate accruals include forecasted rebate contract terms, which generally provide for increasing rebates based volumes. Direct Shipping and Handling Costs Freight and other direct shipping costs are included in cost of sales. primarily direct compensation costs of employees who pick, pack and otherwise for shipment to our customers are reflected in selling, general and administrative were $ 98 96 97 December 25, 2021, respectively. |
Advertising and Promotional Costs | Advertising and Promotional Costs We expense advertising and promotional costs as incurred. 47 million, $ 47 48 25, 2021, respectively. |
Stock-Based Compensation Costs | Stock-Based Compensation Costs We measure stock-based compensation at the grant date, based on the estimated recognize the cost (net of estimated forfeitures) as compensation expense on service period for time-based restricted stock units and on a graded vesting performance-based awards, at each reporting date, we reassess whether achievement is probable and accrue compensation expense when achievement of stock-based compensation expense is reflected in selling, general and administrative |
Employment Benefit Plans and other Postretirement Benefit Plans | Employment Benefit Plans and other Postretirement Benefit Plans Some of our employees in our international markets participate We recognize the funded status, measured as the difference between the fair value of plan assets and the projected benefit obligation. asset or liability based on its funded status. Net periodic pension costs and valuations are dependent on assumptions those amounts. compensation levels, retirement rates, mortality rates, and other factors. net pension cost in selling, general and administrative expenses within Gains and losses that result from changes in actuarial assumptions or actuarial assumptions are recognized in and then amortized from Accumulated |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid short-term investments with an original maturity of three months or less to be cash equivalents. fair value. 52 53 payments for inventory, were classified as accounts payable as of December 30, 2023 and December 31, 2022. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are generally recognized when health care distribution services revenues are recognized. accounts receivable is reduced by a valuation allowance that reflects not expect to collect. estimating our reserve, including types of customers and their credit worthiness, adjusted for current conditions and reasonable supportable forecasts. We record allowances for credit losses based upon a specific review of all those invoices not specifically reviewed, provisions are provided at differing rates, receivable, the collection history associated with the geographic region economic trends and reasonable supportable forecasts. We write-off a receivable and charge it against its recorded allowance when we deem them uncollectible. Our net accounts receivable balance was $ 1,863 1,442 1,452 December 31, 2022, and December 25, 2021, respectively. 83 65 million $ 67 88 December 26, 2020, respectively. 31, 2022 and December 25, 2021 were $ 34 8 0 allowance for the years ended December 30, 2023, December 31, 2022 16 $ 10 21 |
Contract Balances | Contract Assets Contract assets include amounts related to any conditional right to consideration as of the reporting date. unconditional. consumables and sales of term software licenses. other and the non-current contract assets are included in investments and other sheets. material. Contract Liabilities Contract liabilities are comprised of advance payments and upfront payments over time that are accounted for as deferred revenue amounts. the performance obligation has been satisfied. and the non-current contract liabilities are included in other liabilities December 30, 2023 and December 31, 2022, the current and non-current contract 89 $ 9 86 8 substantially all of the current contract liability amounts that were previously December 25, 2021, the current and non-current contract liabilities were 89 10 year ended December 31, 2022, we recognized substantially all of the current previously deferred at December 25, 2021. $ 9 December 31, 2022 and December 25, 2021 were immaterial. |
Inventories and Reserves | Inventories and Reserves Inventories consist primarily of finished goods and are valued at determined by the weighted-average first-in, first-out method for merchandise equipment and high tech equipment. factors including the condition and salability of the inventory, historical sales, forecasted sales and market and economic trends. factors expected to affect the value of inventory. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation or computed under the straight-line method Amortization of leasehold improvements is computed using the straight-line over the lesser of the useful life of the assets or the remaining lease term. Capitalized Software Development Costs Capitalized internal-use software costs consist of costs to purchase and solely to meet internal needs and for cloud-based applications used to deliver incurred during the application development stage and include such costs within our consolidated balance sheets. software development costs when technological feasibility is reached and other within our consolidated balance sheets. |
Leases | Leases We determine if an arrangement contains a lease at inception. explicitly identifies an asset to be used and conveys the right to control for consideration. operating lease liabilities, and non-current operating lease liabilities in our leases are included in property and equipment, current maturities of consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease obligation to make lease payments arising from the lease. upon commencement of the lease based on the present value of the lease payments our leases do not provide an implicit interest rate, we generally use our incremental estimated rate of interest for fully collateralized and fully amortizing borrowings payments at commencement date to determine the present value of use the implicit rate. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. over the lease term. and administrative and interest expense, respectively within our consolidated leases with a term of 12 months or less are not capitalized. We have lease agreements with lease and non-lease components, which are lease component, except non-lease components for leases of vehicles, which vehicle lease contains both lease and non-lease components, we allocate the standalone selling price. |
Business Acquisitions | Business Acquisitions We account for business acquisitions under the acquisition method of accounting, under which acquired businesses are recorded at their fair value at the acquisition include the acquired businesses’ results of operations from that date. Some prior owners of acquired subsidiaries are eligible to receive additional we may be entitled to recoup a portion of purchase price cash consideration have accrued liabilities for the estimated fair value of additional purchase acquisition, using the income approach, including a probability-weighted pricing method, where applicable. administrative within our consolidated statements of income. While we use our best estimates and assumptions to accurately value acquisition date, our estimates are inherently uncertain and subject 12 months following the date of acquisition, or the measurement period, we liabilities assumed with the corresponding offset to goodwill within our consolidated balance the measurement period or final determination of the values of such assets whichever comes first, any subsequent adjustments are recognized |
Goodwill | Goodwill Any excess of acquisition consideration over the fair value of identifiable goodwill. business combination that are not individually identified and separately technology, as well as the assembled workforce. Goodwill represents, for acquired business, the excess of the purchase price assets acquired, including the amount assigned to identifiable intangible analysis annually or more frequently if needed. the fair value to the carrying value of reporting units. global dental; global medical; and technology and value-added services. units, for the purposes of preparing our impairment analyses, based on For the years ended December 30, 2023 and December 31, 2022, we tested goodwill day of the fourth quarter, using a quantitative analysis comparing the carrying value of our reporting including goodwill, to their estimated fair values using a discounted fair value of a reporting unit exceeds its carrying amount, goodwill of the impaired. goodwill, limited to the total amount of goodwill allocated to that Application of the goodwill impairment test requires judgment, including assignment of assets and liabilities that are considered shared services determination of the fair value of each reporting unit. applying the discounted cash flow methodology and confirming with uncertainties related to fair value models, the inputs and our judgments significant inputs include estimation of future cash flows based on budget comparable companies to develop a weighted average cost of capital for each For the year ended December 30, 2023 and December 25, 2021, the results of no t result in any impairments. 20 goodwill relating to the disposal of an unprofitable business whose value. |
Intangible Assets | Intangible Assets In connection with our business acquisitions, the major classes of allocate acquisition consideration to, excluding goodwill, include relationships and lists, trademarks and trade names, product development and accounts receivable. and assumptions derived from analysis of market conditions, including rates (which are based on historical trends and assessment of financial projections), projected cash flows. earnings method, the relief-from-royalty method, and the with and without assumptions are forward-looking and could be affected by future economic and Intangible assets, other than goodwill, are evaluated for impairment whenever indicate that the carrying amount of the assets may not be recoverable expected to be derived from such asset or asset group. Definite-lived intangible assets primarily consist of non-compete agreements, lists, customer relationships and product development. are only recorded if the asset or asset groups carrying amount is not recoverable cash flows. estimated fair value. During the years ended December 30, 2023, December 31, 2022 impairment charges, within the selling, general and administrative line of our consolidated statements intangible assets of $ 7 34 1 |
Income Taxes | Income Taxes We account for income taxes under an asset and liability approach that requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events financial statements or tax returns. events other than expected enactments of changes in tax laws or rates. liabilities of a change in tax rates is recognized as income or expense in We file a consolidated U.S. federal income tax return with our 80% or greater owned U.S. subsidiaries On December 22, 2017, the U.S. government passed the Tax Cuts and Jobs Act, which requires U.S. companies to pay a mandatory one-time transition tax on historical offshore earnings that have not The transition tax is payable over eight years. 11 and $ 19 24 23 were included in “other liabilities” for 2023 and 2022, respectively. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Some minority stockholders in certain of our consolidated subsidiaries have to acquire their ownership interest in those entities at fair value. outside permanent equity on our consolidated balance sheets and are The redemption amounts have been estimated based on expected future earnings and cash flows are not achieved, the value of the redeemable noncontrolling Changes in the estimated redemption amounts of the noncontrolling each reporting period with a corresponding adjustment to Additional paid-in carrying amounts are subject to a “floor” amount that is equal to the interests at the time they were originally recorded. cannot go below the floor level. reflect a fair value redemption feature do not impact the calculation of reduced by the portion of the subsidiaries’ net income that is attributable Noncontrolling Interests Noncontrolling interest represents the ownership interests of certain subsidiaries. noncontrolling interests. |
Comprehensive Income | Comprehensive Income Comprehensive income includes certain gains and losses that, under accounting United States, are excluded from net income as such amounts are recorded stockholders’ equity. translation gain (loss), unrealized gain (loss) from hedging activities |
Risk Management and Derivative Financial Instruments | Risk Management and Derivative Financial Instruments We use derivative instruments to minimize our exposure to fluctuations in foreign currency exchange rates, interest rates, and our unfunded non-qualified supplemental retirement plan (“SERP”) (“DCP”). recognized asset and liability fair values, earnings and cash flows, as well subsidiaries, the interest rate risk on variable rate debt, and the returns on management policy requires that derivative contracts used as hedges be with the exposure being hedged and be designated hedges at inception derivative instruments for speculative purposes. forward contracts, total return swaps, and interest rate swaps. Foreign currency forward agreements related to forecasted inventory foreign currency swaps related to foreign currency denominated debt, and debt are designated as cash flow hedges. changes in the fair value of the derivatives are recorded as a income in stockholders’ equity and subsequently reclassified into transactions affect earnings. consolidated statements of cash flows as the cash flows related Foreign currency forward contracts related to our euro-denominated investment hedges. value of the derivatives are recorded in the foreign currency translation gain other comprehensive income in stockholders’ equity until the net Interest swap agreements are entered into for the purpose of hedging loan. Our foreign currency forward agreements related to foreign currency hedges but are not designated as hedges for accounting purposes. For agreements not designated as hedges, changes in the value of the derivative, loss on the hedged item, are recorded in other, net, within our consolidated statements of income. Total return swaps are entered into for the purpose of economically hedging our SERP and DCP. expected to be renewed on an annual basis. selling, general, and administrative expenses within our consolidated changes in the fair values of our SERP and DCP liabilities. |
Foreign Currency Translation and Transactions | Foreign Currency Translation The financial position and results of operations of our foreign subsidiaries the functional currencies. each year-end. Translation adjustments arising from the use of differing exchange rates from period to period are included Accumulated other comprehensive income in stockholders’ equity. currency transactions are included in earnings. |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted During the year ended December 30, 2023, we adopted ASC Topic 848, “Reference Rate Reform” (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and exceptions for applying GAAP to contracts, hedging relationships and discontinuation of the London Interbank Offered Rate or by another reference rate because of reference rate reform. financial statements. On December 26, 2021 we adopted Accounting Standards Update “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (Subtopic 805). an acquirer to recognize and measure contract assets and contract liabilities acquired accordance with ASU No. 2014 - 09, “Revenue from Contracts with Customers” date, an acquirer should account for the related revenue contracts in accordance originated the contracts. what to record for the acquired revenue contracts. measuring the acquired contract assets and contract liabilities consistent with how measured in the acquiree’s financial statements. our consolidated financial statements. On December 27, 2020 we adopted ASU No. 2019-12, “Income Taxes” (Topic for Income Taxes exceptions to the general principles in Topic 740. simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 did not have a material impact on our consolidated Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to ,” which requires public business entities to disclose additional information in specified categories with respect to statutory rate for federal, state, and foreign income taxes. items in the rate reconciliation to the extent the impact of those items new disclosures associated with the rate reconciliation, the ASU requires of refunds received) to be disaggregated for federal, state, and foreign jurisdictions to the extent the related amounts exceed a quantitative threshold. need to be disaggregated based on their nature, which is determined by essential characteristics, such as the transaction or event that triggered the activity with which the reconciling item is associated. disclose information concerning unrecognized tax benefits having a reasonable increasing or decreasing in the 12 months following the reporting date. beginning after December 15, 2024. been issued or made available for issuance. retrospective application is permitted. consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segments ,” which aims to improve financial reporting by requiring disclosure on an annual and interim basis for all public entities to enable investors to analyses. segments. uses to assess segment performance and make decisions about allocating specified segment items and amounts, such as depreciation, amortization, under certain circumstances. and do not change how a public entity identifies its operating segments, applies the quantitative thresholds to determine its reportable segments. beginning after December 15, 2023, and interim periods within fiscal years Early adoption is permitted. on our consolidated financial statements. |
Net Sales from Contracts with_2
Net Sales from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Net Sales from Contracts with Customers [Abstract] | |
Disaggregation of Revenue | Year December 30, 2023 North America International Global Net sales: Health care distribution Dental $ 4,500 $ 3,039 $ 7,539 Medical 3,897 97 3,994 Total health care distribution 8,397 3,136 11,533 Technology 705 101 806 Total net sales $ 9,102 $ 3,237 $ 12,339 Year December 31, 2022 North America International Global Net sales: Health care distribution Dental $ 4,628 $ 2,845 $ 7,473 Medical 4,375 76 4,451 Total health care distribution 9,003 2,921 11,924 Technology 633 90 723 Total net sales $ 9,636 $ 3,011 $ 12,647 Year December 25, 2021 North America International Global Net sales: Health care distribution Dental $ 4,506 $ 3,038 $ 7,544 Medical 4,107 103 4,210 Total health care distribution 8,613 3,141 11,754 Technology 560 87 647 Total net sales $ 9,173 $ 3,228 - $ 12,401 |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Segment and Geographic Data [Abstract] | |
Business Segment Information | Years December 30, December 31, December 25, 2023 2022 2021 Net sales: Health care distribution (1) Dental $ 7,539 $ 7,473 $ 7,544 Medical 3,994 4,451 4,210 Total health care distribution 11,533 11,924 11,754 Technology (2) 806 723 647 Total $ 12,339 $ 12,647 $ 12,401 Consists of consumable products, dental specialty products (including implant, orthodontic and endodontic products), small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, PPE products and vitamins. (2) Consists of practice management software and other value-added products, which are distributed primarily to health care providers, practice consultancy, education, revenue cycle management and financial services on a non-recourse basis, e-services, continuing education services for practitioners, consulting and other services. Years December 30, December 31, December 25, 2023 2022 2021 Operating Income: Health care distribution $ 470 $ 619 $ 727 Technology 145 128 125 Total $ 615 $ 747 $ 852 Income before taxes and equity in earnings of affiliates: Health care distribution $ 396 $ 592 $ 706 Technology 146 129 125 Total $ 542 $ 721 $ 831 Depreciation and Amortization: Health care distribution $ 184 $ 160 $ 157 Technology 64 52 53 Total $ 248 $ 212 $ 210 Interest Income: Health care distribution $ 16 $ 7 $ 6 Technology 1 1 - Total $ 17 $ 8 $ 6 Interest Expense: Health care distribution $ 87 $ 35 $ 27 Technology - - - Total $ 87 $ 35 $ 27 Income Tax Health care distribution $ 90 $ 141 $ 168 Technology 30 29 30 Total $ 120 $ 170 $ 198 Equity in Earnings of Affiliates: Health care distribution $ 14 $ 14 $ 19 Technology - 1 1 Total $ 14 $ 15 $ 20 Purchases of Property and Equipment: Health care distribution $ 139 $ 86 $ 74 Technology 8 10 5 Total $ 147 $ 96 $ 79 As of December 30, December 31, December 25, 2023 2022 2021 Total Health care distribution $ 9,083 $ 7,287 $ 7,157 Technology 1,490 1,320 1,324 Total $ 10,573 $ 8,607 $ 8,481 |
Operations by Geographic Area | 2023 2022 2021 Net Sales Long-Lived Assets Net Sales Long-Lived Assets Net Sales Long-Lived Assets United States $ 8,631 $ 3,434 $ 9,190 $ 2,891 $ 8,722 $ 2,981 Other 3,708 2,180 3,457 1,256 3,679 1,232 Consolidated total $ 12,339 $ 5,614 $ 12,647 $ 4,147 $ 12,401 $ 4,213 |
Business Acquisitions and Div_2
Business Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Shield Healthcare, Inc. [Member] | |
Business Acquisition [Line Items] | |
Acquisition Consideration | 2023 Acquisition consideration: Cash $ 307 Deferred consideration 22 Redeemable noncontrolling interest 37 Total consideration $ 366 Identifiable assets acquired and liabilities assumed: Current assets $ 41 Intangible assets 166 Other noncurrent assets 14 Current liabilities (24) Deferred income taxes (41) Other noncurrent liabilities (7) Total identifiable 149 Goodwill 217 Total net assets acquired $ 366 |
Intangible Assets | 2023 Weighted Average Lives (in years) Customer relationships and lists $ 156 12 Trademarks / Tradenames 10 5 Total $ 166 |
S.I.N. Implant System [Member] | |
Business Acquisition [Line Items] | |
Acquisition Consideration | Preliminary Allocation as of September 30, 2023 Measurement Period Adjustments Preliminary Allocation as of December 30, 2023 Acquisition consideration: Cash $ 326 $ 3 $ 329 Total consideration $ 326 $ 3 $ 329 Identifiable assets acquired and liabilities assumed: Current assets $ 75 $ (8) $ 67 Intangible assets 155 (68) 87 Other noncurrent assets 33 13 46 Current liabilities (33) - (33) Long-term debt (22) - (22) Deferred income taxes (55) 20 (35) Other noncurrent liabilities (27) - (27) Total identifiable 126 (43) 83 Goodwill 200 46 246 Total net assets acquired $ 326 $ 3 $ 329 |
Intangible Assets | 2023 Weighted Average Lives (in years) Customer relationships and lists $ 38 7 Trademarks / Tradenames 13 10 Product development 36 8 Total $ 87 |
Biotech Dental [Member] | |
Business Acquisition [Line Items] | |
Acquisition Consideration | Preliminary Allocation as of July 1, 2023 Measurement Period Adjustments Allocation as of December 30, 2023 Acquisition consideration: Cash $ 216 $ - $ 216 Fair value of contributed equity share in a controlled subsidiary 25 - 25 Redeemable noncontrolling interests 182 - 182 Total consideration $ 423 $ - $ 423 Identifiable assets acquired and liabilities assumed: Current assets $ 78 $ - $ 78 Intangible assets 119 28 147 Other noncurrent assets 76 10 86 Current liabilities (50) (9) (59) Long-term debt (90) 16 (74) Deferred income taxes (38) (7) (45) Other noncurrent liabilities (16) (7) (23) Total identifiable 79 31 110 Goodwill 344 (31) 313 Total net assets acquired $ 423 $ - $ 423 |
Intangible Assets | 2023 Weighted Average Lives (in years) Customer relationships and lists $ 46 9 Trademarks / Tradenames 18 7 Product development 83 10 Total $ 147 |
Series of Individually Immaterial Business Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Acquisition Consideration | 2023 Acquisition consideration: Cash $ 168 Deferred consideration 4 Estimated fair value of contingent consideration payable 6 Fair value of previously held equity method investment 29 Redeemable noncontrolling interests 77 Total consideration $ 284 Identifiable assets acquired and liabilities assumed: Current assets $ 32 Intangible assets 116 Other noncurrent assets 17 Current liabilities (23) Deferred income taxes (11) Long-term debt (8) Other noncurrent liabilities (10) Total identifiable 113 Goodwill 171 Total net assets acquired $ 284 2022 Acquisition consideration: Cash $ 158 Deferred consideration 2 Fair value of previously held equity method investment 16 Redeemable noncontrolling interests 17 Total consideration $ 193 Identifiable assets acquired and liabilities assumed: Current assets $ 41 Intangible assets 96 Other noncurrent assets 13 Current liabilities (29) Deferred income taxes (6) Other noncurrent liabilities (8) Total identifiable 107 Goodwill 86 Total net assets acquired $ 193 2021 Acquisition consideration: Cash $ 579 Deferred consideration 11 Estimated fair value of contingent consideration receivable (5) Fair value of previously held equity method investment 8 Redeemable noncontrolling interests 181 Total consideration $ 774 Identifiable assets acquired and liabilities assumed: Current assets $ 195 Intangible assets 317 Other noncurrent assets 51 Current liabilities (93) Deferred income taxes (26) Other noncurrent liabilities (46) Total identifiable 398 Goodwill 376 Total net assets acquired $ 774 |
Intangible Assets | 2023 Weighted Average Lives (in years) Customer relationships and lists $ 79 9 Trademarks / Tradenames 8 5 Non-compete agreements 2 5 Product development 7 7 Patents 1 10 Other 19 2 Total $ 116 Estimated Useful Lives 2022 (in years) Customer relationships and lists $ 81 8 - 12 Trademarks / Tradenames 9 5 Non-compete agreements 3 2 - 5 Other 3 10 Total $ 96 Estimated Useful Lives 2021 (in years) Customer relationships and lists $ 220 5 - 12 Trademarks / Tradenames 58 5 - 12 Product development 19 5 - 10 Non-compete agreements 5 3 - 5 Other 15 18 Total $ 317 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, including related estimated useful lives | December 30, December 31, 2023 2022 Land $ 21 $ 20 Buildings and permanent improvements 166 135 Leasehold improvements 103 94 Machinery and warehouse equipment 243 169 Furniture, fixtures and other 137 127 Computer equipment and software 500 411 1,170 956 Less accumulated depreciation and amortization (672) (573) Property and equipment, net $ 498 $ 383 Estimated Useful Lives (in years) Buildings and permanent improvements 40 Machinery and warehouse equipment 5 - 10 Furniture, fixtures and other 3 - 10 Computer equipment and software 3 - 10 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Expense, Supplemental Cash Flow and Supplemental Balance Sheet Information | Years December 30, December 31, December 25, 2023 2022 2021 Operating lease cost: $ 99 $ 132 $ 89 Variable 12 11 10 Short-term lease cost 10 7 4 Total operating lease cost 121 150 103 Finance lease cost 5 3 3 Total lease cost $ 126 $ 153 $ 106 (1) Total operating lease cost for the years ended December 30, 2023, December 31, 2022 and December 25, 2021, included costs of $ 11 42 0 within our consolidated statements of income. Years December 30, December 31, 2023 2022 Operating Leases: Operating lease right-of-use assets $ 325 $ 284 Current operating lease liabilities 80 73 Non-current operating lease liabilities 310 275 Total operating lease liabilities $ 390 $ 348 Finance Leases: Property and equipment, at cost $ 18 $ 16 Accumulated depreciation (9) (6) Property and equipment, net of accumulated depreciation $ 9 $ 10 Current maturities of long-term debt $ 4 $ 4 Long-term debt 4 6 Total finance $ 8 $ 10 Weighted Average Operating leases 6.6 6.7 Finance leases 2.6 3.1 Weighted Average Operating leases 3.6 % 2.8 % Finance leases 4.0 % 3.3 % Years December 30, December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 92 87 Financing cash flows for finance leases 5 3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 124 88 Finance leases 4 6 |
Maturities of Finance and Operating Lease Liabilities | December 30, 2023 Operating Finance Leases Leases 2024 $ 92 $ 4 2025 77 2 2026 64 1 2027 48 1 2028 38 1 Thereafter 119 - Total future 438 9 Less imputed interest (48) (1) Total $ 390 $ 8 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles, Net (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Other Intangibles, Net [Abstract] | |
Changes in the Carrying Amount of Goodwill | Health Care Distribution Technology Value-Added Services Total Balance as of December 25, 2021 $ 1,831 $ 1,023 $ 2,854 Adjustments to goodwill: Acquisitions 86 (1) 85 Impairment (20) - (20) Foreign currency translation (22) (4) (26) Balance as of December 31, 2022 1,875 1,018 2,893 Adjustments to goodwill: Acquisitions 827 118 945 Foreign currency translation 35 2 37 Balance as of December 30, 2023 $ 2,737 $ 1,138 $ 3,875 |
Other Intangible Assets - Finite-Lived | December 30, 2023 Weighted Average Accumulated Remaining Life Cost Amortization Net (in years) Customer relationships and lists $ 984 $ (346) $ 638 10 Trademarks / Tradenames 168 (69) 99 8 Product development 205 (62) 143 9 Non-compete agreements 21 (6) 15 5 Other 39 (18) 21 10 Total $ 1,417 $ (501) $ 916 December 31, 2022 Weighted Average Accumulated Remaining Life Cost Amortization Net (in years) Customer relationships and lists $ 826 $ (387) $ 439 10 Trademarks / Tradenames 125 (51) 74 8 Product development 90 (56) 34 9 Non-compete agreements 25 (6) 19 5 Other 31 (10) 21 17 Total $ 1,097 $ (510) $ 587 |
Investments and Other (Tables)
Investments and Other (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Investments And Other [Abstract] | |
Investments and Other | December 30, December 31, 2023 2022 Investments in unconsolidated affiliates $ 180 $ 161 Non-current deferred foreign, state and local income taxes 38 88 Notes receivable (1) 44 28 Capitalized costs for software to be sold, leased or marketed to external 95 79 Security deposits 4 3 Acquisition-related indemnification 46 59 Non-current pension assets 9 8 Other long-term assets 55 46 Total $ 471 $ 472 (1) Long-term notes receivable carry interest rates ranging from 3.0 % to 10.0 % and are due in varying installments through November 21, 2028 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair value - assets and liabilities measured and recognized on a recurring basis | December 30, 2023 Level 1 Level 2 Level 3 Total Assets: Derivative contracts designated as hedges $ - $ 1 $ - $ 1 Derivative contracts undesignated - 1 - 1 Total return - 4 - 4 Total assets $ - $ 6 $ - $ 6 Liabilities: Derivative contracts designated as hedges $ - $ 18 $ - $ 18 Derivative contracts undesignated - 2 - 2 Total liabilities $ - $ 20 $ - $ 20 Redeemable noncontrolling interests $ - $ - $ 864 $ 864 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Derivative contracts designated as hedges $ - $ 23 $ - $ 23 Derivative contracts undesignated - 4 - 4 Total assets $ - $ 27 $ - $ 27 Liabilities: Derivative contracts designated as hedges $ - $ 1 $ - $ 1 Derivative contracts undesignated - 3 - 3 Total return - 3 - 3 Total liabilities $ - $ 7 $ - $ 7 Redeemable noncontrolling interests $ - $ - $ 576 $ 576 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Derivatives and Hedging Activities [Abstract] | |
Summary of Terms and Fair Value of Derivative Instruments | December 30, 2023 Notional Amount Classification Fair Value Maturity Date Derivatives used in cash flow hedges: Foreign currency forward contracts $ 102 Accrued expenses, other $ (1) November 21, 2024 Interest rate swaps 741 Accrued expenses, other (10) July 13, 2026 Derivatives used in net investment hedges: Foreign currency forward contracts 352 Accrued expenses, other (6) November 3, 2028 Undesignated hedging relationships: Total return 96 Prepaid expenses and other 4 January 3, 2024 Total $ 1,291 $ (13) December 31, 2022 Notional Amount Classification Fair Value Maturity Date Derivatives used in cash flow hedges: Foreign currency forward contracts $ 123 Prepaid expenses and other $ 2 December 28, 2023 Derivatives used in net investment hedges: Foreign currency forward contracts 200 Prepaid expenses and other 20 November 16, 2023 Undesignated hedging relationships: Total return 78 Accrued expenses, other (3) January 4, 2023 Total $ 401 $ 19 |
Summary of Effect of Cash Flow and Net Investment Hedges on Statements of Income | Years December 30, December 31, December 25, 2023 2022 2021 Derivatives used in cash flow hedges: Foreign currency forward contracts $ (1) $ - $ 1 Interest rate swaps (7) - - Derivatives used in net investment hedges: Foreign currency forward contracts (10) 7 8 Total $ (18) $ 7 $ 9 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Debt [Abstract] | |
Bank Credit Lines | December 30, December 31, 2023 2022 Revolving credit agreement $ 200 $ - Other short-term bank credit lines 64 103 Total $ 264 $ 103 |
Schedule of Long-Term Debt | December 30, December 31, 2023 2022 Private placement facilities $ 1,074 $ 699 U.S. trade accounts receivable securitization 210 330 Term loan 741 - Various in varying installments through 2030 at interest rates from 0.00 % to 9.42 % at December 30, 2023 and from 0.00 % to 3.50 % at December 31, 2022 54 7 Finance lease obligations 8 10 Total 2,087 1,046 Less current maturities (150) (6) Total long-term debt $ 1,937 $ 1,040 |
Schedule of Long-Term Debt Maturities | 2024 $ 150 2025 231 2026 721 2027 104 2028 179 Thereafter 702 Total $ 2,087 |
Private Placement Facilities | Amount of Date of Borrowing Borrowing Borrowing Outstanding Rate Due Date January 20, 2012 $ 50 3.45 % January 20, 2024 December 24, 2012 50 3.00 December 24, 2024 June 16, 2017 100 3.42 June 16, 2027 September 15, 2017 100 3.52 September 15, 2029 January 2, 2018 100 3.32 January 2, 2028 September 2, 2020 100 2.35 September 2, 2030 June 2, 2021 100 2.48 June 2, 2031 June 2, 2021 100 2.58 June 2, 2033 May 4, 2023 75 4.79 May 4, 2028 May 4, 2023 75 4.84 May 4, 2030 May 4, 2023 75 4.96 May 4, 2033 May 4, 2023 150 4.94 May 4, 2033 Less: Deferred debt issuance costs (1) Total $ 1,074 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Income Taxes [Abstract] | |
Income Before Taxes and Equity in Earnings of Affiliates | Years December 30, December 31, December 25, 2023 2022 2021 Domestic $ 424 $ 506 $ 593 Foreign 118 215 238 Total $ 542 $ 721 $ 831 |
Provision for Income Taxes Attributable to Continuing Operations | The provisions for income taxes were as follows: Years December 30, December 31, December 25, 2023 2022 2021 Current income tax expense: U.S. Federal $ 72 $ 150 $ 129 State and local 28 49 37 Foreign 40 44 43 Total current 140 243 209 Deferred income tax expense (benefit): U.S. Federal 9 (48) (12) State and local (3) (13) (3) Foreign (26) (12) 4 Total deferred (20) (73) (11) Total provision $ 120 $ 170 $ 198 |
Tax Effects of Temporary Differences to Deferred Income Tax Asset (Liability) | The tax effects of temporary differences that give rise to our deferred income tax asset (liability) were Years December 30, December 31, 2023 2022 Deferred income tax asset: Net operating losses $ 90 $ 64 Other carryforwards 34 10 Inventory, premium valuation allowances 44 57 Operating lease liability 80 77 Other asset 66 60 Total deferred income 314 268 Valuation (1) (36) (36) Net deferred income tax asset 278 232 Deferred income tax liability Intangibles amortization (219) (112) Operating lease right-of-use asset (65) (61) Property and equipment (10) (7) Total deferred tax (294) (180) Net deferred income tax asset (liability) $ (16) $ 52 (1) Primarily relates to operating losses, the benefits of which are uncertain. reflected as a reduction of income tax expense. |
Reconciliation of Income Tax Provision at Federal Statutory Rate to Total Income Tax Provision | Years December 30, December 31, December 25, 2023 2022 2021 Income tax provision at federal statutory rate $ 114 $ 151 $ 175 State income tax provision, net of federal income tax effect 15 20 21 Foreign income tax provision 5 4 6 Pass-through noncontrolling interest (8) (4) (4) Valuation (3) (2) (6) Unrecognized tax benefits and audit settlements 9 11 7 Interest expense related to loans (13) (12) (11) Tax on global 7 6 5 Other (6) (4) 5 Total income $ 120 $ 170 $ 198 |
Reconciliation of Unrecognized Tax Benefits Excluding the Effect of Deferred Taxes | December 30, December 31, December 25, 2023 2022 2021 Balance, beginning of period $ 82 $ 71 $ 70 Additions based on current year tax positions 9 14 3 Additions based on prior year tax positions 26 8 11 Reductions based on prior year tax positions (2) - (1) Reductions resulting from settlements with taxing authorities (3) (1) (9) Reductions resulting from lapse in statutes of limitations (14) (10) (3) Balance, end of period $ 98 $ 82 $ 71 |
Plans of Restructuring and In_2
Plans of Restructuring and Integration Costs (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | Year Health Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 41 $ - $ 5 $ - $ 46 Impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 13 - 2 - 15 Exit and other related costs 5 - 1 - 6 Loss on disposal of a business 13 - - - 13 Total restructuring and integration costs $ 72 $ - $ 8 $ - $ 80 Year Health Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 25 $ - $ 4 $ - $ 29 Impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 47 - - - 47 Exit and other related costs 3 - - - 3 Loss on disposal of a business 49 - - - 49 Integration employee-related and other costs - 3 - - 3 Total restructuring and integration costs $ 124 $ 3 $ 4 $ - $ 131 Year Health Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 6 $ - $ 2 $ - $ 8 Total restructuring and integration costs $ 6 $ - $ 2 $ - $ 8 |
Schedule of Restructuring Reserve by Segment | Technology Health Care Value-Added Distribution Services Total Balance, December 25, 2021 $ 3 $ 1 $ 4 Restructuring and integration costs 124 4 128 Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets (47) - (47) Non-cash impairment on disposal of a business (46) - (46) Cash payments and other adjustments (13) (2) (15) Balance, December 31, 2022 21 3 24 Restructuring and integration costs 72 8 80 Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets (13) (2) (15) Non-cash impairment on disposal of a business (12) - (12) Cash payments and other adjustments (46) (8) (54) Balance, December 30, 2023 $ 22 $ 1 $ 23 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitments | 2024 $ 5 2025 4 2026 4 2027 4 2028 - Thereafter - Total minimum $ 17 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Stock Based Compensation [Abstract] | |
Valuation Model | 2022 2021 Expected dividend yield - % - % Expected stock price volatility 27.80 % 27.10 % Risk-free interest rate 3.62 % 1.33 % Expected life of options (in years) 6.00 6.00 |
Summary of Stock Option Activity Under the Plans | Stock Options Weighted Average Aggregate Weighted Average Remaining Contractual Intrinsic Shares Exercise Price Life (in years) Value Outstanding at beginning of year 1,117,574 $ 71.38 Granted - - Exercised (23,498) 62.74 Forfeited (15,617) 79.04 Outstanding at end of year 1,078,459 $ 71.46 7.6 $ 9 Options exercisable at end of year 573,459 $ 68.43 |
Intrinsic Values | Weighted Average Aggregate Number of Weighted Average Remaining Contractual Intrinsic Options Exercise Price Life (in years) Value Vested 503,497 $ 74.95 7.7 $ 3 |
Status of Non-Vested Restricted Shares/Units | Time-Based Restricted Stock Units Performance-Based Restricted Stock Units Weighted Average Weighted Average Grant Date Fair Intrinsic Value Grant Date Fair Intrinsic Value Shares/Units Value Per Share Per Share Shares/Units Value Per Share Per Share Outstanding at beginning of period 1,756,044 $ 66.59 520,916 $ 60.23 Granted 426,021 77.50 381,571 81.00 Vested (433,973) 61.96 (631,458) 60.65 Forfeited (92,699) 72.37 (62,287) 77.45 Outstanding at end of period 1,655,393 $ 70.34 $ 75.71 208,742 $ 78.02 $ 75.71 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Employee Benefit Plans [Abstract] | |
Obligation and Funded Status | Years December 30, December 31, 2023 2022 Obligation and funded status: Change in benefit obligation Projected benefit obligation, beginning of period $ 108 $ 128 Service costs 3 3 Interest cost 3 1 Past service cost 1 - Actuarial gain (loss) 6 (19) Benefits paid - (1) Participant contributions 1 1 Settlements (3) (1) Effect of foreign currency translation 6 (4) Projected benefit obligation, end of period $ 125 $ 108 Change in plan assets Fair value of plan assets at beginning of period $ 73 $ 75 Actual return on plan assets 4 (3) Employer contributions 2 2 Plan participant contributions 1 1 Expected return on plan assets 1 1 Benefit received 2 - Settlements (2) (1) Effect of foreign currency translation 5 (2) Fair value of plan assets at end of period $ 86 $ 73 Unfunded status at end of period $ 39 $ 35 Includes regular benefit payments and amounts transferred in by new |
Balance Sheet | Years December 30, December 31, 2023 2022 Non-current assets $ 27 $ 25 Current liabilities (1) (1) Non-current liabilities (65) (59) Accumulated other comprehensive loss, pre-tax 8 4 |
Net Periodic Pension Cost | Years December 30, December 31, December 25, 2023 2022 2021 Service cost $ 3 $ 3 $ 4 Interest cost 3 1 - Expected return on plan assets (3) (1) (1) Employee contributions (1) - - Amortization of prior service credit - 1 1 Recognized net actuarial loss - - - Settlements - - - Net periodic pension cost $ 2 $ 4 $ 4 |
Assumptions | Years December 30, December 31, Pension Benefit Obligation 2023 2022 Weighted average 2.71 % 1.67 % Years December 30, December 31, December 25, Net Periodic Pension Cost 2023 2022 2021 Discount rate-pension benefit 1.50 % 1.25 % 0.56 % Expected return on plan assets 0.51 % 0.81 % 0.71 % Rate of compensation increase 1.64 % 1.68 % 1.95 % Pension increase rate 0.80 % 0.61 % 0.72 % |
Estimated Payments | Year 2024 $ 7 2025 6 2026 7 2027 7 2028 8 2029 to 2033 44 Total $ 79 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Redeemable Noncontrolling Interests [Abstract] | |
Change in Fair Value of Redeemable Noncontrolling Interests | December 30, December 31, December 25, 2023 2022 2021 Balance, beginning of period $ 576 $ 613 $ 328 Decrease in redeemable noncontrolling interests due to acquisitions of noncontrolling interests in subsidiaries (19) (31) (60) Increase in redeemable noncontrolling interests due to business acquisitions 326 4 189 Net income attributable to redeemable noncontrolling interests 6 21 23 Distributions declared, net of capital contributions (19) (21) (21) Effect of foreign currency translation gain (loss) redeemable noncontrolling interests 5 (6) (6) Change in fair value of redeemable securities (11) (4) 160 Balance, end of period $ 864 $ 576 $ 613 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income and Comprehensive Income Components | December 30, December 31, December 25, 2023 2022 2021 Attributable to redeemable noncontrolling interests: Foreign currency translation adjustment $ (32) $ (37) $ (31) Attributable to noncontrolling interests: Foreign currency translation adjustment $ (1) $ (1) $ - Attributable to Henry Schein, Inc.: Foreign currency translation adjustment $ (188) $ (236) $ (155) Unrealized gain (loss) from hedging activities (13) 5 (2) Pension adjustment loss (5) (2) (14) Accumulated other comprehensive loss $ (206) $ (233) $ (171) Total Accumulated $ (239) $ (271) $ (202) |
Components of comprehensive income, net of applicable taxes | December 30, December 31, December 25, 2023 2022 2021 Net income $ 436 $ 566 $ 660 Foreign currency translation gain (loss) 53 (88) (84) Tax effect - - - Foreign currency translation gain (loss) 53 (88) (84) Unrealized gain (loss) from hedging activities (25) 10 12 Tax effect 7 (3) (3) Unrealized gain (loss) from hedging activities (18) 7 9 Pension adjustment gain (loss) (3) 16 8 Tax effect - (4) (2) Pension adjustment gain (loss) (3) 12 6 Comprehensive income $ 468 $ 497 $ 591 |
Total Comprehensive Income | December 30, December 31, December 25, 2023 2022 2021 Comprehensive income attributable to Henry Schein, Inc. $ 443 $ 476 $ 568 Comprehensive income attributable to noncontrolling interests 14 6 6 Comprehensive income attributable to Redeemable noncontrolling interests 11 15 17 Comprehensive income $ 468 $ 497 $ 591 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Shares used in Calculating Earnings per Share Basic and Diluted | Years December 30, December 31, December 25, 2023 2022 2021 Basic 130,618,990 136,064,221 140,090,889 Effect of dilutive securities: Stock options and restricted stock units 1,129,181 1,691,449 1,681,892 Diluted 131,748,171 137,755,670 141,772,781 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Years December 30, December 31, December 25, 2023 2022 2021 Stock options 424,695 342,716 611,869 Restricted stock units 15,040 19,466 1,048 Total anti-dilutive computation 439,735 362,182 612,917 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Paid for Interest and Income Taxes | Years December 30, December 31, December 25, 2023 2022 2021 Interest $ 84 $ 47 $ 29 Income taxes 218 265 242 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Fiscal year duration | 364 days | 371 days | 364 days | |
Accrued warranty costs | $ 12,000,000 | $ 8,000,000 | ||
Distribution network costs | 105,000,000 | 103,000,000 | $ 89,000,000 | |
Costs of goods sold | 8,478,000,000 | 8,816,000,000 | 8,727,000,000 | |
Advertising and promotional costs | 47,000,000 | 47,000,000 | 48,000,000 | |
Outstanding checks in excess of funds on deposit classified as accounts payable | 52,000,000 | 53,000,000 | ||
Contract liabilities, current | 89,000,000 | 86,000,000 | 89,000,000 | |
Contract liabilities, noncurrent | $ 9,000,000 | 8,000,000 | 10,000,000 | |
Lease option to extend | Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. | |||
Short-term lease expense | $ 10,000,000 | 7,000,000 | 4,000,000 | |
Net accounts receivable balance | 1,863,000,000 | 1,442,000,000 | 1,452,000,000 | |
Allowance for doubtful accounts | 83,000,000 | 65,000,000 | 67,000,000 | $ 88,000,000 |
Additions to allowance for doubtful accounts | 34,000,000 | 8,000,000 | 0 | |
Deductions to allowance for doubtful accounts | 16,000,000 | 10,000,000 | 21,000,000 | |
Goodwill impairment | 0 | 20,000,000 | ||
Impairment charge on intangible assets | $ 7,000,000 | 34,000,000 | 1,000,000 | |
Business combinations, measurement period | 12 months | |||
Acquisitions Completed In Current Year [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract liabilities, current | $ 9,000,000 | |||
Minimum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Fiscal year duration | 364 days | |||
Maximum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Fiscal year duration | 371 days | |||
Shipping and Handling [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Costs of goods sold | $ 98,000,000 | 96,000,000 | $ 97,000,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Recourse [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Liabilities of VIE | 210,000,000 | 255,000,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged As Collateral [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Pledged assets | $ 284,000,000 | $ 327,000,000 |
Cybersecurity Incident (Narrati
Cybersecurity Incident (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Expenses related to cybersecurity incident | $ 11 |
Cybersecurity Insurance Policy [Member] | |
Insurance policy limitations | 60 |
Insurance retention | $ 5 |
Net Sales from Contracts with_3
Net Sales from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 12,339 | $ 12,647 | $ 12,401 |
North America [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 9,102 | 9,636 | 9,173 |
International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,237 | 3,011 | 3,228 |
Healthcare Distribution [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 11,533 | 11,924 | 11,754 |
Healthcare Distribution [Member] | North America [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 8,397 | 9,003 | 8,613 |
Healthcare Distribution [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,136 | 2,921 | 3,141 |
Healthcare Distribution [Member] | Dental [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 7,539 | 7,473 | 7,544 |
Healthcare Distribution [Member] | Dental [Member] | North America [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 4,500 | 4,628 | 4,506 |
Healthcare Distribution [Member] | Dental [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,039 | 2,845 | 3,038 |
Healthcare Distribution [Member] | Medical [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,994 | 4,451 | 4,210 |
Healthcare Distribution [Member] | Medical [Member] | North America [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 3,897 | 4,375 | 4,107 |
Healthcare Distribution [Member] | Medical [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 97 | 76 | 103 |
Technology and Value-Added Services [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 806 | 723 | 647 |
Technology and Value-Added Services [Member] | North America [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | 705 | 633 | 560 |
Technology and Value-Added Services [Member] | International [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Net sales | $ 101 | $ 90 | $ 87 |
Segment and Geographic Data (Na
Segment and Geographic Data (Narrative) (Details) | 12 Months Ended |
Dec. 30, 2023 number countries | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | number | 2 |
Number of countries served globally | countries | 33 |
Minimum [Member] | United States [Member] | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | |
Segment Reporting Information [Line Items] | |
Concentration risk percentage (as a percent) | 10% |
Segment and Geographic Data (Bu
Segment and Geographic Data (Business Segment Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 12,339 | $ 12,647 | $ 12,401 |
Operating income | 615 | 747 | 852 |
Income from before taxes, equity in earnings of affiliates and loss on sale of equity investment | 542 | 721 | 831 |
Depreciation and amortization | 248 | 212 | 210 |
Interest income | 17 | 8 | 6 |
Interest expense | 87 | 35 | 27 |
Income taxes | 120 | 170 | 198 |
Equity in Earnings of Affiliate | 14 | 15 | 20 |
Purchases of Property and Equipment | 147 | 96 | 79 |
Total assets | 10,573 | 8,607 | 8,481 |
Health Care Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 11,533 | 11,924 | 11,754 |
Operating income | 470 | 619 | 727 |
Income from before taxes, equity in earnings of affiliates and loss on sale of equity investment | 396 | 592 | 706 |
Depreciation and amortization | 184 | 160 | 157 |
Interest income | 16 | 7 | 6 |
Interest expense | 87 | 35 | 27 |
Income taxes | 90 | 141 | 168 |
Equity in Earnings of Affiliate | 14 | 14 | 19 |
Purchases of Property and Equipment | 139 | 86 | 74 |
Total assets | 9,083 | 7,287 | 7,157 |
Health Care Distribution [Member] | Dental [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,539 | 7,473 | 7,544 |
Health Care Distribution [Member] | Medical [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,994 | 4,451 | 4,210 |
Technology and Value-Added Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 806 | 723 | 647 |
Operating income | 145 | 128 | 125 |
Income from before taxes, equity in earnings of affiliates and loss on sale of equity investment | 146 | 129 | 125 |
Depreciation and amortization | 64 | 52 | 53 |
Interest income | 1 | 1 | 0 |
Interest expense | 0 | 0 | 0 |
Income taxes | 30 | 29 | 30 |
Equity in Earnings of Affiliate | 0 | 1 | 1 |
Purchases of Property and Equipment | 8 | 10 | 5 |
Total assets | $ 1,490 | $ 1,320 | $ 1,324 |
Segment and Geographic Data (Op
Segment and Geographic Data (Operations by Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 12,339 | $ 12,647 | $ 12,401 |
Long-Lived Assets | 5,614 | 4,147 | 4,213 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 8,631 | 9,190 | 8,722 |
Long-Lived Assets | $ 3,434 | 2,891 | 2,981 |
United States [Member] | Geographic Concentration Risk [Member] | Sales revenue, net [Member] | Minimum [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage (as a percent) | 10% | ||
Locations other than the United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 3,708 | 3,457 | 3,679 |
Long-Lived Assets | $ 2,180 | $ 1,256 | $ 1,232 |
Business Acquisitions and Div_3
Business Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Sep. 25, 2021 | Dec. 26, 2020 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Oct. 02, 2023 | Jul. 05, 2023 | Apr. 05, 2023 | |
Business Acquisition [Line Items] | ||||||||
Contingent consideration receivable | $ 5 | |||||||
Increase in contingent consideration receivable | $ 5 | |||||||
Business Acquisition, Transaction Costs | $ 22 | 9 | 7 | |||||
Proceeds from sale of equity investment | 0 | 0 | 10 | |||||
After-tax gain on sale of equity investments | 0 | $ 0 | $ 7 | |||||
Recognized gain related to remeasurement to fair value of previously held equity investment | $ 18 | |||||||
Hu-Friedy Mfg. Co., LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Proceeds from sale of equity investment | $ 10 | $ 2 | ||||||
After-tax gain on sale of equity investments | $ 7 | $ 2 | ||||||
Series of Individually Immaterial Business Acquisitions [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired equity interest (as a percent) | 51% | 55% | 51% | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired equity interest (as a percent) | 100% | 100% | 100% | |||||
Shield Healthcare, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired equity interest (as a percent) | 90% | |||||||
S.I.N. Implant System [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired equity interest (as a percent) | 100% | |||||||
Biotech Dental [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired equity interest (as a percent) | 57% |
Business Acquisitions and Div_4
Business Acquisitions and Divestitures (Acquisition Consideration) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Oct. 02, 2023 | Sep. 30, 2023 | Dec. 30, 2023 | Jul. 01, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 3,875 | $ 3,875 | $ 2,893 | $ 2,854 | |||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 168 | 158 | 579 | ||||
Deferred consideration | 4 | 2 | 11 | ||||
Estimated fair value of contingent consideration payable | 6 | ||||||
Estimated fair value of contingent consideration receivable | (5) | ||||||
Fair value of previously held equity method investment | 29 | 16 | 8 | ||||
Redeemable noncontrolling interests | 77 | 17 | 181 | ||||
Total | 284 | 193 | 774 | ||||
Current assets | 32 | 32 | 41 | 195 | |||
Intangible Assets | 116 | 116 | 96 | 317 | |||
Other noncurrent assets | 17 | 17 | 13 | 51 | |||
Current liabilities | (23) | (23) | (29) | (93) | |||
Long-term debt | (8) | (8) | |||||
Deferred income taxes | (11) | (11) | (6) | (26) | |||
Other noncurrent liabilities | (10) | (10) | (8) | (46) | |||
Total | 113 | 113 | 107 | 398 | |||
Goodwill | 171 | 171 | 86 | 376 | |||
Total | 284 | 284 | $ 193 | $ 774 | |||
Shield Healthcare, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 307 | ||||||
Deferred consideration | 22 | ||||||
Redeemable noncontrolling interests | 37 | ||||||
Total | 366 | ||||||
Current assets | 41 | ||||||
Intangible Assets | 166 | ||||||
Other noncurrent assets | 14 | ||||||
Current liabilities | (24) | ||||||
Deferred income taxes | (41) | ||||||
Other noncurrent liabilities | (7) | ||||||
Total | 149 | ||||||
Goodwill | 217 | ||||||
Total | $ 366 | ||||||
S.I.N. Implant System [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 326 | 329 | |||||
Total | 326 | 329 | |||||
Current assets | 75 | 67 | 67 | ||||
Intangible Assets | 155 | 87 | 87 | ||||
Other noncurrent assets | 33 | 46 | 46 | ||||
Current liabilities | (33) | (33) | (33) | ||||
Long-term debt | (22) | (22) | (22) | ||||
Deferred income taxes | (55) | (35) | (35) | ||||
Other noncurrent liabilities | (27) | (27) | (27) | ||||
Total | 126 | 83 | 83 | ||||
Goodwill | 200 | 246 | 246 | ||||
Total | $ 326 | 329 | 329 | ||||
S.I.N. Implant System [Member] | Restatement Adjustment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 3 | ||||||
Total | 3 | ||||||
Current assets | (8) | (8) | |||||
Intangible Assets | (68) | (68) | |||||
Other noncurrent assets | 13 | 13 | |||||
Current liabilities | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Deferred income taxes | 20 | 20 | |||||
Other noncurrent liabilities | 0 | 0 | |||||
Total | (43) | (43) | |||||
Goodwill | 46 | 46 | |||||
Total | 3 | 3 | |||||
Biotech Dental [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 216 | $ 216 | |||||
Fair value of contributed equity share in a controlled subsidiary | 25 | 25 | |||||
Redeemable noncontrolling interests | 182 | 182 | |||||
Total | 423 | 423 | |||||
Current assets | 78 | 78 | 78 | ||||
Intangible Assets | 147 | 119 | 147 | ||||
Other noncurrent assets | 86 | 76 | 86 | ||||
Current liabilities | (59) | (50) | (59) | ||||
Long-term debt | (74) | (90) | (74) | ||||
Deferred income taxes | (45) | (38) | (45) | ||||
Other noncurrent liabilities | (23) | (16) | (23) | ||||
Total | 110 | 79 | 110 | ||||
Goodwill | 313 | 344 | 313 | ||||
Total | 423 | $ 423 | 423 | ||||
Biotech Dental [Member] | Restatement Adjustment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 0 | ||||||
Fair value of contributed equity share in a controlled subsidiary | 0 | ||||||
Redeemable noncontrolling interests | 0 | ||||||
Total | 0 | ||||||
Current assets | 0 | 0 | |||||
Intangible Assets | 28 | 28 | |||||
Other noncurrent assets | 10 | 10 | |||||
Current liabilities | (9) | (9) | |||||
Long-term debt | 16 | 16 | |||||
Deferred income taxes | (7) | (7) | |||||
Other noncurrent liabilities | (7) | (7) | |||||
Total | 31 | 31 | |||||
Goodwill | (31) | (31) | |||||
Total | $ 0 | $ 0 |
Business Acquisitions and Div_5
Business Acquisitions and Divestitures (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Oct. 02, 2023 | Jul. 05, 2023 | Apr. 05, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 116 | $ 96 | $ 317 | |||
Series of Individually Immaterial Business Acquisitions [Member] | Customer Relationships and Lists [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 79 | $ 81 | $ 220 | |||
Weighted Average Useful Lives (in years) | 9 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Customer Relationships and Lists [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 8 years | 5 years | ||||
Series of Individually Immaterial Business Acquisitions [Member] | Customer Relationships and Lists [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 12 years | 12 years | ||||
Series of Individually Immaterial Business Acquisitions [Member] | Trademarks And Tradenames [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 8 | $ 9 | $ 58 | |||
Weighted Average Useful Lives (in years) | 5 years | 5 years | ||||
Series of Individually Immaterial Business Acquisitions [Member] | Trademarks And Tradenames [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 5 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Trademarks And Tradenames [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 12 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Product Development [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 7 | $ 19 | ||||
Weighted Average Useful Lives (in years) | 7 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Product Development [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 5 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Product Development [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 10 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Noncompete Agreements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 2 | $ 3 | $ 5 | |||
Weighted Average Useful Lives (in years) | 5 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Noncompete Agreements [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 2 years | 3 years | ||||
Series of Individually Immaterial Business Acquisitions [Member] | Noncompete Agreements [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted Average Useful Lives (in years) | 5 years | 5 years | ||||
Series of Individually Immaterial Business Acquisitions [Member] | Patents [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 1 | |||||
Weighted Average Useful Lives (in years) | 10 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Other Intangible Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 19 | $ 3 | $ 15 | |||
Weighted Average Useful Lives (in years) | 2 years | 10 years | 18 years | |||
Shield Healthcare, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 166 | |||||
Shield Healthcare, Inc. [Member] | Customer Relationships and Lists [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 156 | |||||
Weighted Average Useful Lives (in years) | 12 years | |||||
Shield Healthcare, Inc. [Member] | Trademarks And Tradenames [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 10 | |||||
Weighted Average Useful Lives (in years) | 5 years | |||||
S.I.N. Implant System [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 87 | |||||
S.I.N. Implant System [Member] | Customer Relationships and Lists [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 38 | |||||
Weighted Average Useful Lives (in years) | 7 years | |||||
S.I.N. Implant System [Member] | Trademarks And Tradenames [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 13 | |||||
Weighted Average Useful Lives (in years) | 10 years | |||||
S.I.N. Implant System [Member] | Product Development [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 36 | |||||
Weighted Average Useful Lives (in years) | 8 years | |||||
Biotech Dental [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 147 | |||||
Biotech Dental [Member] | Customer Relationships and Lists [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | 46 | |||||
Weighted Average Useful Lives (in years) | 9 years | |||||
Biotech Dental [Member] | Trademarks And Tradenames [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 18 | |||||
Weighted Average Useful Lives (in years) | 7 years | |||||
Biotech Dental [Member] | Product Development [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Assets Acquired | $ 83 | |||||
Weighted Average Useful Lives (in years) | 10 years |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,170 | $ 956 | |
Less accumulated depreciation and amortization | (672) | (573) | |
Property and equipment related depreciation expense | 70 | 68 | $ 71 |
Restructuring charges | 80 | 128 | 8 |
Impairment of capitalized costs | 27 | 0 | $ 0 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 21 | 20 | |
Buildings and permanent improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 166 | 135 | |
Property and equipment, average useful life (in years) | 40 years | ||
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 103 | 94 | |
Machinery and warehouse equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 243 | 169 | |
Machinery and warehouse equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, average useful life (in years) | 5 years | ||
Machinery and warehouse equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, average useful life (in years) | 10 years | ||
Furniture, fixtures and other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 137 | 127 | |
Furniture, fixtures and other [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, average useful life (in years) | 3 years | ||
Furniture, fixtures and other [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, average useful life (in years) | 10 years | ||
Computer equipment and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 500 | $ 411 | |
Computer equipment and software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, average useful life (in years) | 3 years | ||
Computer equipment and software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, average useful life (in years) | 10 years |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease assets, Lease not yet commenced | $ 9 | ||
Amortization expense including operating lease credits | 11 | $ 42 | $ 0 |
Impairment of right-of-use asset from operating lease | 3 | 3 | $ 0 |
Current operating lease liabilities | 80 | 73 | |
Non-current operating lease liabilities | 310 | 275 | |
Property Owned By Employees And Shareholders [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Current operating lease liabilities | 5 | 4 | |
Non-current operating lease liabilities | $ 23 | $ 14 | |
Property Owned By Employees And Shareholders [Member] | Current Operating Lease Liabilities [Member] | Related Party Concentration Risk [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Concentration risk percentage (as a percent) | 6.30% | 5% | |
Property Owned By Employees And Shareholders [Member] | Non-Current Operating Lease Liabilities [Member] | Related Party Concentration Risk [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Concentration risk percentage (as a percent) | 7.40% | 5.30% | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Operating lease not yet commenced, term of contract | 1 year | ||
Minimum [Member] | Property Owned By Employees And Shareholders [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 5 months | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 18 years | ||
Lease option to extend (in years) | 15 years | ||
Operating lease not yet commenced, term of contract | 10 years | ||
Maximum [Member] | Property Owned By Employees And Shareholders [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 14 years |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 99 | $ 132 | $ 89 |
Variable lease cost | 12 | 11 | 10 |
Short-term lease cost | 10 | 7 | 4 |
Total operating lease cost | 121 | 150 | 103 |
Finance lease cost: | |||
Finance lease cost | 5 | 3 | 3 |
Total lease cost | $ 126 | $ 153 | $ 106 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Operating lease right-of-use assets | $ 325 | $ 284 |
Current operating lease liabilities | 80 | 73 |
Non-current operating lease liabilities | 310 | 275 |
Total operating lease liabilities | 390 | 348 |
Finance leases | ||
Property and equipment, at cost | 18 | 16 |
Accumulated depreciation | (9) | (6) |
Property and equipment, net of accumulated depreciation | 9 | 10 |
Current maturities of long-term debt | $ 4 | $ 4 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Long-term Debt and Capital Lease Obligations, Current | Long-term Debt and Capital Lease Obligations, Current |
Long-term debt | $ 4 | $ 6 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Total finance lease liabilities | $ 8 | $ 10 |
Weighted Average Remaining Lease Term, in years, Operating Lease | 6 years 7 months 6 days | 6 years 8 months 12 days |
Weighted Average Remaining Lease Term, in years, Finance Lease | 2 years 7 months 6 days | 3 years 1 month 6 days |
Weighted Average Discount Rate, Percent, Operating Lease | 3.60% | 2.80% |
Weighted Average Discount Rate, Percent, Finance Lease | 4% | 3.30% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows for operating leases | $ 92 | $ 87 |
Financing cash flows for finance leases | 5 | 3 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 124 | 88 |
Finance leases | $ 4 | $ 6 |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 92 | |
2025 | 77 | |
2026 | 64 | |
2027 | 48 | |
2028 | 38 | |
Thereafter | 119 | |
Total future lease payments | 438 | |
Less imputed interest | (48) | |
Total operating lease liabilities | 390 | $ 348 |
Finance Leases | ||
2024 | 4 | |
2025 | 2 | |
2026 | 1 | |
2027 | 1 | |
2028 | 1 | |
Thereafter | 0 | |
Total future lease payments | 9 | |
Less imputed interest | (1) | |
Total finance lease liabilities | $ 8 | $ 10 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles, Net (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Goodwill and Intangible Assets [Line Items] | |||
Goodwill impairment | $ 0 | $ 20,000,000 | |
Amortization of intangible assets | 152,000,000 | 126,000,000 | $ 124,000,000 |
Impairment charge on intangible assets | 7,000,000 | 34,000,000 | 1,000,000 |
Restructuring charges | 80,000,000 | 128,000,000 | 8,000,000 |
Amortization expense expected to be recorded 2024 | 157,000,000 | ||
Amortization expense expected to be recorded 2025 | 138,000,000 | ||
Amortization expense expected to be recorded 2026 | 121,000,000 | ||
Amortization expense expected to be recorded 2027 | 109,000,000 | ||
Amortization expense expected to be recorded 2028 | 91,000,000 | ||
Loss on Disposal of a Business [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill impairment | 20,000,000 | ||
Impairment charge on intangible assets | 12,000,000 | ||
Restructuring charges | 49,000,000 | ||
Healthcare Distribution [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill impairment | 20,000,000 | ||
Impairment charge on intangible assets | 19,000,000 | ||
Restructuring charges | 72,000,000 | 124,000,000 | 6,000,000 |
Healthcare Distribution [Member] | Loss on Disposal of a Business [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Restructuring charges | 13,000,000 | 49,000,000 | |
Healthcare Distribution [Member] | Planned Exit Of Business [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Impairment charge on intangible assets | $ 12,000,000 | ||
Healthcare Distribution [Member] | Businesses Within [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Impairment charge on intangible assets | 49,000,000 | ||
Healthcare Distribution [Member] | Businesses Within [Member] | Loss on Disposal of a Business [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Impairment charge on intangible assets | $ 15,000,000 | ||
Health Care Distribution And Technology And Value-Added Services Segments [Member] | Businesses Within [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Impairment charge on intangible assets | $ 1,000,000 | ||
Trademarks and Trade Names [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Average useful life (in years) | 8 years | 8 years | |
Customer Relationships and Lists [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Average useful life (in years) | 10 years | 10 years | |
Customer Relationships and Lists [Member] | Healthcare Distribution [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Impairment charge on intangible assets | $ 34,000,000 | ||
Product Development [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Average useful life (in years) | 9 years | 9 years | |
Noncompete Agreements [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Average useful life (in years) | 5 years | 5 years | |
Other Intangible Assets [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Average useful life (in years) | 10 years | 17 years | |
Customer Lists And Relationships, Non-Compete Agreements And Trademarks And Tradenames [Member] | Healthcare Distribution [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Impairment charge on intangible assets | $ 7,000,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles, Net (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 2,893,000,000 | $ 2,854,000,000 |
Adjustments to goodwill: Acquisitions | 945,000,000 | 85,000,000 |
Adjustments to goodwill: Impairment | 0 | (20,000,000) |
Adjustments to goodwill: Foreign currency translation | 37,000,000 | (26,000,000) |
Ending balance | 3,875,000,000 | 2,893,000,000 |
Health Care Distribution [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,875,000,000 | 1,831,000,000 |
Adjustments to goodwill: Acquisitions | 827,000,000 | 86,000,000 |
Adjustments to goodwill: Impairment | (20,000,000) | |
Adjustments to goodwill: Foreign currency translation | 35,000,000 | (22,000,000) |
Ending balance | 2,737,000,000 | 1,875,000,000 |
Technology and Value-Added Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,018,000,000 | 1,023,000,000 |
Adjustments to goodwill: Acquisitions | 118,000,000 | (1,000,000) |
Adjustments to goodwill: Impairment | 0 | |
Adjustments to goodwill: Foreign currency translation | 2,000,000 | (4,000,000) |
Ending balance | $ 1,138,000,000 | $ 1,018,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles, Net (Other Intangible Assets - Finite-Lived) (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | $ 1,417 | $ 1,097 |
Accumulated amortization | (501) | (510) |
Net | 916 | 587 |
Customer Relationships and Lists [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | 984 | 826 |
Accumulated amortization | (346) | (387) |
Net | $ 638 | $ 439 |
Weighted Average Remaining Life (in years) | 10 years | 10 years |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | $ 168 | $ 125 |
Accumulated amortization | (69) | (51) |
Net | $ 99 | $ 74 |
Weighted Average Remaining Life (in years) | 8 years | 8 years |
Product Development [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | $ 205 | $ 90 |
Accumulated amortization | (62) | (56) |
Net | $ 143 | $ 34 |
Weighted Average Remaining Life (in years) | 9 years | 9 years |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | $ 21 | $ 25 |
Accumulated amortization | (6) | (6) |
Net | $ 15 | $ 19 |
Weighted Average Remaining Life (in years) | 5 years | 5 years |
Other intangibles assets [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | $ 39 | $ 31 |
Accumulated amortization | (18) | (10) |
Net | $ 21 | $ 21 |
Weighted Average Remaining Life (in years) | 10 years | 17 years |
Investments and Other (Details)
Investments and Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investments in unconsolidated affiliates | $ 180 | $ 161 | |
Non-current deferred foreign, state and local income taxes | 38 | 88 | |
Notes receivable | 44 | 28 | |
Capitalized costs for internally generated software for resale | 95 | 79 | |
Security deposits | 4 | 3 | |
Acquisition related indemnification | 46 | 59 | |
Non-current pension assets | 9 | 8 | |
Other long-term assets | 55 | 46 | |
Total | 471 | 472 | |
Amortization of other long-term assets | $ 26 | $ 18 | $ 15 |
Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Latest maturity date of varying installments of long-term notes receivable | Nov. 21, 2028 | ||
Financing Receivable [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Long-term notes receivable interest rate (as a percent) | 3% | ||
Financing Receivable [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Long-term notes receivable interest rate (as a percent) | 10% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 |
Attributable To Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | $ 864 | $ 576 | $ 613 | $ 328 |
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of debt | 2,351 | 1,149 | ||
Fair value, measurements, recurring [Member] | Fair Value Measurement [Domain] | ||||
Assets [Abstract] | ||||
Total return swaps | 4 | |||
Total assets | 6 | 27 | ||
Liabilities [Abstract] | ||||
Total return swaps | 3 | |||
Total liabilities | 20 | 7 | ||
Fair value, measurements, recurring [Member] | Fair Value Measurement [Domain] | Designated As Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 1 | 23 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 18 | 1 | ||
Fair value, measurements, recurring [Member] | Fair Value Measurement [Domain] | Not Designated as Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 1 | 4 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 2 | 3 | ||
Fair value, measurements, recurring [Member] | ||||
Attributable To Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | 864 | 576 | ||
Fair value, measurements, recurring [Member] | Level 1 [Member] | Fair Value Measurement [Domain] | ||||
Assets [Abstract] | ||||
Total return swaps | 0 | |||
Total assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Total return swaps | 0 | |||
Total liabilities | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 1 [Member] | Fair Value Measurement [Domain] | Designated As Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 1 [Member] | Fair Value Measurement [Domain] | Not Designated as Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 1 [Member] | ||||
Attributable To Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 2 [Member] | Fair Value Measurement [Domain] | ||||
Assets [Abstract] | ||||
Total return swaps | 4 | |||
Total assets | 6 | 27 | ||
Liabilities [Abstract] | ||||
Total return swaps | 3 | |||
Total liabilities | 20 | 7 | ||
Fair value, measurements, recurring [Member] | Level 2 [Member] | Fair Value Measurement [Domain] | Designated As Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 1 | 23 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 18 | 1 | ||
Fair value, measurements, recurring [Member] | Level 2 [Member] | Fair Value Measurement [Domain] | Not Designated as Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 1 | 4 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 2 | 3 | ||
Fair value, measurements, recurring [Member] | Level 2 [Member] | ||||
Attributable To Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 3 [Member] | Fair Value Measurement [Domain] | ||||
Assets [Abstract] | ||||
Total return swaps | 0 | |||
Total assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Total return swaps | 0 | |||
Total liabilities | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 3 [Member] | Fair Value Measurement [Domain] | Designated As Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 3 [Member] | Fair Value Measurement [Domain] | Not Designated as Hedging Instrument [Member] | ||||
Assets [Abstract] | ||||
Derivative contracts - assets | 0 | 0 | ||
Liabilities [Abstract] | ||||
Derivative contracts - liabilities | 0 | 0 | ||
Fair value, measurements, recurring [Member] | Level 3 [Member] | ||||
Attributable To Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | $ 864 | $ 576 |
Concentrations of Risk (Details
Concentrations of Risk (Details) | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Top customer concentration risk [Member] | Sales revenue, net [Member] | Any single customer [Member] | Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage (as a percent) | 2% | 2% |
Supplier concentration risk [Member] | Purchases [Member] | Top ten health care distribution suppliers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage (as a percent) | 24% | 28% |
Supplier concentration risk [Member] | Purchases [Member] | Single largest supplier [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage (as a percent) | 4% | 4% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Details) € in Millions, $ in Millions | 12 Months Ended | |||||||
Dec. 30, 2023 EUR (€) | Dec. 30, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 25, 2021 EUR (€) | Dec. 25, 2021 USD ($) | Dec. 30, 2023 USD ($) | Mar. 20, 2020 USD ($) | |
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 401 | $ 1,291 | ||||||
Term Credit Agreement [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt face amount | $ 750 | |||||||
Term of issuances under private placement facilities | 3 years | 3 years | ||||||
Interest Rate Swaps [Member] | Term Credit Agreement [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Fixed Interest Rate | 5.79% | 5.79% | ||||||
Other Comprehensive Income [Member] | Interest Rate Swaps [Member] | Term Credit Agreement [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) on derivative | $ (10) | |||||||
SERP and DCP [Member] | Interest Rate Swaps [Member] | Term Credit Agreement [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 741 | |||||||
Forward Contracts [Member] | Other Comprehensive Income [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (loss) on derivative | € | € (32) | € 9 | € 11 | |||||
Total Return Swap [Member] | SERP and DCP [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 96 | $ 43 | ||||||
Derivative, Inception Date | Mar. 20, 2020 | Mar. 20, 2020 | ||||||
Gain (loss) on derivative | $ 10 | (17) | $ 12 | |||||
Total Return Swap [Member] | Secured Overnight Financing Rate Sofr Overnight Index Swap Rate [Member] | SERP and DCP [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Variable Interest Rate | 5.85% | 5.85% | ||||||
Derivative, Basis Spread on Variable Rate | 5.33% | 5.33% | ||||||
Derivative Fixed Interest Rate | 0.52% | 0.52% | ||||||
Net Investment Hedging [Member] | Foreign Exchange Forward [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 200 | $ 352 | ||||||
Derivative, Maturity Dates | Nov. 03, 2028 | Nov. 03, 2028 | Nov. 16, 2023 | Nov. 16, 2023 | ||||
Net Investment Hedging [Member] | Forward Contracts I [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € | € 200 | |||||||
Derivative, Maturity Dates | Nov. 16, 2023 | Nov. 16, 2023 | ||||||
Net Investment Hedging [Member] | Forward Contracts II [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € | € 200 | |||||||
Derivative, Maturity Dates | Nov. 16, 2023 | Nov. 16, 2023 | ||||||
Net Investment Hedging [Member] | Forward Contracts III [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € | € 300 | |||||||
Derivative, Maturity Dates | Nov. 03, 2028 | Nov. 03, 2028 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Summary of Terms and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 1,291 | $ 401 |
Fair Value | (13) | 19 |
Cash Flow Hedging [Member] | Foreign Currency Forward [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 102 | 123 |
Fair Value | $ (1) | $ 2 |
Maturity Date | Nov. 21, 2024 | Dec. 28, 2023 |
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 741 | |
Fair Value | $ (10) | |
Maturity Date | Jul. 13, 2026 | |
Net Investment Hedging [Member] | Foreign Currency Forward [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 352 | $ 200 |
Fair Value | $ (6) | $ 20 |
Maturity Date | Nov. 03, 2028 | Nov. 16, 2023 |
Undesignated Hedging [Member] | Total Return Swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 96 | $ 78 |
Fair Value | $ 4 | $ (3) |
Maturity Date | Jan. 03, 2024 | Jan. 04, 2023 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Summary of Effect of Cash Flow and Net Investment Hedges on Statements of Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Unrealized gain (loss) from hedging activities | $ (18) | $ 7 | $ 9 |
Cash Flow Hedging [Member] | Foreign Currency Forward [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Unrealized gain (loss) from hedging activities | (1) | 0 | 1 |
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Unrealized gain (loss) from hedging activities | (7) | 0 | 0 |
Net Investment Hedging [Member] | Foreign Currency Forward [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Unrealized gain (loss) from hedging activities | $ (10) | $ 7 | $ 8 |
Debt (Revolving Credit Agreemen
Debt (Revolving Credit Agreement and Other Short-Term Bank Credit Lines - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 20, 2021 | Dec. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Bank credit lines | $ 264 | $ 103 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Initiation date | Aug. 20, 2021 | Jul. 11, 2023 | |
Revolving credit facility borrowing capacity | $ 1,000 | ||
Revolving credit facility expiration date | Aug. 20, 2026 | Jul. 11, 2028 | |
Line of credit facility, amount outstanding | $ 200 | 0 | |
Bank credit lines | 200 | 0 | |
Outstanding letters of credit provided to third parties | 10 | 9 | |
Average outstanding balance under line of credit | 61 | ||
Various Bank Credit Lines [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility borrowing capacity | 368 | 402 | |
Bank credit lines | $ 64 | $ 103 | |
Weighted average interest rate on borrowings under credit lines at period end (as a percent) | 6.02% | 10.11% | |
Average outstanding balance under line of credit | $ 115 |
Debt (Private Placement Facilit
Debt (Private Placement Facilities - Narrative) (Details) - Private Placement Facilities [Member] $ in Billions | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument maximum borrowing capacity | $ 1.5 |
Debt instrument, maturity date | Oct. 20, 2026 |
Average term of issuances under private placement facilities | 12 years |
Debt instrument, interest rate, weighted-average percentage | 3.65% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Term of issuances under private placement facilities | 5 years |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Term of issuances under private placement facilities | 15 years |
Debt (U.S. Trade Accounts Recei
Debt (U.S. Trade Accounts Receivable Securitization - Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 USD ($) number | Dec. 31, 2022 USD ($) | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee basis points depending upon program utilization | 0.0030 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee basis points depending upon program utilization | 0.0035 | |
U.S. trade accounts receivable securitization [Member] | ||
Debt Instrument [Line Items] | ||
Pricing commitment period | 3 years | |
Debt instrument, maturity date | Dec. 15, 2025 | |
Debt instrument maximum borrowing capacity | $ 450 | |
Number of banks as agents for debt instrument | number | 2 | |
Long-term debt | $ 210 | $ 330 |
U.S. trade accounts receivable securitization [Member] | Average Asset Backed Commercial Paper Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, variable rate basis at period end | 5.67% | 4.58% |
Debt instrument, basis spread on variable rate | 0.75% | 0.75% |
Debt instrument, interest rate at period end | 6.42% | 5.33% |
Debt (Term Loan Narrative) (Det
Debt (Term Loan Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Term Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt face amount | $ 750 | |
Term of issuances under private placement facilities | 3 years | |
Long-term debt | $ 741 | $ 0 |
September 2023 through June 2024 [Member] | ||
Line of Credit Facility [Line Items] | ||
Quarterly payments | 5 | |
September 2024 through June 2026 [Member] | ||
Line of Credit Facility [Line Items] | ||
Quarterly payments | $ 9 | |
Interest Rate Swaps [Member] | Term Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Derivative fixed interest rate | 5.79% | |
Secured Overnight Financing Rate Sofr Overnight Index Swap Rate [Member] | Term Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate, stated percentage | 5.36% | |
Debt instrument, basis spread on variable rate | 1.35% | |
Debt instrument, interest rate at period end | 6.71% |
Debt (Bank Credit Lines) (Detai
Debt (Bank Credit Lines) (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Bank credit lines | $ 264 | $ 103 |
Revolving credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Bank credit lines | 200 | 0 |
Other short-term bank credit lines [Member] | ||
Line of Credit Facility [Line Items] | ||
Bank credit lines | $ 64 | $ 103 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 8 | $ 10 | |
Total Long-term debt | 2,087 | 1,046 | |
Less current maturities | (150) | (6) | |
Total long-term debt | [1] | 1,937 | 1,040 |
Term Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 741 | 0 | |
Private Placement Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,074 | 699 | |
U.S. trade accounts receivable securitization [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 210 | 330 | |
Various collateralized and uncollateralized long-term loans payable with interest, in varying installments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 54 | $ 7 | |
Various collateralized and uncollateralized long-term loans payable with interest, in varying installments [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 0% | 0% | |
Various collateralized and uncollateralized long-term loans payable with interest, in varying installments [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 9.42% | 3.50% | |
[1] Amounts presented include balances held by our consolidated variable interest entity (“VIE”). December 31, 2022, includes trade accounts receivable of $ 284 327 210 million and $ 255 Note 1 – Basis of Presentation and Significant Accounting Policies information. |
Debt (Schedule of Long-Term D_2
Debt (Schedule of Long-Term Debt Maturities) (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Maturities of Long-term Debt [Abstract] | ||
2024 | $ 150 | |
2025 | 231 | |
2026 | 721 | |
2027 | 104 | |
2028 | 179 | |
Thereafter | 702 | |
Total Long-term debt | $ 2,087 | $ 1,046 |
Debt (Private Placement Facil_2
Debt (Private Placement Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Less: Deferred debt issuance costs | $ (1) | |
Private Placement Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Less: Deferred debt issuance costs | (1) | |
Total Long-term debt | $ 1,074 | $ 699 |
Due date | Oct. 20, 2026 | |
Private Placement Facilities [Member] | Private placement facilities maturing in January 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Jan. 20, 2012 | |
Amount of borrowing outstanding | $ 50 | |
Borrowing Rate | 3.45% | |
Due date | Jan. 20, 2024 | |
Private Placement Facilities [Member] | Private placement facilities maturing in December 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Dec. 24, 2012 | |
Amount of borrowing outstanding | $ 50 | |
Borrowing Rate | 3% | |
Due date | Dec. 24, 2024 | |
Private Placement Facilities [Member] | Private Placement facilities maturing in June 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Jun. 16, 2017 | |
Amount of borrowing outstanding | $ 100 | |
Borrowing Rate | 3.42% | |
Due date | Jun. 16, 2027 | |
Private Placement Facilities [Member] | Private Placement Facilities maturing in September 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Sep. 15, 2017 | |
Amount of borrowing outstanding | $ 100 | |
Borrowing Rate | 3.52% | |
Due date | Sep. 15, 2029 | |
Private Placement Facilities [Member] | Private Placement facilities maturing in January 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Jan. 02, 2018 | |
Amount of borrowing outstanding | $ 100 | |
Borrowing Rate | 3.32% | |
Due date | Jan. 02, 2028 | |
Private Placement Facilities [Member] | Private placement facilities maturing in September 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Sep. 02, 2020 | |
Amount of borrowing outstanding | $ 100 | |
Borrowing Rate | 2.35% | |
Due date | Sep. 02, 2030 | |
Private Placement Facilities [Member] | Private placement facilities maturing in June 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Jun. 02, 2021 | |
Amount of borrowing outstanding | $ 100 | |
Borrowing Rate | 2.48% | |
Due date | Jun. 02, 2031 | |
Private Placement Facilities [Member] | Private placement facilities maturing in June 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | Jun. 02, 2021 | |
Amount of borrowing outstanding | $ 100 | |
Borrowing Rate | 2.58% | |
Due date | Jun. 02, 2033 | |
Private Placement Facilities [Member] | Private placement facilities maturing in May 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | May 04, 2023 | |
Amount of borrowing outstanding | $ 75 | |
Borrowing Rate | 4.79% | |
Due date | May 04, 2028 | |
Private Placement Facilities [Member] | Private placement facilities maturing in May 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | May 04, 2023 | |
Amount of borrowing outstanding | $ 75 | |
Borrowing Rate | 4.84% | |
Due date | May 04, 2030 | |
Private Placement Facilities [Member] | Private placement facilities maturing in May 2033 I [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | May 04, 2023 | |
Amount of borrowing outstanding | $ 75 | |
Borrowing Rate | 4.96% | |
Due date | May 04, 2033 | |
Private Placement Facilities [Member] | Private placement facilities maturing in May 2033 II [Member] | ||
Debt Instrument [Line Items] | ||
Date of borrowing | May 04, 2023 | |
Amount of borrowing outstanding | $ 150 | |
Borrowing Rate | 4.94% | |
Due date | May 04, 2033 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Tax Examination [Line Items] | ||||
Effective tax rate (as a percent) | 22.10% | 23.50% | 23.80% | |
Tax on global intangible low-taxed income ("GILTI") | $ 7 | $ 6 | $ 5 | |
Unrecognized tax benefits | 98 | 82 | 71 | $ 70 |
Tax interest expense (credit) | 4 | 0 | 0 | |
Accrued Taxes [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax Cuts And Jobs Act Of 2017 Transition Tax For Accumulated Foreign Earnings Liability Current | 11 | 19 | ||
Other Liabilities [Member] | ||||
Income Tax Examination [Line Items] | ||||
Unrecognized tax benefits | 115 | 94 | ||
Unrecognized tax benefits that would affect the effective tax rate if recognized | 107 | 80 | ||
Total interest | 16 | 12 | ||
Tax Cuts And Jobs Act Of 2017 Transition Tax For Accumulated Foreign Earnings Liability Current | 24 | 23 | ||
Domestic Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Operating loss carryforwards | 37 | $ 69 | $ 317 | |
Net operating loss carryforwards not subject to expiration | 37 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net operating loss carryforwards not subject to expiration | 304 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net operating loss carryforwards not subject to expiration | $ 23 |
Income Taxes (Income Before Tax
Income Taxes (Income Before Taxes and Equity in Earnings of Affiliates) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income before equity method investments, income taxes and loss on sale of equity investment [Abstract] | |||
Domestic | $ 424 | $ 506 | $ 593 |
Foreign | 118 | 215 | 238 |
Income before taxes, equity in earnings of affiliates and noncontrolling interests | $ 542 | $ 721 | $ 831 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes Attributable to Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Current income tax expense: | |||
U.S. Federal | $ 72 | $ 150 | $ 129 |
State and local | 28 | 49 | 37 |
Foreign | 40 | 44 | 43 |
Total current | 140 | 243 | 209 |
Deferred income tax expense (benefit): | |||
U.S. Federal | 9 | (48) | (12) |
State and local | (3) | (13) | (3) |
Foreign | (26) | (12) | 4 |
Total deferred | (20) | (73) | (11) |
Total income tax provision | $ 120 | $ 170 | $ 198 |
Income Taxes (Tax Effects of Te
Income Taxes (Tax Effects of Temporary Differences to Deferred Income Tax Asset (Liability)) (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Deferred income tax asset: | ||
Net operating losses | $ 90 | $ 64 |
Other carryforwards | 34 | 10 |
Inventory, premium coupon redemptions and accounts receivable valuation allowances | 44 | 57 |
Operating lease liability | 80 | 77 |
Other asset | 66 | 60 |
Total deferred income tax asset | 314 | 268 |
Valuation allowance for deferred tax assets | (36) | (36) |
Net deferred income tax asset | 278 | 232 |
Deferred income tax liability | ||
Intangibles amortization | (219) | (112) |
Operating lease right-of-use asset | (65) | (61) |
Property and equipment | (10) | (7) |
Total deferred tax liability | (294) | (180) |
Net deferred income tax asset (liability) | $ (16) | $ 52 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Provision at Federal Statutory Rate to Total Income Tax Provision) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax provision at federal statutory rate | $ 114 | $ 151 | $ 175 |
State income tax provision, net of federal income tax effect | 15 | 20 | 21 |
Foreign income tax provision | 5 | 4 | 6 |
Pass through noncontrolling interest | (8) | (4) | (4) |
Valuation allowance | (3) | (2) | (6) |
Unrecognized tax benefits and audit settlements | 9 | 11 | 7 |
Interest expense related to loans | (13) | (12) | (11) |
Tax on global intangible low-taxed income ("GILTI") | 7 | 6 | 5 |
Other | (6) | (4) | 5 |
Total income tax provision | $ 120 | $ 170 | $ 198 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation of Unrecognized Tax Benefits Excluding the Effect of Deferred Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | $ 82 | $ 71 | $ 70 |
Additions based on current year tax positions | 9 | 14 | 3 |
Additions based on prior year tax positions | 26 | 8 | 11 |
Reductions based on prior year tax positions | (2) | 0 | (1) |
Reductions resulting from settlements with taxing authorities | (3) | (1) | (9) |
Reductions resulting from lapse in statutes of limitations | (14) | (10) | (3) |
Balance, end of period | $ 98 | $ 82 | $ 71 |
Plans of Restructuring and In_3
Plans of Restructuring and Integration Costs (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) number | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) number | Dec. 25, 2021 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 80 | $ 128 | $ 8 | |
Impairment charge on intangible assets | 7 | 34 | $ 1 | |
Midway Dental Supply [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 9 | 9 | ||
Integration costs | $ 3 | $ 3 | ||
Building Vacated [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of buildings vacated | number | 1 | 1 | ||
Accelerated amortization of right of use lease asset expense | $ 34 | |||
Loss on Disposal of a Business [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 49 | |||
Impairment charge on intangible assets | $ 12 |
Plans of Restructuring and In_4
Plans of Restructuring and Integration Costs (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 80 | $ 128 | $ 8 |
Total | 80 | 131 | 8 |
Severance And Employee Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 46 | 29 | 8 |
Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 15 | 47 | |
Exit and Other Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 6 | 3 | |
Loss on Disposal of a Business [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 49 | ||
Total | 13 | 49 | |
Integration Employee Related and Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 3 | ||
Healthcare Distribution [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 72 | 124 | 6 |
Integration Costs | 3 | ||
Healthcare Distribution [Member] | Severance And Employee Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 41 | 25 | 6 |
Healthcare Distribution [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 13 | 47 | |
Healthcare Distribution [Member] | Exit and Other Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 5 | 3 | |
Healthcare Distribution [Member] | Loss on Disposal of a Business [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 13 | 49 | |
Healthcare Distribution [Member] | Integration Employee Related and Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Integration Costs | 3 | ||
Technology And Value Added Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 8 | 4 | 2 |
Technology And Value Added Services [Member] | Severance And Employee Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 5 | $ 4 | $ 2 |
Technology And Value Added Services [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 2 | ||
Technology And Value Added Services [Member] | Exit and Other Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 1 |
Plans of Restructuring and In_5
Plans of Restructuring and Integration Costs (Schedule of Restructuring Reserve by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Balance, beginning | $ 24 | $ 4 | |
Restructuring charges | 80 | 128 | $ 8 |
Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets | (15) | (47) | |
Non-cash impairment on disposal of a business | (12) | (46) | |
Cash payments and other adjustments | (54) | (15) | |
Balance, ending | 23 | 24 | 4 |
Health Care Distribution [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning | 21 | 3 | |
Restructuring charges | 72 | 124 | 6 |
Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets | (13) | (47) | |
Non-cash impairment on disposal of a business | (12) | (46) | |
Cash payments and other adjustments | (46) | (13) | |
Balance, ending | 22 | 21 | 3 |
Technology and Value-Added Services [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Balance, beginning | 3 | 1 | |
Restructuring charges | 8 | 4 | |
Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets | (2) | ||
Cash payments and other adjustments | (8) | (2) | |
Balance, ending | $ 1 | $ 3 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Unrecorded Unconditional Purchase Obligation (Details) $ in Millions | Dec. 30, 2023 USD ($) |
Unrecorded Unconditional Purchase Obligation [Abstract] | |
2024 | $ 5 |
2025 | 4 |
2026 | 4 |
2027 | 4 |
2028 | 0 |
Thereafter | 0 |
Total minimum inventory purchase commitment payments | $ 17 |
Commitments and Contingencies_2
Commitments and Contingencies - Other Commitments (Details) | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Employment, consulting and non-compete agreements [Member] | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2024 | $ 21,000,000 |
2025 | 8,000,000 |
2026 | 1,000,000 |
2027 | 1,000,000 |
2028 | 0 |
Thereafter | 0 |
Life-time consulting agreement [Member] | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
Current compensation paid under lifetime consulting agreement | $ 400,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Litigation (Details) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 USD ($) number | Dec. 31, 2022 USD ($) | Dec. 25, 2021 USD ($) | |
Loss Contingency, Information about Litigation Matters [Abstract] | |||
Net sales | $ | $ 12,339 | $ 12,647 | $ 12,401 |
Maximum [Member] | |||
Loss Contingency, Information about Litigation Matters [Abstract] | |||
Number of pending claims | number | 175 | ||
Other Hospitals Located Throughout Florida [Member] | |||
Loss Contingency, Information about Litigation Matters [Abstract] | |||
Number of plaintiffs | number | 25 | ||
Actions consolidated in the MultiDistrict Litigation [Member] | Maximum [Member] | |||
Loss Contingency, Information about Litigation Matters [Abstract] | |||
Maximum sales of opioids in North America during the year, percentage | 0.40% | ||
Actions consolidated in the MultiDistrict Litigation [Member] | Continuing Operations [Member] | |||
Loss Contingency, Information about Litigation Matters [Abstract] | |||
Net sales | $ | $ 12,300 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax share-based compensation expense | $ 39 | $ 54 | $ 78 |
Total unrecognized compensation cost related to non-vested awards | $ 65 | ||
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards (in years) | 2 years 7 months 6 days | ||
Liability related to grant date fair value of stock-based compensation to be settled in cash | $ 0.1 | ||
Expected life of options (years) | 6 years | 6 years | |
Options granted in period | 0 | ||
Restricted Stock/Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of stock-based awards granted before forfeitures (in dollars per share) | $ 76.43 | $ 85.51 | $ 62.72 |
Intrinsic value (in dollars per share) | $ 76.85 | $ 78.74 | $ 73.99 |
Time-Based Restricted Stock/Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years for full vesting (in years) | 4 years | ||
Weighted-average grant date fair value of stock-based awards granted before forfeitures (in dollars per share) | $ 77.50 | ||
Intrinsic value (in dollars per share) | $ 75.71 | ||
Performance-Based Restricted Stock/Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years for full vesting (in years) | 3 years | ||
Weighted-average grant date fair value of stock-based awards granted before forfeitures (in dollars per share) | $ 81 | ||
Intrinsic value (in dollars per share) | $ 75.71 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years for full vesting (in years) | 3 years | ||
Percentage of stock options vest per year | 33.33% | ||
Expiration period (in years) | 10 years | ||
2020 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized to be granted (in shares) | 70,942,657 | ||
Shares available to be granted (in shares) | 6,773,234 | ||
2020 Stock Incentive Plan [Member] | Special Pandemic Recognition Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years for full vesting (in years) | 2 years | ||
Stock based compensation percentage of options vest per year first anniversary | 50% | ||
Stock based compensation percentage of options vest per year second anniversary | 50% | ||
Cumulative percentage payout based on actual performance and one-time special award | 75% | ||
2020 Stock Incentive Plan [Member] | Performance-Based Restricted Stock/Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage payout based on actual performance | 20% | ||
2023 Non-Employee Director Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized to be granted (in shares) | 2,075,000 | ||
Shares available to be granted (in shares) | 393,309 | ||
2023 Non-Employee Director Stock Incentive Plan [Member] | Time-Based Restricted Stock/Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years for full vesting (in years) | 12 months | ||
2018 Long-Term Incentive Program [Member] | Performance-Based Restricted Stock/Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years for full vesting (in years) | 3 years |
Stock Based Compensation (Valua
Stock Based Compensation (Valuation Model) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 25, 2021 | |
Stock Based Compensation [Abstract] | ||
Expected stock price volatility | 27.80% | 27.10% |
Risk-free interest rate | 3.62% | 1.33% |
Expected life of options (years) | 6 years | 6 years |
Stock Based Compensation (Summa
Stock Based Compensation (Summary of Stock Option Activity Under the Plans) (Details) - Stock Options [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 30, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of period (in shares) | shares | 1,117,574 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (23,498) |
Forfeited (in shares) | shares | (15,617) |
Outstanding at end of period (in shares) | shares | 1,078,459 |
Ending balance, options exercisable (in shares) | shares | 573,459 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 71.38 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 62.74 |
Forfeited (in dollars per share) | $ / shares | 79.04 |
Outstanding at end of period (in dollars per share) | $ / shares | 71.46 |
Ending balance, options exercisable (in dollars per share) | $ / shares | $ 68.43 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of period, Weighted Average Remaining Contractual Life in Years | 7 years 7 months 6 days |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 9 |
Stock-Based Compensation (Intri
Stock-Based Compensation (Intrinsic Values) (Details) - Employee And Directors Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options | shares | 503,497 |
Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 74.95 |
Weighted Average Remaining Contractual Life (in years) | 7 years 8 months 12 days |
Aggregate Intrinsic Value | $ | $ 3,000 |
Stock Based Compensation (Statu
Stock Based Compensation (Status of Non-Vested Restricted Shares/Units) (Details) | 12 Months Ended |
Dec. 30, 2023 $ / shares shares | |
Time-Based Restricted Stock/Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance outstanding (in shares) | shares | 1,756,044 |
Granted (in shares) | shares | 426,021 |
Vested (in shares) | shares | (433,973) |
Forfeited (in shares) | shares | (92,699) |
Ending balance outstanding (in shares) | shares | 1,655,393 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance outstanding (in dollars per share) | $ 66.59 |
Granted (in dollars per share) | 77.50 |
Vested (in dollars per share) | 61.96 |
Forfeited (in dollars per share) | 72.37 |
Ending balance outstanding (in dollars per share) | 70.34 |
Intrinsic value (in dollars per share) | $ 75.71 |
Performance-Based Restricted Stock/Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance outstanding (in shares) | shares | 520,916 |
Granted (in shares) | shares | 381,571 |
Vested (in shares) | shares | (631,458) |
Forfeited (in shares) | shares | (62,287) |
Ending balance outstanding (in shares) | shares | 208,742 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance outstanding (in dollars per share) | $ 60.23 |
Granted (in dollars per share) | 81 |
Vested (in dollars per share) | 60.65 |
Forfeited (in dollars per share) | 77.45 |
Ending balance outstanding (in dollars per share) | 78.02 |
Intrinsic value (in dollars per share) | $ 75.71 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Management [Member] | Deferred compensation bonus and commission plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation plan fair market value amount charged (credited) to operations | $ 12 | $ (11) | $ 8 |
Qualified 401K plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum matching contributions as a percentage of participants' contributions (as a percent) | 100% | ||
Maximum participants' contributions as a percentage of their base compensation (as a percent) | 7% | ||
Allowable maximum percentage of contributions allocated to Henry Schein Stock Fund (as a percent) | 20% | ||
Amounts charged (credited) to operations | $ 50 | 45 | 38 |
Qualified 401K plan [Member] | Selling General And Administrative Expenses [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Amounts charged (credited) to operations | 42 | 37 | 30 |
Qualified 401K plan [Member] | Cost of Goods Sold [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Amounts charged (credited) to operations | 8 | 8 | 8 |
Supplemental executive retirement plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Amounts charged (credited) to operations | $ 3 | $ (1) | $ 2 |
Employee Benefit Plans (Obligat
Employee Benefit Plans (Obligation and Funded Status) (Details) - Pension Plans Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Balance | $ 108 | $ 128 | |
Service costs | 3 | 3 | $ 4 |
Interest cost | 3 | 1 | |
Past service cost | 1 | 0 | |
Actuarial gain (loss) | 6 | (19) | |
Benefits paid | 0 | (1) | |
Participant contributions | 1 | 1 | |
Settlements | (3) | (1) | |
Effect of foreign currency translation | 6 | (4) | |
Balance | 125 | 108 | 128 |
Defined Benefit Plan Change In Fair Value Of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of period | 73 | 75 | |
Actual return on plan assets | 4 | (3) | |
Employer contributions | 2 | 2 | |
Plan participant contributions | 1 | 1 | |
Expected return on plan assets | 1 | 1 | |
Benefit received | 2 | 0 | |
Settlements | (2) | (1) | |
Effect of foreign currency translation | 5 | (2) | |
Fair value of plan assets at end of period | 86 | 73 | $ 75 |
Unfunded Plan [Member] | |||
Defined Benefit Plan Change In Fair Value Of Plan Assets [Roll Forward] | |||
Defined Benefit Plan Funded Status Of Plan | 39 | 35 | |
Funded Plan [Member] | |||
Defined Benefit Plan Change In Fair Value Of Plan Assets [Roll Forward] | |||
Defined Benefit Plan Funded Status Of Plan | $ 7 | $ 6 |
Employee Benefit Plans (Balance
Employee Benefit Plans (Balance Sheet) (Details) - Pension Plans Defined Benefit [Member] - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 27 | $ 25 |
Current liabilities | (1) | (1) |
Non-current liabilities | (65) | (59) |
Accumulated other comprehensive loss, pre-tax | $ 8 | $ 4 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Pension Cost) (Details) - Pension Plans Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service costs | $ 3 | $ 3 | $ 4 |
Interest cost | 3 | 1 | |
Expected return on plan assets | (3) | (1) | (1) |
Employee contributions | (1) | ||
Defined Benefit Plan Amortization Of Prior Service Cost Credit | 1 | 1 | |
Total | $ 2 | $ 4 | $ 4 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions) (Details) - Pension Plans Defined Benefit [Member] | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate | 2.71% | 1.67% | |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate | 1.50% | 1.25% | 0.56% |
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets | 0.51% | 0.81% | 0.71% |
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase | 1.64% | 1.68% | 1.95% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Pension Rate | 0.80% | 0.61% | 0.72% |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Payments) (Details) - Pension Plans Defined Benefit [Member] $ in Millions | Dec. 30, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 7 |
2025 | 6 |
2026 | 7 |
2027 | 7 |
2028 | 8 |
2029 to 2033 | 44 |
Total | $ 79 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Change in Fair Value of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Components of the change in the redeemable noncontrolling interests [Abstract] | |||
Balance, beginning of period | $ 576 | $ 613 | $ 328 |
Decrease in redeemable noncontrolling interests due to acquisitions of noncontrolling interests in subsidiaries | (19) | (31) | (60) |
Increase in redeemable noncontrolling interests due to business acquisitions | 326 | 4 | 189 |
Net income attributable to redeemable noncontrolling interests | 6 | 21 | 23 |
Distributions declared, net of capital contributions | (19) | (21) | (21) |
Effect of foreign currency translation gain (loss) attributable to redeemable noncontrolling interests | 5 | (6) | (6) |
Change in fair value of redeemable securities | (11) | (4) | 160 |
Balance, end of period | $ 864 | $ 576 | $ 613 |
Comprehensive Income (Accumulat
Comprehensive Income (Accumulated Other Comprehensive Income and Comprehensive Income Components) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Attributable to redeemable noncontrolling interests: | |||
Foreign currency translation adjustment | $ (32) | $ (37) | $ (31) |
Attributable to noncontrolling interests: | |||
Foreign currency translation adjustment | (1) | (1) | 0 |
Attributable to Henry Schein, Inc.: | |||
Foreign currency translation adjustment | (188) | (236) | (155) |
Unrealized gain (loss) from hedging activities | (13) | 5 | (2) |
Pension adjustment loss | (5) | (2) | (14) |
Accumulated other comprehensive loss | (206) | (233) | (171) |
Total Accumulated other comprehensive loss | (239) | (271) | (202) |
Components of comprehensive income [Abstract] | |||
Net Income | 436 | 566 | 660 |
Foreign currency translation gain (loss) | 53 | (88) | (84) |
Tax effect | 0 | 0 | 0 |
Foreign currency translation gain (loss) | 53 | (88) | (84) |
Unrealized gain (loss) from hedging activities | (25) | 10 | 12 |
Tax effect | 7 | (3) | (3) |
Unrealized gain (loss) from hedging activities | (18) | 7 | 9 |
Pension adjustment gain (loss) | (3) | 16 | 8 |
Tax effect | 0 | (4) | (2) |
Pension adjustment gain (loss) | (3) | 12 | 6 |
Comprehensive income | $ 468 | $ 497 | $ 591 |
Comprehensive Income (Total Com
Comprehensive Income (Total Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Comprehensive Income Net Of Applicable Taxes [Abstract] | |||
Comprehensive income attributable to Henry Schein, Inc. | $ 443 | $ 476 | $ 568 |
Comprehensive income attributable to noncontrolling interests | 14 | 6 | 6 |
Comprehensive income attributable to Redeemable noncontrolling interests | 11 | 15 | 17 |
Comprehensive income | $ 468 | $ 497 | $ 591 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Shares used in Calculating Earnings per Share Basic and Diluted) (Details) - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 130,618,990 | 136,064,221 | 140,090,889 |
Effect of dilutive securities: | |||
Stock options, restricted stock and restricted stock units (in shares) | 1,129,181 | 1,691,449 | 1,681,892 |
Diluted (in shares) | 131,748,171 | 137,755,670 | 141,772,781 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from earnings per share | 439,735 | 362,182 | 612,917 |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from earnings per share | 424,695 | 342,716 | 611,869 |
Restricted Stock/Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from earnings per share | 15,040 | 19,466 | 1,048 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |||
Unrealized gain (loss) from hedging activities | $ (25) | $ 10 | $ 12 |
Debt assumed as part of acquisitions | $ 143 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Cash Paid for Interest and Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest | $ 84 | $ 47 | $ 29 |
Income taxes | $ 218 | $ 265 | $ 242 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Internet Brands Inc [Member] | Royalty Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Costs And Expenses | $ 31 | $ 31 | $ 31 |
Other Liabilities | $ 1 | 9 | |
Internet Brands Inc [Member] | Scenario, Plan [Member] | Royalty Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Royalty agreement term (in years) | 10 years | ||
Amount of transaction | $ 31 | ||
Equity Method Investee [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases from related party | 10 | 9 | 15 |
Other Liabilities | 5 | 6 | |
Revenues | 46 | 46 | $ 48 |
Other Receivables | $ 32 | $ 36 |