CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 25, 2021 |
|---|---|---|
| Current assets: | ||
| Accounts receivable, reserves (in dollars) | $ 65 | $ 67 |
| 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) | 131,792,817 | 137,145,558 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net Income | $ 566 | $ 660 | $ 420 |
| Other comprehensive income, net of tax: | |||
| Foreign currency translation gain (loss) | (88) | (84) | 63 |
| Unrealized gain (loss) from foreign currency hedging activities | 7 | 9 | (7) |
| Pension adjustment gain | 12 | 6 | 0 |
| Other comprehensive income (loss), net of tax | (69) | (69) | 56 |
| Comprehensive income | 497 | 591 | 476 |
| Comprehensive income attributable to noncontrolling interests: | |||
| Net income | (28) | (29) | (16) |
| Foreign currency translation loss | 7 | 6 | 3 |
| Comprehensive income attributable to noncontrolling interests | (21) | (23) | (13) |
| Comprehensive income attributable to Henry Schein, Inc. | $ 476 | $ 568 | $ 463 |
Basis of Presentation and Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| 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 networks, 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, the Netherlands, New Zealand, Poland, Portugal, Singapore, South Switzerland, Thailand, United Arab Emirates and the United Kingdom. Basis of Presentation Our consolidated financial statements include the accounts of Henry subsidiaries. unconsolidated affiliates in which we have the ability to influence the operating or for under the equity method. presentation. consolidated financial condition, results of operations or cash flows. 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 the primary beneficiary, and we have the power to direct activities that most significantly affect the economic performance and have majority of the losses or benefits. collateral to the related debt. December 31, 2022 and December 25, 2021, certain trade accounts receivable that obligations of this VIE were $ 327 138 creditors have recourse to us were $ 255 105 Use of Estimates The preparation of financial statements in conformity with accounting principles States requires us to make estimates and assumptions that affect the reported amounts of disclosure of contingent assets and liabilities at the date of the financial revenues and expenses during the reporting period. In March 2020, the World Health Organization declared the Novel Coronavirus Disease 2019 (“COVID-19”) a pandemic. created significant volatility and disruption business closures and restrictions, stay-at-home and social distancing ordinances the pandemic, which significantly impacted global business and dramatically and certain medical products in the second quarter of 2020. second half of 2020 and continued throughout the years ended December 25, resulting in growth over the prior years. 2022. 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; hedging activity; supplier compensation cost for certain share-based performance awards and cash bonus assumptions. regarding estimates and impairments could change in the future. pandemic may again have a material adverse effect on our business, results of operations result in a material adverse effect on our financial condition and liquidity. impact cannot be reasonably estimated at this time. Fiscal Year We report our results of operations and cash flows on a 52 - 53 The year ended December 31, 2022 consisted of 53 26, 2020 consisted of 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 a point customer. We believe that the shipment date is the most appropriate point in time indicating control has transferred to the customer because we have no post-shipment obligations and this is when ownership transfer to the customer and the point at which we have an 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”) 460 “Guarantees”. accrued approximately $ 8 8 Revenue derived from the sale of software products is recognized when made available electronically. training due to the nature of its design. including annual support and/or training, is generally recognized over that best depicts the transfer of control to the customer. Service basis is recognized ratably over the subscription period as Revenue derived from other sources, including freight charges, equipment repairs recognized when the related product revenue is recognized or when practical expedient to treat shipping and handling activities performed after the fulfillment activities, rather than a separate performance obligation in the Sales, value-add and other taxes we collect concurrent with revenue-producing revenue. Certain of our revenue is derived from bundled arrangements that include which are accounted for separately. and technical support), we allocate revenue to software using the residual standalone selling price to estimate the fair value of the undelivered elements that are not considered software consist primarily of equipment allocate revenue for such arrangements based on the relative selling observable selling price is not available (i.e., we 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 current liabilities. return liability based on historical data for specific products, adjusted allowance for returns is presented gross as a refund liability and we adjustment to 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, internal distribution network are included in selling, general and administrative Total distribution network costs were $ 103 89 72 2022, December 25, 2021 and December 26, 2020. 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 conjunction with supplier rebate contract terms, which generally provide increased purchase or sales volume. 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 $ 96 97 79 December 26, 2020. Advertising and Promotional Costs We generally expense advertising and promotional costs as incurred. were $ 47 48 32 December 26, 2020. Stock 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 Certain 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 benefit obligation, of each applicable plan, within accumulated other comprehensive sheets, whereby each unfunded plan is recognized as a liability and 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 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. 54 2 payments for inventory, were classified as accounts payable as of December 31, 2022 and December 25, 2021. Contract Balances Contract balances represent amounts presented in our consolidated balance goods or services to the customer or the customer has paid consideration to us balances include accounts receivable, 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 allowance for doubtful accounts was $ 65 67 88 December 25, 2021 and December 26, 2020, respectively. December 31, 2022, December 25, 2021 and December 26, 2020 were $ 8 0 36 Deductions to the allowance for the years ended December 31, 2022, December were $ 10 21 8 Contract Assets Contract assets include amounts related to any conditional right to consideration as of the reporting date, and generally represent amounts owed to us by assets are transferred to accounts receivable when the right becomes unconditional. relate to our bundled arrangements for the sale of equipment and consumables Current contract assets are included in Prepaid expenses and other and the non-current in investments and other within our consolidated balance sheets. of December 31, 2022 and December 25, 2021 were not 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 25, 2021, the current portion of contract liabilities of $ 89 Other, and $ 10 ended December 31, 2022, previously deferred at December 25, 2021. liabilities were $ 86 8 Inventories and Reserves Inventories consist primarily of finished goods and are valued at the determined by the first-in, first-out method for merchandise or actual cost equipment. condition and salability of the inventory, historical sales, forecasted sales and market and economic trends. time to time, we adjust our assumptions for anticipated changes in any the value of inventory. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation or computed primarily under the straight-line method Amortization of leasehold improvements is computed using useful life of the assets or the lease term. Capitalized Software Development Costs Capitalized internal-use software costs consist of costs to purchase and solely to meet internal needs and cloud-based applications used to deliver during the application development stage and include such costs within consolidated balance sheets. development costs when technological feasibility is reached and 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 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” leases with a term of 12 months or less are not capitalized. 25, 2021 and December 26, 2020, such short-term lease expense was 7 4 2 respectively. 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. Goodwill Goodwill represents the excess of the purchase price over the estimated fair including the amount assigned to identifiable intangible assets. or more frequently if needed. carrying value of reporting units. medical; and technology and value-added services. purposes of preparing our impairment analyses, based on a specific identification For the years ended December 31, 2022 and December 25, 2021, we tested goodwill day of the fourth quarter, using a quantitative analysis comparing the carrying value of our reporting including goodwill, to the estimated fair value of our reporting units using the fair value of a reporting unit exceeds its carrying amount, goodwill impaired. its fair value 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 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 For the year ended December 25, 2021, the results of our goodwill no t result in any impairments. Intangible Assets Intangible assets, other than goodwill, are evaluated for impairment whenever indicate that the carrying amount of the assets may not be recoverable cash flows to be derived from such assets. Definite-lived intangible assets primarily consist of non-compete agreements, lists, customer relationships and product development. are only recorded if the asset’s future cash flows. estimated fair value. During the years ended December 31, 2022, December 25, 2021 impairment charges on intangible assets of $ 34 1 20 discussed in 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 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 flow 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 earnings reduced by the portion of the subsidiaries’ net income that is attributable Noncontrolling Interests Non-controlling 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 foreign currency Risk Management and Derivative Financial Instruments We use derivative instruments to minimize our exposure to fluctuations in foreign currency exchange rates. objective is to manage the impact that foreign currency exchange rate fluctuations and liability fair values, earnings and cash flows, as well as our net management policy requires that derivative contracts used as hedges be with the exposure being hedged and be designated as a hedge at the inception derivative instruments for speculative purposes. forward agreements related to certain intercompany loans, certain forecasted foreign suppliers and foreign currency forward contracts to hedge a portion of operations which are designated as net investment hedges. Foreign currency forward agreements related to forecasted inventory and foreign currency swaps related to foreign currency denominated debt are designated derivatives that are designated and qualify as cash flow hedges, the changes recorded as a component of Accumulated other comprehensive income reclassified into earnings in the period(s) during which the hedged transaction cash flows related to our hedging activities in the same category on our consolidated cash flows related to the hedged item. Foreign currency forward contracts related to our euro-denominated investment hedges. value of the derivative is recorded in the foreign currency translation comprehensive income in stockholders’ equity until the net investment 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 unfunded non-qualified supplemental retirement plan (“SERP”) and our deferred compensation plan changes in our SERP and DCP liabilities. in selling, general, and administrative expenses within our consolidated Foreign Currency Translation The financial position and results of operations of our foreign subsidiaries the functional currency. 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 On December 26, 2021 we adopted Accounting Standards Update Contract Assets and Contract Liabilities from Contracts with Customers” 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 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). 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 September 2022, the FASB issued ASU No. 2022-04, “Liabilities – Supplier Finance Programs (Subtopic 405- 50): Disclosure of Supplier Finance Program Obligations” which will programs by requiring entities that use such programs in connection with disclose certain qualitative and quantitative information about such years beginning after December 15, 2022, including interim periods within rollforward information, which is effective for fiscal years beginning after December that the requirements of this guidance will have a material impact on our consolidated In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which provides optional expedients applying GAAP to contracts, hedging relationships and other transactions affected London Interbank Offered Rate (“LIBOR”) or by another reference rate expected reference rate reform. through December 31, 2022. 848): Scope (“ASU 2021-01”). guidance in U.S. GAAP to ease the financial reporting burdens related LIBOR and other interbank offered rates to alternative reference rates, such as Rate. 2022. the Sunset Date of Topic 848,” which extends the period of application of temporary optional expedients from December 21, 2022 to December 31, 2024. material impact on our consolidated financial statements. |
Net Sales from Contracts with Customers |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Net Sales from Contracts with Customers [Abstract] | |
| Net Sales from Contracts with Customers | Note 2 – Net Sales from Contracts with Customers Net sales is recognized in accordance with policies disclosed in Disaggregation of Net sales The following table disaggregates our Net sales by reportable segment and 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 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 Net sales $ 9,173 $ 3,228 $ 12,401 Year December 26, 2020 North America International Global Net Sales: Health care distribution Dental $ 3,472 $ 2,441 $ 5,913 Medical 3,515 102 3,617 Total health care distribution 6,987 2,543 9,530 Technology 447 67 514 Total excluding 7,434 2,610 10,044 Corporate TSA net sales - 75 75 Net sales $ 7,434 $ 2,685 $ 10,119 (1) Corporate TSA net sales represents sales of certain animal health products to Covetrus under the transition services agreement entered into in connection with the Animal Health Spin-off, which ended in December 2020. |
Segment and Geographic Data |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Segment and Geographic Data [Abstract] | |
| Segment and Geographic Data | Note 3 – 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 global dental and medical groups serve practitioners in 32 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, PPE and vitamins. 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 31, December 25, December 26, 2022 2021 2020 Net Sales: Health care distribution (1) Dental $ 7,473 $ 7,544 $ 5,913 Medical 4,451 4,210 3,617 Total health care distribution 11,924 11,754 9,530 Technology (2) 723 647 514 Total excluding 12,647 12,401 10,044 Corporate TSA net sales (3) - - 75 Total $ 12,647 $ 12,401 $ 10,119 Consists of consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, dental specialty products (including implant, orthodontic and endodontic products), diagnostic tests, infection-control products, PPE 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. (3) Corporate TSA net sales represents sales of certain products to Covetrus under the transition services agreement entered into in connection with the Animal Health Spin-off, which ended in December 2020. Years December 31, December 25, December 26, 2022 2021 2020 Operating Income: Health care distribution $ 619 $ 727 $ 436 Technology 128 125 99 Total $ 747 $ 852 $ 535 Income from continuing operations before Health care distribution $ 592 $ 706 $ 400 Technology 129 125 100 Total $ 721 $ 831 $ 500 Depreciation and Amortization: Health care distribution $ 160 $ 157 $ 143 Technology 52 53 43 Total $ 212 $ 210 $ 186 Interest Income: Health care distribution $ 16 $ 7 $ 10 Technology 1 - - Total $ 17 $ 7 $ 10 Interest Expense: Health care distribution $ 44 $ 28 $ 41 Total $ 44 $ 28 $ 41 Income Tax Health care distribution $ 141 $ 168 $ 71 Technology 29 30 24 Total $ 170 $ 198 $ 95 Purchases of Fixed Assets: Health care distribution $ 86 $ 74 $ 44 Technology 10 5 5 Total $ 96 $ 79 $ 49 As of December 31, December 25, December 26, 2022 2021 2020 Total Health care distribution $ 7,287 $ 7,157 $ 6,503 Technology 1,320 1,324 1,270 Total $ 8,607 $ 8,481 $ 7,773 The following table presents information about our operations by geographic ended December 31, 2022. No country, except for the United States, generated net sales greater than 10 % of consolidated net sales. were no material amounts of sales or transfers among geographic areas export sales. 2022 2021 2020 Net Sales Long-Lived Assets Net Sales Long-Lived Assets Net Sales Long-Lived Assets United States $ 9,190 $ 2,891 $ 8,722 $ 2,981 $ 7,090 $ 2,363 Other 3,457 1,256 3,679 1,232 3,029 1,252 Consolidated total $ 12,647 $ 4,147 $ 12,401 $ 4,213 $ 10,119 $ 3,615 |
Business Acquisitions and Divestitures |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Business Acquisitions and Divestitures [Abstract] | |
| Business Acquisitions and Divestitures | Note 4 – Business Acquisitions and Divestiture Acquisitions We account for business acquisitions and combinations under the acquisition method of accounting, where the net assets of acquired businesses are recorded at their fair value at the acquisition statements include their results of operations from that date. value of identifiable net assets acquired is recorded as goodwill. economic benefits arising from other assets acquired in a business combination and separately recognized, such as future customers and technology, as well as the assembled workforce. Excluding goodwill, the major classes of assets and liabilities to which consideration include identifiable intangible assets (i.e., customer names, product development, and non-compete agreements), inventory value of identifiable intangible assets is based on critical judgments and market conditions, including discount rates, projected revenue growth rates and assessment of financial projections), estimated customer attrition and projected are forward-looking and could be affected by future economic and market conditions. 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 expenses within our consolidated statements of income. While we use our best estimates and assumptions to accurately value acquisition date as well as contingent consideration, where applicable, subject to refinement. we may record adjustments to the assets acquired and liabilities assumed within our consolidated balance sheets. of such assets acquired or liabilities assumed, whichever comes first, our consolidated statements of operations. 2022 Acquisitions We completed several acquisitions during the year ended December 31, 2022, which were immaterial to our consolidated financial statements. Our acquired ownership interest ranged between 55 % to 100 %. within our health care distribution segment included companies that Within our technology and value-added services segment, we acquired a company that educates and dental office managers, practice administrators and dental business leaders across 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 Trademark / Tradename 9 5 Non-compete agreements 3 2 - 5 Other 3 10 $ 96 The accounting for certain of our acquisitions during the year ended December several areas, including but not limited to pending assessments of accounts right-of-use lease assets, The pro forma financial information has not been presented because the impact ended December 31, 2022 to our consolidated financial statements was immaterial. 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 Trademark / Tradename 58 5 - 12 Product development 19 5 - 10 Non-compete agreements 5 3 - 5 Other 15 18 $ 317 2020 Acquisitions We completed several acquisitions during the year ended December 26, 2020, which were immaterial to our financial statements. 51 % to 100 %. Acquisitions within our health care distribution segment included companies companies that distribute dental supplies. companies that focus on practice management software and provide software Approximately half of the acquired goodwill is deductible for tax purposes. The following table aggregates the estimated fair value, as of the assets acquired for acquisitions during the year ended December 26, 2020: 2020 Acquisition consideration: Cash $ 52 Deferred consideration 6 Fair value of previously held equity method investment 9 Redeemable noncontrolling interests 26 Total consideration $ 93 Identifiable assets acquired and liabilities assumed: Current assets $ 36 Intangible assets 38 Other noncurrent assets 22 Current liabilities (21) Deferred income taxes (4) Other noncurrent liabilities (1) Total identifiable 70 Goodwill 23 Total net assets acquired $ 93 The following table summarizes the identifiable intangible assets acquired during 2020 and their estimated useful lives as of the date of the acquisition: Estimated Useful Lives 2020 (in years) Customer relationships and lists $ 23 10 - 12 Product development 9 7 - 10 Trademark / Tradename 4 5 Non-compete agreements 2 5 $ 38 For the years ended December 31, 2022, December 25, 2021 and December 26, adjustments recorded in our consolidated balance sheets relating to periods. 5 was subsequently increased by additional $ 5 of a certain product. During the years ended December 31, 2022, December 25, 2021 9 7 million and $ 6 Divestiture In the third quarter of 2021 we received contingent proceeds of $ 10 resulting in the recognition of an additional after-tax gain of $ 7 received contingent proceeds of $ 2 additional after-tax gain of $ 2 |
Property and Equipment, Net |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Property, Plant and Equipment [Abstract] | |
| Property and Equipment, Net | Note 5 – Property and Equipment, Net Property and equipment, including related estimated useful lives, consisted December 31, December 25, 2022 2021 Land $ 20 $ 21 Buildings and permanent improvements 135 140 Leasehold improvements 94 98 Machinery and warehouse equipment 169 153 Furniture, fixtures and other 127 119 Computer equipment and software 411 385 956 916 Less accumulated depreciation (573) (550) Property and equipment, net $ 383 $ 366 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 Amortization of leasehold improvements is computed using the straight-line life of the assets or the lease term. Property and equipment related depreciation expense for the years and December 26, 2020 was $ 68 71 64 |
Leases |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Leases [Abstract] | |
| Leases | Note 6 – Leases We have operating and finance leases for corporate offices, office space, distribution and other facilities, vehicles and certain equipment. one year 19 which may include options to extend the leases for up to 15 follows: Years December 31, December 25, December 26, 2022 2021 2020 Operating lease cost: $ 150 $ 103 $ 87 Finance Amortization of right-of-use assets 3 3 2 Total finance $ 3 $ 3 $ 2 (1) Includes variable lease expenses. (2) Operating lease cost for the years ended December 31, 2022, December 25, 2021, and December 26, 2020, include accelerated amortization of right-of-use assets of $ 42 0 0 “Restructuring and integration costs” within our consolidated statements of income. Further, for the years ended December 31, 2022, impairment of right-of-use assets of $ 3 0 4 recorded in “Restructuring and integration costs” within our consolidated Supplemental balance sheet information related to leases is as follows: Years December 31, December 25, 2022 2021 Operating Leases: Operating lease right-of-use assets $ 284 $ 325 Current operating lease liabilities 73 76 Non-current operating lease liabilities 275 268 Total operating lease liabilities $ 348 $ 344 Finance Leases: Property and equipment, at cost $ 16 $ 13 Accumulated depreciation (6) (5) Property and equipment, net of accumulated depreciation $ 10 $ 8 Current maturities of long-term debt $ 4 $ 3 Long-term debt 6 4 Total finance $ 10 $ 7 Weighted Average Operating leases 6.7 7.3 Finance leases 3.1 3.6 Weighted Operating leases 2.8 % 2.4 % Finance leases 3.3 % 1.7 % Supplemental cash flow information related to leases is as follows: Years December 31, December 25, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 87 85 Financing cash flows for finance leases 3 3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 88 121 Finance leases 6 4 Maturities of lease liabilities are as follows: December 31, 2022 Operating Finance Leases Leases 2023 $ 82 $ 5 2024 66 3 2025 56 1 2026 46 1 2027 33 - Thereafter 98 1 Total future 381 11 Less imputed interest (33) (1) Total $ 348 $ 10 As of December 31, 2022, we have additional operating leases with 8 and vehicles that have not yet commenced. 2022, with lease terms of two years five years . Certain of our facilities related to our acquisitions are leased from leases are classified as operating leases and have a remaining lease term 4 months 9 years . December 31, 2022, current and non-current liabilities associated with 4 million and $ 14 5.0 % and 5.3 % of the total current and non- current operating lease liabilities, respectively. is not material to our consolidated financial statements. |
Goodwill and Other Intangibles, Net |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Goodwill and Other Intangibles, Net [Abstract] | |
| Goodwill and Other Intangibles, Net | Note 7 – Goodwill and Other Intangibles, Net The changes in the carrying amount of goodwill for the years ended December were as follows: Health Care Distribution Technology Value-Added Services Total Balance as of December 26, 2020 $ 1,501 $ 1,003 $ 2,504 Adjustments to goodwill: Acquisitions 359 24 383 Foreign currency translation (29) (4) (33) 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 For the year 20 of business Other intangible assets consisted of the following: December 31, 2022 December 25, 2021 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Customer lists and relationships $ 826 $ (387) $ 439 $ 853 $ (353) $ 500 Trademarks / trade names - definite lived 125 (51) 74 129 (44) 85 Product Development 90 (56) 34 114 (70) 44 Non-compete agreements 25 (6) 19 25 (6) 19 Other 31 (10) 21 28 (8) 20 $ 1,097 $ (510) $ 587 $ 1,149 $ (481) $ 668 Trademarks, trade names, customer lists and customer relationships were established through Definite-lived trademarks and trade names are amortized on a straight-line approximately 8.4 intangible assets that are amortized on a straight-line basis over a weighted-average 10.0 years as of December 31, 2022. straight-line basis over a weighted-average period of approximately 8.6 Non-compete agreements represent amounts paid primarily to prior owners of certain sales persons, in exchange for placing restrictions on their ability amounts are amortized, on a straight-line basis over the respective non-compete commences upon termination of employment or separation from us. agreements currently being amortized was approximately 5.3 Amortization expense, excluding impairment charges, related to definite-lived intangible assets December 31, 2022, December 25, 2021 and December 26, 2020 was $ 126 124 106 During the year ended December 31, 2022, we recorded $ 49 within our health care distribution segment, represented by an intangible asset 15 the disposal of an unprofitable business and a $ 34 attributable to customer attrition rates being higher than expected in certain other was calculated as the difference between the carrying value and the estimated using a discounted estimate of future cash flows. During the year ended December 25, 2021, we recorded a $ 1 business within our health care distribution segment and a business within segment. During the year ended December 26, 2020, we recorded a $ 20 within our technology and value-added services segment due to customer The above intangible asset impairment charges were recorded within selling, general and restructuring and integration charges in our consolidated statement of income. The annual amortization expense expected to be recorded for existing 2027 is $ 120 96 84 68 55 |
Investments and Other |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Investments And Other [Abstract] | |
| Investments and Other | Note 8 – Investments and Other Investments and other consisted of the following: December 31, December 25, 2022 2021 Investment in unconsolidated affiliates $ 161 $ 168 Non-current deferred foreign, state and local income taxes 88 35 Notes receivable (1) 28 36 Capitalized costs for software to be sold, leased or marketed to external 79 65 Security deposits 3 2 Acquisition-related indemnification 59 66 Non-current pension assets 8 - Other long-term assets 46 52 Total $ 472 $ 424 (1) Long-term notes receivable carry interest rates ranging from 3.0 % to 7.5 % and are due in varying installments through May 11, 2028 . Amortization expense, primarily related to capitalized costs for software to users, for the years ended December 31, 2022, December 25, 2021 and 18 15 million and $ 16 |
Fair Value Measurements |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Fair Value Measurements [Abstract] | |
| Fair Value Measurements | Note 9 – Fair Value Measurements 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 that are prices that are observable for the asset or liability; and inputs that are observable market data by correlation or other means. • 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. Debt The fair value of our debt (including bank credit lines, current maturities classified as Level 3 within the fair value hierarchy, and as of December 31, 2022 and December 25, 2021 was estimated at $ 1,149 873 value of our debt include market conditions, such as interest rates and credit Derivative contracts Derivative contracts are valued using quoted market prices and derivative instruments to minimize our exposure to fluctuations in foreign instruments primarily include foreign currency forward agreements related forecasted inventory purchase commitments with foreign suppliers, portion of our euro-denominated foreign operations which are designated return swap for the purpose of economically hedging our unfunded 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 and are classified within Level 2 of the fair value hierarchy. Total The fair value for the Total Return Swap is measured by valuing the underlying ETFs of the swap using market-on- close pricing by industry providers as of the valuation date and are hierarchy. Redeemable noncontrolling interests The values for Redeemable noncontrolling interests are classified within based on recent transactions and/or implied multiples of earnings. Assets measured on a non-recurring basis at fair value include Goodwill classified as Level 3 within the fair value hierarchy. The following table presents our assets and liabilities that are measured and recognized at fair value on appropriate level of the fair value hierarchy as of December 31, 2022 and 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 December 25, 2021 Level 1 Level 2 Level 3 Total Assets: Derivative contracts designated as hedges $ - $ 8 $ - $ 8 Derivative contracts undesignated - 1 - 1 Total return - 1 - 1 Total assets $ - $ 10 $ - $ 10 Liabilities: Derivative contracts designated as hedges $ - $ 1 $ - $ 1 Derivative contracts undesignated - 2 - 2 Total liabilities $ - $ 3 $ - $ 3 Redeemable noncontrolling interests $ - $ - $ 613 $ 613 |
Concentrations of Risk |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Concentrations of Risk [Abstract] | |
| Concentrations of Risk | Note 10 – 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 our 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, our credit risk is somewhat limited due to a relatively large customer base its dispersion across different types of health care professionals and geographic areas. accounted for more than 2 % of our net sales in 2022 or 2021. health care distribution suppliers and our single largest supplier accounted for approximately 28 % and 4 %, respectively, of our aggregate purchases in each of the years ended December 31, 2022 and December 25, 2021. 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 other commercial financial institutions. performance by these counter-parties, we conduct ongoing assessments performance. |
Derivatives and Hedging Activities |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Derivatives and Hedging Activities [Abstract] | |
| Derivatives and Hedging Activities | Note 11 – Derivatives and Hedging Activities We are exposed to market risks as well as changes in foreign currency exchange rates as measured against the U.S. dollar and each other, and changes to the credit risk of the derivative counterparties. risks by primarily using foreign currency forward contracts and by hedging activities provide only limited protection against currency exchange influence the effectiveness of our hedging programs include currency markets and instruments and liquidity of the credit markets. components of hedging programs and are entered into for the sole purpose currency exposure. diversifying our counterparties, maintaining a strong balance sheet and During 2019 we entered into foreign currency forward contracts to hedge foreign operations which are designated as net investment hedges. in the U.S. dollar value of our investment in certain euro-functional currency exchange rates. comprehensive loss within our consolidated balance sheets. effectiveness are included in interest expense within our consolidated statements notional value of this net investment hedge, which matures on November 16, 2023 , is approximately € 200 During the years ended December 31, 2022 and December 25, 2021, we 9 11 million, respectively, within other comprehensive income related to these foreign currency forward contracts. On March 20, 2020 , we entered into a total return swap for the purpose of economically hedging qualified SERP and our DCP. notional value of the investments in these plans was $ 43 investments in these plans was $ 78 based on the Secured Overnight Financing Rate (“SOFR”) of 4.03 % plus 0.55 %, for a combined rate of 4.58 %. the years ended December 31, 2022 and December 25, 2021, we have and administrative in our consolidated statement of income, of approximately 17 ) million and $ 12 respectively, net of transaction costs, related to this undesignated swap. and December 25, 2021, the swap resulted in a neutral impact to our be renewed on an annual basis after its current expiration date of March 31, 2023, neutral impact to our results of operations. 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 regard this as an accounting exposure, not an economic hedging activities are recorded in prepaid expenses and other and/or accrued consolidated balance sheets. financial statements. ASC 815 have been omitted. |
Debt |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Debt [Abstract] | |
| Debt | Note 12 – Debt Bank Credit Lines Bank credit lines consisted of the following: December 31, December 25, 2022 2021 Revolving credit agreement $ - $ - Other short-term bank credit lines 103 51 Total $ 103 $ 51 Revolving Credit Agreement On August 20, 2021 , we entered into a $ 1.0 facility which matures on August 20, 2026 750 to mature in April 2022. the end of each financial reporting quarter. while the remaining LIBOR rates will be discontinued immediately after discontinuation of LIBOR as a reference rate in our debt agreements financial position or to materially affect our interest expense. that we 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. no revolving credit facility. 9 9 of letters of credit, respectively, provided to third parties under the credit facility. Other Short-Term Bank Credit As of December 31, 2022 and December 25, 2021, we had various other short-term a maximum borrowing capacity of $ 402 103 51 respectively, were outstanding. credit lines had a weighted average interest rate of 10.11 % and 10.44 %, respectively. Long-term debt Long-term debt consisted of the following: December 31, December 25, 2022 2021 Private placement facilities $ 699 $ 706 U.S. trade accounts receivable securitization 330 105 Various in varying installments through 2023 at interest rates ranging from 0.00 % to 3.50 % at December 31, 2022 and ranging from 2.62 % to 4.27 % at December 25, 2021 7 4 Finance lease obligations 10 7 Total 1,046 822 Less current maturities (6) (11) Total long-term debt $ 1,040 $ 811 Private Placement Facilities Our private placement facilities were amended on October 20, 2021 companies, have a total facility amount of $ 1.5 1.0 uncommitted basis at fixed rate economic terms to be agreed upon at the through October 20, 2026 June 23, 2023 ). the lenders at a fixed rate based on an agreed upon spread over applicable issuance. five 15 years average life no longer than 12 years ). corporate purposes, including working capital and capital expenditures, to fund potential acquisitions. leverage ratios, and contain restrictions relating to subsidiary indebtedness, assets and certain changes in ownership. off the facilities prior to the applicable due dates. On March 5, 2021, we amended the private placement facilities to, covenant from being based on a net leverage ratio to a total leverage maintenance total leverage ratio to 3.25 x and remove the 1.00 % interest rate increase triggered if the net leverage ratio were to exceed 3.0 x. The components of our private placement facility borrowings, which 2.99 %, as of December 31, 2022 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 Less: Deferred debt issuance costs (1) Total $ 699 U.S. Trade Accounts Receivable Securitization We have a facility agreement based on the securitization of our U.S. trade accounts receivable that is structured as an asset-backed securitization program with pricing committed for up three years . extended the expiration date of this facility agreement to December 15, 2025 October 18, 2024 ) and maintained the purchase limit under the facility as 450 two As of December 31, 2022 and December 25, 2021, the borrowings outstanding were $ 330 105 this facility was based on the asset-backed commercial paper rate of 4.58 % plus 0.75 %, for a combined rate of 5.33 %. commercial paper rate of 0.19 % plus 0.75 %, for a combined rate of 0.94 %. 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 As of December 31, 2022, deferred debt issuance costs of $ 1 2023 $ 6 2024 109 2025 331 2026 - 2027 100 Thereafter 500 Total $ 1,046 |
Income Taxes |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Income Taxes [Abstract] | |
| Income Taxes | Note 13 – Income Taxes Income before taxes and equity in earnings of affiliates was as follows: Years December 31, December 25, December 26, 2022 2021 2020 Domestic $ 506 $ 593 $ 431 Foreign 215 238 69 Total $ 721 $ 831 $ 500 The provisions for income taxes were as follows: Years December 31, December 25, December 26, 2022 2021 2020 Current income tax expense: U.S. Federal $ 150 $ 129 $ 83 State and local 49 37 24 Foreign 44 43 41 Total current 243 209 148 Deferred income tax expense (benefit): U.S. Federal (48) (12) (18) State and local (13) (3) (5) Foreign (12) 4 (30) Total deferred (73) (11) (53) Total provision $ 170 $ 198 $ 95 The tax effects of temporary differences that give rise to our deferred income tax asset (liability) were Years December 31, December 25, 2022 2021 Deferred income tax asset: Net operating losses and other carryforwards $ 64 $ 55 Inventory, premium valuation allowances 57 46 Stock-based compensation 11 13 Uniform capitalization adjustment to inventories 11 10 Operating lease liability 77 79 Other asset 48 41 Total deferred income 268 244 Valuation (1) (36) (36) Net deferred income tax asset 232 208 Deferred income tax liability Intangibles amortization (112) (134) Operating lease right-of-use asset (61) (74) Property and equipment (7) (7) Total deferred tax (180) (215) Net deferred income tax asset (liability) $ 52 $ (7) (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. 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 31, 2022, we had federal, state and foreign net operating $ 30 31 220 carryforwards will begin to expire in various years from 2023 through foreign net operating losses that can be carried forward indefinitely are $ 21 4 218 respectively. Years December 31, December 25, December 26, 2022 2021 2020 Income tax provision at federal statutory rate $ 151 $ 175 $ 105 State income tax provision, net of federal income tax effect 20 21 13 Foreign income tax provision 4 6 - Pass-through noncontrolling interest (4) (4) (3) Valuation (2) (6) 1 Unrecognized tax benefits and audit settlements 11 7 (18) Interest expense related to loans (12) (11) (11) Tax benefit related - - (6) Other 2 10 14 Total income $ 170 $ 198 $ 95 For the year ended December 31, 2022, our effective tax rate was 23.5 %, compared to 23.8 % 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 19.1 %. primarily due to an Advance Pricing Agreement with the U.S Internal Revenue other audit resolutions, state and foreign income taxes and interest expense. On August 16, 2022, the Inflation Reduction Act (H.R. 5376) (“IRA”) was Among other things, the IRA imposes a 15% corporate alternative minimum December 31, 2022 and levies a 1% excise tax on net stock repurchases after the process of analyzing the provisions of the IRA. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES response to the COVID-19 pandemic. provisions that modify the Section 163(j) limitation of business interest and carryback rules. 30 % of adjusted taxable income to 50 % of adjusted taxable income for years beginning in 2019 and 2020. Act eliminated the NOL income limitation for years beginning before 2021 five years for losses incurred in 2018, 2019 and 2020. We have analyzed the income tax provisions of the CARES Act and have accounted for the impact in the year ended December 26, 2020, on our consolidated financial statements. CARES Act that require further clarification or interpretation that in the future. certain non-income tax benefits under the CARES Act. On July 20, 2020, the IRS issued final regulations related to the Tax Cuts and Jobs Act enacted in 2017 (the “Tax Act”). provisions of the Tax Act. regulations to prior tax years, if the taxpayer elects to do so. have a material impact to our consolidated financial statements. On December 22, 2017, the U.S. government passed the Tax Act, which requires U.S. companies to pay a mandatory one-time transition tax on historical offshore earnings that have not been transition tax is payable over eight years. 19 $ 14 23 42 were included in “other liabilities” for 2022 and 2021, 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. ASC 740 prescribes the accounting for uncertainty in income taxes recognized accordance with other provisions contained within this guidance. a measurement attribute for the financial statement recognition and measurement to be taken in a tax return. sustained upon examination by the taxing authorities. benefit that has a greater than 50% likely of being realized upon ultimate business, our tax returns are subject to examination by various taxing future tax and interest assessments by these taxing authorities for uncertain tax matters. The total amount of unrecognized tax benefits, which are included in “other balance sheets, as of December 31, 2022 and December 25, 2021 was approximately 94 84 respectively, of which $ 80 69 is possible that the amount of unrecognized tax benefits will change in material impact on our consolidated statements of income. All tax returns audited by the IRS are officially closed through 2018. IRS include years 2019 and forward. examination. selected for examination. Division for all remaining outstanding issues for 2012 and 2013. During the quarter ended September 26, 2020 we reached an agreement with appropriate transfer pricing methodology for the years 2014-2025. future transfer pricing audit adjustments. In the fourth quarter of 2020, we reached a resolution with the IRS for the The total amounts of interest and penalties are classified as a component of amount of tax interest expense (credit) was approximately $ 0 0 3 ) million in 2022, 2021 and 2020, respectively. approximately $ 12 12 penalties accrued for during the periods presented were not material The following table provides a reconciliation of unrecognized tax benefits: December 31, December 25, December 26, 2022 2021 2020 Balance, beginning of period $ 71 $ 70 $ 91 Additions based on current year tax positions 14 3 5 Additions based on prior year tax positions 8 11 8 Reductions based on prior year tax positions - (1) (1) Reductions resulting from settlements with taxing authorities (1) (9) (19) Reductions resulting from lapse in statutes of limitations (10) (3) (14) Balance, end of period $ 82 $ 71 $ 70 |
Plans of Restructuring and Integration Costs |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Restructuring and Related Activities [Abstract] | |
| Plans of Restructuring | Note 14 – Plans of Restructuring On August 1, 2022, we committed to a restructuring plan focused on streamlining operations and other initiatives to increase efficiency. 2023. amounts expected to be incurred in connection with these activities, both with associated therewith and with respect to the total cost, or an estimate of the result in future cash expenditures. During the year ended December 31, 2022, we recorded restructuring charges of $ 128 severance and employee-related costs, accelerated amortization of right-of-use long-lived assets and lease exit costs. During the three months ended December 31, 2022, in connection with our one the buildings at our corporate headquarters in Melville NY, which resulted in an accelerated amortization of right- of-use lease asset of $ 34 related costs of $ 49 impairment, and severance and employee-related costs. 128 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 2022, 2021 and following: 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 Year Health-Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 25 $ - $ 1 $ - $ 26 Impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 4 - - - 4 Exit and other related costs 2 - - - 2 Total restructuring and integration costs $ 31 $ - $ 1 $ - $ 32 The following table summarizes, by reportable segment, the activity related restructuring initiatives for the year ended December 31, 2022. costs as of December 31, 2022 is included in accrued expenses: other within sheet. Technology Health Care Value-Added Distribution Services Total Balance, December 25, 2021 $ 3 $ 1 $ 4 Restructuring charges 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 |
Commitments and Contingencies |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 15 – 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 31, 2022 were: 2023 $ 5 2024 4 2025 4 2026 4 2027 4 Thereafter - Total minimum $ 21 Employment, Consulting and Non-Compete Agreements We have employment, consulting and non-compete agreements that have varying base aggregate annual payments for the years 2023 through 2027 and thereafter of approximately $ 23 7 5 0 0 million, and $ 0 compensation of four-hundred thousand twenty-five thousand with the next increase in 2026. compensation. Litigation Henry Schein, Inc. has been named as a defendant in multiple opioid hundred and fifty ( 150 ); in approximately half of those cases one or more of Henry Schein, Inc.’s subsidiaries is also named as a defendant). engaged in a false advertising campaign to expand the market for such drugs and the entities in the supply chain (including Henry Schein, Inc. and by refusing or otherwise failing to monitor appropriately and restrict These actions consist of some that have been consolidated within the In Re National Prescription Opiate Litigation (MDL No. 2804; Case No. others which remain pending in state courts and are proceeding independently time, the following cases are set for trial: the action filed by DCH Health court, which has been designated a bellwether with eight thirty-eight 2023; and the action filed by Florida Health Sciences Center, Inc. (and 38 State of Florida) in Florida state court, which is currently scheduled for a jury 2022, we settled seven nineteen plaintiffs for a total amount of sixty thousand seven 2022 net sales of approximately $ 12.6 two-tenths of 1 percent . vigorously against these actions. 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 from 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. 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 31, 2022, 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 |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Stock Based Compensation [Abstract] | |
| Stock Based Compensation | Note 16 – Stock-Based Compensation Stock-based awards are provided to certain employees under the terms of our non-employee directors under the terms of our 2015 Non-Employee Director “Plans”). “Compensation Committee”). form of time-based and performance-based restricted stock units light of the COVID-19 pandemic, the Compensation Committee determined to set a meaningful three-year cumulative earnings per share target as the goal applicable RSU awards as it had done in prior years. employees for fiscal 2021 in the form of time-based RSUs and non-qualified value appreciation and retention instead of pre-established performance goals. continued to receive equity-based awards for fiscal 2021 solely in the form of time-based the Compensation Committee reinstated performance-based RSUs 2022 and awarded grants in the form of performance-based RSUs, options. As of December 31, 2022, there were 70,942,657 8,034,696 under the 2020 Stock Incentive Plan and 1,892,657 192,400 under the 2015 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. are granted with 12 -month cliff vesting. straight-line basis. With the time of grant. received by the recipient is based upon our performance as measured against period, as determined by the Compensation Committee. will be achieved, we estimate the fair value of performance-based RSUs based 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 of certain products and unforeseen events or circumstances affecting us. Over the performance period, the number of shares of common stock that will related compensation expense is adjusted upward or downward based upon performance targets. recognized as an expense will be based on our actual performance metrics Stock options are awards that allow the recipient to purchase shares of our vesting of the stock options. date of grant. one-third 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 upon certain events. We estimate the fair value of stock options using the Black-Scholes valuation model. 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 employees 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 will generate a cumulative payout of 75 % of each recipient’s original number of performance-based restricted stock units awarded in 2018 if the recipient satisfies the two -year vesting schedule commencing on the grant date. Our accompanying consolidated statements of income reflect pre-tax share-based 54 million ($ 41 78 60 9 7 ended December 31, 2022, December 25, 2021 and December 26, 2020. Total unrecognized compensation cost related to non-vested awards as of December 31, 2022 was $ 75 which is expected to be recognized over a weighted-average period of 2.1 The weighted-average grant date fair value of stock-based awards granted 85.51 , $ 62.72 and $ 60.23 Certain stock-based compensation granted may require us to settle in ended December 31, 2022, we recorded a liability of $ 0.4 compensation to be settled in cash. We record deferred income tax assets for awards that will result in based on the amount of compensation cost recognized and our statutory tax receive a deduction. Our accompanying consolidated statements of cash flows present our stock-based adjustment to reconcile net income to net cash provided by operating accompanying consolidated statements of cash flows, there were no benefits excess of recognized compensation as a cash inflow from financing 2022, December 25, 2021 and December 26, 2020. The following weighted-average assumptions were used in determining using the Black-Scholes valuation model: 2022 Expected dividend yield 0.00 % Expected stock price volatility 27.80 % Risk-free interest rate 3.62 % Expected life of options (years) 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 in conjunction with considering the expected life of options. six -year expected life of the options was determined using the simplified as permitted under SAB Topic 14. value ultimately realized by recipients of stock options, and subsequent reasonableness of the original estimates of fair value made by us. The following table summarizes the stock option activity for the year Stock Options Weighted Remaining Average Weighted Average Aggregate Exercise Remaining Contractual Intrinsic Shares Price Life in Years Value Outstanding at beginning of year 767,717 $ 63.24 Granted 420,075 85.81 Exercised (36,150) 62.92 Forfeited (34,068) 74.84 Outstanding at end of year 1,117,574 $ 71.38 8.5 $ 12 Options exercisable at end of year 220,688 $ 63.35 Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Life (in years) Value Vested 885,428 $ 73.50 8.7 $ 8 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 1,945,862 $ 58.79 674,753 $ 59.63 Granted 471,840 85.49 267,865 82.35 Vested (566,887) 55.46 (396,220) 59.21 Forfeited (94,771) 67.87 (25,482) 67.65 Outstanding at end of period 1,756,044 $ 66.59 $ 79.87 520,916 $ 60.23 $ 79.87 The total intrinsic value per share of RSUs that vested was $ 78.74 , $ 73.99 61.49 December 31, 2022, December 25, 2021 and December 26, 2020. |
Employee Benefit Plans |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Employee Benefit Plans [Abstract] | |
| Employee Benefit Plans | Note 17 – 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 pension Years December 31, December 25, 2022 2021 Obligation and funded status: Change in benefit obligation Projected benefit obligation, beginning of period $ 128 $ 130 Service costs 3 4 Interest cost 1 - Past service cost - 5 Actuarial loss (19) (5) Benefits paid (1) - Participant contributions 1 1 Settlements (1) (2) Effect of foreign currency translation (4) (5) Projected benefit obligation, end of period $ 108 $ 128 Change in plan assets Fair value of plan assets at beginning of period $ 75 $ 65 Actual return on plan assets (3) 5 Employer contributions 2 2 Plan participant contributions 1 1 Expected return on plan assets 1 4 Benefit received - 2 Settlements (1) (3) Effect of foreign currency translation (2) (1) Fair value of plan assets at end of period $ 73 $ 75 Unfunded status at end of period $ 35 $ 53 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 6 6 December 31, 2022 and December 25, 2021, respectively. The following table provides the amounts recognized in our consolidated pension plans: Years December 31, December 25, 2022 2021 Non-current assets $ 25 $ 22 Current liabilities (1) (1) Non-current liabilities (59) (74) Accumulated other comprehensive loss, pre-tax 4 21 The following table provides the net periodic pension cost for our Years December 31, December 25, December 26, 2022 2021 2020 Service cost $ 3 $ 4 $ 3 Interest cost 1 - - Expected return on plan assets (1) (1) - Employee contributions - - - Amortization of prior service credit 1 1 1 Recognized net actuarial loss - - - Settlements - - - Net periodic pension cost $ 4 $ 4 $ 4 The following tables present the weighted-average actuarial assumptions obligation and our net periodic pension cost for the periods presented: Years December 31, December 25, Pension Benefit Obligation 2022 2021 Weighted average 1.67 % 0.87 % Years December 31, December 25, December 26, Net Periodic Pension Cost 2022 2021 2020 Discount rate-pension benefit 1.25 % 0.56 % 0.51 % Expected return on plan assets 0.81 % 0.71 % 0.87 % Rate of compensation increase 1.68 % 1.95 % 1.97 % Pension increase rate 0.61 % 0.72 % 0.67 % The following table presents the estimated pension benefit payments that December 31, 2022: Year 2023 $ 6 2024 6 2025 5 2026 5 2027 7 2028 to 2032 38 Total $ 67 401(k) Plans We offer of Directors, matching contributions to these plans generally do not 100 % of the participants’ contributions up to 7 % of their base compensation, subject to applicable legal limits. were allocated entirely to the participants’ investment elections on file, 20 % allocation limit to the Henry Schein Stock Fund. suspended the matching contribution for the second half of 2020. 2021. to reduce our matching contributions and offset administrative expenses of the 401(k) Assets of the 401(k) and other defined contribution plans are held choose from various investment fund options. during the years ended December 31, 2022, December 25, 2021 and December 45 $ 38 21 37 in selling, general and administrative expenses; and $ 8 Supplemental Executive Retirement Plan (“SERP”) 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. we suspended contributions under the SERP for the second half of in 2021. December 26, 2020 amounted to $ (1) 2 3 selling, general and administrative expenses line item within our consolidated Deferred Compensation Plan (“DCP”) 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. December 31, 2022, December 25, 2021 and December 26, 2020 were approximately (11) 8 $ 8 our consolidated statements of income. |
Redeemable Noncontrolling Interests |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Redeemable Noncontrolling Interests [Abstract] | |
| Redeemable Noncontrolling Interests | Note 18 – Redeemable Noncontrolling Interests Some minority stockholders in certain of our subsidiaries have the right, their ownership interest in those entities at fair value. we are or may be required to purchase all or a portion of the outstanding the noncontrolling interest holder under the terms of a put option components of the change in the redeemable noncontrolling interests for the December 25, 2021 and December 26, 2020 are presented in the following table: December 31, December 25, December 26, 2022 2021 2020 Balance, beginning of period $ 613 $ 328 $ 287 Decrease in redeemable noncontrolling interests due to acquisitions of noncontrolling interests in subsidiaries (31) (60) (17) Increase in redeemable noncontrolling interests due to business acquisitions 4 189 28 Net income attributable to redeemable noncontrolling interests 21 23 14 Dividends declared (21) (21) (13) Effect of foreign currency translation loss attributable to redeemable noncontrolling interests (6) (6) (4) Change in fair value of redeemable securities (4) 160 33 Balance, end of period $ 576 $ 613 $ 328 |
Comprehensive Income |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Comprehensive Income [Abstract] | |
| Comprehensive Income | Note 19 – Comprehensive Income Comprehensive income includes certain gains and losses that, under U.S. such amounts are recorded directly as an adjustment to stockholders’ The following table summarizes our Accumulated other comprehensive loss, net of December 31, December 25, December 26, 2022 2021 2020 Attributable to Redeemable noncontrolling interests: Foreign currency translation adjustment $ (37) $ (31) $ (25) Attributable to noncontrolling interests: Foreign currency translation adjustment $ (1) $ - $ - Attributable to Henry Schein, Inc.: Foreign currency translation adjustment $ (236) $ (155) $ (77) Unrealized gain (loss) from foreign currency hedging activities 5 (2) (11) Pension adjustment loss (2) (14) (20) Accumulated other comprehensive loss $ (233) $ (171) $ (108) Total Accumulated $ (271) $ (202) $ (133) The following table summarizes the components of comprehensive income, net of December 31, December 25, December 26, 2022 2021 2020 Net income $ 566 $ 660 $ 420 Foreign currency translation gain (loss) (88) (84) 63 Tax effect - - - Foreign currency translation gain (loss) (88) (84) 63 Unrealized gain (loss) from foreign currency hedging activities 10 12 (10) Tax effect (3) (3) 3 Unrealized gain (loss) from foreign currency hedging activities 7 9 (7) Pension adjustment gain 16 8 - Tax effect (4) (2) - Pension adjustment gain 12 6 - Comprehensive income $ 497 $ 591 $ 476 Our financial statements are denominated in the U.S. Dollar currency. currencies as compared to the U.S. Dollar may have a significant impact on our foreign currency translation gain (loss) during the years ended December December 26, 2020 was primarily due to changes in foreign currency exchange Australian Dollar, Brazilian Real, New Zealand Dollar and Canadian Dollar. (loss) during the years ended December 31, 2022, December 25, 2021 attributable to a net investment hedge that was entered into during 2019. The following table summarizes our total comprehensive income, net of December 31, December 25, December 26, 2022 2021 2020 Comprehensive income attributable to Henry Schein, Inc. $ 476 $ 568 $ 463 Comprehensive income attributable to noncontrolling interests 6 6 3 Comprehensive income attributable to Redeemable noncontrolling interests 15 17 10 Comprehensive income $ 497 $ 591 $ 476 |
Discontinued Operations |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Discontinued Operations [Abstract] | |
| Discontinued Operations | Note 20 – Discontinued Operations Animal Health Spin-off On February 7, 2019 (the “Distribution Date”), we completed the separation merger (“Merger”) of our animal health business (the “Henry Schein Animal Health Business”) with Direct Marketing, Inc. (d/b/a Vets First Choice, “Vets among us, Vets prior to the Distribution Date, and HS Merger Sub, Inc., a wholly owned subsidiary Sub”). assets, liabilities and capital stock or other ownership interests relating Business. 1,120 certain debt financing incurred by Covetrus. Covetrus issued shares of Covetrus common stock to certain institutional Investors”) for $ 361 distributed to us. stock of Covetrus held by us to our stockholders of record as of the close of “Animal Health Spin-off”). Merger whereby it merged with and into Vets wholly owned subsidiary of Covetrus. basis, (i) approximately 63 % of the shares of Covetrus common stock were (a) owned by our stockholders Share Sale Investors, and (b) held by certain employees of the Henry Schein of certain equity awards), and (ii) approximately 37 % of the shares of Covetrus common stock were (a) owned by stockholders of Vets Choice (in the form of certain equity awards). owned any shares of Covetrus common stock and, following the Distribution financial results of Covetrus for the purpose of our financial reporting. Covetrus was an independent, publicly traded company on the Nasdaq Global Select In connection with the completion of the Animal Health Spin-off, we entered into which ended in December 2020, with Covetrus under which we agreed to provide to twenty-four months chain, and real estate and facility services. As a result of the Separation, the financial position and results of operations Business are presented as discontinued operations and have been excluded results for all periods presented. revised to reflect the effect of the Separation and all prior year balances have been continuing operations only. have not been revised to reflect the Separation and instead reflect the Separation December 26, 2020. In February 2019, we completed the Animal Health Spin-off. incurred $ 0 Health Spin-off have been included in results from discontinued operations. Summarized financial information for our discontinued operations Year December 26, 2020 Selling, general and administrative 2 Operating loss (2) Income tax benefit (3) Income from discontinued operations 1 Net income from discontinued operations attributable to Henry Schein, 1 The operating loss from discontinued operations for the year ended to costs directly related to the Animal Health Spin-off. The net income from discontinued operations for the year ended December reduction in a liability for tax indemnification and a tax refund received previously part of our Animal Health legal structure and other |
Earnings Per Share |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| 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 and upon exercise of stock options using the treasury stock method A reconciliation of shares used in calculating earnings per basic and diluted Years December 31, December 25, December 26, 2022 2021 2020 Basic 136,064,221 140,090,889 142,504,193 Effect of dilutive securities: Stock options and restricted stock units 1,691,449 1,681,892 899,489 Diluted 137,755,670 141,772,781 143,403,682 The number of antidilutive securities that were excluded from the calculation shares outstanding are as follows: Years December 31, December 25, December 26, 2022 2021 2020 Stock options 342,716 611,869 - Restricted stock units 19,466 1,048 2,398 Total anti-dilutive 362,182 612,917 2,398 |
Supplemental Cash Flow Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Supplemental Cash Flow Elements [Abstract] | |
| Supplemental Cash Flow Information | Note 22 – Supplemental Cash Flow Information Cash paid for interest and income taxes was: Years December 31, December 25, December 26, 2022 2021 2020 Interest $ 47 $ 29 $ 43 Income taxes 265 242 207 For the years ended December 31, 2022, December 25, 2021 and December 10 12 million and $ (10) respectively. |
Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Related Party Transactions | |
| Related Party Transactions | Note 23 – Related Party Transactions In connection with the completion of the Animal Health Spin-off during our 2019 transition services agreement with Covetrus under which we agreed to provide twenty-four months chain, and real estate and facility services. For the year ended December 26, 2020, we recorded approximately $ 13 to the transition services agreement, Covetrus purchased 2020, net sales to Covetrus under the transition services agreement were 75 Covetrus under the transition services agreement ended in December 2020. 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 31, 2022, December 25, 2021 and December 26, 2020, we recorded 31 31 $ 31 December 25, 2021, Henry Schein One, LLC had a net receivable (payable) ($ 8 ) million and $ 9 agreement. accrued expenses: other, respectively, within our consolidated balance sheets. During our normal course of business, we have interests in entities that we method. sales of $ 46 48 38 and 2020, we purchased $ 9 15 12 2022 and December 25, 2021, we had in aggregate $ 36 44 $ 6 7 Certain of our facilities related to our acquisitions are leased from employees |
Basis of Presentation and Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| 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 networks, 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, the Netherlands, New Zealand, Poland, Portugal, Singapore, South 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 in which we have the ability to influence the operating or for under the equity method. presentation. consolidated financial condition, results of operations or cash flows. 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 the primary beneficiary, and we have the power to direct activities that most significantly affect the economic performance and have majority of the losses or benefits. collateral to the related debt. December 31, 2022 and December 25, 2021, certain trade accounts receivable that obligations of this VIE were $ 327 138 creditors have recourse to us were $ 255 105 |
| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles States requires us to make estimates and assumptions that affect the reported amounts of disclosure of contingent assets and liabilities at the date of the financial revenues and expenses during the reporting period. In March 2020, the World Health Organization declared the Novel Coronavirus Disease 2019 (“COVID-19”) a pandemic. created significant volatility and disruption business closures and restrictions, stay-at-home and social distancing ordinances the pandemic, which significantly impacted global business and dramatically and certain medical products in the second quarter of 2020. second half of 2020 and continued throughout the years ended December 25, resulting in growth over the prior years. 2022. 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; hedging activity; supplier compensation cost for certain share-based performance awards and cash bonus assumptions. regarding estimates and impairments could change in the future. pandemic may again have a material adverse effect on our business, results of operations result in a material adverse effect on our financial condition and liquidity. impact cannot be reasonably estimated at this time. |
| Fiscal Year | Fiscal Year We report our results of operations and cash flows on a 52 - 53 The year ended December 31, 2022 consisted of 53 26, 2020 consisted of 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 a point customer. We believe that the shipment date is the most appropriate point in time indicating control has transferred to the customer because we have no post-shipment obligations and this is when ownership transfer to the customer and the point at which we have an 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”) 460 “Guarantees”. accrued approximately $ 8 8 Revenue derived from the sale of software products is recognized when made available electronically. training due to the nature of its design. including annual support and/or training, is generally recognized over that best depicts the transfer of control to the customer. Service basis is recognized ratably over the subscription period as Revenue derived from other sources, including freight charges, equipment repairs recognized when the related product revenue is recognized or when practical expedient to treat shipping and handling activities performed after the fulfillment activities, rather than a separate performance obligation in the Sales, value-add and other taxes we collect concurrent with revenue-producing revenue. Certain of our revenue is derived from bundled arrangements that include which are accounted for separately. and technical support), we allocate revenue to software using the residual standalone selling price to estimate the fair value of the undelivered elements that are not considered software consist primarily of equipment allocate revenue for such arrangements based on the relative selling observable selling price is not available (i.e., we 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 current liabilities. return liability based on historical data for specific products, adjusted allowance for returns is presented gross as a refund liability and we adjustment to 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, internal distribution network are included in selling, general and administrative Total distribution network costs were $ 103 89 72 2022, December 25, 2021 and December 26, 2020. 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 conjunction with supplier rebate contract terms, which generally provide increased purchase or sales volume. 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 $ 96 97 79 December 26, 2020. |
| Advertising and Promotional Costs | Advertising and Promotional Costs We generally expense advertising and promotional costs as incurred. were $ 47 48 32 December 26, 2020. |
| Stock Compensation Costs | Stock 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 Certain 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 benefit obligation, of each applicable plan, within accumulated other comprehensive sheets, whereby each unfunded plan is recognized as a liability and 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 |
| 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. 54 2 payments for inventory, were classified as accounts payable as of December 31, 2022 and December 25, 2021. |
| Contract Balances | Contract Balances Contract balances represent amounts presented in our consolidated balance goods or services to the customer or the customer has paid consideration to us balances include accounts receivable, 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 allowance for doubtful accounts was $ 65 67 88 December 25, 2021 and December 26, 2020, respectively. December 31, 2022, December 25, 2021 and December 26, 2020 were $ 8 0 36 Deductions to the allowance for the years ended December 31, 2022, December were $ 10 21 8 Contract Assets Contract assets include amounts related to any conditional right to consideration as of the reporting date, and generally represent amounts owed to us by assets are transferred to accounts receivable when the right becomes unconditional. relate to our bundled arrangements for the sale of equipment and consumables Current contract assets are included in Prepaid expenses and other and the non-current in investments and other within our consolidated balance sheets. of December 31, 2022 and December 25, 2021 were not 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 25, 2021, the current portion of contract liabilities of $ 89 Other, and $ 10 ended December 31, 2022, previously deferred at December 25, 2021. liabilities were $ 86 8 |
| Inventories and Reserves | Inventories and Reserves Inventories consist primarily of finished goods and are valued at the determined by the first-in, first-out method for merchandise or actual cost equipment. condition and salability of the inventory, historical sales, forecasted sales and market and economic trends. time to time, we adjust our assumptions for anticipated changes in any the value of inventory. |
| Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation or computed primarily under the straight-line method Amortization of leasehold improvements is computed using useful life of the assets or the lease term. Capitalized Software Development Costs Capitalized internal-use software costs consist of costs to purchase and solely to meet internal needs and cloud-based applications used to deliver during the application development stage and include such costs within consolidated balance sheets. development costs when technological feasibility is reached and 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 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” leases with a term of 12 months or less are not capitalized. 25, 2021 and December 26, 2020, such short-term lease expense was 7 4 2 respectively. 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. |
| Goodwill | Goodwill Goodwill represents the excess of the purchase price over the estimated fair including the amount assigned to identifiable intangible assets. or more frequently if needed. carrying value of reporting units. medical; and technology and value-added services. purposes of preparing our impairment analyses, based on a specific identification For the years ended December 31, 2022 and December 25, 2021, we tested goodwill day of the fourth quarter, using a quantitative analysis comparing the carrying value of our reporting including goodwill, to the estimated fair value of our reporting units using the fair value of a reporting unit exceeds its carrying amount, goodwill impaired. its fair value 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 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 For the year ended December 25, 2021, the results of our goodwill no t result in any impairments. |
| Intangible Assets | Intangible Assets Intangible assets, other than goodwill, are evaluated for impairment whenever indicate that the carrying amount of the assets may not be recoverable cash flows to be derived from such assets. Definite-lived intangible assets primarily consist of non-compete agreements, lists, customer relationships and product development. are only recorded if the asset’s future cash flows. estimated fair value. During the years ended December 31, 2022, December 25, 2021 impairment charges on intangible assets of $ 34 1 20 discussed in |
| 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 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 Act, which requires U.S. companies to pay a mandatory one-time transition tax on historical offshore earnings that have not been transition tax is payable over eight years. 19 $ 14 23 42 were included in “other liabilities” for 2022 and 2021, 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 flow 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 earnings reduced by the portion of the subsidiaries’ net income that is attributable Noncontrolling Interests Non-controlling 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 foreign currency |
| 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. objective is to manage the impact that foreign currency exchange rate fluctuations and liability fair values, earnings and cash flows, as well as our net management policy requires that derivative contracts used as hedges be with the exposure being hedged and be designated as a hedge at the inception derivative instruments for speculative purposes. forward agreements related to certain intercompany loans, certain forecasted foreign suppliers and foreign currency forward contracts to hedge a portion of operations which are designated as net investment hedges. Foreign currency forward agreements related to forecasted inventory and foreign currency swaps related to foreign currency denominated debt are designated derivatives that are designated and qualify as cash flow hedges, the changes recorded as a component of Accumulated other comprehensive income reclassified into earnings in the period(s) during which the hedged transaction cash flows related to our hedging activities in the same category on our consolidated cash flows related to the hedged item. Foreign currency forward contracts related to our euro-denominated investment hedges. value of the derivative is recorded in the foreign currency translation comprehensive income in stockholders’ equity until the net investment 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 unfunded non-qualified supplemental retirement plan (“SERP”) and our deferred compensation plan changes in our SERP and DCP liabilities. in selling, general, and administrative expenses within our consolidated |
| Foreign Currency Translation and Transactions | Foreign Currency Translation The financial position and results of operations of our foreign subsidiaries the functional currency. 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 On December 26, 2021 we adopted Accounting Standards Update Contract Assets and Contract Liabilities from Contracts with Customers” 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 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). 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 September 2022, the FASB issued ASU No. 2022-04, “Liabilities – Supplier Finance Programs (Subtopic 405- 50): Disclosure of Supplier Finance Program Obligations” which will programs by requiring entities that use such programs in connection with disclose certain qualitative and quantitative information about such years beginning after December 15, 2022, including interim periods within rollforward information, which is effective for fiscal years beginning after December that the requirements of this guidance will have a material impact on our consolidated In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” which provides optional expedients applying GAAP to contracts, hedging relationships and other transactions affected London Interbank Offered Rate (“LIBOR”) or by another reference rate expected reference rate reform. through December 31, 2022. 848): Scope (“ASU 2021-01”). guidance in U.S. GAAP to ease the financial reporting burdens related LIBOR and other interbank offered rates to alternative reference rates, such as Rate. 2022. the Sunset Date of Topic 848,” which extends the period of application of temporary optional expedients from December 21, 2022 to December 31, 2024. material impact on our consolidated financial statements. |
Net Sales from Contracts with Customers (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Net Sales from Contracts with Customers [Abstract] | |
| Disaggregation of Revenue | 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 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 Net sales $ 9,173 $ 3,228 $ 12,401 Year December 26, 2020 North America International Global Net Sales: Health care distribution Dental $ 3,472 $ 2,441 $ 5,913 Medical 3,515 102 3,617 Total health care distribution 6,987 2,543 9,530 Technology 447 67 514 Total excluding 7,434 2,610 10,044 Corporate TSA net sales - 75 75 Net sales $ 7,434 $ 2,685 $ 10,119 (1) Corporate TSA net sales represents sales of certain animal health products to Covetrus under the transition services agreement entered into in connection with the Animal Health Spin-off, which ended in December 2020. |
Segment and Geographic Data (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Segment and Geographic Data [Abstract] | |
| Business Segment Information | Years December 31, December 25, December 26, 2022 2021 2020 Net Sales: Health care distribution (1) Dental $ 7,473 $ 7,544 $ 5,913 Medical 4,451 4,210 3,617 Total health care distribution 11,924 11,754 9,530 Technology (2) 723 647 514 Total excluding 12,647 12,401 10,044 Corporate TSA net sales (3) - - 75 Total $ 12,647 $ 12,401 $ 10,119 Consists of consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, dental specialty products (including implant, orthodontic and endodontic products), diagnostic tests, infection-control products, PPE 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. (3) Corporate TSA net sales represents sales of certain products to Covetrus under the transition services agreement entered into in connection with the Animal Health Spin-off, which ended in December 2020. Years December 31, December 25, December 26, 2022 2021 2020 Operating Income: Health care distribution $ 619 $ 727 $ 436 Technology 128 125 99 Total $ 747 $ 852 $ 535 Income from continuing operations before Health care distribution $ 592 $ 706 $ 400 Technology 129 125 100 Total $ 721 $ 831 $ 500 Depreciation and Amortization: Health care distribution $ 160 $ 157 $ 143 Technology 52 53 43 Total $ 212 $ 210 $ 186 Interest Income: Health care distribution $ 16 $ 7 $ 10 Technology 1 - - Total $ 17 $ 7 $ 10 Interest Expense: Health care distribution $ 44 $ 28 $ 41 Total $ 44 $ 28 $ 41 Income Tax Health care distribution $ 141 $ 168 $ 71 Technology 29 30 24 Total $ 170 $ 198 $ 95 Purchases of Fixed Assets: Health care distribution $ 86 $ 74 $ 44 Technology 10 5 5 Total $ 96 $ 79 $ 49 As of December 31, December 25, December 26, 2022 2021 2020 Total Health care distribution $ 7,287 $ 7,157 $ 6,503 Technology 1,320 1,324 1,270 Total $ 8,607 $ 8,481 $ 7,773 |
| Operations by Geographic Area | 2022 2021 2020 Net Sales Long-Lived Assets Net Sales Long-Lived Assets Net Sales Long-Lived Assets United States $ 9,190 $ 2,891 $ 8,722 $ 2,981 $ 7,090 $ 2,363 Other 3,457 1,256 3,679 1,232 3,029 1,252 Consolidated total $ 12,647 $ 4,147 $ 12,401 $ 4,213 $ 10,119 $ 3,615 |
Business Acquisitions and Divestitures (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Business Acquisitions and Divestitures [Abstract] | |
| Acquisition Consideration | 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 2020 Acquisition consideration: Cash $ 52 Deferred consideration 6 Fair value of previously held equity method investment 9 Redeemable noncontrolling interests 26 Total consideration $ 93 Identifiable assets acquired and liabilities assumed: Current assets $ 36 Intangible assets 38 Other noncurrent assets 22 Current liabilities (21) Deferred income taxes (4) Other noncurrent liabilities (1) Total identifiable 70 Goodwill 23 Total net assets acquired $ 93 |
| Intangible Assets | Estimated Useful Lives 2022 (in years) Customer relationships and lists 81 8 - 12 Trademark / Tradename 9 5 Non-compete agreements 3 2 - 5 Other 3 10 $ 96 Estimated Useful Lives 2021 (in years) Customer relationships and lists $ 220 5 - 12 Trademark / Tradename 58 5 - 12 Product development 19 5 - 10 Non-compete agreements 5 3 - 5 Other 15 18 $ 317 Estimated Useful Lives 2020 (in years) Customer relationships and lists $ 23 10 - 12 Product development 9 7 - 10 Trademark / Tradename 4 5 Non-compete agreements 2 5 $ 38 |
Property and Equipment, Net (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Property, Plant and Equipment [Abstract] | |
| Property and equipment, including related estimated useful lives | December 31, December 25, 2022 2021 Land $ 20 $ 21 Buildings and permanent improvements 135 140 Leasehold improvements 94 98 Machinery and warehouse equipment 169 153 Furniture, fixtures and other 127 119 Computer equipment and software 411 385 956 916 Less accumulated depreciation (573) (550) Property and equipment, net $ 383 $ 366 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) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Leases [Abstract] | |
| Components of Lease Expense, Supplemental Cash Flow and Supplemental Balance Sheet Information | Years December 31, December 25, December 26, 2022 2021 2020 Operating lease cost: $ 150 $ 103 $ 87 Finance Amortization of right-of-use assets 3 3 2 Total finance $ 3 $ 3 $ 2 (1) Includes variable lease expenses. (2) Operating lease cost for the years ended December 31, 2022, December 25, 2021, and December 26, 2020, include accelerated amortization of right-of-use assets of $ 42 0 0 “Restructuring and integration costs” within our consolidated statements of income. Years December 31, December 25, 2022 2021 Operating Leases: Operating lease right-of-use assets $ 284 $ 325 Current operating lease liabilities 73 76 Non-current operating lease liabilities 275 268 Total operating lease liabilities $ 348 $ 344 Finance Leases: Property and equipment, at cost $ 16 $ 13 Accumulated depreciation (6) (5) Property and equipment, net of accumulated depreciation $ 10 $ 8 Current maturities of long-term debt $ 4 $ 3 Long-term debt 6 4 Total finance $ 10 $ 7 Weighted Average Operating leases 6.7 7.3 Finance leases 3.1 3.6 Weighted Operating leases 2.8 % 2.4 % Finance leases 3.3 % 1.7 % Years December 31, December 25, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 87 85 Financing cash flows for finance leases 3 3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 88 121 Finance leases 6 4 |
| Maturities of Finance and Operating Lease Liabilities | December 31, 2022 Operating Finance Leases Leases 2023 $ 82 $ 5 2024 66 3 2025 56 1 2026 46 1 2027 33 - Thereafter 98 1 Total future 381 11 Less imputed interest (33) (1) Total $ 348 $ 10 |
Goodwill and Other Intangibles, Net (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| 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 26, 2020 $ 1,501 $ 1,003 $ 2,504 Adjustments to goodwill: Acquisitions 359 24 383 Foreign currency translation (29) (4) (33) 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 |
| Other Intangible Assets - Finite-Lived | December 31, 2022 December 25, 2021 Accumulated Accumulated Cost Amortization Net Cost Amortization Net Customer lists and relationships $ 826 $ (387) $ 439 $ 853 $ (353) $ 500 Trademarks / trade names - definite lived 125 (51) 74 129 (44) 85 Product Development 90 (56) 34 114 (70) 44 Non-compete agreements 25 (6) 19 25 (6) 19 Other 31 (10) 21 28 (8) 20 $ 1,097 $ (510) $ 587 $ 1,149 $ (481) $ 668 |
Investments and Other (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Investments And Other [Abstract] | |
| Investments and Other | December 31, December 25, 2022 2021 Investment in unconsolidated affiliates $ 161 $ 168 Non-current deferred foreign, state and local income taxes 88 35 Notes receivable (1) 28 36 Capitalized costs for software to be sold, leased or marketed to external 79 65 Security deposits 3 2 Acquisition-related indemnification 59 66 Non-current pension assets 8 - Other long-term assets 46 52 Total $ 472 $ 424 (1) Long-term notes receivable carry interest rates ranging from 3.0 % to 7.5 % and are due in varying installments through May 11, 2028 . |
Fair Value Measurements (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Fair Value Measurements [Abstract] | |
| Fair value - assets and liabilities measured and recognized on a recurring basis | 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 December 25, 2021 Level 1 Level 2 Level 3 Total Assets: Derivative contracts designated as hedges $ - $ 8 $ - $ 8 Derivative contracts undesignated - 1 - 1 Total return - 1 - 1 Total assets $ - $ 10 $ - $ 10 Liabilities: Derivative contracts designated as hedges $ - $ 1 $ - $ 1 Derivative contracts undesignated - 2 - 2 Total liabilities $ - $ 3 $ - $ 3 Redeemable noncontrolling interests $ - $ - $ 613 $ 613 |
Debt (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Debt [Abstract] | |
| Bank Credit Lines | December 31, December 25, 2022 2021 Revolving credit agreement $ - $ - Other short-term bank credit lines 103 51 Total $ 103 $ 51 |
| Schedule of Long-Term Debt | December 31, December 25, 2022 2021 Private placement facilities $ 699 $ 706 U.S. trade accounts receivable securitization 330 105 Various in varying installments through 2023 at interest rates ranging from 0.00 % to 3.50 % at December 31, 2022 and ranging from 2.62 % to 4.27 % at December 25, 2021 7 4 Finance lease obligations 10 7 Total 1,046 822 Less current maturities (6) (11) Total long-term debt $ 1,040 $ 811 |
| 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 Less: Deferred debt issuance costs (1) Total $ 699 |
| Schedule of Long-Term Debt Maturities | 2023 $ 6 2024 109 2025 331 2026 - 2027 100 Thereafter 500 Total $ 1,046 |
Income Taxes (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Income Taxes [Abstract] | |
| Income Before Taxes, Equity in Earnings of Affiliates and Loss on Sale of Equity Investment | Years December 31, December 25, December 26, 2022 2021 2020 Domestic $ 506 $ 593 $ 431 Foreign 215 238 69 Total $ 721 $ 831 $ 500 |
| Provision for Income Taxes Attributable to Continuing Operations | The provisions for income taxes were as follows: Years December 31, December 25, December 26, 2022 2021 2020 Current income tax expense: U.S. Federal $ 150 $ 129 $ 83 State and local 49 37 24 Foreign 44 43 41 Total current 243 209 148 Deferred income tax expense (benefit): U.S. Federal (48) (12) (18) State and local (13) (3) (5) Foreign (12) 4 (30) Total deferred (73) (11) (53) Total provision $ 170 $ 198 $ 95 |
| 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 31, December 25, 2022 2021 Deferred income tax asset: Net operating losses and other carryforwards $ 64 $ 55 Inventory, premium valuation allowances 57 46 Stock-based compensation 11 13 Uniform capitalization adjustment to inventories 11 10 Operating lease liability 77 79 Other asset 48 41 Total deferred income 268 244 Valuation (1) (36) (36) Net deferred income tax asset 232 208 Deferred income tax liability Intangibles amortization (112) (134) Operating lease right-of-use asset (61) (74) Property and equipment (7) (7) Total deferred tax (180) (215) Net deferred income tax asset (liability) $ 52 $ (7) (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 31, December 25, December 26, 2022 2021 2020 Income tax provision at federal statutory rate $ 151 $ 175 $ 105 State income tax provision, net of federal income tax effect 20 21 13 Foreign income tax provision 4 6 - Pass-through noncontrolling interest (4) (4) (3) Valuation (2) (6) 1 Unrecognized tax benefits and audit settlements 11 7 (18) Interest expense related to loans (12) (11) (11) Tax benefit related - - (6) Other 2 10 14 Total income $ 170 $ 198 $ 95 |
| Reconciliation of Unrecognized Tax Benefits Excluding the Effect of Deferred Taxes | December 31, December 25, December 26, 2022 2021 2020 Balance, beginning of period $ 71 $ 70 $ 91 Additions based on current year tax positions 14 3 5 Additions based on prior year tax positions 8 11 8 Reductions based on prior year tax positions - (1) (1) Reductions resulting from settlements with taxing authorities (1) (9) (19) Reductions resulting from lapse in statutes of limitations (10) (3) (14) Balance, end of period $ 82 $ 71 $ 70 |
Plans of Restructuring and Integration Costs (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| 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 $ 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 Year Health-Care Distribution Technology Services Restructuring Costs Integration Costs Restructuring Costs Integration Costs Total Severance and employee-related costs $ 25 $ - $ 1 $ - $ 26 Impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 4 - - - 4 Exit and other related costs 2 - - - 2 Total restructuring and integration costs $ 31 $ - $ 1 $ - $ 32 |
| Schedule of Restructuring Reserve by Segment | Technology Health Care Value-Added Distribution Services Total Balance, December 25, 2021 $ 3 $ 1 $ 4 Restructuring charges 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 |
Commitments and Contingencies (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Purchase commitments | 2023 $ 5 2024 4 2025 4 2026 4 2027 4 Thereafter - Total minimum $ 21 |
Stock Based Compensation (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Stock Based Compensation [Abstract] | |
| Valuation Model | 2022 Expected dividend yield 0.00 % Expected stock price volatility 27.80 % Risk-free interest rate 3.62 % Expected life of options (years) 6.00 |
| Summary of Stock Option Activity Under the Plans | Stock Options Weighted Remaining Average Weighted Average Aggregate Exercise Remaining Contractual Intrinsic Shares Price Life in Years Value Outstanding at beginning of year 767,717 $ 63.24 Granted 420,075 85.81 Exercised (36,150) 62.92 Forfeited (34,068) 74.84 Outstanding at end of year 1,117,574 $ 71.38 8.5 $ 12 Options exercisable at end of year 220,688 $ 63.35 |
| Intrinsic Values | Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Life (in years) Value Vested 885,428 $ 73.50 8.7 $ 8 |
| 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 1,945,862 $ 58.79 674,753 $ 59.63 Granted 471,840 85.49 267,865 82.35 Vested (566,887) 55.46 (396,220) 59.21 Forfeited (94,771) 67.87 (25,482) 67.65 Outstanding at end of period 1,756,044 $ 66.59 $ 79.87 520,916 $ 60.23 $ 79.87 |
Employee Benefit Plans (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Employee Benefit Plans [Abstract] | |
| Obligation and Funded Status | Years December 31, December 25, 2022 2021 Obligation and funded status: Change in benefit obligation Projected benefit obligation, beginning of period $ 128 $ 130 Service costs 3 4 Interest cost 1 - Past service cost - 5 Actuarial loss (19) (5) Benefits paid (1) - Participant contributions 1 1 Settlements (1) (2) Effect of foreign currency translation (4) (5) Projected benefit obligation, end of period $ 108 $ 128 Change in plan assets Fair value of plan assets at beginning of period $ 75 $ 65 Actual return on plan assets (3) 5 Employer contributions 2 2 Plan participant contributions 1 1 Expected return on plan assets 1 4 Benefit received - 2 Settlements (1) (3) Effect of foreign currency translation (2) (1) Fair value of plan assets at end of period $ 73 $ 75 Unfunded status at end of period $ 35 $ 53 Includes regular benefit payments and amounts transferred in by new |
| Balance Sheet | Years December 31, December 25, 2022 2021 Non-current assets $ 25 $ 22 Current liabilities (1) (1) Non-current liabilities (59) (74) Accumulated other comprehensive loss, pre-tax 4 21 |
| Net Periodic Pension Cost | Years December 31, December 25, December 26, 2022 2021 2020 Service cost $ 3 $ 4 $ 3 Interest cost 1 - - Expected return on plan assets (1) (1) - Employee contributions - - - Amortization of prior service credit 1 1 1 Recognized net actuarial loss - - - Settlements - - - Net periodic pension cost $ 4 $ 4 $ 4 |
| Assumptions | Years December 31, December 25, Pension Benefit Obligation 2022 2021 Weighted average 1.67 % 0.87 % Years December 31, December 25, December 26, Net Periodic Pension Cost 2022 2021 2020 Discount rate-pension benefit 1.25 % 0.56 % 0.51 % Expected return on plan assets 0.81 % 0.71 % 0.87 % Rate of compensation increase 1.68 % 1.95 % 1.97 % Pension increase rate 0.61 % 0.72 % 0.67 % |
| Estimated Payments | Year 2023 $ 6 2024 6 2025 5 2026 5 2027 7 2028 to 2032 38 Total $ 67 |
Redeemable Noncontrolling Interests (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Redeemable Noncontrolling Interests [Abstract] | |
| Change in Fair Value of Redeemable Noncontrolling Interests | December 31, December 25, December 26, 2022 2021 2020 Balance, beginning of period $ 613 $ 328 $ 287 Decrease in redeemable noncontrolling interests due to acquisitions of noncontrolling interests in subsidiaries (31) (60) (17) Increase in redeemable noncontrolling interests due to business acquisitions 4 189 28 Net income attributable to redeemable noncontrolling interests 21 23 14 Dividends declared (21) (21) (13) Effect of foreign currency translation loss attributable to redeemable noncontrolling interests (6) (6) (4) Change in fair value of redeemable securities (4) 160 33 Balance, end of period $ 576 $ 613 $ 328 |
Comprehensive Income (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Comprehensive Income [Abstract] | |
| Accumulated Other Comprehensive Income and Comprehensive Income Components | December 31, December 25, December 26, 2022 2021 2020 Attributable to Redeemable noncontrolling interests: Foreign currency translation adjustment $ (37) $ (31) $ (25) Attributable to noncontrolling interests: Foreign currency translation adjustment $ (1) $ - $ - Attributable to Henry Schein, Inc.: Foreign currency translation adjustment $ (236) $ (155) $ (77) Unrealized gain (loss) from foreign currency hedging activities 5 (2) (11) Pension adjustment loss (2) (14) (20) Accumulated other comprehensive loss $ (233) $ (171) $ (108) Total Accumulated $ (271) $ (202) $ (133) |
| Components of comprehensive income, net of applicable taxes | December 31, December 25, December 26, 2022 2021 2020 Net income $ 566 $ 660 $ 420 Foreign currency translation gain (loss) (88) (84) 63 Tax effect - - - Foreign currency translation gain (loss) (88) (84) 63 Unrealized gain (loss) from foreign currency hedging activities 10 12 (10) Tax effect (3) (3) 3 Unrealized gain (loss) from foreign currency hedging activities 7 9 (7) Pension adjustment gain 16 8 - Tax effect (4) (2) - Pension adjustment gain 12 6 - Comprehensive income $ 497 $ 591 $ 476 |
| Total Comprehensive Income | December 31, December 25, December 26, 2022 2021 2020 Comprehensive income attributable to Henry Schein, Inc. $ 476 $ 568 $ 463 Comprehensive income attributable to noncontrolling interests 6 6 3 Comprehensive income attributable to Redeemable noncontrolling interests 15 17 10 Comprehensive income $ 497 $ 591 $ 476 |
Discontinued Operations (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Discontinued Operations [Abstract] | |
| Summarized Financial Information for Discontinued Operations | Year December 26, 2020 Selling, general and administrative 2 Operating loss (2) Income tax benefit (3) Income from discontinued operations 1 Net income from discontinued operations attributable to Henry Schein, 1 |
Earnings Per Share (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Earnings Per Share [Abstract] | |
| Reconciliation of Shares used in Calculating Earnings per Share Basic and Diluted | Years December 31, December 25, December 26, 2022 2021 2020 Basic 136,064,221 140,090,889 142,504,193 Effect of dilutive securities: Stock options and restricted stock units 1,691,449 1,681,892 899,489 Diluted 137,755,670 141,772,781 143,403,682 |
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Years December 31, December 25, December 26, 2022 2021 2020 Stock options 342,716 611,869 - Restricted stock units 19,466 1,048 2,398 Total anti-dilutive 362,182 612,917 2,398 |
Supplemental Cash Flow Information (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Supplemental Cash Flow Elements [Abstract] | |
| Cash Paid for Interest and Income Taxes | Years December 31, December 25, December 26, 2022 2021 2020 Interest $ 47 $ 29 $ 43 Income taxes 265 242 207 |
Segment and Geographic Data (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
number
countries
| |
| Segment Reporting Information [Line Items] | |
| Number of reportable segments | number | 2 |
| Number of countries served globally | countries | 32 |
| Minimum [Member] | United States [Member] | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | |
| Segment Reporting Information [Line Items] | |
| Concentration risk percentage (as a percent) | 10.00% |
Segment and Geographic Data (Operations by Geographic Area) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net sales | $ 12,647 | $ 12,401 | $ 10,119 |
| Long-Lived Assets | 4,147 | 4,213 | 3,615 |
| United States [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net sales | 9,190 | 8,722 | 7,090 |
| Long-Lived Assets | $ 2,891 | 2,981 | 2,363 |
| 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) | 10.00% | ||
| Locations other than the United States [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net sales | $ 3,457 | 3,679 | 3,029 |
| Long-Lived Assets | $ 1,256 | $ 1,232 | $ 1,252 |
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Leases [Abstract] | |||
| Operating lease cost | $ 150 | $ 103 | $ 87 |
| Finance lease cost: | |||
| Amortization of right-of-use assets | 3 | 3 | 2 |
| Finance lease cost | $ 3 | $ 3 | $ 2 |
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
|
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows for operating leases | $ 87 | $ 85 |
| Financing cash flows for finance leases | 3 | 3 |
| Right-of-use assets obtained in exchange for lease obligations: | ||
| Operating leases | 88 | 121 |
| Finance leases | $ 6 | $ 4 |
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 25, 2021 |
|---|---|---|
| Operating Leases | ||
| 2023 | $ 82 | |
| 2024 | 66 | |
| 2025 | 56 | |
| 2026 | 46 | |
| 2027 | 33 | |
| Thereafter | 98 | |
| Total future lease payments | 381 | |
| Less imputed interest | (33) | |
| Total operating lease liabilities | 348 | $ 344 |
| Finance Leases | ||
| 2023 | 5 | |
| 2024 | 3 | |
| 2025 | 1 | |
| 2026 | 1 | |
| 2027 | 0 | |
| Thereafter | 1 | |
| Total future lease payments | 11 | |
| Less imputed interest | (1) | |
| Total finance lease liabilities | $ 10 | $ 7 |
Goodwill and Other Intangibles, Net (Other Intangible Assets - Finite-Lived) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 25, 2021 |
|---|---|---|
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Cost | $ 1,097 | $ 1,149 |
| Accumulated amortization | (510) | (481) |
| Net | 587 | 668 |
| Customer Relationships and Lists [Member] | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Cost | 826 | 853 |
| Accumulated amortization | (387) | (353) |
| Net | 439 | 500 |
| Trademarks and Trade Names [Member] | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Cost | 125 | 129 |
| Accumulated amortization | (51) | (44) |
| Net | 74 | 85 |
| Product Development [Member] | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Cost | 90 | 114 |
| Accumulated amortization | (56) | (70) |
| Net | 34 | 44 |
| Noncompete Agreements [Member] | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Cost | 25 | 25 |
| Accumulated amortization | (6) | (6) |
| Net | 19 | 19 |
| Other intangibles assets [Member] | ||
| Finite-Lived Intangible Assets, Net [Abstract] | ||
| Cost | 31 | 28 |
| Accumulated amortization | (10) | (8) |
| Net | $ 21 | $ 20 |
Derivatives and Hedging Activities (Details) € in Millions, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 25, 2021
USD ($)
|
Dec. 31, 2022
EUR (€)
|
Dec. 31, 2022
USD ($)
|
Mar. 20, 2020
USD ($)
|
|
| Other Comprehensive Income [Member] | Foreign Exchange Forward [Member] | |||||
| Derivative [Line Items] | |||||
| Gain (loss) on derivative | $ (9) | $ (11) | |||
| Total Return Swap [Member] | SERP and DCP [Member] | |||||
| Derivative [Line Items] | |||||
| Derivative, Notional Amount | $ 78 | $ 43 | |||
| Derivative, Inception Date | Mar. 20, 2020 | ||||
| Gain (loss) on derivative | $ (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 | 4.58% | 4.58% | |||
| Derivative, Basis Spread on Variable Rate | 4.03% | 4.03% | |||
| Derivative Fixed Interest Rate | 0.55% | 0.55% | |||
| Net Investment Hedging [Member] | Forward Contracts [Member] | |||||
| Derivative [Line Items] | |||||
| Derivative, Notional Amount | € | € 200 | ||||
| Derivative, Maturity Dates | Nov. 16, 2023 | ||||
Debt (Private Placement Facilities - Narrative) (Details) - Private Placement Facilities [Member] $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 25, 2021
USD ($)
|
|
| Debt Instrument [Line Items] | ||
| Debt instrument maximum borrowing capacity | $ 1.5 | $ 1,000.0 |
| Debt instrument, maturity date | Oct. 20, 2026 | Jun. 23, 2023 |
| Average term of issuances under private placement facilities | 12 years | |
| Increase in maximum maintenance leverage ratio | 1.00% | |
| Net leverage ratio | 0.030 | |
| Date of borrowing | Oct. 20, 2021 | |
| Weighted average interest rate on borrowings under credit lines at period end (as a percent) | 2.99% | |
| 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 | |
| Net leverage ratio | 0.0325 | |
Debt (Bank Credit Lines) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 25, 2021 |
|---|---|---|
| Line of Credit Facility [Line Items] | ||
| Bank credit lines | $ 103 | $ 51 |
| Revolving credit facility [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Bank credit lines | 0 | 0 |
| Other short-term bank credit lines [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Bank credit lines | 103 | 51 |
| Committed Loan Associated with Animal Health Spin-off [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Bank credit lines | $ 103 | $ 51 |
Debt (Schedule of Long-Term Debt Maturities) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Maturities of Long-term Debt [Abstract] | |
| 2023 | $ 6 |
| 2024 | 109 |
| 2025 | 331 |
| 2026 | 0 |
| 2027 | 100 |
| Thereafter | $ 500 |
Income Taxes (Income Before Taxes, Equity in Earnings of Affiliates and Loss on Sale of Equity Investment) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Income before equity method investments, income taxes and loss on sale of equity investment [Abstract] | |||
| Domestic | $ 506 | $ 593 | $ 431 |
| Foreign | 215 | 238 | 69 |
| Income from continuing operations before taxes, equity in earnings of affiliates and noncontrolling interests | $ 721 | $ 831 | $ 500 |
Income Taxes (Provision for Income Taxes Attributable to Continuing Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Current income tax expense: | |||
| U.S. Federal | $ 150 | $ 129 | $ 83 |
| State and local | 49 | 37 | 24 |
| Foreign | 44 | 43 | 41 |
| Total current | 243 | 209 | 148 |
| Deferred income tax expense (benefit): | |||
| U.S. Federal | (48) | (12) | (18) |
| State and local | (13) | (3) | (5) |
| Foreign | (12) | 4 | (30) |
| Total deferred | (73) | (11) | (53) |
| Total income tax provision | $ 170 | $ 198 | $ 95 |
Income Taxes (Tax Effects of Temporary Differences to Deferred Income Tax Asset (Liability)) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 25, 2021 |
|---|---|---|
| Deferred income tax asset: | ||
| Net operating losses and other carryforwards | $ 64 | $ 55 |
| Inventory, premium coupon redemptions and accounts receivable valuation allowances | 57 | 46 |
| Stock-based compensation | 11 | 13 |
| Uniform capitalization adjustment to inventories | 11 | 10 |
| Operating lease liability | 77 | 79 |
| Other asset | 48 | 41 |
| Total deferred income tax asset | 268 | 244 |
| Valuation allowance for non-current deferred tax assets | (36) | (36) |
| Net deferred income tax asset | 232 | 208 |
| Deferred income tax liability | ||
| Intangibles amortization | (112) | (134) |
| Operating lease right-of-use asset | (61) | (74) |
| Property and equipment | (7) | (7) |
| Total deferred tax liability | (180) | (215) |
| Net deferred income tax asset (liability) | $ 52 | $ (7) |
Income Taxes (Operating Loss Carryforwards) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Foreign tax authority [Member] | |
| Operating Loss Carryforwards [Line Items] | |
| Net operating loss carryforwards not subject to expiration | $ 218 |
| State and Local Jurisdiction [Member] | |
| Operating Loss Carryforwards [Line Items] | |
| Net operating loss carryforwards not subject to expiration | 4 |
| Federal tax authority [Member] | |
| Operating Loss Carryforwards [Line Items] | |
| Net operating loss carryforwards not subject to expiration | $ 21 |
Income Taxes (Reconciliation of Income Tax Provision at Federal Statutory Rate to Total Income Tax Provision) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
| Income tax provision at federal statutory rate | $ 151 | $ 175 | $ 105 |
| State income tax provision, net of federal income tax effect | 20 | 21 | 13 |
| Foreign income tax provision | 4 | 6 | 0 |
| Pass through noncontrolling interest | (4) | (4) | (3) |
| Valuation allowance | (2) | (6) | 1 |
| Unrecognized tax benefits and audit settlements | 11 | 7 | (18) |
| Interest expense related to loans | (12) | (11) | (11) |
| Tax benefit related to legal entity reorganization outside the U.S. | 0 | 0 | (6) |
| Other | 2 | 10 | 14 |
| Total income tax provision | $ 170 | $ 198 | $ 95 |
Income Taxes (Reconciliation of Unrecognized Tax Benefits Excluding the Effect of Deferred Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Balance, beginning of period | $ 71 | $ 70 | $ 91 |
| Additions based on current year tax positions | 14 | 3 | 5 |
| Additions based on prior year tax positions | 8 | 11 | 8 |
| Reductions based on prior year tax positions | 0 | (1) | (1) |
| Reductions resulting from settlements with taxing authorities | (1) | (9) | (19) |
| Reductions resulting from lapse in statutes of limitations | (10) | (3) | (14) |
| Balance, end of period | $ 82 | $ 71 | $ 70 |
Plans of Restructuring and Integration Costs (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
|
Dec. 31, 2022
USD ($)
number
|
Dec. 31, 2022
USD ($)
number
|
|
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring charges | $ 128 | $ 128 |
| Midway Dental Supply [Member] | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring charges | 9 | |
| Integration costs | $ 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 |
Commitments and Contingencies - Unrecorded Unconditional Purchase Obligation (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Unrecorded Unconditional Purchase Obligation [Abstract] | |
| 2022 | $ 5 |
| 2023 | 4 |
| 2024 | 4 |
| 2025 | 4 |
| 2026 | 4 |
| Thereafter | 0 |
| Total minimum inventory purchase commitment payments | $ 21 |
Commitments and Contingencies - Other Commitments (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Employment, consulting and non-compete agreements [Member] | |
| Other Commitment, Fiscal Year Maturity [Abstract] | |
| 2022 | $ 23,000,000 |
| 2023 | 7,000,000 |
| 2024 | 5,000,000 |
| 2025 | 0 |
| 2026 | 0 |
| Thereafter | 0 |
| Life-time consulting agreement [Member] | |
| Other Commitment, Fiscal Year Maturity [Abstract] | |
| Current compensation paid under lifetime consulting agreement | 400,000 |
| Amount of increase effective every fifth year on lifetime consulting agreement | $ 25,000 |
Stock Based Compensation (Valuation Model) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Stock Based Compensation [Abstract] | |
| Expected dividend yield | 0.00% |
| Expected stock price volatility | 27.80% |
| Risk-free interest rate | 3.62% |
| Expected life of options (years) | 6 years |
Stock-Based Compensation (Intrinsic Values) (Details) - Employee And Directors Stock Options [Member] $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Number of Options | shares | 885,428 |
| Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 73.50 |
| Weighted Average Remaining Contractual Life (in years) | 8 years 8 months 12 days |
| Aggregate Intrinsic Value | $ | $ 8,000 |
Employee Benefit Plans (Balance Sheet) (Details) - Pension Plans Defined Benefit [Member] - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 25, 2021 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Non-current assets | $ 25 | $ 22 |
| Current liabilities | (1) | (1) |
| Non-current liabilities | (59) | (74) |
| Accumulated other comprehensive loss, pre-tax | $ 4 | $ 21 |
Employee Benefit Plans (Net Periodic Pension Cost) (Details) - Pension Plans Defined Benefit [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan Service Cost | $ 3 | $ 4 | $ 3 |
| Defined Benefit Plan Interest Cost | 1 | 0 | |
| Defined Benefit Plan Expected Return On Plan Assets | (1) | (1) | |
| Defined Benefit Plan Amortization Of Prior Service Cost Credit | 1 | 1 | 1 |
| Total | $ 4 | $ 4 | $ 4 |
Employee Benefit Plans (Assumptions) (Details) - Pension Plans Defined Benefit [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate | 1.67% | 0.87% | |
| 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 | 1.25% | 0.56% | 0.51% |
| Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets | 0.81% | 0.71% | 0.87% |
| Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase | 1.68% | 1.95% | 1.97% |
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Pension Rate | 0.61% | 0.72% | 0.67% |
Employee Benefit Plans (Estimated Payments) (Details) - Pension Plans Defined Benefit [Member] $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Defined Benefit Plan Disclosure [Line Items] | |
| Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months | $ 6 |
| Defined Benefit Plan Expected Future Benefit Payments Year Two | 6 |
| Defined Benefit Plan Expected Future Benefit Payments Year Three | 5 |
| Defined Benefit Plan Expected Future Benefit Payments Year Four | 5 |
| Defined Benefit Plan Expected Future Benefit Payments Year Five | 7 |
| Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter | 38 |
| Total | $ 67 |
Redeemable Noncontrolling Interests (Change in Fair Value of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Components of the change in the redeemable noncontrolling interests [Abstract] | |||
| Balance, beginning of period | $ 613 | $ 328 | $ 287 |
| Decrease in redeemable noncontrolling interests due to acquisitions of noncontrolling interests in subsidiaries | (31) | (60) | (17) |
| Increase in redeemable noncontrolling interests due to business acquisitions | 4 | 189 | 28 |
| Net income attributable to redeemable noncontrolling interests | 21 | 23 | 14 |
| Dividends declared | (21) | (21) | (13) |
| Effect of foreign currency translation loss attributable to redeemable noncontrolling interests | (6) | (6) | (4) |
| Change in fair value of redeemable securities | (4) | 160 | 33 |
| Balance, end of period | $ 576 | $ 613 | $ 328 |
Comprehensive Income (Total Comprehensive Income) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Comprehensive Income Net Of Applicable Taxes [Abstract] | |||
| Comprehensive income attributable to Henry Schein, Inc. | $ 476 | $ 568 | $ 463 |
| Comprehensive income attributable to noncontrolling interests | 6 | 6 | 3 |
| Comprehensive income attributable to Redeemable noncontrolling interests | 15 | 17 | 10 |
| Comprehensive income | $ 497 | $ 591 | $ 476 |
Discontinued Operations (Summarized Financial Information for Discontinued Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Summarized financial information for our discontinued operations | |||
| Costs of goods sold | $ 8,816 | $ 8,727 | $ 7,303 |
| Selling, general and administrative | 2,771 | 2,634 | 2,086 |
| Income from discontinued operations | 0 | 0 | 1 |
| Net income attributable to Henry Schein, Inc. | $ 538 | $ 631 | 404 |
| Henry Schein Animal Health Business [Member] | |||
| Summarized financial information for our discontinued operations | |||
| Selling, general and administrative | 2 | ||
| Operating income (loss) | (2) | ||
| Income tax expense (benefit) | (3) | ||
| Income from discontinued operations | 1 | ||
| Net income attributable to Henry Schein, Inc. | $ 1 | ||
Earnings Per Share (Reconciliation of Shares used in Calculating Earnings per Share Basic and Diluted) (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Weighted-average common shares outstanding: | |||
| Basic (in shares) | 136,064,221 | 140,090,889 | 142,504,193 |
| Effect of dilutive securities: | |||
| Stock options, restricted stock and restricted stock units (in shares) | 1,691,449 | 1,681,892 | 899,489 |
| Diluted (in shares) | 137,755,670 | 141,772,781 | 143,403,682 |
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Anti-dilutive securities excluded from EPS | 362,182 | 612,917 | 2,398 |
| Stock Options [Member] | |||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Anti-dilutive securities excluded from EPS | 342,716 | 611,869 | 0 |
| Restricted Stock/Units [Member] | |||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Anti-dilutive securities excluded from EPS | 19,466 | 1,048 | 2,398 |
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Supplemental Cash Flow Elements [Abstract] | |||
| Unrealized gain (loss) from foreign currency hedging activities | $ 10 | $ 12 | $ (10) |
Supplemental Cash Flow Information (Cash Paid for Interest and Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 25, 2021 |
Dec. 26, 2020 |
|
| Supplemental Cash Flow Elements [Abstract] | |||
| Interest | $ 47 | $ 29 | $ 43 |
| Income taxes | $ 265 | $ 242 | $ 207 |