HENRY SCHEIN INC, 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover Page - USD ($)
12 Months Ended
Dec. 27, 2025
Feb. 17, 2026
Jun. 28, 2025
Cover Page      
Entity Central Index Key 0001000228    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-27    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 27, 2025    
Document Transition Report false    
Entity Registrant Name HENRY SCHEIN, INC.    
Entity File Number 0-27078    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 11-3136595    
Entity Address, Address Line One 135 Duryea Road    
Entity Address, City or Town Melville    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 11747    
City Area Code 631    
Local Phone Number 843-5500    
Title of 12(b) Security Common Stock, par value $.01 per share    
Trading Symbol HSIC    
Security Exchange Name NASDAQ    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Well-known Seasoned Issuer Yes    
Entity Emerging Growth Company false    
Entity Small Business false    
Entity Shell Company false    
Entity Public Float     $ 8,885,457,000
Entity Common Stock, Shares Outstanding   114,704,121  
Entity Voluntary Filers No    
Documents Incorporated by Reference
Portions of the Registrant’s definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year
(December 27, 2025) are incorporated by reference in Part III hereof.
   
ICFR Auditor Attestation Flag true    
AuditorName BDO USA, P.C.    
Auditor Firm Id 243    
Auditor Location New York, New York    
Document Fin Stmt Error Correction Flag false    
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Current assets:    
Cash and cash equivalents $ 156 $ 122
Accounts receivable, net of allowance for credit losses of $90 and $78 [1] 1,651 1,482
Inventories, net 2,002 1,810
Prepaid expenses and other 655 569
Total current assets 4,464 3,983
Property and equipment, net 621 531
Operating lease right-of-use assets 301 293
Goodwill 4,213 3,887
Other intangibles, net 1,018 1,023
Investments and other 598 501
Total assets 11,215 10,218
Current liabilities:    
Accounts payable 1,154 962
Bank credit lines 764 650
Current maturities of long-term debt 33 56
Operating lease liabilities 78 75
Accrued expenses:    
Payroll and related 340 303
Taxes 179 139
Other 680 618
Total current liabilities 3,228 2,803
Long-term debt [1] 2,310 1,830
Deferred income taxes 146 102
Operating lease liabilities 251 259
Other liabilities 486 387
Total liabilities 6,421 5,381
Redeemable noncontrolling interests 895 806
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none outstanding 0 0
Common stock, $0.01 par value, 480,000,000 shares authorized, 115,771,149 issued and outstanding on December 27, 2025 and 124,155,884 issued and outstanding on December 28, 2024 1 1
Additional paid-in capital 177 0
Retained earnings 3,293 3,771
Accumulated other comprehensive loss (226) (379)
Total Henry Schein, Inc. stockholders' equity 3,245 3,393
Noncontrolling interests 654 638
Total stockholders' equity 3,899 4,031
Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 11,215 $ 10,218
[1]
Amounts presented include balances held by our consolidated variable interest entity (“VIE”).
At December 27, 2025 and
December 28, 2024, includes trade accounts receivable of $
491
million and $
241
million, respectively, and long-term debt of $
390
million and $
150
million, respectively.
See
for further
information.
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Current assets:    
Accounts receivable, reserves (in dollars) $ 90 $ 78
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 issued (in shares) 115,771,149 124,155,884
Common stock, shares outstanding (in shares) 115,771,149 124,155,884
Variable Interest Entity, Primary Beneficiary [Member] | Recourse [Member]    
Liabilities of VIE $ 390 $ 150
Asset Pledged As Collateral [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Pledged assets $ 491 $ 241
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Income Statement [Abstract]      
Net sales $ 13,184 $ 12,673 $ 12,339
Cost of sales 9,079 8,657 8,479
Gross profit 4,105 4,016 3,860
Operating expenses:      
Selling, general and administrative 3,084 3,034 2,956
Depreciation and amortization 263 251 209
Restructuring and related costs 105 110  
Operating income 653 621 615
Other income (expense):      
Interest income 33 24 17
Interest expense (150) (131) (87)
Other, net (3) (1) (3)
Income before taxes, equity in earnings of affiliates and noncontrolling interests 533 513 542
Income taxes (126) (128) (120)
Equity in earnings of affiliates, net of tax 12 13 14
Net Income 419 398 436
Less: Net income attributable to noncontrolling interests (21) (8) (20)
Net income attributable to Henry Schein, Inc. $ 398 $ 390 $ 416
Earnings per share attributable to Henry Schein, Inc.:      
Basic (in dollars per share) $ 3.29 $ 3.07 $ 3.18
Diluted (in dollars per share) $ 3.27 $ 3.05 $ 3.16
Weighted-average common shares outstanding:      
Basic (in shares) 120,813,977 126,788,997 130,618,990
Diluted (in shares) 121,717,876 127,779,228 131,748,171
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Statement of Comprehensive Income [Abstract]      
Net Income $ 419 $ 398 $ 436
Other comprehensive income, net of tax:      
Foreign currency translation gain (loss) 207 (207) 53
Unrealized gain (loss) from hedging activities (24) 13 (18)
Pension adjustment gain (loss) 2 (3) (3)
Other comprehensive income (loss), net of tax 185 (197) 32
Comprehensive income 604 201 468
Comprehensive income attributable to noncontrolling interests:      
Net income (21) (8) (20)
Foreign currency translation loss (gain) (32) 24 (5)
Comprehensive loss (income) attributable to noncontrolling interests (53) 16 (25)
Comprehensive income attributable to Henry Schein, Inc. $ 551 $ 217 $ 443
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2022 $ 4,095 $ 1 $ 0 $ 3,678 $ (233) $ 649
Beginning Balance (in shares) at Dec. 31, 2022   131,792,817        
Net income (excluding amounts attributable to Redeemable noncontrolling interests) 430     416   14
Foreign currency translation gain (loss) (excluding amounts attributable to Redeemable noncontrolling interests) 48       48  
Unrealized gain (loss) from hedging activities, net of tax expense (benefit) (18)       (18)  
Pension adjustment gain (loss), net of tax impact (3)       (3)  
Distributions to noncontrolling shareholders (27)         (27)
Change in fair value of redeemable securities 11   11      
Noncontrolling interests and adjustments related to business acquisitions (2)         (2)
Repurchase and retirement of common stock - Value (252)   (33) (219)    
Repurchase and retirement of common stock - Shares   (3,214,136)        
Stock issued upon exercise of stock options - Value 1   1      
Stock issued upon exercise of stock options - Shares   21,068        
Stock-based compensation expense - Value 39   39      
Stock-based compensation expense - Shares   1,065,319        
Shares withheld for payroll taxes - Value (34)   (34)      
Shares withheld for payroll taxes - Shares   (416,605)        
Settlement of stock-based compensation awards 1   1      
Settlement of stock-based compensation awards, shares   (698)        
Transfer of charges in excess of capital     15 (15)    
Ending Balance at Dec. 30, 2023 4,289 $ 1 0 3,860 (206) 634
Ending Balance (in shares) at Dec. 30, 2023   129,247,765        
Net income (excluding amounts attributable to Redeemable noncontrolling interests) 399     390   9
Foreign currency translation gain (loss) (excluding amounts attributable to Redeemable noncontrolling interests) (183)       (183)  
Unrealized gain (loss) from hedging activities, net of tax expense (benefit) 13       13  
Pension adjustment gain (loss), net of tax impact (3)       (3)  
Distributions to noncontrolling shareholders (6)         (6)
Purchase of noncontrolling interests (8)   (7)     (1)
Change in fair value of redeemable securities (119)   (119)      
Noncontrolling interests and adjustments related to business acquisitions 1   (1)     2
Repurchase and retirement of common stock - Value (388)   (52) (336)    
Repurchase and retirement of common stock - Shares   (5,419,649)        
Stock issued upon exercise of stock options - Value 6   6      
Stock issued upon exercise of stock options - Shares   98,755        
Stock-based compensation expense - Value 39   39      
Stock-based compensation expense - Shares   340,722        
Shares withheld for payroll taxes - Value (9)   (9)      
Shares withheld for payroll taxes - Shares   (111,815)        
Settlement of stock-based compensation awards, shares   106        
Transfer of charges in excess of capital     143 (143)    
Ending Balance at Dec. 28, 2024 $ 4,031 $ 1 0 3,771 (379) 638
Ending Balance (in shares) at Dec. 28, 2024 124,155,884 124,155,884        
Net income (excluding amounts attributable to Redeemable noncontrolling interests) $ 424     398   26
Foreign currency translation gain (loss) (excluding amounts attributable to Redeemable noncontrolling interests) 177       175 2
Unrealized gain (loss) from hedging activities, net of tax expense (benefit) (24)       (24)  
Pension adjustment gain (loss), net of tax impact 2       2  
Distributions to noncontrolling shareholders (11)         (11)
Purchase of noncontrolling interests (2)   (1)     (1)
Change in fair value of redeemable securities (72)   (72)      
Noncontrolling interests and adjustments related to business acquisitions (46)   (46)      
Issuance of common stock - Value 250   250      
Issuance of common stock - Shares   3,285,151        
Repurchase and retirement of common stock - Value (856)   (94) (762)    
Repurchase and retirement of common stock - Shares   (12,062,174)        
Stock issued upon exercise of stock options - Value $ 2   2      
Stock issued upon exercise of stock options - Shares 24,945 24,172        
Stock-based compensation expense - Value $ 39   39      
Stock-based compensation expense - Shares   578,536        
Shares withheld for payroll taxes - Value (15)   (15)      
Shares withheld for payroll taxes - Shares   (203,951)        
Settlement of stock-based compensation awards, shares   (6,469)        
Transfer of charges in excess of capital     114 (114)    
Ending Balance at Dec. 27, 2025 $ 3,899 $ 1 $ 177 $ 3,293 $ (226) $ 654
Ending Balance (in shares) at Dec. 27, 2025 115,771,149 115,771,149        
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Statement of Stockholders' Equity [Abstract]      
Net income attributable to redeemable noncontrolling interests $ (5) $ (1) $ 6
Foreign currency translation (gain) loss (30) 24 (5)
Unrealized gain (loss) from foreign currency hedging activities, tax benefit (expense) 9 (5) 7
Pension adjustment gain (loss), net of tax impact, (expense) benefit $ (3) $ 2 $ 0
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Cash flows from operating activities:      
Net Income $ 419 $ 398 $ 436
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 311 297 248
Impairment charge on intangible assets 16 0 7
Impairment of capitalized software 0 12 27
Non-cash restructuring and related charges 8 32 27
Stock-based compensation expense 39 39 39
Provision for losses on trade and other accounts receivable 16 14 18
Provision for (benefit from) deferred income taxes 5 (61) (20)
Equity in earnings of affiliates (12) (13) (14)
Distributions from equity affiliates 11 12 15
Changes in unrecognized tax benefits 4 5 10
Other (57) (27) (3)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (124) 315 (327)
Inventories (95) (59) 231
Other current assets (45) 47 (138)
Accounts payable and accrued expenses 216 (163) (56)
Net cash provided by operating activities 712 848 500
Cash flows from investing activities:      
Purchases of property and equipment (139) (148) (147)
Payments related to equity investments and business acquisitions, net of cash acquired (199) (230) (955)
Proceeds from loan to affiliate 3 4 6
Settlements for net investment hedges 0 0 22
Capitalized software costs (52) (39) (40)
Other (13) (17) (21)
Net cash used in investing activities (400) (430) (1,135)
Cash flows from financing activities:      
Net change in bank credit lines 108 387 153
Proceeds from issuance of long-term debt 489 120 1,368
Principal payments for long-term debt (44) (318) (468)
Debt issuance costs (2) 0 (3)
Issuance of common stock 250 0 0
Proceeds from issuance of stock upon exercise of stock options 2 6 1
Payments for repurchases and retirement of common stock (850) (385) (250)
Payments for taxes related to shares withheld for employee taxes (15) (9) (34)
Distributions to noncontrolling shareholders (30) (54) (47)
Payments for contingent consideration (19) (2) 0
Acquisitions of noncontrolling interests in subsidiaries (77) (255) (19)
Net cash provided by (used in) financing activities (188) (510) 701
Effect of exchange rate changes on cash and cash equivalents (90) 43 (12)
Net change in cash and cash equivalents 34 (49) 54
Cash and cash equivalents, beginning of period 122 171 117
Cash and cash equivalents, end of period $ 156 $ 122 $ 171
v3.25.4
Basis of Presentation and Significant Accounting Policies
12 Months Ended
Dec. 27, 2025
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 value-added services primarily to office-based dental and medical
practitioners, across dental practices, laboratories, physician practices,
and ambulatory surgery centers, as well as
government, institutional health care clinics, home health providers, and alternate
care clinics.
We also provide
software and technology services to health care practitioners.
Our dental businesses serve office-based dental
practitioners, dental laboratories, schools, government and other institutions.
Our medical businesses serve
physician offices, urgent care centers, ambulatory care sites, emergency medical technicians, dialysis centers,
home
health, federal and state governments and large enterprises, such as group practices
and integrated delivery
networks, among other providers across a wide range of specialties.
We have significant operations in the United States, Germany, France, Canada, and Brazil.
We also have
meaningful market presence in several other European countries and the Asia-Pacific
region.
Basis of Presentation
Our consolidated financial statements include the accounts of Henry
Schein, Inc. and all of our controlled
subsidiaries and VIE.
All intercompany accounts and transactions are eliminated
in consolidation.
Investments in
unconsolidated affiliates for which we have the ability to influence the operating or
financial decisions are
accounted for under the equity method.
Certain prior period amounts have been reclassified to conform
to the
current period presentation.
These reclassifications, individually and in the aggregate, did not
have a material
impact on our consolidated financial condition, results of operations
or cash flows.
The primary beneficiary of a VIE is required to consolidate the assets and
liabilities of the VIE.
We are deemed to
be the primary beneficiary of the VIE when we have the power to direct activities
that most significantly affect its
economic performance and have the obligation to absorb the majority
of its losses or the right to receive benefits
that could potentially be significant to the VIE.
In determining whether we are the primary beneficiary, we
consider factors such as ownership interest, debt investments, management
representation, authority to control
decisions, and contractual and substantive participating rights of each party.
For this VIE, related to our U.S. trade
accounts receivable securitization as discussed in
the trade accounts receivable transferred to the
VIE are pledged as collateral to the related debt.
The VIE’s creditors have recourse to us for losses on these trade
accounts receivable.
At December 27, 2025 and December 28, 2024, certain trade
accounts receivable that can
only be used to settle obligations of this VIE were $
491
million and $
241
million, respectively, and the liabilities of
this VIE where the creditors have recourse to us were $
390
million and $
150
million, respectively.
Fair Value
Measurements
Fair value is defined as the price that would be received to sell an asset or
paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The fair value hierarchy distinguishes between
(1) market participant assumptions developed based on market data obtained
from independent sources (observable
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
highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1) and the lowest priority
to unobservable inputs (Level 3).
The three levels of the fair value hierarchy are described as follows:
Level 1— Unadjusted quoted prices in active markets for identical assets
or liabilities that are accessible at the
measurement date.
Level 2— Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability,
either directly or indirectly.
Level 2 inputs include: quoted prices for similar assets or liabilities
in active markets;
quoted prices for identical or similar assets or liabilities in markets
that are not active; inputs other than quoted
prices that are observable for the asset or liability; and inputs that are
derived principally from or corroborated by
observable market data by correlation or other means.
Level 3— Inputs that are unobservable for the asset or liability.
Use of Estimates
The preparation of consolidated financial statements in conformity with
accounting principles generally accepted in
the United States requires us to make estimates and assumptions that
affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported
amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Our consolidated financial statements reflect estimates and assumptions
made by us that affect, among other things,
our goodwill, long-lived asset and definite-lived intangible asset valuation;
inventory valuation; equity investment
valuation; assessment of the annual effective tax rate; valuation of deferred income
taxes and income tax
contingencies; the allowance for credit losses; fair value of contingent
consideration; hedging activity; supplier
rebates; measurement of compensation cost for certain share-based
performance awards and cash bonus plans; and
pension plan assumptions.
Fiscal Year
We report our results of operations and cash flows on a
52
or
53
weeks per fiscal year basis ending on the last
Saturday of December.
The years ended December 27, 2025, December 28, 2024 and December
30, 2023
consisted of
52
weeks.
Revenue Recognition
Revenue is recognized when a customer obtains control of promised goods
or services in an amount that reflects the
consideration that we expect to receive for those goods or services.
To recognize revenue, we:
identify the contract(s) with a customer;
identify the performance obligations in the contract;
determine the transaction price;
allocate the transaction price to the performance obligations in the contract;
and
recognize revenue when, or as, we satisfy a performance obligation.
We generate revenue from the sale of dental and medical consumable products, equipment, and services such as
equipment repair and financial services (Global Distribution and Value-Added Services revenues), company-
manufactured specialty products (Global Specialty Products revenue), and software
products and related services
(Global Technology revenues).
Provisions for discounts, rebates to customers, customer
returns and other contra
revenue adjustments are included in the transaction price at contract
inception by estimating the most likely amount
based upon historical data and estimates and are provided for in the
period in which the related sales are
recognized.
Revenue derived from the sale of consumable products and company-manufactured
specialty products is
recognized at the point in time when control transfers to the customer, (e.g. when legal title and risks and
rewards
of ownership transfer to the customer, we have no post-shipment obligations, and we have an enforceable
right to
payment).
Sales of consumable products typically entail high-volume, low-dollar
orders shipped using third-party
common carriers.
Revenue derived from the sale of equipment is recognized when control
transfers to the customer.
This occurs
when the equipment is delivered.
Such sales typically entail scheduled deliveries of large equipment primarily
by
equipment service technicians.
Most equipment requires minimal installation, which is
typically completed at the
time of delivery.
Our merchandise and equipment products generally carry standard warranty
terms provided by the manufacturer;
however, in instances where we provide a warranty on company-manufactured products or labor services,
the
warranty costs are accrued in accordance with Accounting Standards Codification
(“ASC”) Topic 460 Guarantees.
At December 27, 2025 and December 28, 2024, we had accrued approximately
$
8
million and $
8
million,
respectively, for warranty costs.
Revenue derived from the sale of software products is recognized when
products are delivered to customers or
made available electronically.
Such software is generally installed by customers and does
not require extensive
training.
Revenue derived from post-contract customer support for software,
including annual support and/or
training, is generally recognized over time using time elapsed as the input method
that best depicts the transfer of
control to the customer.
Revenue derived from software sold on a Software-as-a-Service
basis is recognized ratably
over the subscription period as control is transferred to the customer.
Revenue derived from other sources, including freight charges, equipment repairs
and financial services, is
recognized when the related product revenue is recognized or when
the services are provided.
We apply the
practical expedient to treat shipping and handling activities performed after
the customer obtains control as
fulfillment activities, rather than a separate performance obligation in the
contract.
Sales, value-add and other taxes we collect concurrent with revenue-producing
activities are excluded from
revenue.
Some of our revenue is derived from bundled arrangements that include
multiple distinct performance obligations,
which are accounted for separately.
When we sell software products together with related services (i.e.,
training
and technical support), we allocate the transaction price to each
distinct performance obligation based on the
estimated standalone selling price for each performance obligation.
Bundled arrangements that include elements
that are not considered software consist primarily of equipment and the related
installation service.
We allocate
revenue for such arrangements based on the relative selling prices of the goods
or services.
If an observable selling
price is not available (i.e., because we or others do not sell the goods or
services separately), we use one of the
following techniques to estimate the standalone selling price: adjusted
market approach; cost-plus-margin
approach; or the residual method.
There is no specific hierarchy for the use of these methods, but
the estimated
selling price reflects our best estimate of what the selling prices of each deliverable
would be if it were sold
regularly on a standalone basis taking into consideration the cost structure
of our business, technical skill required,
customer location and other market conditions.
Sales Returns
Sales returns are recognized as a reduction of revenue by the amount
of expected returns and are recorded as refund
liability within accrued expenses-other within our consolidated balance sheets.
We estimate the sales return
liability based on historical data for specific products, adjusted as necessary
for new products.
The allowance for
returns is presented gross as a refund liability and we record a right of
return asset (and a corresponding adjustment
to cost of sales) for any products that we expect to be returned and resaleable.
Cost of Sales
The primary components of cost of sales include the cost of the product
(net of purchase discounts, supplier
chargebacks and rebates) and inbound and outbound freight charges.
Costs related to purchasing, receiving, inspections, warehousing,
internal inventory transfers and other costs of our
distribution network are included in selling, general and administrative
expenses along with other operating costs.
Total distribution network costs were $
107
million, $
105
million and $
105
million for the years ended December
27, 2025, December 28, 2024 and December 30, 2023, respectively.
Supplier Rebates
Supplier rebates are included as a reduction of cost of sales and are recognized
over the period they are earned.
The
factors we consider in estimating supplier rebate accruals include forecasted
inventory purchases,
sales, supplier
rebate contract terms, which generally provide for increasing rebates based
on either increased purchase or sales
volumes.
Direct Shipping and Handling Costs
Freight and other direct shipping costs are included in cost of sales.
Direct handling costs, which represent
primarily direct compensation costs of employees who pick, pack and otherwise
prepare, if necessary, merchandise
for shipment to our customers are reflected in selling, general and administrative
expenses.
Direct handling costs
were $
105
million, $
106
million and $
98
million for the years ended December 27, 2025, December 28, 2024
and
December 30, 2023, respectively.
Advertising and Promotional Costs
We expense advertising and promotional costs as incurred.
Total advertising and promotional expenses were $
46
million, $
43
million and $
47
million for the years ended December 27, 2025, December 28, 2024 and
December
30, 2023, respectively.
Stock-Based Compensation Costs
We
measure stock-based compensation at the grant date, based on the estimated
fair value of the award, and
recognize the cost (net of estimated forfeitures) as compensation expense on
a straight-line basis over the requisite
service period for certain time-based restricted stock units with cliff vesting and on a accelerated
basis for the
option awards and certain time-based restricted stock units with graded
vesting.
For performance-based awards, at
each reporting date, we reassess whether achievement of the performance condition
is probable and accrue
compensation expense when achievement of the performance condition is
probable.
Our stock-based compensation
expense is reflected in selling, general and administrative expenses.
Employment Benefit Plans and other Postretirement Benefit Plans
Some of our employees in our international markets participate
in various noncontributory defined benefit plans.
We recognize the funded status, measured as the difference between the fair value of plan assets and the projected
benefit obligation.
Each unfunded plan is recognized as a liability and each funded
plan is recognized as either an
asset or liability based on its funded status.
We measure our plan assets and liabilities at the end of our fiscal year.
Net periodic pension costs and valuations are dependent on assumptions
used by third-party actuaries in calculating
those amounts.
These assumptions include discount rates, expected return on plan
assets, rate of future
compensation levels, retirement rates, mortality rates, and other factors.
We record the service cost component of
net pension cost in selling, general and administrative expenses within
our consolidated statements of income.
Gains and losses that result from changes in actuarial assumptions or
from actual experience that differs from
actuarial assumptions are recognized in and then amortized from accumulated
other comprehensive income (loss).
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.
Due to the short-term maturity of such investments,
the carrying amounts are a reasonable estimate of
fair value.
Outstanding checks in excess of funds on deposit of $
25
million and $
33
million, primarily related to
payments for inventory, were classified as accounts payable as of December 27, 2025 and December 28, 2024.
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are generally recognized when revenues are recognized.
In accordance with the “expected
credit loss” model, the carrying amount of accounts receivable is reduced
by a valuation allowance that reflects our
best estimate of the amounts that we do not expect to collect.
In addition to reviewing delinquent accounts
receivable, we consider many factors in estimating our reserve, including
types of customers and their credit
worthiness, experience and historical data adjusted for current conditions
and reasonable supportable forecasts.
We
record allowances for credit losses based upon a specific review of all
significant outstanding invoices.
For
those invoices not specifically reviewed, provisions are provided at differing rates,
based upon the age of the
receivable, the collection history associated with the geographic region
that the receivable was recorded in, current
economic trends and reasonable supportable forecasts.
We
write off accounts receivable and charge it against its
recorded allowance when we deem it uncollectible.
Our net accounts receivable balance was $
1,651
million, $
1,482
million, and $
1,863
million, at December 27, 2025,
December 28, 2024 and December 30, 2023, respectively.
The following table presents our allowances for credit losses:
As of
Description
December 27,
2025
December 28,
2024
December 30,
2023
Balance at beginning of year
$
78
$
83
$
65
Provision for credit losses
20
14
17
Adjustments to existing allowances for late fees, foreign currency
exchange rates, and write-offs
(8)
(19)
1
Balance at end of year
$
90
$
78
$
83
Contract Assets
Contract assets include amounts related to any conditional right to consideration
for work completed but not billed
as of the reporting date.
Contract assets are transferred to accounts receivable when the
right becomes
unconditional.
The contract assets primarily relate to our bundled arrangements for the
sale of equipment and
consumables and sales of term software licenses.
Current contract assets are included in prepaid expenses and
other and the non-current contract assets are included in investments and other
within our consolidated balance
sheets.
Current and non-current contract asset balances as of December 27,
2025 and December 28, 2024 were not
material.
Contract Liabilities
Contract liabilities are comprised of advance payments and upfront payments
for service arrangements provided
over time that are accounted for as deferred revenue amounts.
Contract liabilities are transferred to revenue once
the performance obligation has been satisfied.
Current contract liabilities are included in accrued expenses: other
and the non-current contract liabilities are included in other liabilities
within our consolidated balance sheets.
During the years ended December 27, 2025, December 28, 2024, and December
30, 2023, we recognized
substantially all of the current contract liability amounts that were previously
deferred at the beginning of each
year.
The following table presents our contract liabilities:
As of
Description
December 27,
2025
December 28,
2024
December 30,
2023
Current contract liabilities
$
81
$
81
$
89
Non-current contract liabilities
9
8
9
Total contract
liabilities
$
90
$
89
$
98
Inventories and Reserves
Inventories consist primarily of finished goods, raw materials and
work-in-process and are stated at the lower of
cost or net realizable value.
Cost is determined by the weighted average method for merchandise
and actual cost
for large equipment, high-technology equipment and drop-shipments.
Inventory costs for manufactured products
include direct materials, labor, and an allocation of related fixed and variable overhead.
The determination of
inventory carrying values requires management to make significant
estimates and judgments.
In assessing the need
for inventory reserves and evaluating net realizable value, we consider
multiple factors, including inventory
condition, on-hand quantities, historical and forecasted sales, product
life cycles, and prevailing market and
economic conditions.
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation or
amortization.
Depreciation is
computed under the straight-line method using estimated useful lives
Amortization of leasehold improvements is computed using the straight-line
method
over the lesser of the useful life of the assets or the remaining lease term.
Capitalized Software Development Costs
Capitalized software costs consist of costs to purchase and develop
software for internal use and for sale or use by
customers.
For software to be used solely to meet internal needs, we capitalize
costs incurred during the
application development stage and include such costs within property
and equipment, net within our consolidated
balance sheets.
For software to be sold, leased, or marketed to external users, we capitalize
software development
costs when technological feasibility is reached, and for cloud-based applications
used to deliver our services we
capitalize costs incurred during the application development stage,
and include such costs within investments and
other within our consolidated balance sheets.
Leases
We
determine if an arrangement contains a lease at inception.
An arrangement contains a lease if it implicitly or
explicitly identifies an asset to be used and conveys the right to control
the use of the identified asset in exchange
for consideration.
As a lessee, we include operating leases in operating lease right-of-use
(“ROU”) assets,
operating lease liabilities, and non-current operating lease liabilities in
our consolidated balance sheets.
Finance
leases are included in property and equipment, current maturities of
long-term debt, and long-term debt in our
consolidated balance sheets.
ROU assets represent our right to use an underlying asset for the lease
term and lease liabilities represent our
obligation to make lease payments arising from the lease.
Operating lease ROU assets and liabilities are recognized
upon commencement of the lease based on the present value of the lease payments
over the lease term.
As most of
our leases do not provide an implicit interest rate, we generally use our incremental
borrowing rate based on the
estimated rate of interest for fully collateralized and fully amortizing borrowings
over a similar term of the lease
payments at commencement date to determine the present value of
lease payments.
When readily determinable, we
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.
Lease expense for lease payments is recognized on a straight-line basis
over the lease term.
Expenses associated with operating leases and finance leases
are included in selling, general
and administrative and interest expense, respectively within our consolidated
statement of income.
Short-term
leases with a term of 12 months or less are not capitalized.
We
have lease agreements with lease and non-lease components, which are
generally accounted for as a single
lease component, except non-lease components for leases of vehicles, which
are accounted for separately.
When a
vehicle lease contains both lease and non-lease components, we allocate the
transaction price based on the relative
standalone selling price.
Business Acquisitions
We account for business acquisitions under the acquisition method of accounting, under which the net assets of
acquired businesses are recorded at their fair value at the acquisition
date and our consolidated financial statements
include the acquired businesses’ results of operations from that date.
Certain prior owners of acquired subsidiaries are eligible to receive additional
purchase price cash consideration, or
we may be entitled to recoup a portion of purchase price cash consideration
if certain financial targets or negotiated
goals are met.
We have accrued liabilities for the estimated fair value of additional purchase price consideration at
the time of the acquisition, using the income approach, including a probability-weighted
discounted cash flow
method or an option pricing method, where applicable.
Any adjustments to these accrual amounts are recorded in
selling, general and administrative within our consolidated statements of
income.
While we use our best estimates and assumptions to accurately value
consideration transferred, assets acquired and
liabilities assumed at the acquisition date, our estimates are inherently uncertain
and subject to refinement.
As a
result, within
12 months
following the date of acquisition, or the measurement period, we
may record adjustments
to consideration transferred, assets acquired and liabilities assumed with
the corresponding offset to goodwill
within our consolidated balance sheets.
At the end of the measurement period or final determination of
the values
of such assets acquired or liabilities assumed, whichever comes first,
any subsequent adjustments are recognized in
our consolidated statements of operations.
Goodwill
Any excess of acquisition consideration over the fair value of identifiable
net assets acquired is recorded as
goodwill.
Goodwill is an asset representing the future economic benefits
arising from other assets acquired in a
business combination that are not individually identified and separately
recognized, such as future customers and
technology, as well as the assembled workforce.
Goodwill is subject to impairment analysis at least once annually as
of the first day of our fourth quarter, or if an
event occurs or circumstances change that would more likely than
not reduce a reporting unit’s fair value below
carrying value.
We conduct our goodwill impairment testing at the reporting unit level.
We identify our reporting
units by assessing whether two or more components are economically
similar and therefore should be aggregated.
Our reporting units are identified as our operating segments.
Goodwill is allocated to such reporting units for the
purposes of our impairment analyses.
For the year ended December 27, 2025, our reporting structure was:
(i)
Global Distribution and Value-Added Services reportable segment, which included the following
operating segments (a) US Distribution Group; (b) Europe, Middle East,
and Africa Distribution Group;
(c) Americas Non-US Distribution Group; and (d) Asia-Pacific and Australia
Distribution Group;
(ii)
Global Specialty Products reportable segment, which included the following
operating segments (a) Global
Oral Reconstruction Group; and (b) Healthcare Specialty Group;
and
(iii)
Global Technology,
which is both a reportable segment and an operating segment.
Application of the goodwill impairment test requires judgment, including
the identification of reporting units,
assignment of assets and liabilities that are considered shared services
to the reporting units, and ultimately the
determination of the fair value of each reporting unit.
The fair value of each reporting unit is calculated by
applying the discounted cash flow methodology and confirming with
a market approach.
There are inherent
uncertainties, however, related to fair value models, the inputs and our judgments in applying them
to this analysis.
The most significant inputs include estimation of detailed future cash flows
based on budget expectations, and
determination of comparable companies to develop a weighted average
cost of capital for each reporting unit.
In January 2025, we performed a geographical realignment within
the Global Distribution and Value-Added
Services reportable segment intended to provide increased transparency
into the performance of our global
distribution businesses and to reflect evolving management oversight
and decision-making.
As a result of the
realignment and the change in reporting units, we reallocated goodwill to each
of our new reporting units using a
relative fair value approach.
The relative fair values of the new reporting units were determined based on
a
quantitative valuation analysis that considered projected cash flows,
market assumptions, and other relevant
valuation inputs.
Reporting units under the former and new structures
of the Global Distribution and Value-Added
Services reportable segment were tested for impairment as of January 1,
2025, and it was determined that the fair
values of our reporting units more likely than not exceeded their carrying
values, resulting in no impairment as of
January 1, 2025 under both structures.
In connection with our restructuring initiatives, during the year ended
December 28, 2024, we recorded an $
11
million impairment of goodwill in the Global Specialty Products segment,
relating to the disposal of a portion of a
business; such impairment was calculated based on the relative fair value
of goodwill.
Intangible Assets
In connection with our business acquisitions, we recognize assets acquired
and liabilities assumed based on fair
value estimates as of the date of acquisition.
The estimated fair value of identifiable intangible assets
(i.e.,
customer relationships and lists, trademarks and trade names, product development
and non-compete agreements) is
based on critical judgments and assumptions derived from analysis of
market conditions, including discount rates,
projected revenue growth rates (which are based on historical trends
and assessment of financial projections),
estimated customer attrition and projected cash flows.
We have calculated the value of these intangible assets using
the multi-period excess earnings method, the relief-from-royalty method,
and the with and without method, where
applicable.
These assumptions are forward-looking and could be affected by future economic
and market
conditions.
Intangible assets, other than goodwill, are evaluated for impairment whenever
events or changes in circumstances
indicate that the carrying amount of the assets may not be recoverable
through the undiscounted future cash flows
expected to be derived from such asset or asset group.
Definite and indefinite-lived intangible assets primarily consist of customer
relationships, customer lists,
trademarks, trade names, product development and non-compete agreements.
For long-lived assets used in
operations, impairment losses are only recorded if the asset or asset groups
carrying amount is not recoverable
through its undiscounted future cash flows.
We measure the impairment loss based on the difference between the
carrying amount and the estimated fair value.
When an impairment exists, the related assets are written down to
fair value.
During the years ended December 27, 2025, December 28, 2024
and December 30, 2023, we recorded total
impairment charges within the selling, general and administrative line of our consolidated statements
of income on
intangible assets of $
16
million, $
0
million and $
7
million, respectively, as more fully discussed in
During the years ended December 27, 2025, December 28, 2024
and
December 30, 2023, we recorded impairment charges, within the restructuring and related
costs line of our
consolidated statements of income, of $
0
million, $
14
, million, and $
12
million, respectively.
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
that have been recognized in our
financial statements or tax returns.
In estimating future tax consequences, we generally consider all expected
future
events other than expected enactments of changes in tax laws or rates.
The effect on deferred income tax assets and
liabilities of a change in tax rates is recognized as income or expense in
the period that includes the enactment date.
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
the right, at certain times, to require us
to acquire their ownership interest in those entities at fair value.
Their interests in these subsidiaries are classified
outside permanent equity on our consolidated balance sheets and are
carried at the estimated redemption amounts.
The redemption amounts have been estimated based on recent transactions
and/or implied multiples of earnings
and, if such earnings and cash flows are not achieved, the value of the
redeemable noncontrolling interests might be
impacted.
Changes in the estimated redemption amounts of the noncontrolling
interests subject to put options are
reflected at each reporting period with a corresponding adjustment
to Additional paid-in capital.
Future reductions
in the carrying amounts are subject to a “floor” amount that is equal
to the fair value of the redeemable
noncontrolling interests at the time they were originally recorded.
The recorded value of the redeemable
noncontrolling interests cannot go below the floor level.
Adjustments to the carrying amount of noncontrolling
interests to reflect a fair value redemption feature do not impact the
calculation of earnings per share.
Our net
income is reduced by the portion of the subsidiaries’ net income
that is attributable to redeemable noncontrolling
interests.
Noncontrolling Interests
Noncontrolling interest represents the ownership interests of certain
minority owners of our consolidated
subsidiaries.
Our net income is reduced by the portion of the subsidiaries’
net income that is attributable to
noncontrolling interests.
Comprehensive Income
Comprehensive income includes certain gains and losses that, under accounting
principles generally accepted in the
United States, are excluded from net income as such amounts are recorded
directly as an adjustment to
stockholders’ equity.
Our comprehensive income is primarily comprised of net income,
foreign currency
translation gain (loss), unrealized gain (loss) from hedging activities
and unrealized pension adjustment gain (loss).
Risk Management and Derivative Financial Instruments
We use derivative instruments to minimize our exposure to fluctuations in foreign currency exchange rates, interest
rates, and our unfunded non-qualified supplemental retirement plan (“SERP”)
and our deferred compensation plan
(“DCP”).
Our objective is to manage the impact that foreign currency
exchange rate fluctuations could have on
recognized asset and liability fair values, earnings and cash flows, as well
as our net investments in foreign
subsidiaries, the interest rate risk on variable rate debt, and the returns on
our SERP and DCP.
Our risk
management policy requires that derivative contracts used as hedges be
effective at reducing the risks associated
with the exposure being hedged and be designated hedges at inception
of the contracts.
We do not enter into
derivative instruments for speculative purposes.
Our derivative instruments primarily include foreign currency
forward contracts, total return swaps, and interest rate swaps.
Foreign currency forward agreements related to forecasted inventory
purchase commitments with foreign suppliers,
foreign currency swaps related to foreign currency denominated debt, and
interest rate swaps related to variable rate
debt are designated as cash flow hedges.
For derivatives that are designated and qualify as cash flow hedges,
the
changes in the fair value of the derivatives are recorded as a
component of Accumulated other comprehensive
income in stockholders’ equity and subsequently reclassified into
earnings in the period(s) during which the hedged
transactions affect earnings.
We classify the cash flows related to our hedging activities in the same category in our
consolidated statements of cash flows as the cash flows related
to the hedged item.
Foreign currency forward contracts related to our euro-denominated
foreign operations are designated as net
investment hedges.
For derivatives that are designated and qualify as net investment
hedges, changes in the fair
value of the derivatives are recorded in the foreign currency translation gain
(loss) component of Accumulated
other comprehensive income in stockholders’ equity until the net
investment is sold or substantially liquidated.
Interest swap agreements are entered into for the purpose of hedging
the cash flow of our variable interest rate term
loan.
Our foreign currency forward agreements related to foreign currency
balance sheet exposure provide economic
hedges but are not designated as hedges for accounting purposes.
For agreements not designated as hedges, changes in the value of the derivative,
along with the transaction gain or
loss on the hedged item, are recorded in other, net, within our consolidated statements of income.
Total return swaps are entered into for the purpose of economically hedging our SERP and DCP.
These swaps are
expected to be renewed on an annual basis.
Changes in the fair values of these total return swaps are recorded in
selling, general, and administrative expenses within our consolidated
statements of income and offset recognized
changes in the fair values of our SERP and DCP liabilities.
Foreign Currency Translation
and Transactions
The financial position and results of operations of our foreign subsidiaries
are determined using local currencies as
the functional currencies.
Assets and liabilities of foreign subsidiaries are translated at the exchange
rate in effect at
each year-end.
Income statement accounts are translated at the average rate
of exchange prevailing during the year.
Translation adjustments arising from the use of differing exchange rates from period to period are included
in
Accumulated other comprehensive income in stockholders’ equity.
Gains and losses resulting from foreign
currency transactions are included in earnings.
Accounting Pronouncements Recently Adopted
During the year ended December 27, 2025, we adopted Accounting Standards Update
(“ASU”) 2023-09, “
Income
Taxes (Topic
740): Improvements to Income Tax Disclosures
,” which requires public business entities to disclose
additional information in specified categories with respect to
the reconciliation of the effective tax rate to the
statutory rate for federal, state and foreign income taxes.
It also requires greater detail about individual reconciling
items in the rate reconciliation to the extent the impact of those items
exceeds a specified threshold.
In addition to
new disclosures associated with the rate reconciliation, this ASU requires
information pertaining to taxes paid (net
of refunds received) to be disaggregated for federal, state and foreign
taxes and further disaggregated for specific
jurisdictions to the extent the related amounts exceed a quantitative threshold.
This ASU also describes items that
need to be disaggregated based on their nature, which is determined by
reference to the item’s fundamental or
essential characteristics, such as the transaction or event that triggered
the establishment of the reconciling item and
the activity with which the reconciling item is associated.
This ASU eliminates the historic requirement that
entities disclose information concerning unrecognized tax benefits having
a reasonable possibility of significantly
increasing or decreasing in the 12 months following the reporting date.
We adopted this ASU on a prospective
basis, which resulted in the required additional disclosures included
in
During the year ended December 28, 2024, we adopted ASU 2023-07, “
Segment Reporting (Topic 280):
Improvements to Reportable Segments
” (“Topic 280”),
which aims to improve financial reporting by requiring
disclosure of incremental segment information on an annual and
interim basis for all public entities to enable
investors to develop more decision-useful financial analyses.
The amendments in Topic 280 do not change how a
public entity identifies its operating segments, aggregates those operating
segments, or applies the quantitative
thresholds to determine its reportable segments.
We adopted Topic
280 on a retrospective basis, which resulted in
the required additional disclosures included in our consolidated
financial statements.
Recently Issued Accounting Pronouncements
In December 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-11, “
Interim Reporting
(Topic 270): Narrow
-Scope Improvements
,” which is intended to improve navigability of the guidance
in Topic
270, Interim Reporting, and clarify when it applies.
The ASU also addresses the form and content of such financial
statements and interim disclosure requirements, and establishes a principle
under which an entity must disclose
events since the end of the last annual reporting period that have a
material impact on the entity.
This ASU is
effective for annual reporting periods beginning after December 15, 2027, and interim
reporting periods within
those annual reporting periods, with early adoption permitted.
We are currently evaluating the impact that ASU
2025-11 will have on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, “
Government Grants (Topic 832) - Accounting for Government
Grants Received by Business Entities,
” which establishes guidance on the recognition, measurement, and
presentation of government grants received by business entities.
This ASU is effective for annual reporting periods
beginning after December 15, 2028, and interim reporting periods within
those annual reporting periods, with early
adoption permitted.
We are currently evaluating the impact that ASU 2025-10 will have on our consolidated
financial statements and related disclosures.
In November 2025, the FASB issued ASU 2025-09, “
Derivatives and Hedging (Topic 815): Hedge Accounting
Improvements,
” which is intended to more closely align financial reporting with
the economics of entities’ risk
management activities, including expanded eligibility of forecasted
transactions, additional flexibility in measuring
hedge effectiveness, and clarifications related to hedging non-financial items.
This ASU is effective for annual
reporting periods beginning June 1, 2027, and interim reporting
periods within those annual reporting periods, with
early adoption permitted, and should be applied prospectively.
We are currently evaluating the impact that ASU
2025-09 will have on our consolidated financial statements and related
disclosures.
In September 2025, the FASB issued ASU 2025-06, “
Intangibles - Goodwill and Other - Internal-Use Software
(Subtopic 350-40): Targeted Improvements
to the Accounting for Internal-Use Software
,” which removes all
references to software development project stages.
The ASU requires entities to begin capitalizing software costs
when management authorizes and commits to funding the software project,
and it is probable that the project will
be completed and the software will be used for its intended purpose.
This ASU is effective for annual reporting
periods beginning after December 15, 2027, and interim reporting periods
within those annual reporting periods,
with early adoption permitted.
Upon adoption, the guidance can be applied prospectively, retrospectively, or with a
modified transition approach.
We are currently evaluating the impact that ASU 2025-06 will have on our
consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, “
Financial Instruments - Credit Losses (Subtopic 326): Measurement
of Credit Losses for Accounts Receivable and Contract Assets,
” which introduces a practical expedient permitting
an entity to assume that conditions at the balance sheet date remain unchanged
throughout the remaining life of the
asset when estimating expected credit losses on current accounts
receivable and current contract asset under Topic
606 on revenue from contracts with customers. This ASU is effective for annual
reporting periods beginning after
December 15, 2025, with early adoption permitted.
We do not expect ASU 2025-05 to have a material impact on
our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “
Income Statement - Reporting Comprehensive Income -
Expense Disaggregation Disclosure (Subtopic 220-40)
:
Disaggregation of Income Statement Expenses
,” which
requires additional disclosure about the specific expense categories in
the notes to financial statements at interim
and annual reporting periods.
The amendments in this ASU do not change or remove current
expense disclosure
requirements, but affect where this information appears in the notes to financial statements.
This ASU is effective
for annual reporting periods beginning after December 15, 2026, and
interim reporting periods beginning after
December 15, 2027, with early adoption permitted.
Upon adoption, the guidance can be applied prospectively
or
retrospectively.
We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial
statements.
v3.25.4
Cyber Incident
12 Months Ended
Dec. 27, 2025
Cyber Incident [Abstract]  
Cyber Incident
Note 2 – Cyber Incident
In October 2023 Henry Schein experienced a cyber incident that primarily
affected the operations of our North
American and European dental and medical distribution businesses.
Henry Schein One, our practice management
software, revenue cycle management and patient relationship management
solutions business, was not affected, and
our manufacturing businesses were mostly unaffected.
On November 22, 2023, we experienced a disruption of our
ecommerce platform and related applications, which was remediated.
With respect to the October 2023 cyber incident, we had a $
60
million insurance policy, following a $
5
million
retention.
During the years ended December 27, 2025, December 28, 2024
and December 30, 2023, we incurred $
0
million, $
9
million and $
11
million, respectively, of expenses related to the cyber incident, mostly consisting of
professional fees.
During the year ended December 28, 2024, we received insurance
proceeds of $
40
million,
representing a partial insurance recovery of losses related to the cyber incident.
During the year ended December
27, 2025, we received insurance proceeds of $
20
million under this policy, representing insurance recovery of
losses related to the cyber incident.
The expenses and insurance recoveries related to the cyber
incident are
included in the selling, general and administrative line in our consolidated
statements of income.
v3.25.4
Net Sales from Contracts with Customers
12 Months Ended
Dec. 27, 2025
Net Sales from Contracts with Customers [Abstract]  
Net Sales from Contracts with Customers
Note 3 – Net Sales from Contracts with Customers
Net sales are recognized in accordance with policies disclosed
in
Disaggregation of Net Sales
The following table disaggregates our net sales by reportable segment:
Years
Ended
December 27,
2025
December 28,
2024
December 30,
2023
Net Sales:
Global Distribution and Value
-Added Services
Global Dental merchandise
$
4,831
$
4,723
$
4,783
Global Dental equipment
1,799
1,723
1,675
Global Value
-added services
238
233
191
Global Dental
6,868
6,679
6,649
Global Medical
4,270
4,081
3,912
Total Global Distribution
and Value
-Added Services
11,138
10,760
10,561
Global Specialty Products
1,544
1,446
1,331
Global Technology
675
630
602
Eliminations
(173)
(163)
(155)
Total
$
13,184
$
12,673
$
12,339
v3.25.4
Segment and Geographic Data
12 Months Ended
Dec. 27, 2025
Segment and Geographic Data [Abstract]  
Segment and Geographic Data
Note 4 – Segment and Geographic Data
We conduct our business through
three
reportable segments: (i) Global Distribution and Value-Added Services; (ii)
Global Specialty Products; and (iii) Global Technology.
We aggregate operating segments into these reportable segments based on economic similarities, the nature of their
products, customer base and methods of distribution.
Global Distribution and Value-Added Services includes distribution to the global dental and medical markets of
national brand and corporate brand merchandise, as well as equipment and related
technical services.
This segment
also includes value-added services such as financial services, continuing
education services, consulting and other
services.
This segment also markets and sells under our own corporate brand
a portfolio of cost-effective, high-
quality consumable merchandise.
Global Specialty Products includes manufacturing, marketing
and sales of dental
implant and biomaterial products; and endodontic, orthodontic and orthopedic
products and other health care-
related products and services.
Global Technology includes development and distribution of practice management
software, e-services and other products, which are distributed to health
care providers.
Our organizational structure also includes Corporate, which consists primarily of
income and expenses associated
with support functions and projects.
Our chief operating decision maker (“CODM”) is our Chairman
and Chief Executive Officer.
Our CODM uses
adjusted operating income as the profitability metric for purposes of making
decisions about allocation of resources
to each segment and assessing performance of each segment.
Adjusted operating income provides a measure of our
underlying segment results that is in line with our approach to risk and performance
management.
We define
adjusted operating income as operating income adjusted to exclude
(a) direct cybersecurity costs and related
insurance recovery proceeds, (b) amortization of acquisition intangibles,
(c) organizational restructuring and related
expenses, (d) impairment of intangible assets, (e) changes in fair value
of contingent consideration, (f) litigation
settlements, and (g) costs associated with shareholder advisory
matters and select value creation consulting costs.
These adjustments are either: (i) non-cash or non-recurring in nature; (ii) not
allocable or controlled by the segment;
or (iii) not tied to the operational performance of the segment.
Assets by segment are not a measure used to assess
the performance of the Company by CODM and thus are not reported
in our disclosures.
The accounting policies of the reportable segments are generally
the same as those described in
Sales and transfers between reportable segments are eliminated
in consolidation.
Segment adjusted operating income is presented in the following
table to reconcile to operating income as
presented on the consolidated statement of operations.
The reconciliation from operating income to income before
taxes and equity in earnings of affiliates is presented on our consolidated statements
of income.
Years Ended
December 27,
December 28,
December 30,
2025
2024
2023
Gross Sales:
Global Distribution and Value
-Added Services
(1)
$
11,138
$
10,760
$
10,561
Global Specialty Products
(2)
1,544
1,446
1,331
Global Technology
(3)
675
630
602
Total Gross Sales
13,357
12,836
12,494
Less: Eliminations:
Global Distribution and Value
-Added Services
(18)
(31)
(36)
Global Specialty Products
(155)
(132)
(119)
Global Technology
-
-
-
Total Eliminations
(173)
(163)
(155)
Net Sales:
Global Distribution and Value
-Added Services
11,120
10,729
10,525
Global Specialty Products
1,389
1,314
1,212
Global Technology
675
630
602
Total Net Sales
$
13,184
$
12,673
$
12,339
Segment Cost of Sales:
(4)
Global Distribution and Value
-Added Services
$
8,352
$
7,984
$
7,862
Global Specialty Products
697
644
611
Global Technology
218
206
185
Segment Operating Expenses:
(5)
Global Distribution and Value
-Added Services
$
2,106
$
2,080
$
2,034
Global Specialty Products
605
624
545
Global Technology
277
272
275
Operating Income:
Global Distribution and Value
-Added Services
$
680
$
696
$
665
Global Specialty Products
242
178
175
Global Technology
180
152
142
Total Segment Operating Income
1,102
1,026
982
Corporate, net
(130)
(77)
(92)
Adjustments
(6)
(319)
(328)
(275)
Total Operating Income
$
653
$
621
$
615
Years Ended
December 27,
December 28,
December 30,
2025
2024
2023
Depreciation and Amortization:
Global Distribution and Value
-Added Services
$
27
$
25
$
26
Global Specialty Products
36
29
23
Global Technology
36
35
31
Total Segment Depreciation and Amortization
99
89
80
Corporate
33
24
18
Acquisition intangible amortization within adjustments
(6)
179
184
150
Total Depreciation and Amortization
$
311
$
297
$
248
Global Distribution and Value
-Added Services: Includes distribution of infection-control products, handpieces, preventatives,
impression materials, composites, anesthetics, teeth, gypsum, acrylics, articulators, abrasives, PPE products, branded and generic
pharmaceuticals, vaccines, surgical products, diagnostic tests, dental chairs, delivery units and lights, digital dental laboratories, X-
ray supplies and equipment, high-tech and digital restoration equipment, equipment repair services, financial services on a non-
recourse basis, continuing education services for practitioners, consulting and other services.
This segment also markets and sells
under our own corporate brand a portfolio of cost-effective, high-quality consumable merchandise.
(2)
Global Specialty Products: Includes manufacturing, marketing and sales of dental implant and biomaterial products; and
endodontic, orthodontic and orthopedic products and other health care-related products and services.
(3)
Global Technology: Includes development and distribution of practice management software, e-services and other products, which
are distributed to health care providers.
(4)
Cost of goods sold in our Global Distribution and Value-Added Services segment and our Global Specialty Products segment
includes product cost and inbound and outbound freight charges.
Cost of goods sold in our Global Technology segment consists
primarily of software development and third-party provider costs, including technology use and hosting fees.
(5)
Significant segment operating expenses for our reportable segments and Corporate include primarily compensation costs, and to a
lesser extent, rent, depreciation and maintenance costs related to operating our facilities.
Adjustments represent items excluded from segment operating income to enable comparison of financial results between periods.
The following table presents a breakdown of such adjustments:
Years Ended
December 27,
December 28,
December 30,
2025
2024
2023
Adjustments:
Restructuring and related costs
$
(105)
$
(110)
$
(80)
Acquisition intangible amortization
(179)
(184)
(150)
Cyber incident-insurance proceeds, net of third-party advisory
expenses
20
31
(11)
Change in contingent consideration
2
(45)
-
Litigation settlements
(5)
(6)
-
Impairment of capitalized assets
-
(12)
(27)
Impairment of intangible assets
(16)
-
(7)
Costs associated with shareholder advisory matters and select value
creation consulting costs
(36)
(2)
-
Total adjustments
$
(319)
$
(328)
$
(275)
The following table presents information about our operations by geographic
area as of and for the years ended
December 27, 2025, December 28, 2024 and December 30, 2023.
Net sales by geographic area are based on the
respective locations of our subsidiaries.
No country, except for the United States, generated net sales greater than
10
% of consolidated net sales.
There were no material amounts of sales or transfers among geographic
areas and
there were no material amounts of export sales.
2025
2024
2023
Net Sales
Long-Lived
Assets
Net Sales
Long-Lived
Assets
Net Sales
Long-Lived
Assets
United States
$
9,096
$
4,033
$
8,825
$
3,683
$
8,662
$
3,479
Other
4,088
2,120
3,848
2,051
3,677
2,135
Consolidated total
$
13,184
$
6,153
$
12,673
$
5,734
$
12,339
$
5,614
v3.25.4
Business Acquisitions
12 Months Ended
Dec. 27, 2025
Business Acquisitions [Abstract]  
Business Acquisitions
Note 5 – Business Acquisitions
Our acquisition strategy is focused on investments in companies, including
high growth high margin businesses
aligned with our BOLD+1 strategy, that add new customers and sales teams, increase our geographic footprint
(whether entering a new country, such as emerging markets, or building scale where we have already invested in
businesses), and finally, those that enable us to access new products and technologies.
2025 Acquisitions
During the year ended December 27, 2025, we acquired companies within
the Global Distribution and Value-
Added Services,
Global Specialty Products and Global Technology segments.
Our acquired ownership interest in
these companies range from
60
% to
100
%.
The following table aggregates the preliminary estimated fair value, as of
the date of the acquisition, of
consideration paid and net assets acquired for acquisitions during the year ended
December 27, 2025:
Preliminary
Allocation as of
December 27, 2025
Acquisition consideration:
Cash
$
194
Deferred consideration
3
Estimated fair value of contingent consideration payable
19
Fair value of previously held equity method investments
91
Redeemable noncontrolling interests
85
Total consideration
$
392
Identifiable assets acquired and liabilities assumed:
Current assets
$
59
Intangible assets
150
Other noncurrent assets
42
Current liabilities
(26)
Long-term debt
(1)
Deferred income taxes
(23)
Other noncurrent liabilities
(8)
Total identifiable
net assets
193
Goodwill
199
Total net assets acquired
$
392
The accounting for acquisitions in the year ended December 27, 2025 has not been
completed in several areas,
including, but not limited to, pending assessment of certain assets,
primarily including identifiable intangibles and
certain equity method investments, and certain liabilities, primarily
including deferred income taxes.
During the
year ended December 27, 2025, we did not record any material measurement
period adjustments.
Goodwill is a result of the synergies and cross-selling opportunities that these acquisitions
are expected to provide
for us, as well as the expected growth potential.
The majority of the acquired goodwill is not deductible
for tax
purposes.
The following table summarizes the intangible assets acquired during the year
ended December 27, 2025:
2025
Weighted Average
Useful
Lives (in years)
Customer relationships and lists
$
98
11
Trademarks / Tradenames
32
7
Product development
18
10
Non-compete agreements
2
5
Total
$
150
During the year ended December 27, 2025, in connection with acquisitions
of controlling interests of affiliates, we
recognized gains of approximately $
38
million, related to the remeasurement to fair value of our previously held
equity investments.
Such gains were calculated using a discounted cash flow model
based on Level 3 inputs, as
defined in
which was recorded in
selling, general and administrative
in the
consolidated statements of income.
The impact of these acquisitions, individually and in the aggregate, was
not considered material to our consolidated
financial statements.
Pro forma financial information since the acquisition date has not been presented
because the impact of these
acquisitions was immaterial to our consolidated financial statements.
2024 Acquisitions
Acquisition of TriMed
On April 1, 2024, we acquired a
60
% voting equity interest in TriMed Inc. (“TriMed”), a global developer of
solutions for the orthopedic treatment of lower and upper extremities, headquartered
in California,
for consideration
of $
315
million.
This acquisition is reported in our Global Specialty Products segment.
The following table
aggregates the final fair value, as of the date of the acquisition, of consideration
paid and net assets acquired in the
TriMed acquisition:
Final Allocation
Acquisition consideration:
Cash
$
141
Deferred consideration
21
Redeemable noncontrolling interests
153
Total consideration
$
315
Identifiable assets acquired and liabilities assumed:
Current assets
$
35
Intangible assets
221
Other noncurrent assets
10
Current liabilities
(7)
Deferred income taxes
(62)
Other noncurrent liabilities
(6)
Total identifiable
net assets
191
Goodwill
124
Total net assets acquired
$
315
Goodwill is a result of synergies that are expected to originate from the acquisition as well as
the expected growth
potential of TriMed.
The acquired goodwill is not deductible for tax purposes.
The intangible assets acquired consisted of product development of $
204
million, trademarks and tradenames of $
9
million, and in-process research and development of $
8
million.
Weighted average useful lives for these acquired
intangible assets were
9
years,
7
years and indefinite-lived, respectively.
Except for in-process research and
development (“IPR&D”), intangible assets acquired as a result of the TriMed acquisition are being
amortized over
their estimated useful lives using the straight-line method of amortization.
IPR&D is accounted for as an
indefinite-lived intangible asset and is not amortized until completion or
abandonment of the associated research
and development efforts.
IPR&D is tested for impairment annually or periodically if
an indicator of impairment
exists during the period until completion.
Pro forma financial information and TriMed’s revenue and earnings since the acquisition date have not been
presented because the impact of the TriMed acquisition was immaterial to our consolidated
financial statements.
Other 2024 Acquisitions
During the year ended December 28, 2024, we acquired companies within
the Global Distribution and Value-
Added Services and Global Specialty Products segments.
Our acquired ownership interest in these companies
range from
51
% to
100
%.
Total consideration for these acquisitions was $
113
million (including cash paid of $
62
million, fair value of previously held equity investment of $
30
million, noncontrolling interest of $
18
million,
estimated fair value of contingent consideration payable of $
2
million, and deferred consideration of $
1
million).
Net assets acquired primarily consisted of $
60
million of goodwill and $
64
million of intangible assets.
The
intangible assets acquired consisted of customer relationships and lists of
$
33
million, trademarks and tradenames
of $
24
million, product development of $
5
million and non-compete agreements of $
2
million.
Weighted average
useful lives for these acquired intangible assets were
11 years
,
7 years
,
9 years
and
5 years
, respectively.
We completed the accounting for all other acquisitions that occurred during the year ended December 28, 2024 and
we did not record any material measurement period adjustments
related to these acquisitions during the year ended
December 27, 2025.
Goodwill is a result of the synergies and cross-selling opportunities that these acquisitions
are expected to provide
for us, as well as the expected growth potential.
The majority of the acquired goodwill is not deductible
for tax
purposes.
During the year ended December 28, 2024, in connection with the acquisition
of a controlling interest of an
affiliate, we recognized a gain of approximately $
19
million related to the remeasurement to fair value of our
previously held equity investment, using a discounted cash flow model based
on Level 3 inputs, as defined in
which was recorded in
selling, general and administrative
in the consolidated
statements of income.
Pro forma financial information for our 2024 acquisitions has not been
presented because the impact of the
acquisitions was immaterial to our consolidated financial statements.
2023 Acquisitions
Acquisition of Shield Healthcare
On October 2, 2023, we acquired a
90
% voting equity interest in Shield Healthcare, Inc. (“Shield”), a
supplier of
homecare medical products delivered directly to patients in their homes,
for consideration of $
348
million.
This
acquisition is reported in our Global Distribution and Value-Added Services segment.
Shield expands our existing
medical business by delivering a diverse range of products, including
items such as incontinence, urology, ostomy,
enteral nutrition, advanced wound care and diabetes supplies.
Additionally, Shield offers continuous glucose
monitoring devices directly to patients in their homes.
The following table aggregates the final fair value, as of the date of the acquisition,
of consideration paid and net
assets acquired in the Shield acquisition:
Final Allocation
Acquisition consideration:
Cash
$
289
Deferred consideration
22
Redeemable noncontrolling interests
37
Total consideration
$
348
Identifiable assets acquired and liabilities assumed:
Current assets
$
41
Intangible assets
166
Other noncurrent assets
16
Current liabilities
(24)
Deferred income taxes
(43)
Other noncurrent liabilities
(7)
Total identifiable
net assets
149
Goodwill
199
Total net assets acquired
$
348
Goodwill is a result of synergies that are expected to originate from the acquisition as well as
the expected growth
potential of Shield.
The acquired goodwill is not deductible for tax purposes.
The following table summarizes the identifiable intangible assets acquired
as part of the acquisition of Shield:
2023
Weighted Average
Useful
Lives (in years)
Customer relationships and lists
$
156
12
Trademarks / Tradenames
10
5
Total
$
166
Pro forma financial information and Shield’s revenue and earnings from the acquisition date have
not been presented because the impact of the Shield acquisition was
immaterial to our consolidated financial
statements.
Acquisition of S.I.N. Implant System
On July 5, 2023, we acquired a
100
% voting equity interest in S.I.N. Implant System (“S.I.N.”) for consideration
of
$
329
million.
This acquisition is reported in our Global Specialty Products segment.
Based in São Paulo, S.I.N.
manufactures an extensive line of products to perform dental implant procedures
and is focused on advancing the
development of value-priced dental implants.
In 2023, S.I.N. expanded the distribution of its products into the
United States and other international markets.
The following table aggregates the final fair value, as of the date of acquisition,
of consideration paid and net assets
acquired in the S.I.N. acquisition:
Final Allocation
Acquisition consideration:
Cash
$
329
Total consideration
$
329
Identifiable assets acquired and liabilities assumed:
Current assets
$
73
Intangible assets
87
Other noncurrent assets
48
Current liabilities
(33)
Long-term debt
(22)
Deferred income taxes
(38)
Other noncurrent liabilities
(27)
Total identifiable
net assets
88
Goodwill
241
Total net assets acquired
$
329
Goodwill is a result of synergies that are expected to originate from the acquisition as well as
the expected growth
potential of S.I.N.
The acquired goodwill is not deductible for tax purposes.
The following table summarizes the identifiable intangible assets acquired
as part of the acquisition of S.I.N.:
2023
Weighted Average
Useful
Lives (in years)
Customer relationships and lists
$
38
7
Product development
36
8
Trademarks / Tradenames
13
10
Total
$
87
Pro forma financial information and S.I.N.’s revenue and earnings from the acquisition date have not been
presented because the impact of the S.I.N. acquisition was immaterial
to our consolidated financial statements.
Acquisition of Biotech Dental
On April 5, 2023, we acquired a
57
% voting equity interest in Biotech Dental, a provider of dental implants,
clear
aligners, individualized prosthetics and innovative digital dental software based
in France, for preliminary
consideration of $
423
million.
This acquisition is reported in our Global Specialty Products
segment.
Biotech
Dental has several important solutions for dental practices and dental
labs, including Nemotec, a comprehensive,
integrated suite of planning and diagnostic software using open architecture
that connects disparate medical devices
to create a digital view of the patient, offering greater diagnostic accuracy and an
improved patient experience.
The following table aggregates the final fair value, as of the date of acquisition,
of consideration paid and net assets
acquired in the Biotech Dental acquisition:
Final Allocation
Acquisition consideration:
Cash
$
216
Fair value of contributed equity share in a controlled subsidiary
25
Redeemable noncontrolling interests
182
Total consideration
$
423
Identifiable assets acquired and liabilities assumed:
Current assets
$
74
Intangible assets
189
Other noncurrent assets
69
Current liabilities
(60)
Long-term debt
(73)
Deferred income taxes
(53)
Other noncurrent liabilities
(20)
Total identifiable
net assets
126
Goodwill
297
Total net assets acquired
$
423
Goodwill is a result of synergies that are expected to originate from the acquisition as well as
the expected growth
potential of Biotech Dental.
The acquired goodwill is not deductible for tax purposes.
The following table summarizes the identifiable intangible assets acquired
as part of the acquisition of Biotech
Dental:
2023
Weighted Average
Useful
Lives (in years)
Product development
$
124
10
Customer relationships and lists
47
9
Trademarks / Tradenames
18
7
Total
$
189
Pro forma financial information and Biotech’s revenues and earnings from the acquisition date have not been
presented because the impact of the Biotech Dental acquisition was immaterial
to our consolidated financial
statements.
Other 2023 Acquisitions
During the year ended December 30, 2023, in addition to those noted above,
we acquired companies within the
Global Distribution and Value-Added Services, Global Specialty Products, and Global Technology segments for
total consideration of $
284
million.
Our acquired ownership interest ranged between
51
% to
100
%.
During the
year ended December 30, 2023, in connection with the acquisition of
a controlling interest of an affiliate, we
recognized a gain of approximately $
18
million related to the remeasurement to fair value of our previously
held
equity investment, using a discounted cash flow model based on Level
3 inputs, as defined in
Goodwill of $
171
million from these acquisitions is a result of the synergies and cross-selling opportunities
that
these acquisitions are expected to provide for us, as well as the expected
growth potential.
The majority of the
acquired goodwill is deductible for tax purposes.
Intangible assets of $
116
million, consisting of $
79
million of
customer relationships and lists, $
8
million of trademarks and tradenames, $
7
million of product development, and
other of $
22
million are being amortized over their weighted average useful lives that
range from
two years
to
ten
years
.
Pro forma financial information for our 2023 acquisitions has not been
presented because the impact of the
acquisitions was immaterial to our consolidated financial statements.
Acquisition Costs
During the years ended December 27, 2025, December 28, 2024
and December 30, 2023 we incurred $
6
million, $
6
million and $
22
million in acquisition costs, respectively.
These costs are included in selling, general and
administrative in our consolidated statements of income.
v3.25.4
Inventories, Net
12 Months Ended
Dec. 27, 2025
Inventories, Net [Abstract]  
Inventories, Net
Note 6 – Inventories, Net
Inventories, net consisted of the following as of:
Description
December 27,
2025
December 28,
2024
Finished goods
$
1,889
$
1,710
Raw materials
70
61
Work-in process
43
39
Inventories, net
$
2,002
$
1,810
Our inventory reserve was $
131
million and $
132
million as of December 27, 2025 and December 28, 2024,
respectively.
v3.25.4
Property and Equipment, Net
12 Months Ended
Dec. 27, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
Note 7 – Property and Equipment, Net
Property and equipment, including related estimated useful lives, consisted
of the following as of:
December 27,
December 28,
2025
2024
Land
$
22
$
20
Buildings and permanent improvements
187
164
Leasehold improvements
125
109
Machinery and warehouse equipment
307
257
Furniture, fixtures and other
137
128
Computer equipment and software
602
523
1,380
1,201
Less accumulated depreciation and amortization
(759)
(670)
Property and equipment, net
$
621
$
531
Estimated Useful
Lives (in years)
Buildings and permanent improvements
40
Machinery and warehouse equipment
5
-
15
Furniture, fixtures and other
3
-
10
Computer equipment and software
3
-
10
Leasehold improvements are amortized on a straight-line basis over
the lesser of the useful life of the assets or the
remaining lease term.
Property and equipment related depreciation expense for the years
ended December 27, 2025, December 28, 2024
and December 30, 2023, was $
101
million, $
83
million and $
70
million, respectively.
Please see
for finance lease amounts included in property and equipment, net within our
consolidated balance sheets.
During the year ended December 30, 2023 we recorded a $
27
million impairment of capitalized software, related to
the Global Distribution and Value-Added Services segment.
v3.25.4
Leases
12 Months Ended
Dec. 27, 2025
Leases [Abstract]  
Leases
Note 8 – Leases
We have operating and finance leases for corporate offices, office space, distribution and other facilities, vehicles
and certain equipment.
Our leases have remaining terms of less than one year to
approximately
23
years, some of
which may include options to extend the leases for up to
10
years.
The components of lease expense were as
follows:
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Operating lease cost:
$
94
$
107
$
99
Variable
lease cost
11
12
12
Short-term lease cost
10
11
10
Total operating lease cost
(1)
115
130
121
Finance lease cost
3
4
5
Total lease cost
$
118
$
134
$
126
(1)
Total operating lease cost for the years ended December 27, 2025, December 28, 2024 and December 30, 2023, included costs of $
3
million, $
17
million and $
11
million, respectively, related to facility leases recorded in restructuring and related costs within our
consolidated statements of income.
Further, for the year ended December 27, 2025 we recognized a gain of $
4
million on early lease termination
related to facility leases which was recorded in restructuring and related costs
within our consolidated statement of
income.
For the years ended December 28, 2024 and December
30, 2023, we recognized a net impairment of
operating lease right-of-use assets of $
0
million and $
3
million respectively, related to facility leases recorded in
restructuring and related costs within our consolidated statement of
income.
Supplemental balance sheet information related to leases is as follows:
Years
Ended
December 27,
December 28,
2025
2024
Operating Leases:
Operating lease right-of-use assets
$
301
$
293
Current operating lease liabilities
78
75
Non-current operating lease liabilities
251
259
Total operating lease liabilities
$
329
$
334
Finance Leases:
Property and equipment, at cost
$
14
$
16
Accumulated depreciation
(7)
(9)
Property and equipment, net of accumulated depreciation
$
7
$
7
Current maturities of long-term debt
$
3
$
3
Long-term debt
4
$
3
Total finance
lease liabilities
$
7
$
6
Weighted Average
Remaining Lease Term in
Years:
Operating leases
5.6
5.9
Finance leases
2.9
2.7
Weighted Average
Discount Rate:
Operating leases
4.5
%
4.2
%
Finance leases
4.5
%
4.4
%
Supplemental cash flow information related to leases is as follows:
Years
Ended
December 27,
December 28,
2025
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$
99
$
94
Financing cash flows for finance leases
3
4
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$
71
$
76
Finance leases
3
2
Maturities of lease liabilities are as follows:
December 27, 2025
Operating
Finance
Leases
Leases
2026
$
91
$
3
2027
74
2
2028
59
1
2029
47
1
2030
37
-
Thereafter
63
-
Total future
lease payments
371
7
Less imputed interest
42
-
Total
$
329
$
7
As of December 27, 2025, we have additional operating leases that have
not yet commenced with total lease
payments of $
23
million for buildings and vehicles.
These operating leases will commence after December 27,
2025, with lease terms of less than one year to
ten years
.
Certain of our facilities related to our acquisitions are leased from
employees and minority shareholders.
These
leases are classified as operating leases and have a remaining lease term
ranging from less than a year to
12 years
.
As of December 27, 2025, current and non-current liabilities associated
with related party operating leases were $
5
million and $
22
million, respectively.
At December 27, 2025, related party leases represented
6.6
% and
8.7
% of
the total current and non-current operating lease liabilities, respectively.
As of December 28, 2024, current and
non-current liabilities associated with related party operating leases were
$
6
million and $
20
million, respectively.
At December 28, 2024 related party leases represented
7.6
% and
7.8
% of the total current and non-current
operating lease liabilities, respectively.
v3.25.4
Goodwill and Other Intangibles, Net
12 Months Ended
Dec. 27, 2025
Goodwill and Other Intangibles, Net [Abstract]  
Goodwill and Other Intangibles, Net
Note 9 – Goodwill and Other Intangibles, Net
Changes in the carrying amounts
of goodwill for the years ended December 27, 2025 and December
28, 2024 were
as follows:
Global
Distribution and
Value-Added
Services
Global Specialty
Products
Global
Technology
Total
Balance as of December 30, 2023
$
2,007
$
1,077
$
791
$
3,875
Adjustments to goodwill:
Acquisitions
41
107
-
148
Impairment
-
(11)
(2)
(13)
Foreign currency translation
(39)
(80)
(4)
(123)
Balance as of December 28, 2024
2,009
1,093
785
3,887
Adjustments to goodwill:
Acquisitions
49
124
26
199
Disposal
(1)
-
(2)
(3)
Foreign currency translation
49
74
7
130
Balance as of December 27, 2025
$
2,106
$
1,291
$
816
$
4,213
In January 2025, we performed a geographical realignment within
the Global Distribution and Value-Added
Services reportable segment intended to provide increased transparency
into the performance of our global
distribution businesses and to reflect evolving management oversight
and decision-making.
As a result of the
realignment and the change in reporting units, we reallocated goodwill
to each of our new reporting units using a
relative fair value approach.
The relative fair values of the new reporting units were determined based on
a
quantitative valuation analysis that considered projected cash flows,
market assumptions, and other relevant
valuation inputs.
Reporting units under the former and new structures of
the Global Distribution and Value-Added
Services reportable segment were tested for impairment as of January 1,
2025, and it was determined that the fair
values of our reporting units more likely than not exceeded their carrying
values, resulting in no impairment as of
January 1, 2025 under both structures.
In connection with our restructuring initiatives, during the year ended
December 28, 2024, we recorded an $
11
million impairment of goodwill in the Global Specialty Products segment,
relating to the disposal of a portion of a
business; such impairment was calculated based on the relative fair value
of goodwill.
Other intangible assets consisted of the following:
December 27, 2025
Accumulated
Weighted Average
Cost
Amortization
Net
Life (in years)
Customer relationships and lists
$
971
$
(408)
$
563
10
Trademarks / Tradenames
205
(96)
109
8
Product development
438
(120)
318
9
Non-compete agreements
18
(5)
13
5
Other
24
(9)
15
15
Total
$
1,656
$
(638)
$
1,018
December 28, 2024
Accumulated
Weighted Average
Cost
Amortization
Net
Life (in years)
Customer relationships and lists
$
915
$
(356)
$
559
10
Trademarks / Tradenames
188
(89)
99
8
Product development
403
(71)
332
9
Non-compete agreements
21
(6)
15
4
Other
28
(10)
18
15
Total
$
1,555
$
(532)
$
1,023
Trademarks, trade names, customer lists and customer relationships were established through
business acquisitions
and are amortized on a straight-line basis over their respective asset life.
Non-compete agreements represent
amounts paid primarily to prior owners of acquired businesses and certain
sales persons, in exchange for placing
restrictions on their ability to pose a competitive risk to us.
Such amounts are amortized, on a straight-line basis
over the respective non-compete period, which generally commences upon
termination of employment or
separation from us.
Amortization expense, excluding impairment charges, related to definite-lived intangible assets
for the years ended
December 27, 2025, December 28, 2024 and December 30, 2023, was $
180
million, $
185
million and $
152
million,
respectively.
During the year ended December 27, 2025, we recorded $
16
million of impairment charges related to businesses in
our Global Distribution and Value-Added Services segment.
The impairment charges included $
14
million
primarily related to customer lists and relationships attributable
to lower than anticipated operating margins in these
businesses.
The remaining impairment charges of $
2
million related to trade names and non-compete agreements.
During the year ended December 28, 2024, we recorded $
4
million of impairment charges related to businesses in
our Global Distribution and Value-Added Services segment.
It included $
2
million of a trade name impairment,
calculated using the relative fair value, related to a disposal of a business, and
$
1
million related to trade name
impairment due to business integration in connection with our restructuring
initiatives.
The remaining $
1
million
impairment charges related to trade names and non-compete agreements.
During the year ended December 30, 2023, we recorded $
19
million of impairment charges related to businesses in
our Global Distribution and Value-Added Services segment, consisting of $
7
million primarily related to customer
lists and relationships attributable to lower than anticipated operating
margins in certain businesses, and a $
12
million charge related to the planned exit of a business in connection with our restructuring
initiatives.
The impairment charges for the years ended December 27, 2025, December 28, 2024,
and December 30, 2023 were
measured as the excess of the carrying values over the estimated fair values
of the related intangible assets,
determined using discounted estimates of future cash flows and the
relief-from-royalty method.
The above intangible asset impairment charges were recorded within selling, general
and administrative expenses
and in restructuring and related costs in our consolidated statement of
income.
The annual amortization expense expected to be recorded for existing
intangibles assets for the years 2026 through
2030 is $
172
million, $
159
million, $
142
million, $
128
million and $
118
million.
v3.25.4
Investments and Other
12 Months Ended
Dec. 27, 2025
Investments and Other [Abstract]  
Investments and Other
Note 10 – Investments and Other
Investments and other consisted of the following:
December 27,
December 28,
2025
2024
Investments in unconsolidated affiliates
$
174
$
170
Non-current deferred foreign, state and local income taxes
92
47
Notes receivable
(1)
56
63
Capitalized costs for software and cloud based applications for external use
112
90
Security deposits
4
4
Acquisition-related indemnification assets
39
39
Non-current pension assets
11
9
Non-current inventory
38
27
Other
72
52
Total
$
598
$
501
(1)
Long-term notes receivable carry interest rates ranging from
3.0
% to
11.8
% and are due in varying installments through
May 31, 2031
.
Amortization expense, related to capitalized costs for software to be sold,
leased or marketed to external users, and
for cloud-based applications used to deliver our services, for the years
ended December 27, 2025, December 28,
2024 and December 30, 2023, was $
30
million, $
29
million and $
26
million, respectively, and is included in the
selling, general and administrative line within our consolidated statements
of income.
During the year ended December 28, 2024 we recorded a $
12
million impairment of capitalized software costs,
related to the Global Technology segment.
v3.25.4
Fair Value Measurements
12 Months Ended
Dec. 27, 2025
Fair Value Measurements [Abstract]  
Fair Value Measurements
Note 11 – Fair Value
Measurements
The following section describes the fair values of our financial instruments
and the methodologies that we used to
measure their fair values.
Investments and notes receivable
There are no quoted market prices available for investments in unconsolidated
affiliates and notes receivable.
Certain of our notes receivable contain variable interest rates.
We believe the carrying amounts of the notes
receivable are a reasonable estimate of fair value based on the interest rates
in the applicable markets.
Our notes
receivable fair value is based on Level 3 inputs within the fair value
hierarchy.
Debt
The fair value of our debt (including bank credit lines, current maturities
of long-term debt and long-term debt) is
based on Level 3 inputs within the fair value hierarchy, and as of December 27, 2025 and December 28, 2024 was
estimated at $
3,107
million and $
2,536
million, respectively.
Factors that we considered when estimating the fair
value of our debt include market conditions, such as interest rates and credit
spreads.
Derivative contracts
Derivative contracts are valued using quoted market prices and
significant other observable inputs.
Our derivative
instruments primarily include foreign currency forward contracts, interest
rate swaps and total return swaps.
The fair values for the majority of our foreign currency derivative contracts
are obtained by comparing our contract
rate to a published forward price of the underlying market rates, which
are based on market rates for comparable
transactions that are classified within Level 2 of the fair value hierarchy.
The fair value of the interest rate swap, which is classified within Level 2
of the fair value hierarchy, is determined
by comparing our contract rate to a forward market rate as of the
valuation date.
The fair value of total return swaps is determined by valuing the underlying
exchange traded funds of the swap
using market-on-close pricing by industry providers as of the valuation
date that are classified within Level 2 of the
fair value hierarchy.
Redeemable noncontrolling interests
The values for redeemable noncontrolling interests are based on recent
transactions and/or implied multiples of
earnings that are classified within Level 3 of the fair value hierarchy.
Intangible Assets
Assets measured on a non-recurring basis at fair value include intangibles.
Inputs for measuring intangibles are
classified as Level 3 within the fair value hierarchy.
Defined Benefit Plans
Assets of our defined benefit plans are measured on a recurring basis
and are classified as Level 1 within the fair
value hierarchy.
Contingent Consideration
We estimate the fair value of contingent consideration payments as part of the acquisition price and record the
estimated fair value of contingent consideration as a liability on our
consolidated balance sheet.
For transactions
accounted for as business combinations, subsequent changes in the
estimated fair value of contingent consideration
payments are included in selling, general and administrative expenses
in our consolidated statements of income
For transactions involving changes in our ownership in consolidated
subsidiaries
without a change in our control, subsequent changes in the estimated fair
value of contingent consideration
payments are recognized in additional paid-in capital in our consolidated
balance sheet.
We measure contingent
consideration at the fair value on a recurring basis using significant unobservable
inputs classified as Level 3 of the
fair value hierarchy.
We use various valuation techniques, including the Monte Carlo simulation and probability-
weighted scenarios, to determine the fair value of the contingent consideration
liabilities on the acquisition date and
at each reporting period.
Our fair value measurement inputs include expected operating
performance, discount and
risk-free rates, and credit spread.
Contingent consideration is remeasured to fair value at each reporting
period.
During the year ended December 27,
2025, we updated the fair value of contingent consideration in connection
with 2025 and 2023 business
acquisitions, which resulted in expense of $
9
million and income of $
11
million, respectively.
During the year
ended December 28, 2024, we updated the fair value of contingent
consideration in connection with 2023 and 2022
business acquisitions, which resulted in expense of $
38
million and $
7
million, respectively.
These changes were
recorded in selling, general and administrative in the consolidated
statements of income.
During the year ended
December 27, 2025, we also updated the fair value of contingent consideration
related to changes in ownership.
These changes were recorded within additional paid-in-capital in the consolidated
balance sheets.
The components of the change in the fair value of contingent consideration
for the year ended December 27, 2025
and December 28, 2024 are presented in the following table:
Years
Ended
December 27,
December 28,
2025
2024
Balance, beginning of period
$
30
$
6
Increase in contingent consideration due to business acquisitions and acquisitions of
noncontrolling interests in subsidiaries
103
10
Decrease in contingent consideration due to payments
(19)
(31)
Change in fair value of contingent consideration in connection with business acquisitions
(2)
45
Change in fair value of contingent consideration in connection with changes in ownership in
consolidated subsidiaries
(15)
-
Balance, end of period
$
97
$
30
The following table presents our assets and liabilities that are measured and
recognized at fair value on a recurring
basis classified under the appropriate level of the fair value hierarchy as of
December 27, 2025 and December 28,
2024:
December 27, 2025
Level 1
Level 2
Level 3
Total
Assets:
Derivative contracts designated as hedges
$
-
$
1
$
-
$
1
Derivative contracts undesignated
-
1
-
1
Total return
swap
-
1
-
1
Total assets
$
-
$
3
$
-
$
3
Liabilities:
Derivative contracts designated as hedges
$
-
$
23
$
-
$
23
Derivative contracts undesignated
-
2
-
2
Contingent consideration
-
-
97
97
Total liabilities
$
-
$
25
$
97
$
122
Redeemable noncontrolling interests
$
-
$
-
$
895
$
895
December 28, 2024
Level 1
Level 2
Level 3
Total
Assets:
Derivative contracts designated as hedges
$
-
$
10
$
-
$
10
Derivative contracts undesignated
-
7
-
7
Total assets
$
-
$
17
$
-
$
17
Liabilities:
Derivative contracts designated as hedges
$
-
$
5
$
-
$
5
Derivative contracts undesignated
-
4
-
4
Total return
swap
-
3
-
3
Contingent consideration
-
-
30
30
Total liabilities
$
-
$
12
$
30
$
42
Redeemable noncontrolling interests
$
-
$
-
$
806
$
806
v3.25.4
Concentrations of Risk
12 Months Ended
Dec. 27, 2025
Concentrations of Risk [Abstract]  
Concentrations of Risk
Note 12 – Concentrations of Risk
Certain financial instruments potentially subject us to concentrations of
credit risk.
These financial instruments
consist primarily of cash equivalents, trade receivables, long-term investments,
notes receivable and derivative
instruments.
In all cases, our maximum exposure to loss from credit
risk equals the gross fair value of the financial
instruments.
We routinely maintain cash balances at financial institutions in excess of insured amounts.
We have
not experienced any loss in such accounts and we manage this risk through
maintaining cash deposits and other
highly liquid investments in high quality financial institutions.
We continuously assess the need for reserves for
such losses, which have been within our expectations.
We do not require collateral or other security to support
financial instruments subject to credit risk, except for long-term notes receivable.
We limit credit risk with respect to our cash equivalents, short-term and long-term investments and derivative
instruments, by monitoring the credit worthiness of the financial institutions
who are the counter-parties to such
financial instruments.
As a risk management policy, we limit the amount of credit exposure by diversifying and
utilizing numerous investment grade counterparties.
With respect to our trade receivables, credit risk is somewhat limited due to a relatively large customer base
and its
dispersion across different types of health care professionals and geographic areas.
No single customer accounted
for more than
2
% of our net sales in each of the years ended December 27, 2025,
December 28, 2024 or December
30, 2023.
With respect to our sources of supply, our top 10 Global Distribution and Value
-Added Services
suppliers and our single largest supplier accounted for approximately
24
% and
4
%, respectively, of our aggregate
purchases for the year ended December 27, 2025 and approximately
25
% and
4
%, respectively, of our aggregate
purchases for the year ended December 28, 2024.
Our long-term notes receivable primarily represent strategic financing arrangements
with certain affiliates.
Generally, these notes are secured by certain assets of the counterparty; however, in most cases our security is
subordinate to the rights of other commercial financial institutions.
While we have exposure to credit loss in the
event of non-performance by these counterparties, we conduct ongoing assessments
of their financial and
operational performance.
v3.25.4
Derivatives and Hedging Activities
12 Months Ended
Dec. 27, 2025
Derivatives and Hedging Activities [Abstract]  
Derivatives and Hedging Activities
Note 13 – Derivatives and Hedging Activities
We are exposed to market risks and changes in foreign currency exchange rates against the U.S. dollar and each
other, and changes to the credit risk of the derivative counterparties.
We attempt to minimize these risks using
foreign currency forward contracts and by maintaining counter-party credit limits.
Our hedging activities provide
only limited protection against currency exchange and credit risks.
Factors that could influence the effectiveness of
our hedging programs include currency markets and availability of hedging
instruments and liquidity of the credit
markets.
All foreign currency forward contracts that we enter are for the sole
purpose of hedging an existing or
anticipated currency exposure.
We do not enter into foreign currency forward contracts for speculative purposes
and we manage our credit risks by diversifying our counterparties,
maintaining a strong balance sheet and having
multiple sources of capital.
Our derivative instruments primarily include foreign currency forward contracts,
total
return swaps, and interest rate swaps.
During 2019 we entered foreign currency forward contracts that we
designated as net investment hedges to hedge a
portion of our euro-denominated foreign operations.
These net investment hedges offset changes in the U.S. dollar
value of our investments in certain euro-functional currency subsidiaries due
to fluctuating foreign exchange rates.
Gains and losses related to these net investment hedges are recorded
in accumulated other comprehensive loss
within our consolidated balance sheets.
Amounts excluded from the assessment of hedge effectiveness are
included
in interest expense within our consolidated statements of income.
The aggregate notional value of these net
investment hedges, which matured on
November 16, 2023
, was approximately €
200
million.
On November 3,
2023 we entered into new foreign currency forward contracts to
hedge a portion of our euro-denominated foreign
operations which are designated as net investment hedges.
The aggregate notional value of this net investment
hedge, which matures on
November 3, 2028
, is approximately €
300
million.
During the years ended December 27,
2025, December 28, 2024, and December 30, 2023, we recorded an
increase/(decrease) of $
(33)
million, $
10
million, and $
(32)
million, respectively, within other comprehensive income related to these foreign currency
forward contracts.
On
March 20, 2020
, we entered a total return swap to economically hedge our unfunded
non-qualified SERP and
our DCP.
This swap will offset changes in our SERP and DCP liabilities.
At the swap’s inception, the notional
value of the investments in these plans was $
43
million.
At December 27, 2025, the notional value of the
investments in these plans was $
117
million.
At December 27, 2025, the financing blended rate for this swap
was
based on the Secured Overnight Financing Rate (“SOFR”) of
3.79
% plus
0.75
%, for a combined rate of
4.54
%.
For
the years ended December 27, 2025, December 28, 2024,
and December 30, 2023, we recorded within selling,
general and administrative expenses in our consolidated statement of income,
a gain of $
11
million,
8
million, and
$
10
million, respectively, net of transaction costs, related to this undesignated swap.
On July 11, 2023, we entered into interest rate swap agreements to hedge the cash flow of our variable
rate $
750
million floating debt term loan facility, with
three years
maturity, effectively changing the floating rate portion of
our obligation to a fixed rate.
Under the terms of the interest rate swap agreements, we receive variable
interest
payments based on the one-month Term SOFR rate and pay interest at a fixed rate.
As of December 27, 2025, the
notional value of the interest rate swap agreements was $
675
million.
For the years ended December 27, 2025 and
December 28, 2024, we recorded, within accumulated other comprehensive
loss within our consolidated balance
sheets, a loss of $
3
million and $
3
million, respectively, related to the change in the fair value of these interest rate
swap agreements, since we have designated these swap agreements as cash
flow hedges.
Fluctuations in the value of certain foreign currencies as compared
to the U.S. dollar may positively or negatively
affect our revenues, gross margins, operating expenses and retained earnings, all of which are expressed
in U.S.
dollars.
Where we deem it prudent, we engage in hedging programs using primarily
foreign currency forward
contracts aimed at limiting the impact of foreign currency exchange
rate fluctuations on earnings.
We purchase
short-term (i.e., generally 18 months or less) foreign currency forward contracts
to protect against currency
exchange risks associated with intercompany loans due from our international
subsidiaries and the payment of
merchandise purchases to our foreign suppliers.
We do not hedge the translation of foreign currency profits into
U.S. dollars, as we consider foreign currency translation to be an accounting
exposure, not an economic
exposure.
Amounts related to our hedging activities are recorded in prepaid
expenses and other and/or accrued
expenses: other within our consolidated balance sheets.
The following table summarizes the terms and fair value of our outstanding derivative
financial instruments as of
December 27, 2025 and December 28, 2024:
December 27, 2025
Notional
Amount
Classification
Fair
Value
Maturity Date
Derivatives used in cash flow hedges:
Foreign currency forward contracts
$
98
Prepaid expenses and other
$
-
December 24, 2026
Interest rate swaps
675
Accrued expenses, other
(3)
July 13, 2026
Derivatives used in net investment hedges:
Foreign currency forward contracts
365
Accrued expenses, other
(19)
November 3, 2028
Undesignated hedging relationships:
Total return
swaps
116
Prepaid expenses and other
1
December 30, 2025
Total
$
1,254
$
(21)
December 28, 2024
Notional
Amount
Classification
Fair
Value
Maturity Date
Derivatives used in cash flow hedges:
Foreign currency forward contracts
$
84
Prepaid expenses and other
$
-
October 30, 2025
Interest rate swaps
713
Accrued expenses, other
(3)
July 13, 2026
Derivatives used in net investment hedges:
Foreign currency forward contracts
336
Prepaid expenses and other
9
November 3, 2028
Undesignated hedging relationships:
Total return
swaps
106
Accrued expenses, other
(3)
December 30, 2024
Total
$
1,239
$
3
The following table summarizes the effect of cash flow hedges and net investment hedges
on our consolidated
statements of income for the years ended December 27, 2025, December
28, 2024 and December 30, 2023:
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Derivatives used in cash flow hedges:
Foreign currency forward contracts
$
-
$
-
$
(1)
Interest rate swaps
-
6
(7)
Derivatives used in net investment hedges:
Foreign currency forward contracts
(24)
7
(10)
Total
$
(24)
$
13
$
(18)
The amount of gains or losses reclassified from accumulated other comprehensive
loss into income were not
material for the years ended December 27, 2025, December 28, 2024,
and December 30, 2023.
v3.25.4
Debt
12 Months Ended
Dec. 27, 2025
Debt [Abstract]  
Debt
Note 14 – Debt
Bank Credit Lines
Bank credit lines consisted of the following:
December 27,
December 28,
2025
2024
Revolving credit agreement
$
100
$
-
Other short-term bank credit lines
664
650
Total
$
764
$
650
Revolving Credit Agreement
On
August 20, 2021
, we entered into a $
1.0
billion revolving credit agreement (the “Revolving Credit Agreement”)
which was amended and restated on
July 11, 2023
to extend the maturity date to
July 11, 2028
and update the
interest rate provisions to reflect the current market approach for a
multicurrency facility.
On June 6, 2025, we
amended and restated the Revolving Credit Agreement to, among other
things, modify certain financial definitions
and covenants.
The interest rate on this revolving credit facility is based on Term Secured Overnight Financing
Rate (“
Term SOFR
”) plus a spread based on our leverage ratio at the end
of each financial reporting quarter.
As of
December 27, 2025 the interest rate on this revolving credit facility
was
3.78
% plus
1.08
% for a combined rate of
4.86
%.
As of December 28, 2024 the interest rate on this revolving
credit facility was
4.45
% plus
1.18
% for a
combined rate of
5.63
%.
The Revolving Credit Agreement requires, among other things, that we
maintain certain maximum leverage ratios.
Additionally, the Revolving Credit Agreement contains customary representations, warranties and affirmative
covenants as well as customary negative covenants, subject to negotiated
exceptions, on liens, indebtedness,
significant corporate changes (including mergers), dispositions and certain restrictive
agreements.
As of December
27, 2025 and December 28, 2024, we had $
100
million and $
0
million in borrowings, respectively, under this
revolving credit facility.
During the year ended December 27, 2025, the average outstanding balance
under the
Revolving Credit Agreement was approximately $
203
million.
As of December 27, 2025 and December 28, 2024,
there were $
10
million and $
11
million of letters of credit, respectively, provided to third parties under the
Revolving Credit Agreement.
Other Short-Term Bank Credit
Lines
As of December 27, 2025 and December 28, 2024, we had various other
short-term bank credit lines available, in
various currencies, with a maximum borrowing capacity of $
787
million and $
790
million, respectively.
As of
December 27, 2025 and December 28, 2024, $
664
million and $
650
million, respectively, were outstanding.
During the year ended December 27, 2025, the average outstanding balances
under our various other short-term
bank credit lines was approximately $
680
million.
As of December 27, 2025 and December 28, 2024, borrowings
under other short-term bank credit lines had weighted average interest
rates of
4.68
% and
5.35
%, respectively.
Long-term debt
Long-term debt consisted of the following:
December 27,
December 28,
2025
2024
Private placement facilities
$
1,149
$
975
Term loan
749
712
U.S. trade accounts receivable securitization
390
150
Various
collateralized and uncollateralized loans payable with interest,
in varying installments through 2031 at interest rates
from
0.00
% to
6.75
% at December 27, 2025 and
from
0.00
% to
9.42
% at December 28, 2024
48
43
Finance lease obligations
7
6
Total
2,343
1,886
Less current maturities
(33)
(56)
Total long-term debt
$
2,310
$
1,830
As of December 27, 2025,
the aggregate amounts of long-term debt, including finance lease obligations
and net of
deferred debt issuance costs, maturing in each of the next five years
and thereafter are as follows:
2026
$
33
2027
534
2028
221
2029
143
2030
810
Thereafter
602
Total
$
2,343
Private Placement Facilities
Our private placement facilities provided by
four
insurance companies have a total facility amount of $
1.5
billion,
and are available on an uncommitted basis at fixed rate economic terms
to be agreed upon at the time of issuance,
from time to time through
December 19, 2028
.
The facilities allow us to issue senior promissory notes to the
lenders at a fixed rate based on an agreed upon spread over applicable treasury
notes at the time of issuance.
The
term of each possible issuance will be selected by us and can range from
five
to
15 years
(with an average life no
longer than
12 years
).
The proceeds of any issuances under the facilities will be used for
general corporate
purposes, including working capital and capital expenditures, to refinance
existing indebtedness, and/or to fund
potential acquisitions.
On December 19, 2025, we amended and restated our private placement
facilities to, among
other things, (i) extend the scheduled facility termination dates to
December 19, 2028
and (ii) modify certain
financial definitions and covenants.
The agreements provide, among other things, that we
maintain certain
maximum leverage ratios, and contain restrictions relating to subsidiary
indebtedness, liens, affiliate transactions,
disposal of assets and certain changes in ownership.
These facilities contain make-whole provisions in the event
that we pay off the facilities prior to the applicable due dates.
The components of our private placement facility borrowings as of December
27, 2025, which have a weighted
average interest rate of
3.93
% are presented in the following table:
Amount of
Date of
Borrowing
Borrowing
Borrowing
Outstanding
Rate
Due Date
June 16, 2017
$
100
3.42
%
June 16, 2027
September 15, 2017
100
3.52
September 15, 2029
January 2, 2018
100
3.32
January 2, 2028
September 2, 2020
100
2.35
September 2, 2030
June 2, 2021
100
2.48
June 2, 2031
June 2, 2021
100
2.58
June 2, 2033
May 4, 2023
75
4.79
May 4, 2028
May 4, 2023
75
4.84
May 4, 2030
May 4, 2023
75
4.96
May 4, 2033
May 4, 2023
150
4.94
May 4, 2033
December 15, 2025
100
5.23
December 15, 2032
December 15, 2025
75
5.28
December 15, 2032
Less: Deferred debt issuance costs
(1)
Total
$
1,149
The components of our private placement facility borrowings as of December
28, 2024, which have a weighted
average interest rate of
3.70
% are presented in the following table:
Amount of
Date of
Borrowing
Borrowing
Borrowing
Outstanding
Rate
Due Date
June 16, 2017
$
100
3.42
%
June 16, 2027
September 15, 2017
100
3.52
September 15, 2029
January 2, 2018
100
3.32
January 2, 2028
September 2, 2020
100
2.35
September 2, 2030
June 2, 2021
100
2.48
June 2, 2031
June 2, 2021
100
2.58
June 2, 2033
May 4, 2023
75
4.79
May 4, 2028
May 4, 2023
75
4.84
May 4, 2030
May 4, 2023
75
4.96
May 4, 2033
May 4, 2023
150
4.94
May 4, 2033
Total
$
975
Term Loan
On July 11, 2023, we entered into a
three-year
$
750
million term loan credit agreement (the “Term Credit
Agreement”), which was originally scheduled to mature on
July 11, 2026
.
On June 6, 2025, this agreement was
amended and restated to, among other things, (i) extend the maturity date
to
June 6, 2030
, and (ii) modify certain
financial definitions and covenants.
The interest rate on this term loan is based on the
Term SOFR
plus a spread
based on our leverage ratio at the end of each financial reporting quarter.
Beginning in June 2026 and continuing
through June 2027, we are required to make quarterly payments of $
5
million.
In September 2027, the quarterly
payment amount increases to $
9
million, continuing through June 2030 with the remaining balance due
June 6,
2030.
As of December 27, 2025, the borrowings outstanding under this
term loan were $
749
million.
At December
27, 2025, the interest rate under the Term Credit Agreement was
3.76
% plus
1.25
% for a combined rate of
5.01
%.
As of December 28, 2024, the borrowings outstanding under this term
loan were $
712
million.
At December 28,
2024, the interest rate under the Term Credit Agreement was
4.45
% plus
1.60
% for a combined rate of
6.05
%.
However, at December 28, 2024, we had a hedge in place creating an effective fixed rate of
6.04
%.
After renewing
the Term Credit Agreement in June of 2025, our hedged portion of the Term Credit Agreement is now
approximately
90
% of the notional total.
As of December 27, 2025, the effective fixed rate was
5.69
% and the
floating rate was
5.01
%, resulting in a weighted average rate of
5.62
%.
The Term Credit Agreement requires,
among other things, that we maintain certain maximum leverage ratios.
Additionally, the Term
Credit Agreement
contains customary representations, warranties and affirmative covenants as well
as customary negative covenants,
subject to negotiated exceptions, on liens, indebtedness, significant corporate
changes (including mergers),
dispositions and certain restrictive agreements.
U.S. Trade Accounts Receivable Securitization
We have a facility agreement based on our U.S. trade accounts receivable that is structured as an asset-backed
securitization program with pricing committed for up to
three years
.
On December 6, 2024, we extended the
expiration date of this facility agreement to
December 6, 2027
(the previous maturity date was
December 15, 2025
).
This facility agreement has a purchase limit of $
450
million with
two
banks as agents.
As of December 27, 2025 and December 28, 2024, the borrowings outstanding
under this securitization facility
were $
390
million and $
150
million, respectively.
At December 27, 2025, the interest rate on borrowings under
this facility was based on the
asset-backed commercial paper rate
of
4.06
% plus
0.75
%, for a combined rate of
4.81
%.
At December 28, 2024, the interest rate on borrowings under
this facility was based on the asset-backed
commercial paper rate of
4.73
% plus
0.75
%, for a combined rate of
5.48
%.
If our accounts receivable collection pattern changes due to customers
either paying late or not making payments,
our ability to borrow under this facility may be reduced.
We are required to pay a commitment fee of
30
to
35
basis points depending upon program utilization.
v3.25.4
Income Taxes
12 Months Ended
Dec. 27, 2025
Income Taxes [Abstract]  
Income Taxes
Note 15 – Income Taxes
Income before taxes and equity in earnings of affiliates was as follows:
Years
ended
December 27,
December 28,
December 30,
2025
2024
2023
Domestic
$
384
$
338
$
424
Foreign
149
175
118
Total
$
533
$
513
$
542
The provisions for income taxes were as follows:
Years
ended
December 27,
December 28,
December 30,
2025
2024
2023
Current income tax expense:
U.S. Federal
$
42
$
100
$
72
State and local
15
33
28
Foreign
64
56
40
Total current
121
189
140
Deferred income tax expense (benefit):
U.S. Federal
33
(29)
9
State and local
3
(12)
(3)
Foreign
(31)
(20)
(26)
Total deferred
5
(61)
(20)
Total provision
$
126
$
128
$
120
The tax effects of temporary differences that give rise to our deferred income tax asset (liability) were
as follows:
Years
Ended
December 27,
December 28,
2025
2024
Deferred income tax asset:
Net operating losses
$
105
$
91
Other carryforwards
52
37
Inventory, premium
coupon redemptions and accounts receivable
valuation allowances
38
37
Operating lease liability
75
76
Capitalization of research and development costs
10
27
Other asset
62
49
Total deferred income
tax asset
342
317
Valuation
allowance for deferred tax assets
(1)
(53)
(38)
Net deferred income tax asset
289
279
Deferred income tax liability
Intangibles amortization
(266)
(260)
Operating lease right-of-use asset
(70)
(67)
Property and equipment
(7)
(7)
Total deferred tax
liability
(343)
(334)
Net deferred income tax asset (liability)
$
(54)
$
(55)
(1)
Primarily relates to operating losses, the benefits of which are uncertain.
Any future reductions of such valuation allowances will be
reflected as a reduction of income tax expense.
The assessment of the amount of value assigned to our deferred tax assets under
the applicable accounting rules is
judgmental.
We
are required to consider all available positive and negative evidence
in evaluating the likelihood
that we will be able to realize the benefit of our deferred tax assets in the future.
Such evidence includes reversals
of deferred tax liabilities and projected future taxable income.
Since this evaluation requires consideration of
events that may occur some years into the future, there is an element of
judgment involved.
Realization of our
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
substantially all of the value
assigned to our deferred tax assets.
However, if future events cause us to conclude that it is not more likely than
not that we will be able to recover the value assigned to our deferred tax assets, we
will be required to adjust our
valuation allowance accordingly.
As of December 27, 2025, we had federal, state and foreign net operating
loss carryforwards of approximately $
86
million, $
62
million and $
366
million, respectively.
The federal, state and foreign net operating loss carryforwards
will begin to expire in various years from 2026 through 2045.
The amounts of federal, state and foreign net
operating losses that can be carried-forward indefinitely are $
86
million, $
21
million and $
358
million,
respectively.
The effective income tax rate for the year ended December 27, 2025 differs from the statutory federal
income tax
rate as follows:
Year
ended December 27, 2025
$
%
Income tax provision at federal statutory rate
$
112
21.0
%
State income tax provision, net of federal income tax effect
(1)
10
2.0
Foreign Tax effects
Cayman Islands:
Foreign partnership loss
8
1.5
Other
(1)
(0.1)
Other foreign jurisdictions:
Equity investment remeasurement gain
(6)
(1.1)
Notional interest deduction
(6)
(1.1)
Other
19
3.5
Effects of changes in tax laws or rates enacted in current period
-
-
Cross-border tax laws
1
0.1
Tax credits
(2)
(0.4)
Changes in valuation allowance
3
0.6
Nontaxable and nondeductible items
3
0.5
Worldwide changes
in unrecognized tax benefits
4
0.7
Other adjustments:
Previously held non-controlling equity investment
(9)
(1.7)
Other
(10)
(1.8)
Effective tax rate
$
126
23.7
%
State taxes in California, Illinois, Massachusetts, New Jersey, and New York
make up the majority (greater than 50%) of the tax effect
in this category.
As previously disclosed for the years ended December 28, 2024 and December
20, 2023, prior to the adoption of
ASU 2023-09, the tax provisions differ from the amount computed using the federal
statutory income tax rate as
follows:
Years
ended
December 28,
December 30,
2024
2023
Income tax provision at federal statutory rate
$
108
$
114
State income tax provision, net of federal income tax effect
11
15
Foreign income tax provision
10
5
Pass-through noncontrolling interest
1
(8)
Valuation
allowance
6
(3)
Unrecognized tax benefits and audit settlements
5
9
Interest expense related to loans
(14)
(13)
Effect of cross border tax laws
12
7
Other
(11)
(6)
Total income
tax provision
$
128
$
120
For the year ended December 27, 2025 our effective tax rate was
23.7
%, compared to
24.9
% for the prior year
period.
In 2023, our effective tax rate was
22.1
%.
The difference between our effective and federal statutory tax
rates primarily relates to state and foreign income taxes and interest expense,
as well as the tax treatment associated
with the acquisition of a controlling interest of a previously held non-controlling
equity investment.
On July 4, 2025, President Trump signed the reconciliation tax bill, commonly known as the “One Big Beautiful
Bill Act” (OBBBA), into law.
Corporate provisions in the OBBBA include immediate expensing of domestic
research and experimental expenditures, limitations on certain deductions
and modifications to international tax
provisions.
The changes resulting from the OBBBA did not have a significant impact
to the total tax provision.
The OECD issued technical and administrative guidance on Pillar Two rules in December 2021, which provides for
a global minimum tax rate on the earnings of large multinational businesses on a country-by-country
basis.
Effective January 1, 2024, the minimum global tax rate is 15% for various jurisdictions pursuant
to the Pillar Two
rules.
Future tax reform resulting from these developments may result
in changes to long-standing tax principles,
which may adversely impact our effective tax rate going forward or result in higher cash
tax liabilities.
As of
December 27, 2025, the impact of the Pillar Two rules to our financial statements was immaterial.
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.
Determination of the amount of unrecognized deferred tax
liability with respect to such earnings is not practicable.
ASC Topic 740 prescribes the accounting for uncertainty in income taxes recognized in accordance with other
provisions contained within its guidance.
This topic prescribes a recognition threshold and a measurement
attribute
for the financial statement recognition and measurement of tax positions taken or
expected to be taken in a tax
return.
For those benefits to be recognized, a tax position must be
more likely than not to be sustained upon
examination by the taxing authorities.
The amount recognized is measured as the largest amount of benefit that has
a greater than 50% likelihood of being realized upon ultimate audit settlement.
In the normal course of business,
our tax returns are subject to examination by various taxing authorities.
Such examinations may result in future tax
and interest assessments by these taxing authorities for uncertain tax positions
taken in respect of certain tax
matters.
The total amount of unrecognized tax benefits, which are included in “other
liabilities” within our consolidated
balance sheets, as of December 27, 2025 and December 28, 2024 was $
112
million and $
108
million, respectively,
of which $
104
million and $
100
million, respectively, would affect the effective tax rate if recognized.
All tax returns audited by the IRS are officially closed through 2021.
The tax years subject to examination by the
IRS include years 2022 and forward.
In addition, limited positions reported in the 2017 tax year are subject
to IRS
examination.
The amount of tax interest expense included as a component of the provision
for taxes was $
4
million, $
2
million
and $
4
million during the years ended December 27, 2025, December 28, 2024
and December 30, 2023,
respectively.
The total amount of accrued interest is included in other liabilities
within our consolidated balance
sheets, and was $
22
million as of December 27, 2025 and $
18
million as of December 28, 2024.
The amount of
penalties accrued for during the periods presented was not material to our
consolidated financial statements.
The following table provides a reconciliation of unrecognized tax benefits:
December 27,
December 28,
December 30,
2025
2024
2023
Balance, beginning of period
$
89
$
98
$
82
Additions based on current year tax positions
5
5
9
Additions based on prior year tax positions
5
10
26
Reductions based on prior year tax positions
(2)
(14)
(2)
Reductions resulting from settlements with taxing authorities
-
-
(3)
Reductions resulting from lapse in statutes of limitations
(7)
(10)
(14)
Balance, end of period
$
90
$
89
$
98
v3.25.4
Plans of Restructuring and Related Costs
12 Months Ended
Dec. 27, 2025
Plans of Restructuring and Related Costs [Abstract]  
Plans of Restructuring and Related Costs
Note 16 – Plans of Restructuring and Related Costs
On August 6, 2024, we committed to a restructuring plan (the “2024
Plan”) to integrate our acquisitions, right-size
operations and further increase efficiencies.
We currently expect this plan to be completed at the end of 2027.
During the years ended December 27, 2025 and December 28, 2024, we recorded
restructuring and related charges
associated with the 2024 Plan of $
105
million and $
73
million, respectively.
The restructuring and related costs for
these periods primarily related to severance and employee-related costs, accelerated
amortization of right-of-use
assets and fixed assets, and other exit costs.
We expect to record restructuring and related charges associated with
the 2024 Plan through the end of 2027; however, an estimate of the amount of these charges for 2026 through 2027
has not yet been determined.
During the year ended December 27, 2025, in connection with the 2024 Plan,
we recorded a loss of $
1
million and
$
12
million related to the disposal of businesses in the Global Distribution and Value-Added Services and Global
Specialty Product segments, respectively, and a net gain related to disposal of a business in the Global Technology
segment.
These amounts are included in the $
105
million of restructuring and related charges discussed above.
During the year ended December 28, 2024, in connection with the 2024 Plan,
we recorded an impairment of
goodwill and intangible assets of $
13
million related to the disposal of a portion of a business in the Global
Specialty Products segment.
This impairment is included in the $
73
million of restructuring and related charges
discussed above.
On August 1, 2022, we committed to a restructuring plan (the “2022
Plan”) focused on funding the priorities of the
BOLD+1 strategic plan, streamlining operations and other initiatives to
increase efficiency.
The 2022 Plan was
completed as of July 31, 2024.
During the years ended December 28, 2024 and December 30, 2023, in
connection
with our 2022 Plan, we recorded restructuring and related costs of $
37
million and $
80
million, respectively, which
primarily related to severance and employee-related costs, accelerated amortization
of right-of-use assets and fixed
assets, and other exit costs.
During the year ended December 30, 2023, in connection with the 2022 Plan,
we recorded an impairment of an
intangible asset of $
12
million related to disposal of a U.S. business in the Global Specialty Products
segment.
This
impairment is included in the $
80
million of restructuring and related costs discussed above.
The disposal was
completed during the first quarter of 2024.
Restructuring and related costs recorded for the fiscal years ended 2025,
2024 and 2023 in connection with the
2024 Plan and 2022 Plan, respectively, consisted of the following:
Year Ended
December 27, 2025
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2024 Plan
Severance and employee-related costs
$
40
$
22
$
4
$
20
$
86
Impairment and accelerated depreciation and
amortization of right-of-use lease assets and other
long-lived assets
(3)
6
(1)
-
2
Exit and other related costs
5
4
-
-
9
Loss/(Gain) on disposal of a business
1
12
(5)
-
8
Restructuring and related costs-2024 Plan
$
43
$
44
$
(2)
$
20
$
105
Year Ended
December 28, 2024
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2024 Plan
Severance and employee-related costs
$
31
$
5
$
6
$
2
$
44
Impairment and accelerated depreciation and
amortization of right-of-use lease assets and other
long-lived assets
5
3
4
-
12
Exit and other related costs
2
-
-
-
2
Loss on disposal of a business
-
15
-
-
15
Restructuring and related costs-2024 Plan
$
38
$
23
$
10
$
2
$
73
2022 Plan
Severance and employee-related costs
$
18
$
5
$
1
$
-
$
24
Accelerated depreciation and amortization
10
-
-
(3)
7
Exit and other related costs
2
2
-
2
6
Loss on disposal of a business
-
-
-
-
-
Restructuring and related costs-2022 Plan
$
30
$
7
$
1
$
(1)
$
37
Total restructuring and related costs
$
68
$
30
$
11
$
1
$
110
Year Ended
December 30, 2023
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2022 Plan
Severance and employee-related costs
$
29
$
5
$
5
$
7
$
46
Impairment and accelerated depreciation and
amortization of right-of-use lease assets and other
long-lived assets
13
-
2
-
15
Exit and other related costs
3
1
-
2
6
Loss on disposal of a business
-
13
-
-
13
Restructuring and related costs-2022 Plan
$
45
$
19
$
7
$
9
$
80
The following table summarizes, by plan year, the activity related to the liabilities associated with
our restructuring
initiatives under the 2022 Plan and the 2024 Plan for the year ended December
27, 2025.
The remaining accrued
balance of restructuring and related costs as of December 27, 2025, which
primarily relates to severance and
employee-related costs, is included in accrued expenses: other within
our consolidated balance sheets.
Liabilities
related to exited leased facilities are recorded within our current and non-current
operating lease liabilities within
our consolidated balance sheets.
2022 Plan
2024 Plan
Total
Balance, December 30, 2023
$
23
$
-
$
23
Restructuring and related costs
37
73
110
Non-cash impairment, accelerated depreciation and
amortization
(7)
(12)
(19)
Non-cash impairment on disposal of a business
-
(13)
(13)
Cash payments and other adjustments
(41)
(20)
(61)
Balance, December 28, 2024
12
28
40
Restructuring and related costs
-
105
105
Non-cash impairment, accelerated depreciation and
amortization
-
(2)
(2)
Non-cash charges related to disposal of a business
-
(6)
(6)
Cash payments and other adjustments
(11)
(77)
(88)
Balance, December 27, 2025
$
1
$
48
$
49
v3.25.4
Commitments and Contingencies
12 Months Ended
Dec. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 17 – Commitments and Contingencies
Purchase Commitments
In our Global Distribution and Value-Added Services business, we sometimes enter into long-term purchase
commitments to ensure the availability of products for distribution.
Future minimum annual payments for
inventory purchase commitments as of December 27, 2025 were:
2026
$
8
2027
1
2028
-
2029
-
2030
-
Thereafter
-
Total minimum
inventory purchase commitment payments
$
9
Employment, Consulting and Non-Compete Agreements
We have employment, consulting and non-compete agreements that have varying base aggregate annual payments
for the years 2026 through 2030 and thereafter of approximately $
13
million, $
3
million, $
0
million, $
0
million, $
0
million, and $
0
million, respectively.
We also have lifetime consulting agreements that provide for current
compensation of
four-hundred thousand
dollars per year, with small scheduled increases every fifth year with the
next increase in 2027.
In addition, some agreements have provisions for additional
incentives and compensation.
Legal Proceedings
Henry Schein, Inc. was named as a defendant in multiple opioid related
lawsuits (currently less than ten (
10
); one or
more of Henry Schein, Inc.’s subsidiaries was also named as a defendant in a number of those cases).
Generally,
the lawsuits allege that the manufacturers of prescription opioid drugs
engaged in a false advertising campaign to
expand the market for such drugs and their own market share and that
the entities in the supply chain (including
Henry Schein, Inc. and its subsidiaries) reaped financial rewards by refusing
or otherwise failing to monitor
appropriately and restrict the improper distribution of those drugs.
The actions that remain have been consolidated
within the MultiDistrict Litigation (“MDL”) proceeding In Re National
Prescription Opiate Litigation (MDL No.
2804; Case No. 17-md-2804) and are currently stayed.
Of Henry Schein’s 2025 net sales of approximately $
13.2
billion, sales of opioids represented less than
four
-tenths of 1 percent.
Opioids represent a negligible part of our
business.
We intend to defend ourselves vigorously against these actions.
From time to time, we may become a party to other legal proceedings,
including, without limitation, product
liability claims, employment matters, commercial disputes, governmental
inquiries and investigations (which may
in some cases involve our entering into settlement arrangements or consent
decrees), and other matters arising out
of the ordinary course of our business.
While the results of any legal proceeding cannot be predicted with certainty,
in our opinion none of these other pending matters are currently
anticipated to have a material adverse effect on our
consolidated financial position, liquidity or results of operations.
As of December 27, 2025, we had accrued our best estimate of potential
losses relating to claims that were probable
to result in liability and for which we were able to reasonably estimate
a loss.
This accrued amount, as well as
related expenses, was not material to our financial position, results of operations
or cash flows.
Our method for
determining estimated losses considers currently available
facts, presently enacted laws and regulations and other
factors, including probable recoveries from third parties.
v3.25.4
Stock Based Compensation
12 Months Ended
Dec. 27, 2025
Stock Based Compensation [Abstract]  
Stock Based Compensation
Note 18 – Stock-Based Compensation
Stock-based awards are provided to certain employees under our 2024 Stock Incentive
Plan (formerly known as our
2020 Stock Incentive Plan) and to non-employee directors under our 2023 Non-Employee
Director Stock Incentive
Plan (together, the “Plans”).
The Plans are administered by the Compensation Committee of the Board
(the
“Compensation Committee”).
Historically, equity-based awards to our employees have been granted solely in the
form of time-based and performance-based restricted stock units (“RSUs”)
with the exception of our 2021 plan year
in which non-qualified stock options were issued in place of performance-based
RSUs and in 2022, when we
granted time-based and performance-based RSUs, as well as non-qualified
stock options.
Our non-employee
directors receive equity-based awards solely in the form of time-based RSUs with
12
-month cliff vesting.
Starting with our 2023 plan year, we returned to granting our employees equity-based awards solely in
the form of
time-based RSUs (which vest solely based on the recipient’s continued service over time) and performance-based
RSUs (which vest based on achieving specified performance
measurements and the recipient’s continued service
over time).
In our 2025 plan year, stock awards issued to our Chief Executive Officer were allocated
35
% to time-based RSU
awards with
four-year
cliff vesting and
65
% to performance-based RSU awards with
three-year
cliff vesting.
In our
2025 plan year, stock awards issued to members of our Executive Management Committee were allocated
50
% to
time-based RSU awards with
four-year
cliff vesting and
50
% to performance-based RSU awards with
three-year
cliff vesting.
In our 2025 plan year, stock awards issued to our eligible vice-presidents were allocated
80
% to time-based RSU
awards and
20
% to performance-based RSU awards with
three-year
cliff vesting.
Our vice-president level time-
based awards will vest
50
% on the third anniversary of the grant date with the remaining
50
% vesting on the fourth
anniversary of the grant date.
In our 2025 plan year, we began granting only time-based RSU awards to our eligible director level employees.
Our director level time-based RSU awards will vest
50
% on the third anniversary of the grant date with the
remaining
50
% vesting on the fourth anniversary of the grant date.
For the performance-based RSUs and the time-based RSUs with cliff vesting (issued
in 2022-2024 plan years), we
recognize the cost as compensation expense on a straight-line basis.
For the time-based RSUs with graded vesting
(issued in the 2025 plan year), we recognize the cost as compensation
expense on an accelerated basis.
As of December 27, 2025, there were
75,742,657
shares authorized and
9,081,164
shares available to be granted
under the 2025 Stock Incentive Plan and
2,075,000
shares authorized and
324,753
shares available to be granted
under the 2023 Non-Employee Director Stock Incentive Plan.
For all RSUs, we estimate the fair value based on our closing stock
price on the grant date.
With respect to
performance-based RSUs, the number of shares that ultimately vest and
are received by the recipient is based upon
our performance as measured against specified targets over a specified period, as
determined by the Compensation
Committee.
Although there is no guarantee that performance targets will be achieved, we
estimate the fair value of
performance-based RSUs based on our closing stock price at time of grant.
Each of the Plans provide for certain adjustments to the performance
measurement in connection with awards under
the Plans.
With respect to the performance-based RSUs granted under our 2024 Stock Incentive Plan, such
performance measurement adjustments relate to significant events, including,
without limitation, acquisitions,
divestitures, new business ventures, changes in fair value of contingent
consideration (solely with respect to
performance-based RSUs granted in the 2024 and 2025 plan years),
certain capital transactions (including share
repurchases), differences in budgeted average outstanding shares (other
than those resulting from capital
transactions referred to above), restructuring and related costs, amortization
expense recorded for acquisition-
related intangible assets, certain litigation settlements or payments,
changes in accounting principles or in
applicable laws or regulations, changes in income tax rates in certain
markets, foreign exchange fluctuations, the
financial impact either positive or negative, of the difference in projected earnings
generated by COVID-19 test kits
(solely with respect to performance-based RSUs granted in the 2023 plan
year), intangibles impairment charges and
costs related to shareholder advisory matters (solely with respect to performance-based
RSUs granted in the 2025
plan year).
Over the performance period, the number of performance-based RSUs that will
ultimately vest and be issued and
the related compensation expense is adjusted upward or downward based upon
our estimation of achieving such
performance targets.
The ultimate number of shares delivered to recipients and
the related compensation cost
recognized as an expense is based on our actual performance against
the pre-determined performance metrics (in
each case as adjusted).
Stock options are awards that allow the recipient to purchase shares of our
common stock after vesting at a fixed
price set at the time of grant.
Stock options were granted at an exercise price equal to our
closing stock price on the
date of grant.
Stock options issued in 2021 and 2022 vest one-third per year based
on the recipient’s continued
service, subject to the terms and conditions of the 2020 Stock Incentive Plan,
are fully vested
three years
from the
grant date and have a contractual term of
ten years
from the grant date, subject to earlier termination of term and
term acceleration upon certain events.
Compensation expense for stock options is recognized on
an accelerated
basis.
We estimate grant date fair value of stock options using the Black-Scholes valuation model.
During the year
ended December 27, 2025, we did
no
t grant any stock options.
Our consolidated statements of income reflect pre-tax share-based compensation
expense of $
39
million, $
39
million and $
39
million for the years ended December 27, 2025, December 28, 2024
and December 30, 2023,
respectively.
Total unrecognized compensation cost related to unvested awards as of December 27, 2025 was $
63
million, which
is expected to be recognized over a weighted-average period of approximately
2.5
years.
The weighted-average grant date fair value of stock-based awards granted
was $
75.78
, $
75.12
and $
76.43
per share
during the years ended December 27, 2025, December 28, 2024 and December
30, 2023, respectively.
We
record deferred income tax assets for awards that will result in
future income tax deductions based on the
amount of compensation cost recognized and our statutory tax rate in the
jurisdiction in which we will receive a
deduction.
Our consolidated statements of cash flows present our stock-based compensation
expense as a reconciling
adjustment between net income and net cash provided by operating
activities for all periods presented.
There were
no cash benefits associated with tax deductions in excess of recognized
compensation for the years ended
December 27, 2025, December 28, 2024 and December 30, 2023.
The following table summarizes the stock option activity for the year
ended December 27, 2025:
Stock Options
Weighted Average
Aggregate
Weighted Average
Remaining Contractual
Intrinsic
Shares
Exercise Price
Life (in years)
Value
Outstanding at beginning of year
963,491
$
72.16
Granted
-
-
Exercised
(24,945)
62.71
Forfeited
(15,831)
81.75
Outstanding at end of year
922,715
$
72.26
5.6
$
7
Options exercisable at end of year
922,715
$
72.26
5.6
$
7
The following tables summarize the activity of our unvested RSUs for
the year ended December 27, 2025:
Time-Based Restricted Stock Units
Performance-Based Restricted Stock Units
Weighted Average
Weighted Average
Grant Date Fair
Grant Date Fair
Shares/Units
Value Per Share
Shares/Units
Value Per Share
Outstanding at beginning of period
1,685,550
$
72.90
389,111
$
75.98
Granted
592,716
75.18
251,287
75.30
Performance adjustment
n/a
n/a
(31,313)
76.20
Vested
(564,037)
66.54
(14,499)
84.04
Forfeited
(107,687)
77.10
(206,626)
77.33
Outstanding at end of period
1,606,542
$
75.69
387,960
$
75.89
The fair value of time and performance RSUs that vested was $
38
million and $
1
million, respectively, for the year
ended December 27, 2025; $
21
million and $
1
million, respectively, for the year ended December 28, 2024; and
$
27
million and $
38
million, respectively, for the year ended December 30, 2023.
v3.25.4
Employee Benefit Plans
12 Months Ended
Dec. 27, 2025
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
Note 19 – Employee Benefit Plans
Defined benefit plans
Certain of our employees in our international markets participate
in various noncontributory defined benefit plans.
These plans are managed to provide pension benefits to covered employees
in accordance with local regulations
and practices.
Our net unfunded liability for these plans are recorded
in accrued expenses: other; and other
liabilities within our consolidated balance sheets.
The following table presents the changes in projected benefit
obligations, plan assets, and the funded status of our defined benefit
pension plans:
Years
Ended
December 27,
December 28,
2025
2024
Obligation and funded status:
Change in benefit obligation
Projected benefit obligation, beginning of period
$
129
$
125
Service costs
4
4
Interest cost
3
3
Past service cost (credit)
-
(1)
Actuarial gain (loss)
(2)
6
Benefits paid
1
-
Participant contributions
2
2
Settlements and curtailments
(7)
(1)
Effect of foreign currency translation
16
(9)
Projected benefit obligation, end of period
$
146
$
129
Change in plan assets
Fair value of plan assets at beginning of period
$
90
$
86
Actual return on plan assets
1
3
Employer contributions
3
3
Plan participant contributions
2
2
Expected return on plan assets
3
3
Benefit received
4
1
Settlements
(6)
(2)
Effect of foreign currency translation
9
(6)
Fair value of plan assets at end of period
$
106
$
90
Unfunded status at end of period
$
40
$
39
The majority of our defined benefit plans are unfunded, with the exception
of one plan in one country where the
amount of assets exceeds the projected benefit obligation by approximately
$
8
million and $
8
million as of
December 27, 2025 and December 28, 2024, respectively.
At December 27, 2025 and December 28, 2024 the
accumulated benefit obligations were $
142
million and $
125
million, respectively.
The following table provides the amounts recognized in our consolidated
balance sheets for our defined benefit
pension plans:
Years
Ended
December 27,
December 28,
2025
2024
Non-current assets
$
37
$
28
Current liabilities
(1)
(1)
Non-current liabilities
(76)
(68)
Accumulated other comprehensive loss, pre-tax
8
10
The following table provides the components of net periodic pension cost
for our defined benefit plans:
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Service cost
$
4
$
4
$
3
Interest cost
3
3
3
Expected return on plan assets
(3)
(3)
(3)
Employee contributions
(1)
(1)
(1)
Settlements
(1)
-
-
Net periodic pension cost
$
2
$
3
$
2
The following tables present the weighted-average actuarial assumptions
used to determine our pension benefit
obligation and our net periodic pension cost for the periods presented:
Years
Ended
December 27,
December 28,
Pension Benefit Obligation
2025
2024
Weighted average
discount rate
2.75
%
2.23
%
Years
Ended
December 27,
December 28,
December 30,
Net Periodic Pension Cost
2025
2024
2023
Discount rate-pension benefit
2.05
%
1.70
%
1.50
%
Expected return on plan assets
0.92
%
1.13
%
0.51
%
Rate of compensation increase
2.00
%
1.98
%
1.64
%
Pension increase rate
0.74
%
0.63
%
0.80
%
The following table presents the estimated pension benefit payments that
are payable to the plan’s participants as of
December 27, 2025:
Year
2026
$
8
2027
9
2028
9
2029
7
2030
8
2031 to 2035
52
Total
$
93
401(k) Plans
We offer
qualified 401(k) plans to substantially all domestic full-time employees.
As determined by our Board,
matching contributions to these plans generally do not exceed
100
% of the participants’ contributions up to
5
% of
their base compensation, subject to applicable legal limits.
Matching contributions are made in cash and are
allocated consistent with the participants’ investment elections on file, subject
to a
20
% allocation limit to the
Henry Schein Stock Fund.
Forfeitures attributable to participants whose employment terminates
prior to becoming
fully vested are reallocated as part of our ongoing matching contributions
and to offset administrative expenses of
the 401(k) plans.
Assets of the 401(k) and other defined contribution plans are held
in self-directed accounts enabling participants to
choose from various investment fund options.
Matching contributions related to these plans charged to operations
during the years ended December 27, 2025, December 28, 2024 and December
30, 2023 amounted to $
42
million,
$
48
million and $
50
million, respectively.
Within our consolidated statements of income, $
36
million, $
40
million,
and $
42
million, is included in selling, general and administrative; and $
6
million, $
8
million, and $
8
million is
included in cost of goods sold for the years ended December 27, 2025, December
28, 2024, and December 30,
2023, respectively.
Supplemental Executive Retirement Plan
We offer
an unfunded, non-qualified SERP to eligible employees.
This plan generally covers officers and certain
highly compensated employees after they have reached the maximum
IRS allowed pre-tax 401(k) contribution
limit.
Our contributions to this plan are equal to the 401(k) employee-elected
contribution percentage applied to
base compensation for the portion of the year in which such employees are
not eligible to make pre-tax
contributions to the 401(k) plan.
The amounts charged to operations during the years ended December 27, 2025,
December 28, 2024 and December 30, 2023 amounted to $
3
million, $
2
million and $
3
million, respectively.
The
charges are included in selling, general and administrative within our consolidated
statements of income.
Deferred Compensation Plan
We
offer DCP to a select group of management or highly compensated employees
of the Company and certain
subsidiaries.
This plan allows for the elective deferral of base salary, bonus and/or commission compensation by
eligible employees.
The amounts charged to operations during the years ended December
27, 2025, December 28,
2024 and December 30, 2023 were approximately $
12
million, $
12
million and $
12
million, respectively.
The
charges are included in selling, general and administrative within our consolidated
statements of income.
v3.25.4
Redeemable Noncontrolling Interests
12 Months Ended
Dec. 27, 2025
Redeemable Noncontrolling Interests [Abstract]  
Redeemable Noncontrolling Interests
Note 20 – Redeemable Noncontrolling Interests
Some minority stockholders in certain of our subsidiaries have the right,
at certain times, to require us to acquire
their ownership interest in those entities at fair value.
ASC Topic 480-10 is applicable for noncontrolling interests
where we are or may be required to purchase all or a portion of the
outstanding interest in a consolidated subsidiary
from the noncontrolling interest holder under the terms of a put option contained
in contractual agreements.
The
components of the change in the redeemable noncontrolling interests for the
years ended December 27, 2025,
December 28, 2024 and December 30, 2023, are presented in the following table:
December 27,
December 28,
December 30,
2025
2024
2023
Balance, beginning of period
$
806
$
864
$
576
Decrease in redeemable noncontrolling interests due to acquisitions of
noncontrolling interests in subsidiaries
(76)
(273)
(19)
Increase in redeemable noncontrolling interests due to business
acquisitions
86
171
326
Net income (loss) attributable to redeemable noncontrolling interests
(5)
(1)
6
Distributions declared, net of capital contributions
(18)
(50)
(19)
Effect of foreign currency translation gain (loss) attributable
to
redeemable noncontrolling interests
30
(24)
5
Change in fair value of redeemable securities
72
119
(11)
Balance, end of period
$
895
$
806
$
864
v3.25.4
Comprehensive Income
12 Months Ended
Dec. 27, 2025
Comprehensive Income [Abstract]  
Comprehensive Income
Note 21 – Comprehensive Income
Comprehensive income includes certain gains and losses that, under U.S.
GAAP,
are excluded from net income and
are recorded directly to stockholders’ equity.
The following table summarizes our Accumulated other comprehensive loss, net
of applicable taxes as of:
December 27,
December 28,
December 30,
2025
2024
2023
Attributable to redeemable noncontrolling interests:
Foreign currency translation adjustment
$
(26)
$
(56)
$
(32)
Attributable to noncontrolling interests:
Foreign currency translation adjustment
$
1
$
(1)
$
(1)
Attributable to Henry Schein, Inc.:
Foreign currency translation adjustment
$
(196)
$
(371)
$
(188)
Unrealized gain loss from hedging activities
(24)
-
(13)
Pension adjustment loss
(6)
(8)
(5)
Accumulated other comprehensive loss
$
(226)
$
(379)
$
(206)
Total Accumulated
other comprehensive loss
$
(251)
$
(436)
$
(239)
The following table summarizes the components of comprehensive income, net
of applicable taxes as follows:
December 27,
December 28,
December 30,
2025
2024
2023
Net income
$
419
$
398
$
436
Foreign currency translation gain (loss)
207
(207)
53
Tax effect
-
-
-
Foreign currency translation gain (loss)
207
(207)
53
Unrealized gain (loss) from hedging activities
(33)
18
(25)
Tax effect
9
(5)
7
Unrealized gain (loss) from hedging activities
(24)
13
(18)
Pension adjustment gain (loss)
5
(5)
(3)
Tax effect
(3)
2
-
Pension adjustment gain (loss)
2
(3)
(3)
Comprehensive income
$
604
$
201
$
468
Our financial statements are denominated in U.S. Dollars.
Fluctuations in the value of foreign currencies as
compared to the U.S. Dollar may have a significant impact on our
comprehensive income.
The foreign currency
translation gain (loss) during the years ended December 27, 2025, December 28,
2024 and December 30, 2023 was
primarily due to changes in foreign currency exchange rates of the Brazilian
Real, British Pound, Euro, Swiss
Franc, Israel Shekel, Canadian Dollar, Australian Dollar, and New Zealand Dollar.
The hedging gain (loss) during the years ended December 27, 2025, December
28, 2024, and December 30, 2023
was attributable to a net investment hedge.
The following table summarizes our total comprehensive income, net of
applicable taxes as follows:
December 27,
December 28,
December 30,
2025
2024
2023
Comprehensive income attributable to
Henry Schein, Inc.
$
551
$
217
$
443
Comprehensive income attributable to
noncontrolling interests
28
9
14
Comprehensive income (loss) attributable to
Redeemable noncontrolling interests
25
(25)
11
Comprehensive income
$
604
$
201
$
468
v3.25.4
Earnings Per Share
12 Months Ended
Dec. 27, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
Note 22 – Earnings Per Share
Basic earnings per share is computed by dividing net income attributable
to Henry Schein, Inc. by the weighted-
average number of common shares outstanding for the period.
Our diluted earnings per share is computed similarly
to basic earnings per share, except that it reflects the effect of common shares issuable
for unvested RSUs and upon
exercise of stock options using the treasury stock method in periods
in which they have a dilutive effect.
A reconciliation of shares used in calculating earnings per basic and
diluted share follows:
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Basic
120,813,977
126,788,997
130,618,990
Effect of dilutive securities:
Stock options and restricted stock units
903,899
990,231
1,129,181
Diluted
121,717,876
127,779,228
131,748,171
The number of antidilutive securities that were excluded from the calculation
of diluted weighted average common
shares outstanding are as follows:
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Stock options
396,052
406,676
424,695
Restricted stock units
6,200
9,287
15,040
Total anti-dilutive
securities excluded from earnings per share
computation
402,252
415,963
439,735
v3.25.4
Supplemental Cash Flow Information
12 Months Ended
Dec. 27, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information
Note 23 – Supplemental Cash Flow Information
Cash paid for interest and income taxes was:
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Cash paid for interest
$
151
$
132
$
84
Cash paid for income taxes, net of refunds:
U.S. Federal
$
67
U.S. State and local
15
Foreign:
Switzerland
8
Other
38
Total
$
128
Years
Ended
December 28,
December 30,
2024
2023
Cash paid during the period for income taxes (prior to ASU 2023-09)
$
144
$
218
For the years ended December 27, 2025, December 28, 2024 and December
30, 2023, we had $
(33)
million, $
18
million and $
(25)
million of non-cash net unrealized gains (losses) related to hedging activities,
respectively.
There was approximately $
3
million, $
0
million and $
143
million of debt assumed as a part of the acquisitions for
the years ended December 27, 2025, December 28, 2024 and December 30, 2023,
respectively.
Debt assumed
during the year ended December 30, 2023 primarily relates to the acquisitions
of Biotech Dental and S.I.N.
v3.25.4
Related Party Transactions
12 Months Ended
Dec. 27, 2025
Related Party Transactions  
Related Party Transactions
Note 24 – Related Party Transactions
During 2018, we entered into a joint venture with Internet Brands to create Henry
Schein One, LLC.
Internet
Brands initially held a
26
% noncontrolling interest, which has since increased to a
33.6
% noncontrolling interest in
Henry Schein One, LLC, and a freestanding and separately exercisable right
to put its noncontrolling interest to
Henry Schein, Inc. for fair value following the fifth anniversary of the effective date of the
formation of the joint
venture.
On January 29, 2025, Henry Schein, Inc. signed a Memorandum of Understanding
with Internet Brands to
extend the time-based trigger for the exercise of our call option to July 1, 2032
and to pause the exercise by Internet
Brands of its put option for a period of
four years
, to January 29, 2029.
In connection with the formation of Henry Schein One, LLC we entered
into a
ten-year
royalty agreement with
Internet Brands whereby we will pay Internet Brands approximately $
31
million annually for the use of their
intellectual property.
During the years ended December 27, 2025, December 28, 2024 and December
30, 2023,
we
recorded $
31
million, $
31
million and $
31
million, respectively, within selling, general and administrative in our
consolidated statements of income,
in connection with costs related to this royalty agreement.
As of December 27,
2025 and December 28, 2024, Henry Schein One, LLC had a net payable balance
to Internet Brands of $
9
million
and $
1
million, respectively, comprised of amounts related to results of operations and the royalty agreement.
The
components of this payable are recorded within accrued expenses: other within
our consolidated balance sheets.
We
have interests in entities that we account for under the equity accounting
method.
In our normal course of
business, during the years ended December 27, 2025, December 28, 2024
and December 30, 2023, we recorded net
sales of $
56
million, $
52
million, and $
47
million respectively, to such entities.
During the years ended December
27, 2025, December 28, 2024 and December 30, 2023, we purchased
$
19
million, $
10
million and $
10
million
respectively, from such entities.
At December 27, 2025 and December 28, 2024, we had an aggregate
$
39
million
and $
35
million, respectively, due from our equity affiliates, and $
6
million and $
6
million, respectively, due to our
equity affiliates.
Certain of our facilities related to our acquisitions are leased from employees
and minority shareholders.
v3.25.4
KKR Investment and Accelerated Share Repurchase Program
12 Months Ended
Dec. 27, 2025
KKR Investment and Accelerated Share Repurchase Program [Abstract]  
KKR Investment and Accelerated Share Repurchase Program
Note 25 – KKR Investment and Accelerated Share Repurchase Program
On January 29, 2025, Henry Schein, Inc. announced a strategic investment
by funds affiliated with KKR, a leading
global investment firm, and entered into a Strategic Partnership Agreement
with KKR (the “Agreement”).
On May
16, 2025, we issued
3,285,151
shares of common stock to funds affiliated with KKR for an investment of $
250
million, at approximately $
76.10
per share.
In addition, under the Agreement,
two
independent directors have
joined our Board of Directors.
On May 19, 2025, we executed an accelerated share repurchase program
to repurchase a total of $
250
million of
our outstanding common stock based on volume-weighted average prices.
In May 2025 we received
3,122,832
shares at an estimated fair value of $
224
million.
In July 2025, we received an additional
368,651
shares at an
estimated fair value of $
26
million, representing the final amount of shares to be received under
this accelerated
share repurchase program.
On November 4, 2025, the Company and KKR entered into an amendment
to the Agreement that increased the
beneficial ownership limit from
14.9
% to
19.9
% of the outstanding shares of the Company’s common stock that
KKR is permitted to acquire during the standstill period.
The standstill provisions, including the increased
ownership limit, continue in effect for a period of six months following the later
of the expiration of the term of the
Agreement and the date on which no KKR director appointed pursuant
to the Agreement is serving on the Board of
Directors.
v3.25.4
Insider Trading Arrangements
3 Months Ended
Dec. 28, 2024
Insider Trading Arr [Line Items]  
No Insider Trading Flag true
v3.25.4
Insider Trading Policies and Procedures
12 Months Ended
Dec. 27, 2025
Insider Trading Policies Proc [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management Strategy And Governance
12 Months Ended
Dec. 27, 2025
Cybersecurity Risk Management Strategy And Governance [Line Items]  
Cybersecurity Risk Management Processes For Assessing Identifying And Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy
We have developed and implemented a cybersecurity risk mitigation strategy intended to protect our information
systems.
Our cybersecurity risk mitigation strategy is designed
so that the Company’s cybersecurity program is
aligned with generally accepted cybersecurity standards and frameworks,
in particular the NIST Cybersecurity
Framework, or “NIST CSF,” and our Company is externally audited, or certified, with ISO27001 partial scope.
We maintain an Office of Cybersecurity (“OCS”), led by our Chief Information Security Officer (“CISO”), which
oversees
the operations of our cyber risk mitigation strategy.
The OCS is a cross-functional, enterprise-wide
management team, which continuously evaluates our global cybersecurity
program’s effectiveness and is focused
on maintaining and protecting our information systems.
In overseeing the operations of our cyber risk mitigation
strategy, the OCS partners with our Global Technology Solutions team, which is led by our Chief Technology
Officer (“CTO”) and is comprised of over one hundred professionals that support our information
systems and
operations.
Our cyber risk mitigation strategy includes
monitoring
for and addressing risks that materialize within
the Company’s information systems, as well as at our
third-party
vendors, suppliers and other third-party business
partners.
Our CISO reports to our CTO.
Our CTO,
who also serves as Senior Vice President,
has more than 30 years of
experience leading large-scale global IT organizations and received a Bachelor of Business Administration
in
Business Computer Information Systems and a Master of Business Administration
from Hofstra University.
Our Vice President, Global CISO, who also serves as Vice
President and Head of the Office of Cyber Security, has over 30 years of experience leading global cybersecurity
and technology programs in large and complex corporations, and holds a Certified
Information Systems Security
Professional and a Certified Information Systems Auditor certification.
He also received a BS, Information
Technology and Security from Baker College.
The cybersecurity risk mitigation strategy is also overseen by
senior
managers who are members of our Executive Steering Committee, comprised
of the Company’s most senior
technology, legal and internal auditing officers.
Our CEO is regularly briefed on issues, incidents, and
developments, and our Board oversees our risk mitigation strategy principally
through its Audit Committee and
Regulatory, Compliance and Cybersecurity Committee, as described in more detail below.
Our cybersecurity risk management program includes, among other
elements:
risk assessments designed to help identify material cybersecurity risks
to our information systems;
a security team principally responsible for managing our (i) cybersecurity
risk assessment processes, and
(ii) defining cybersecurity control standards;
the use of expert external service providers to assess, test or otherwise assist
with aspects of our
cybersecurity controls, and to respond to specific cybersecurity threats;
the review and assessment of past cybersecurity incidents with a view to
learning from those events to
further strengthen our cyber risk mitigation strategy;
a written cybersecurity incident response plan that includes procedures
for responding to cybersecurity
incidents; and
a Global Information Security Policy, together with more detailed information security policies,
procedures, standards, and guidelines.
In addition, all employees with systems access are required to participate
in mandatory annual cybersecurity and
anti-phishing courses, along with compliance programs.
Our employees who perform financial gatekeeper roles
also receive additional mandatory annual data security training specific
to spoofing, phishing and similar data
security threats.
Per written Company policies, employees are also required
to safeguard confidential information.
Our cybersecurity risk strategy is integrated into our overall enterprise
risk management program, and our
cybersecurity team is supported by and connected with the enterprise risk management
team.
Cyber Incidents
In addition to immaterial and unrelated incidents at certain of our subsidiaries,
in October 2023 Henry Schein
experienced a cyber incident that primarily affected the operations of our North American
and European dental and
medical distribution businesses.
Henry Schein One, our practice management software, revenue cycle
management
and patient relationship management solutions business was not affected, and
our manufacturing businesses were
mostly unaffected.
The October 2023 cyber incident disrupted key business operations,
adversely impacted our
financial results for the fourth quarter and full year 2023, diverted
attention of management, and caused the
Company to incur significant remediation costs.
The incident had residual impact on our financial results in 2024.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk mitigation strategy intended to protect our information
systems.
Our cybersecurity risk mitigation strategy is designed
so that the Company’s cybersecurity program is
aligned with generally accepted cybersecurity standards and frameworks,
in particular the NIST Cybersecurity
Framework, or “NIST CSF,” and our Company is externally audited, or certified, with ISO27001 partial scope.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight And Identification Processes [Flag] true
Cybersecurity Risk Materially Affected Or Reasonably Likely To Materially Affect Registrant [Flag] true
Cybersecurity Risk Materially Affected Or Reasonably Likely To Materially Affect Registrant [Text Block]
In addition to immaterial and unrelated incidents at certain of our subsidiaries,
in October 2023 Henry Schein
experienced a cyber incident that primarily affected the operations of our North American
and European dental and
medical distribution businesses.
Henry Schein One, our practice management software, revenue cycle
management
and patient relationship management solutions business was not affected, and
our manufacturing businesses were
mostly unaffected.
The October 2023 cyber incident disrupted key business operations,
adversely impacted our
financial results for the fourth quarter and full year 2023, diverted
attention of management, and caused the
Company to incur significant remediation costs.
The incident had residual impact on our financial results in 2024.
Cybersecurity Risk Board Of Directors Oversight [Text Block]
Cybersecurity Governance
Our Board has a Regulatory, Compliance and Cybersecurity Committee that focuses on cybersecurity oversight,
together with other board committees, principally the Audit Committee.
The purpose of the Regulatory,
Compliance and Cybersecurity Committee is to assist the Board by providing
guidance to, and oversight of, the
Company’s senior management responsible for assessing and managing Company-wide regulatory, corporate
compliance and cybersecurity risk management programs.
The primary responsibilities of the Regulatory,
Compliance and Cybersecurity Committee are to (i) discuss cybersecurity
strategic decisions, issues, challenges and
opportunities relating thereto, (ii) provide expertise to guide assessment
and monitoring of Company-wide
regulatory, corporate compliance and cybersecurity risk management budgeting, spending and capital investment,
(iii) monitor progress and status of the Company’s regulatory, corporate compliance and cybersecurity risk
management programs, (iv) review and evaluate major regulatory, corporate compliance and cybersecurity risk
management initiatives to identify emerging and future opportunities for synergy or to
leverage regulatory,
corporate compliance and cybersecurity risk management investments
more effectively and cost efficiently,
(v) report to the Audit Committee on regulatory, corporate compliance and cybersecurity risk management matters
reviewed by the Regulatory, Compliance and Cybersecurity Committee that may impact the Company’s financial
reporting and (vi) be generally available to, and communicate with,
the Company’s senior management, and to
inform the Board in the areas described above.
Our CISO and CTO, along with other key executives who are part of our Executive
Steering Committee, review
strategy, policy,
program effectiveness, standards, enforcement and cybersecurity issue management
with the
Board’s Regulatory,
Compliance and Cybersecurity Committee on at least a quarterly basis and
with the Audit
Committee on at least a bi-annual basis.
Our CTO
meets
with Board members outside of the formal meetings on a
regular basis as well as in connection with specific cybersecurity issues or
threats.
Cybersecurity Risk Board Committee Or Subcommittee Responsible For Oversight [Text Block]
The purpose of the Regulatory,
Compliance and Cybersecurity Committee is to assist the Board by providing
guidance to, and oversight of, the
Company’s senior management responsible for assessing and managing Company-wide regulatory, corporate
compliance and cybersecurity risk management programs.
Cybersecurity Risk Process For Informing Board Committee Or Subcommittee Responsible For Oversight [Text Block]
Our Board has a Regulatory, Compliance and Cybersecurity Committee that focuses on cybersecurity oversight,
together with other board committees, principally the Audit Committee.
The purpose of the Regulatory,
Compliance and Cybersecurity Committee is to assist the Board by providing
guidance to, and oversight of, the
Company’s senior management responsible for assessing and managing Company-wide regulatory, corporate
compliance and cybersecurity risk management programs.
The primary responsibilities of the Regulatory,
Compliance and Cybersecurity Committee are to (i) discuss cybersecurity
strategic decisions, issues, challenges and
opportunities relating thereto, (ii) provide expertise to guide assessment
and monitoring of Company-wide
regulatory, corporate compliance and cybersecurity risk management budgeting, spending and capital investment,
(iii) monitor progress and status of the Company’s regulatory, corporate compliance and cybersecurity risk
management programs, (iv) review and evaluate major regulatory, corporate compliance and cybersecurity risk
management initiatives to identify emerging and future opportunities for synergy or to
leverage regulatory,
corporate compliance and cybersecurity risk management investments
more effectively and cost efficiently,
(v) report to the Audit Committee on regulatory, corporate compliance and cybersecurity risk management matters
reviewed by the Regulatory, Compliance and Cybersecurity Committee that may impact the Company’s financial
reporting and (vi) be generally available to, and communicate with,
the Company’s senior management, and to
inform the Board in the areas described above.
Cybersecurity Risk Role Of Management [Text Block]
We maintain an Office of Cybersecurity (“OCS”), led by our Chief Information Security Officer (“CISO”), which
oversees
the operations of our cyber risk mitigation strategy.
The OCS is a cross-functional, enterprise-wide
management team, which continuously evaluates our global cybersecurity
program’s effectiveness and is focused
on maintaining and protecting our information systems.
In overseeing the operations of our cyber risk mitigation
strategy, the OCS partners with our Global Technology Solutions team, which is led by our Chief Technology
Officer (“CTO”) and is comprised of over one hundred professionals that support our information
systems and
operations.
Our cyber risk mitigation strategy includes
monitoring
for and addressing risks that materialize within
the Company’s information systems, as well as at our
third-party
vendors, suppliers and other third-party business
partners.
Cybersecurity Risk Management Positions Or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions Or Committees Responsible [Text Block]
We maintain an Office of Cybersecurity (“OCS”), led by our Chief Information Security Officer (“CISO”), which
oversees
the operations of our cyber risk mitigation strategy.
Cybersecurity Risk Management Expertise Of Management Responsible [Text Block]
Our CISO reports to our CTO.
Our CTO,
who also serves as Senior Vice President,
has more than 30 years of
experience leading large-scale global IT organizations and received a Bachelor of Business Administration
in
Business Computer Information Systems and a Master of Business Administration
from Hofstra University.
Our Vice President, Global CISO, who also serves as Vice
President and Head of the Office of Cyber Security, has over 30 years of experience leading global cybersecurity
and technology programs in large and complex corporations, and holds a Certified
Information Systems Security
Professional and a Certified Information Systems Auditor certification.
He also received a BS, Information
Technology and Security from Baker College.
The cybersecurity risk mitigation strategy is also overseen by
senior
managers who are members of our Executive Steering Committee, comprised
of the Company’s most senior
technology, legal and internal auditing officers.
Our CEO is regularly briefed on issues, incidents, and
developments, and our Board oversees our risk mitigation strategy principally
through its Audit Committee and
Regulatory, Compliance and Cybersecurity Committee, as described in more detail below.
Cybersecurity Risk Process For Informing Management Or Committees Responsible [Text Block]
Our CISO and CTO, along with other key executives who are part of our Executive
Steering Committee, review
strategy, policy,
program effectiveness, standards, enforcement and cybersecurity issue management
with the
Board’s Regulatory,
Compliance and Cybersecurity Committee on at least a quarterly basis and
with the Audit
Committee on at least a bi-annual basis.
Our CTO
meets
with Board members outside of the formal meetings on a
regular basis as well as in connection with specific cybersecurity issues or
threats.
Cybersecurity Risk Management Positions Or Committees Responsible Report To Board [Flag] true
v3.25.4
Basis of Presentation and Significant Accounting Policies (Policies)
12 Months Ended
Dec. 27, 2025
Basis of Presentation and Significant Accounting Policies [Abstract]  
Nature of Operations
Nature of Operations
We distribute health care products and value-added services primarily to office-based dental and medical
practitioners, across dental practices, laboratories, physician practices,
and ambulatory surgery centers, as well as
government, institutional health care clinics, home health providers, and alternate
care clinics.
We also provide
software and technology services to health care practitioners.
Our dental businesses serve office-based dental
practitioners, dental laboratories, schools, government and other institutions.
Our medical businesses serve
physician offices, urgent care centers, ambulatory care sites, emergency medical technicians, dialysis centers,
home
health, federal and state governments and large enterprises, such as group practices
and integrated delivery
networks, among other providers across a wide range of specialties.
We have significant operations in the United States, Germany, France, Canada, and Brazil.
We also have
meaningful market presence in several other European countries and the Asia-Pacific
region.
Basis of Presentation
Basis of Presentation
Our consolidated financial statements include the accounts of Henry
Schein, Inc. and all of our controlled
subsidiaries and VIE.
All intercompany accounts and transactions are eliminated
in consolidation.
Investments in
unconsolidated affiliates for which we have the ability to influence the operating or
financial decisions are
accounted for under the equity method.
Certain prior period amounts have been reclassified to conform
to the
current period presentation.
These reclassifications, individually and in the aggregate, did not
have a material
impact on our consolidated financial condition, results of operations
or cash flows.
The primary beneficiary of a VIE is required to consolidate the assets and
liabilities of the VIE.
We are deemed to
be the primary beneficiary of the VIE when we have the power to direct activities
that most significantly affect its
economic performance and have the obligation to absorb the majority
of its losses or the right to receive benefits
that could potentially be significant to the VIE.
In determining whether we are the primary beneficiary, we
consider factors such as ownership interest, debt investments, management
representation, authority to control
decisions, and contractual and substantive participating rights of each party.
For this VIE, related to our U.S. trade
accounts receivable securitization as discussed in
the trade accounts receivable transferred to the
VIE are pledged as collateral to the related debt.
The VIE’s creditors have recourse to us for losses on these trade
accounts receivable.
At December 27, 2025 and December 28, 2024, certain trade
accounts receivable that can
only be used to settle obligations of this VIE were $
491
million and $
241
million, respectively, and the liabilities of
this VIE where the creditors have recourse to us were $
390
million and $
150
million, respectively.
Fair Value Measurements
Fair Value
Measurements
Fair value is defined as the price that would be received to sell an asset or
paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The fair value hierarchy distinguishes between
(1) market participant assumptions developed based on market data obtained
from independent sources (observable
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
highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1) and the lowest priority
to unobservable inputs (Level 3).
The three levels of the fair value hierarchy are described as follows:
Level 1— Unadjusted quoted prices in active markets for identical assets
or liabilities that are accessible at the
measurement date.
Level 2— Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability,
either directly or indirectly.
Level 2 inputs include: quoted prices for similar assets or liabilities
in active markets;
quoted prices for identical or similar assets or liabilities in markets
that are not active; inputs other than quoted
prices that are observable for the asset or liability; and inputs that are
derived principally from or corroborated by
observable market data by correlation or other means.
Level 3— Inputs that are unobservable for the asset or liability.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with
accounting principles generally accepted in
the United States requires us to make estimates and assumptions that
affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported
amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Our consolidated financial statements reflect estimates and assumptions
made by us that affect, among other things,
our goodwill, long-lived asset and definite-lived intangible asset valuation;
inventory valuation; equity investment
valuation; assessment of the annual effective tax rate; valuation of deferred income
taxes and income tax
contingencies; the allowance for credit losses; fair value of contingent
consideration; hedging activity; supplier
rebates; measurement of compensation cost for certain share-based
performance awards and cash bonus plans; and
pension plan assumptions.
Fiscal Year
Fiscal Year
We report our results of operations and cash flows on a
52
or
53
weeks per fiscal year basis ending on the last
Saturday of December.
The years ended December 27, 2025, December 28, 2024 and December
30, 2023
consisted of
52
weeks.
Revenue Recognition
Revenue Recognition
Revenue is recognized when a customer obtains control of promised goods
or services in an amount that reflects the
consideration that we expect to receive for those goods or services.
To recognize revenue, we:
identify the contract(s) with a customer;
identify the performance obligations in the contract;
determine the transaction price;
allocate the transaction price to the performance obligations in the contract;
and
recognize revenue when, or as, we satisfy a performance obligation.
We generate revenue from the sale of dental and medical consumable products, equipment, and services such as
equipment repair and financial services (Global Distribution and Value-Added Services revenues), company-
manufactured specialty products (Global Specialty Products revenue), and software
products and related services
(Global Technology revenues).
Provisions for discounts, rebates to customers, customer
returns and other contra
revenue adjustments are included in the transaction price at contract
inception by estimating the most likely amount
based upon historical data and estimates and are provided for in the
period in which the related sales are
recognized.
Revenue derived from the sale of consumable products and company-manufactured
specialty products is
recognized at the point in time when control transfers to the customer, (e.g. when legal title and risks and
rewards
of ownership transfer to the customer, we have no post-shipment obligations, and we have an enforceable
right to
payment).
Sales of consumable products typically entail high-volume, low-dollar
orders shipped using third-party
common carriers.
Revenue derived from the sale of equipment is recognized when control
transfers to the customer.
This occurs
when the equipment is delivered.
Such sales typically entail scheduled deliveries of large equipment primarily
by
equipment service technicians.
Most equipment requires minimal installation, which is
typically completed at the
time of delivery.
Our merchandise and equipment products generally carry standard warranty
terms provided by the manufacturer;
however, in instances where we provide a warranty on company-manufactured products or labor services,
the
warranty costs are accrued in accordance with Accounting Standards Codification
(“ASC”) Topic 460 Guarantees.
At December 27, 2025 and December 28, 2024, we had accrued approximately
$
8
million and $
8
million,
respectively, for warranty costs.
Revenue derived from the sale of software products is recognized when
products are delivered to customers or
made available electronically.
Such software is generally installed by customers and does
not require extensive
training.
Revenue derived from post-contract customer support for software,
including annual support and/or
training, is generally recognized over time using time elapsed as the input method
that best depicts the transfer of
control to the customer.
Revenue derived from software sold on a Software-as-a-Service
basis is recognized ratably
over the subscription period as control is transferred to the customer.
Revenue derived from other sources, including freight charges, equipment repairs
and financial services, is
recognized when the related product revenue is recognized or when
the services are provided.
We apply the
practical expedient to treat shipping and handling activities performed after
the customer obtains control as
fulfillment activities, rather than a separate performance obligation in the
contract.
Sales, value-add and other taxes we collect concurrent with revenue-producing
activities are excluded from
revenue.
Some of our revenue is derived from bundled arrangements that include
multiple distinct performance obligations,
which are accounted for separately.
When we sell software products together with related services (i.e.,
training
and technical support), we allocate the transaction price to each
distinct performance obligation based on the
estimated standalone selling price for each performance obligation.
Bundled arrangements that include elements
that are not considered software consist primarily of equipment and the related
installation service.
We allocate
revenue for such arrangements based on the relative selling prices of the goods
or services.
If an observable selling
price is not available (i.e., because we or others do not sell the goods or
services separately), we use one of the
following techniques to estimate the standalone selling price: adjusted
market approach; cost-plus-margin
approach; or the residual method.
There is no specific hierarchy for the use of these methods, but
the estimated
selling price reflects our best estimate of what the selling prices of each deliverable
would be if it were sold
regularly on a standalone basis taking into consideration the cost structure
of our business, technical skill required,
customer location and other market conditions.
Sales Returns
Sales returns are recognized as a reduction of revenue by the amount
of expected returns and are recorded as refund
liability within accrued expenses-other within our consolidated balance sheets.
We estimate the sales return
liability based on historical data for specific products, adjusted as necessary
for new products.
The allowance for
returns is presented gross as a refund liability and we record a right of
return asset (and a corresponding adjustment
to cost of sales) for any products that we expect to be returned and resaleable.
Cost of Sales
The primary components of cost of sales include the cost of the product
(net of purchase discounts, supplier
chargebacks and rebates) and inbound and outbound freight charges.
Costs related to purchasing, receiving, inspections, warehousing,
internal inventory transfers and other costs of our
distribution network are included in selling, general and administrative
expenses along with other operating costs.
Total distribution network costs were $
107
million, $
105
million and $
105
million for the years ended December
27, 2025, December 28, 2024 and December 30, 2023, respectively.
Supplier Rebates
Supplier rebates are included as a reduction of cost of sales and are recognized
over the period they are earned.
The
factors we consider in estimating supplier rebate accruals include forecasted
inventory purchases,
sales, supplier
rebate contract terms, which generally provide for increasing rebates based
on either increased purchase or sales
volumes.
Direct Shipping and Handling Costs
Freight and other direct shipping costs are included in cost of sales.
Direct handling costs, which represent
primarily direct compensation costs of employees who pick, pack and otherwise
prepare, if necessary, merchandise
for shipment to our customers are reflected in selling, general and administrative
expenses.
Direct handling costs
were $
105
million, $
106
million and $
98
million for the years ended December 27, 2025, December 28, 2024
and
December 30, 2023, respectively.
Advertising and Promotional Costs
Advertising and Promotional Costs
We expense advertising and promotional costs as incurred.
Total advertising and promotional expenses were $
46
million, $
43
million and $
47
million for the years ended December 27, 2025, December 28, 2024 and
December
30, 2023, respectively.
Stock-Based Compensation Costs
Stock-Based Compensation Costs
We
measure stock-based compensation at the grant date, based on the estimated
fair value of the award, and
recognize the cost (net of estimated forfeitures) as compensation expense on
a straight-line basis over the requisite
service period for certain time-based restricted stock units with cliff vesting and on a accelerated
basis for the
option awards and certain time-based restricted stock units with graded
vesting.
For performance-based awards, at
each reporting date, we reassess whether achievement of the performance condition
is probable and accrue
compensation expense when achievement of the performance condition is
probable.
Our stock-based compensation
expense is reflected in selling, general and administrative expenses.
Employment Benefit Plans and other Postretirement Benefit Plans
Employment Benefit Plans and other Postretirement Benefit Plans
Some of our employees in our international markets participate
in various noncontributory defined benefit plans.
We recognize the funded status, measured as the difference between the fair value of plan assets and the projected
benefit obligation.
Each unfunded plan is recognized as a liability and each funded
plan is recognized as either an
asset or liability based on its funded status.
We measure our plan assets and liabilities at the end of our fiscal year.
Net periodic pension costs and valuations are dependent on assumptions
used by third-party actuaries in calculating
those amounts.
These assumptions include discount rates, expected return on plan
assets, rate of future
compensation levels, retirement rates, mortality rates, and other factors.
We record the service cost component of
net pension cost in selling, general and administrative expenses within
our consolidated statements of income.
Gains and losses that result from changes in actuarial assumptions or
from actual experience that differs from
actuarial assumptions are recognized in and then amortized from accumulated
other comprehensive income (loss).
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.
Due to the short-term maturity of such investments,
the carrying amounts are a reasonable estimate of
fair value.
Outstanding checks in excess of funds on deposit of $
25
million and $
33
million, primarily related to
payments for inventory, were classified as accounts payable as of December 27, 2025 and December 28, 2024.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are generally recognized when revenues are recognized.
In accordance with the “expected
credit loss” model, the carrying amount of accounts receivable is reduced
by a valuation allowance that reflects our
best estimate of the amounts that we do not expect to collect.
In addition to reviewing delinquent accounts
receivable, we consider many factors in estimating our reserve, including
types of customers and their credit
worthiness, experience and historical data adjusted for current conditions
and reasonable supportable forecasts.
We
record allowances for credit losses based upon a specific review of all
significant outstanding invoices.
For
those invoices not specifically reviewed, provisions are provided at differing rates,
based upon the age of the
receivable, the collection history associated with the geographic region
that the receivable was recorded in, current
economic trends and reasonable supportable forecasts.
We
write off accounts receivable and charge it against its
recorded allowance when we deem it uncollectible.
Our net accounts receivable balance was $
1,651
million, $
1,482
million, and $
1,863
million, at December 27, 2025,
December 28, 2024 and December 30, 2023, respectively.
The following table presents our allowances for credit losses:
As of
Description
December 27,
2025
December 28,
2024
December 30,
2023
Balance at beginning of year
$
78
$
83
$
65
Provision for credit losses
20
14
17
Adjustments to existing allowances for late fees, foreign currency
exchange rates, and write-offs
(8)
(19)
1
Balance at end of year
$
90
$
78
$
83
Contract Assets and Contract Liabilities
Contract Assets
Contract assets include amounts related to any conditional right to consideration
for work completed but not billed
as of the reporting date.
Contract assets are transferred to accounts receivable when the
right becomes
unconditional.
The contract assets primarily relate to our bundled arrangements for the
sale of equipment and
consumables and sales of term software licenses.
Current contract assets are included in prepaid expenses and
other and the non-current contract assets are included in investments and other
within our consolidated balance
sheets.
Current and non-current contract asset balances as of December 27,
2025 and December 28, 2024 were not
material.
Contract Liabilities
Contract liabilities are comprised of advance payments and upfront payments
for service arrangements provided
over time that are accounted for as deferred revenue amounts.
Contract liabilities are transferred to revenue once
the performance obligation has been satisfied.
Current contract liabilities are included in accrued expenses: other
and the non-current contract liabilities are included in other liabilities
within our consolidated balance sheets.
During the years ended December 27, 2025, December 28, 2024, and December
30, 2023, we recognized
substantially all of the current contract liability amounts that were previously
deferred at the beginning of each
year.
The following table presents our contract liabilities:
As of
Description
December 27,
2025
December 28,
2024
December 30,
2023
Current contract liabilities
$
81
$
81
$
89
Non-current contract liabilities
9
8
9
Total contract
liabilities
$
90
$
89
$
98
Inventories and Reserves
Inventories and Reserves
Inventories consist primarily of finished goods, raw materials and
work-in-process and are stated at the lower of
cost or net realizable value.
Cost is determined by the weighted average method for merchandise
and actual cost
for large equipment, high-technology equipment and drop-shipments.
Inventory costs for manufactured products
include direct materials, labor, and an allocation of related fixed and variable overhead.
The determination of
inventory carrying values requires management to make significant
estimates and judgments.
In assessing the need
for inventory reserves and evaluating net realizable value, we consider
multiple factors, including inventory
condition, on-hand quantities, historical and forecasted sales, product
life cycles, and prevailing market and
economic conditions.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost, net of accumulated depreciation or
amortization.
Depreciation is
computed under the straight-line method using estimated useful lives
Amortization of leasehold improvements is computed using the straight-line
method
over the lesser of the useful life of the assets or the remaining lease term.
Capitalized Software Development Costs
Capitalized Software Development Costs
Capitalized software costs consist of costs to purchase and develop
software for internal use and for sale or use by
customers.
For software to be used solely to meet internal needs, we capitalize
costs incurred during the
application development stage and include such costs within property
and equipment, net within our consolidated
balance sheets.
For software to be sold, leased, or marketed to external users, we capitalize
software development
costs when technological feasibility is reached, and for cloud-based applications
used to deliver our services we
capitalize costs incurred during the application development stage,
and include such costs within investments and
other within our consolidated balance sheets.
Leases
Leases
We
determine if an arrangement contains a lease at inception.
An arrangement contains a lease if it implicitly or
explicitly identifies an asset to be used and conveys the right to control
the use of the identified asset in exchange
for consideration.
As a lessee, we include operating leases in operating lease right-of-use
(“ROU”) assets,
operating lease liabilities, and non-current operating lease liabilities in
our consolidated balance sheets.
Finance
leases are included in property and equipment, current maturities of
long-term debt, and long-term debt in our
consolidated balance sheets.
ROU assets represent our right to use an underlying asset for the lease
term and lease liabilities represent our
obligation to make lease payments arising from the lease.
Operating lease ROU assets and liabilities are recognized
upon commencement of the lease based on the present value of the lease payments
over the lease term.
As most of
our leases do not provide an implicit interest rate, we generally use our incremental
borrowing rate based on the
estimated rate of interest for fully collateralized and fully amortizing borrowings
over a similar term of the lease
payments at commencement date to determine the present value of
lease payments.
When readily determinable, we
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.
Lease expense for lease payments is recognized on a straight-line basis
over the lease term.
Expenses associated with operating leases and finance leases
are included in selling, general
and administrative and interest expense, respectively within our consolidated
statement of income.
Short-term
leases with a term of 12 months or less are not capitalized.
We
have lease agreements with lease and non-lease components, which are
generally accounted for as a single
lease component, except non-lease components for leases of vehicles, which
are accounted for separately.
When a
vehicle lease contains both lease and non-lease components, we allocate the
transaction price based on the relative
standalone selling price.
Business Acquisitions
Business Acquisitions
We account for business acquisitions under the acquisition method of accounting, under which the net assets of
acquired businesses are recorded at their fair value at the acquisition
date and our consolidated financial statements
include the acquired businesses’ results of operations from that date.
Certain prior owners of acquired subsidiaries are eligible to receive additional
purchase price cash consideration, or
we may be entitled to recoup a portion of purchase price cash consideration
if certain financial targets or negotiated
goals are met.
We have accrued liabilities for the estimated fair value of additional purchase price consideration at
the time of the acquisition, using the income approach, including a probability-weighted
discounted cash flow
method or an option pricing method, where applicable.
Any adjustments to these accrual amounts are recorded in
selling, general and administrative within our consolidated statements of
income.
While we use our best estimates and assumptions to accurately value
consideration transferred, assets acquired and
liabilities assumed at the acquisition date, our estimates are inherently uncertain
and subject to refinement.
As a
result, within
12 months
following the date of acquisition, or the measurement period, we
may record adjustments
to consideration transferred, assets acquired and liabilities assumed with
the corresponding offset to goodwill
within our consolidated balance sheets.
At the end of the measurement period or final determination of
the values
of such assets acquired or liabilities assumed, whichever comes first,
any subsequent adjustments are recognized in
our consolidated statements of operations.
Goodwill
Goodwill
Any excess of acquisition consideration over the fair value of identifiable
net assets acquired is recorded as
goodwill.
Goodwill is an asset representing the future economic benefits
arising from other assets acquired in a
business combination that are not individually identified and separately
recognized, such as future customers and
technology, as well as the assembled workforce.
Goodwill is subject to impairment analysis at least once annually as
of the first day of our fourth quarter, or if an
event occurs or circumstances change that would more likely than
not reduce a reporting unit’s fair value below
carrying value.
We conduct our goodwill impairment testing at the reporting unit level.
We identify our reporting
units by assessing whether two or more components are economically
similar and therefore should be aggregated.
Our reporting units are identified as our operating segments.
Goodwill is allocated to such reporting units for the
purposes of our impairment analyses.
For the year ended December 27, 2025, our reporting structure was:
(i)
Global Distribution and Value-Added Services reportable segment, which included the following
operating segments (a) US Distribution Group; (b) Europe, Middle East,
and Africa Distribution Group;
(c) Americas Non-US Distribution Group; and (d) Asia-Pacific and Australia
Distribution Group;
(ii)
Global Specialty Products reportable segment, which included the following
operating segments (a) Global
Oral Reconstruction Group; and (b) Healthcare Specialty Group;
and
(iii)
Global Technology,
which is both a reportable segment and an operating segment.
Application of the goodwill impairment test requires judgment, including
the identification of reporting units,
assignment of assets and liabilities that are considered shared services
to the reporting units, and ultimately the
determination of the fair value of each reporting unit.
The fair value of each reporting unit is calculated by
applying the discounted cash flow methodology and confirming with
a market approach.
There are inherent
uncertainties, however, related to fair value models, the inputs and our judgments in applying them
to this analysis.
The most significant inputs include estimation of detailed future cash flows
based on budget expectations, and
determination of comparable companies to develop a weighted average
cost of capital for each reporting unit.
In January 2025, we performed a geographical realignment within
the Global Distribution and Value-Added
Services reportable segment intended to provide increased transparency
into the performance of our global
distribution businesses and to reflect evolving management oversight
and decision-making.
As a result of the
realignment and the change in reporting units, we reallocated goodwill to each
of our new reporting units using a
relative fair value approach.
The relative fair values of the new reporting units were determined based on
a
quantitative valuation analysis that considered projected cash flows,
market assumptions, and other relevant
valuation inputs.
Reporting units under the former and new structures
of the Global Distribution and Value-Added
Services reportable segment were tested for impairment as of January 1,
2025, and it was determined that the fair
values of our reporting units more likely than not exceeded their carrying
values, resulting in no impairment as of
January 1, 2025 under both structures.
In connection with our restructuring initiatives, during the year ended
December 28, 2024, we recorded an $
11
million impairment of goodwill in the Global Specialty Products segment,
relating to the disposal of a portion of a
business; such impairment was calculated based on the relative fair value
of goodwill.
Intangible Assets
Intangible Assets
In connection with our business acquisitions, we recognize assets acquired
and liabilities assumed based on fair
value estimates as of the date of acquisition.
The estimated fair value of identifiable intangible assets
(i.e.,
customer relationships and lists, trademarks and trade names, product development
and non-compete agreements) is
based on critical judgments and assumptions derived from analysis of
market conditions, including discount rates,
projected revenue growth rates (which are based on historical trends
and assessment of financial projections),
estimated customer attrition and projected cash flows.
We have calculated the value of these intangible assets using
the multi-period excess earnings method, the relief-from-royalty method,
and the with and without method, where
applicable.
These assumptions are forward-looking and could be affected by future economic
and market
conditions.
Intangible assets, other than goodwill, are evaluated for impairment whenever
events or changes in circumstances
indicate that the carrying amount of the assets may not be recoverable
through the undiscounted future cash flows
expected to be derived from such asset or asset group.
Definite and indefinite-lived intangible assets primarily consist of customer
relationships, customer lists,
trademarks, trade names, product development and non-compete agreements.
For long-lived assets used in
operations, impairment losses are only recorded if the asset or asset groups
carrying amount is not recoverable
through its undiscounted future cash flows.
We measure the impairment loss based on the difference between the
carrying amount and the estimated fair value.
When an impairment exists, the related assets are written down to
fair value.
During the years ended December 27, 2025, December 28, 2024
and December 30, 2023, we recorded total
impairment charges within the selling, general and administrative line of our consolidated statements
of income on
intangible assets of $
16
million, $
0
million and $
7
million, respectively, as more fully discussed in
During the years ended December 27, 2025, December 28, 2024
and
December 30, 2023, we recorded impairment charges, within the restructuring and related
costs line of our
consolidated statements of income, of $
0
million, $
14
, million, and $
12
million, respectively.
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
that have been recognized in our
financial statements or tax returns.
In estimating future tax consequences, we generally consider all expected
future
events other than expected enactments of changes in tax laws or rates.
The effect on deferred income tax assets and
liabilities of a change in tax rates is recognized as income or expense in
the period that includes the enactment date.
We file a consolidated U.S. federal income tax return with our 80% or greater owned U.S. subsidiaries.
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests
Some minority stockholders in certain of our consolidated subsidiaries have
the right, at certain times, to require us
to acquire their ownership interest in those entities at fair value.
Their interests in these subsidiaries are classified
outside permanent equity on our consolidated balance sheets and are
carried at the estimated redemption amounts.
The redemption amounts have been estimated based on recent transactions
and/or implied multiples of earnings
and, if such earnings and cash flows are not achieved, the value of the
redeemable noncontrolling interests might be
impacted.
Changes in the estimated redemption amounts of the noncontrolling
interests subject to put options are
reflected at each reporting period with a corresponding adjustment
to Additional paid-in capital.
Future reductions
in the carrying amounts are subject to a “floor” amount that is equal
to the fair value of the redeemable
noncontrolling interests at the time they were originally recorded.
The recorded value of the redeemable
noncontrolling interests cannot go below the floor level.
Adjustments to the carrying amount of noncontrolling
interests to reflect a fair value redemption feature do not impact the
calculation of earnings per share.
Our net
income is reduced by the portion of the subsidiaries’ net income
that is attributable to redeemable noncontrolling
interests.
Noncontrolling Interests
Noncontrolling Interests
Noncontrolling interest represents the ownership interests of certain
minority owners of our consolidated
subsidiaries.
Our net income is reduced by the portion of the subsidiaries’
net income that is attributable to
noncontrolling interests.
Comprehensive Income
Comprehensive Income
Comprehensive income includes certain gains and losses that, under accounting
principles generally accepted in the
United States, are excluded from net income as such amounts are recorded
directly as an adjustment to
stockholders’ equity.
Our comprehensive income is primarily comprised of net income,
foreign currency
translation gain (loss), unrealized gain (loss) from hedging activities
and unrealized pension adjustment gain (loss).
Risk Management and Derivative Financial Instruments
Risk Management and Derivative Financial Instruments
We use derivative instruments to minimize our exposure to fluctuations in foreign currency exchange rates, interest
rates, and our unfunded non-qualified supplemental retirement plan (“SERP”)
and our deferred compensation plan
(“DCP”).
Our objective is to manage the impact that foreign currency
exchange rate fluctuations could have on
recognized asset and liability fair values, earnings and cash flows, as well
as our net investments in foreign
subsidiaries, the interest rate risk on variable rate debt, and the returns on
our SERP and DCP.
Our risk
management policy requires that derivative contracts used as hedges be
effective at reducing the risks associated
with the exposure being hedged and be designated hedges at inception
of the contracts.
We do not enter into
derivative instruments for speculative purposes.
Our derivative instruments primarily include foreign currency
forward contracts, total return swaps, and interest rate swaps.
Foreign currency forward agreements related to forecasted inventory
purchase commitments with foreign suppliers,
foreign currency swaps related to foreign currency denominated debt, and
interest rate swaps related to variable rate
debt are designated as cash flow hedges.
For derivatives that are designated and qualify as cash flow hedges,
the
changes in the fair value of the derivatives are recorded as a
component of Accumulated other comprehensive
income in stockholders’ equity and subsequently reclassified into
earnings in the period(s) during which the hedged
transactions affect earnings.
We classify the cash flows related to our hedging activities in the same category in our
consolidated statements of cash flows as the cash flows related
to the hedged item.
Foreign currency forward contracts related to our euro-denominated
foreign operations are designated as net
investment hedges.
For derivatives that are designated and qualify as net investment
hedges, changes in the fair
value of the derivatives are recorded in the foreign currency translation gain
(loss) component of Accumulated
other comprehensive income in stockholders’ equity until the net
investment is sold or substantially liquidated.
Interest swap agreements are entered into for the purpose of hedging
the cash flow of our variable interest rate term
loan.
Our foreign currency forward agreements related to foreign currency
balance sheet exposure provide economic
hedges but are not designated as hedges for accounting purposes.
For agreements not designated as hedges, changes in the value of the derivative,
along with the transaction gain or
loss on the hedged item, are recorded in other, net, within our consolidated statements of income.
Total return swaps are entered into for the purpose of economically hedging our SERP and DCP.
These swaps are
expected to be renewed on an annual basis.
Changes in the fair values of these total return swaps are recorded in
selling, general, and administrative expenses within our consolidated
statements of income and offset recognized
changes in the fair values of our SERP and DCP liabilities.
Foreign Currency Translation and Transactions
Foreign Currency Translation
and Transactions
The financial position and results of operations of our foreign subsidiaries
are determined using local currencies as
the functional currencies.
Assets and liabilities of foreign subsidiaries are translated at the exchange
rate in effect at
each year-end.
Income statement accounts are translated at the average rate
of exchange prevailing during the year.
Translation adjustments arising from the use of differing exchange rates from period to period are included
in
Accumulated other comprehensive income in stockholders’ equity.
Gains and losses resulting from foreign
currency transactions are included in earnings.
Accounting Pronouncements Adopted and Recently Issued Accounting Standards
Accounting Pronouncements Recently Adopted
During the year ended December 27, 2025, we adopted Accounting Standards Update
(“ASU”) 2023-09, “
Income
Taxes (Topic
740): Improvements to Income Tax Disclosures
,” which requires public business entities to disclose
additional information in specified categories with respect to
the reconciliation of the effective tax rate to the
statutory rate for federal, state and foreign income taxes.
It also requires greater detail about individual reconciling
items in the rate reconciliation to the extent the impact of those items
exceeds a specified threshold.
In addition to
new disclosures associated with the rate reconciliation, this ASU requires
information pertaining to taxes paid (net
of refunds received) to be disaggregated for federal, state and foreign
taxes and further disaggregated for specific
jurisdictions to the extent the related amounts exceed a quantitative threshold.
This ASU also describes items that
need to be disaggregated based on their nature, which is determined by
reference to the item’s fundamental or
essential characteristics, such as the transaction or event that triggered
the establishment of the reconciling item and
the activity with which the reconciling item is associated.
This ASU eliminates the historic requirement that
entities disclose information concerning unrecognized tax benefits having
a reasonable possibility of significantly
increasing or decreasing in the 12 months following the reporting date.
We adopted this ASU on a prospective
basis, which resulted in the required additional disclosures included
in
During the year ended December 28, 2024, we adopted ASU 2023-07, “
Segment Reporting (Topic 280):
Improvements to Reportable Segments
” (“Topic 280”),
which aims to improve financial reporting by requiring
disclosure of incremental segment information on an annual and
interim basis for all public entities to enable
investors to develop more decision-useful financial analyses.
The amendments in Topic 280 do not change how a
public entity identifies its operating segments, aggregates those operating
segments, or applies the quantitative
thresholds to determine its reportable segments.
We adopted Topic
280 on a retrospective basis, which resulted in
the required additional disclosures included in our consolidated
financial statements.
Recently Issued Accounting Pronouncements
In December 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-11, “
Interim Reporting
(Topic 270): Narrow
-Scope Improvements
,” which is intended to improve navigability of the guidance
in Topic
270, Interim Reporting, and clarify when it applies.
The ASU also addresses the form and content of such financial
statements and interim disclosure requirements, and establishes a principle
under which an entity must disclose
events since the end of the last annual reporting period that have a
material impact on the entity.
This ASU is
effective for annual reporting periods beginning after December 15, 2027, and interim
reporting periods within
those annual reporting periods, with early adoption permitted.
We are currently evaluating the impact that ASU
2025-11 will have on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, “
Government Grants (Topic 832) - Accounting for Government
Grants Received by Business Entities,
” which establishes guidance on the recognition, measurement, and
presentation of government grants received by business entities.
This ASU is effective for annual reporting periods
beginning after December 15, 2028, and interim reporting periods within
those annual reporting periods, with early
adoption permitted.
We are currently evaluating the impact that ASU 2025-10 will have on our consolidated
financial statements and related disclosures.
In November 2025, the FASB issued ASU 2025-09, “
Derivatives and Hedging (Topic 815): Hedge Accounting
Improvements,
” which is intended to more closely align financial reporting with
the economics of entities’ risk
management activities, including expanded eligibility of forecasted
transactions, additional flexibility in measuring
hedge effectiveness, and clarifications related to hedging non-financial items.
This ASU is effective for annual
reporting periods beginning June 1, 2027, and interim reporting
periods within those annual reporting periods, with
early adoption permitted, and should be applied prospectively.
We are currently evaluating the impact that ASU
2025-09 will have on our consolidated financial statements and related
disclosures.
In September 2025, the FASB issued ASU 2025-06, “
Intangibles - Goodwill and Other - Internal-Use Software
(Subtopic 350-40): Targeted Improvements
to the Accounting for Internal-Use Software
,” which removes all
references to software development project stages.
The ASU requires entities to begin capitalizing software costs
when management authorizes and commits to funding the software project,
and it is probable that the project will
be completed and the software will be used for its intended purpose.
This ASU is effective for annual reporting
periods beginning after December 15, 2027, and interim reporting periods
within those annual reporting periods,
with early adoption permitted.
Upon adoption, the guidance can be applied prospectively, retrospectively, or with a
modified transition approach.
We are currently evaluating the impact that ASU 2025-06 will have on our
consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, “
Financial Instruments - Credit Losses (Subtopic 326): Measurement
of Credit Losses for Accounts Receivable and Contract Assets,
” which introduces a practical expedient permitting
an entity to assume that conditions at the balance sheet date remain unchanged
throughout the remaining life of the
asset when estimating expected credit losses on current accounts
receivable and current contract asset under Topic
606 on revenue from contracts with customers. This ASU is effective for annual
reporting periods beginning after
December 15, 2025, with early adoption permitted.
We do not expect ASU 2025-05 to have a material impact on
our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “
Income Statement - Reporting Comprehensive Income -
Expense Disaggregation Disclosure (Subtopic 220-40)
:
Disaggregation of Income Statement Expenses
,” which
requires additional disclosure about the specific expense categories in
the notes to financial statements at interim
and annual reporting periods.
The amendments in this ASU do not change or remove current
expense disclosure
requirements, but affect where this information appears in the notes to financial statements.
This ASU is effective
for annual reporting periods beginning after December 15, 2026, and
interim reporting periods beginning after
December 15, 2027, with early adoption permitted.
Upon adoption, the guidance can be applied prospectively
or
retrospectively.
We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial
statements.
v3.25.4
Net Sales from Contracts with Customers (Tables)
12 Months Ended
Dec. 27, 2025
Net Sales from Contracts with Customers [Abstract]  
Disaggregation of Net Sales
Years
Ended
December 27,
2025
December 28,
2024
December 30,
2023
Net Sales:
Global Distribution and Value
-Added Services
Global Dental merchandise
$
4,831
$
4,723
$
4,783
Global Dental equipment
1,799
1,723
1,675
Global Value
-added services
238
233
191
Global Dental
6,868
6,679
6,649
Global Medical
4,270
4,081
3,912
Total Global Distribution
and Value
-Added Services
11,138
10,760
10,561
Global Specialty Products
1,544
1,446
1,331
Global Technology
675
630
602
Eliminations
(173)
(163)
(155)
Total
$
13,184
$
12,673
$
12,339
v3.25.4
Segment and Geographic Data (Tables)
12 Months Ended
Dec. 27, 2025
Segment and Geographic Data [Abstract]  
Business Segment Information
Years Ended
December 27,
December 28,
December 30,
2025
2024
2023
Gross Sales:
Global Distribution and Value
-Added Services
(1)
$
11,138
$
10,760
$
10,561
Global Specialty Products
(2)
1,544
1,446
1,331
Global Technology
(3)
675
630
602
Total Gross Sales
13,357
12,836
12,494
Less: Eliminations:
Global Distribution and Value
-Added Services
(18)
(31)
(36)
Global Specialty Products
(155)
(132)
(119)
Global Technology
-
-
-
Total Eliminations
(173)
(163)
(155)
Net Sales:
Global Distribution and Value
-Added Services
11,120
10,729
10,525
Global Specialty Products
1,389
1,314
1,212
Global Technology
675
630
602
Total Net Sales
$
13,184
$
12,673
$
12,339
Segment Cost of Sales:
(4)
Global Distribution and Value
-Added Services
$
8,352
$
7,984
$
7,862
Global Specialty Products
697
644
611
Global Technology
218
206
185
Segment Operating Expenses:
(5)
Global Distribution and Value
-Added Services
$
2,106
$
2,080
$
2,034
Global Specialty Products
605
624
545
Global Technology
277
272
275
Operating Income:
Global Distribution and Value
-Added Services
$
680
$
696
$
665
Global Specialty Products
242
178
175
Global Technology
180
152
142
Total Segment Operating Income
1,102
1,026
982
Corporate, net
(130)
(77)
(92)
Adjustments
(6)
(319)
(328)
(275)
Total Operating Income
$
653
$
621
$
615
Years Ended
December 27,
December 28,
December 30,
2025
2024
2023
Depreciation and Amortization:
Global Distribution and Value
-Added Services
$
27
$
25
$
26
Global Specialty Products
36
29
23
Global Technology
36
35
31
Total Segment Depreciation and Amortization
99
89
80
Corporate
33
24
18
Acquisition intangible amortization within adjustments
(6)
179
184
150
Total Depreciation and Amortization
$
311
$
297
$
248
Global Distribution and Value
-Added Services: Includes distribution of infection-control products, handpieces, preventatives,
impression materials, composites, anesthetics, teeth, gypsum, acrylics, articulators, abrasives, PPE products, branded and generic
pharmaceuticals, vaccines, surgical products, diagnostic tests, dental chairs, delivery units and lights, digital dental laboratories, X-
ray supplies and equipment, high-tech and digital restoration equipment, equipment repair services, financial services on a non-
recourse basis, continuing education services for practitioners, consulting and other services.
This segment also markets and sells
under our own corporate brand a portfolio of cost-effective, high-quality consumable merchandise.
(2)
Global Specialty Products: Includes manufacturing, marketing and sales of dental implant and biomaterial products; and
endodontic, orthodontic and orthopedic products and other health care-related products and services.
(3)
Global Technology: Includes development and distribution of practice management software, e-services and other products, which
are distributed to health care providers.
(4)
Cost of goods sold in our Global Distribution and Value-Added Services segment and our Global Specialty Products segment
includes product cost and inbound and outbound freight charges.
Cost of goods sold in our Global Technology segment consists
primarily of software development and third-party provider costs, including technology use and hosting fees.
(5)
Significant segment operating expenses for our reportable segments and Corporate include primarily compensation costs, and to a
lesser extent, rent, depreciation and maintenance costs related to operating our facilities.
Adjustments represent items excluded from segment operating income to enable comparison of financial results between periods.
The following table presents a breakdown of such adjustments:
Years Ended
December 27,
December 28,
December 30,
2025
2024
2023
Adjustments:
Restructuring and related costs
$
(105)
$
(110)
$
(80)
Acquisition intangible amortization
(179)
(184)
(150)
Cyber incident-insurance proceeds, net of third-party advisory
expenses
20
31
(11)
Change in contingent consideration
2
(45)
-
Litigation settlements
(5)
(6)
-
Impairment of capitalized assets
-
(12)
(27)
Impairment of intangible assets
(16)
-
(7)
Costs associated with shareholder advisory matters and select value
creation consulting costs
(36)
(2)
-
Total adjustments
$
(319)
$
(328)
$
(275)
Operations by Geographic Area
2025
2024
2023
Net Sales
Long-Lived
Assets
Net Sales
Long-Lived
Assets
Net Sales
Long-Lived
Assets
United States
$
9,096
$
4,033
$
8,825
$
3,683
$
8,662
$
3,479
Other
4,088
2,120
3,848
2,051
3,677
2,135
Consolidated total
$
13,184
$
6,153
$
12,673
$
5,734
$
12,339
$
5,614
v3.25.4
Business Acquisitions (Tables)
12 Months Ended
Dec. 27, 2025
Acquisitions 2025 [Member]  
Business Acquisition [Line Items]  
Summary of Estimated Fair Value of Consideration Paid and Net Assets Acquired
Preliminary
Allocation as of
December 27, 2025
Acquisition consideration:
Cash
$
194
Deferred consideration
3
Estimated fair value of contingent consideration payable
19
Fair value of previously held equity method investments
91
Redeemable noncontrolling interests
85
Total consideration
$
392
Identifiable assets acquired and liabilities assumed:
Current assets
$
59
Intangible assets
150
Other noncurrent assets
42
Current liabilities
(26)
Long-term debt
(1)
Deferred income taxes
(23)
Other noncurrent liabilities
(8)
Total identifiable
net assets
193
Goodwill
199
Total net assets acquired
$
392
Summary of Identifiable Intangible Assets Acquired and Estimated Useful Lives
2025
Weighted Average
Useful
Lives (in years)
Customer relationships and lists
$
98
11
Trademarks / Tradenames
32
7
Product development
18
10
Non-compete agreements
2
5
Total
$
150
TriMed, Inc. [Member]  
Business Acquisition [Line Items]  
Summary of Estimated Fair Value of Consideration Paid and Net Assets Acquired
Final Allocation
Acquisition consideration:
Cash
$
141
Deferred consideration
21
Redeemable noncontrolling interests
153
Total consideration
$
315
Identifiable assets acquired and liabilities assumed:
Current assets
$
35
Intangible assets
221
Other noncurrent assets
10
Current liabilities
(7)
Deferred income taxes
(62)
Other noncurrent liabilities
(6)
Total identifiable
net assets
191
Goodwill
124
Total net assets acquired
$
315
Shield Healthcare, Inc. [Member]  
Business Acquisition [Line Items]  
Summary of Estimated Fair Value of Consideration Paid and Net Assets Acquired
Final Allocation
Acquisition consideration:
Cash
$
289
Deferred consideration
22
Redeemable noncontrolling interests
37
Total consideration
$
348
Identifiable assets acquired and liabilities assumed:
Current assets
$
41
Intangible assets
166
Other noncurrent assets
16
Current liabilities
(24)
Deferred income taxes
(43)
Other noncurrent liabilities
(7)
Total identifiable
net assets
149
Goodwill
199
Total net assets acquired
$
348
Summary of Identifiable Intangible Assets Acquired and Estimated Useful Lives
2023
Weighted Average
Useful
Lives (in years)
Customer relationships and lists
$
156
12
Trademarks / Tradenames
10
5
Total
$
166
S.I.N. Implant System [Member]  
Business Acquisition [Line Items]  
Summary of Estimated Fair Value of Consideration Paid and Net Assets Acquired
Final Allocation
Acquisition consideration:
Cash
$
329
Total consideration
$
329
Identifiable assets acquired and liabilities assumed:
Current assets
$
73
Intangible assets
87
Other noncurrent assets
48
Current liabilities
(33)
Long-term debt
(22)
Deferred income taxes
(38)
Other noncurrent liabilities
(27)
Total identifiable
net assets
88
Goodwill
241
Total net assets acquired
$
329
Summary of Identifiable Intangible Assets Acquired and Estimated Useful Lives
2023
Weighted Average
Useful
Lives (in years)
Customer relationships and lists
$
38
7
Product development
36
8
Trademarks / Tradenames
13
10
Total
$
87
Biotech Dental [Member]  
Business Acquisition [Line Items]  
Summary of Estimated Fair Value of Consideration Paid and Net Assets Acquired
Final Allocation
Acquisition consideration:
Cash
$
216
Fair value of contributed equity share in a controlled subsidiary
25
Redeemable noncontrolling interests
182
Total consideration
$
423
Identifiable assets acquired and liabilities assumed:
Current assets
$
74
Intangible assets
189
Other noncurrent assets
69
Current liabilities
(60)
Long-term debt
(73)
Deferred income taxes
(53)
Other noncurrent liabilities
(20)
Total identifiable
net assets
126
Goodwill
297
Total net assets acquired
$
423
Summary of Identifiable Intangible Assets Acquired and Estimated Useful Lives
2023
Weighted Average
Useful
Lives (in years)
Product development
$
124
10
Customer relationships and lists
47
9
Trademarks / Tradenames
18
7
Total
$
189
v3.25.4
Inventories, Net (Tables)
12 Months Ended
Dec. 27, 2025
Inventories, Net [Abstract]  
Schedule of Inventory, Net
Description
December 27,
2025
December 28,
2024
Finished goods
$
1,889
$
1,710
Raw materials
70
61
Work-in process
43
39
Inventories, net
$
2,002
$
1,810
v3.25.4
Property and Equipment, Net (Tables)
12 Months Ended
Dec. 27, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Including Related Estimated Useful Lives
December 27,
December 28,
2025
2024
Land
$
22
$
20
Buildings and permanent improvements
187
164
Leasehold improvements
125
109
Machinery and warehouse equipment
307
257
Furniture, fixtures and other
137
128
Computer equipment and software
602
523
1,380
1,201
Less accumulated depreciation and amortization
(759)
(670)
Property and equipment, net
$
621
$
531
Estimated Useful
Lives (in years)
Buildings and permanent improvements
40
Machinery and warehouse equipment
5
-
15
Furniture, fixtures and other
3
-
10
Computer equipment and software
3
-
10
v3.25.4
Leases (Tables)
12 Months Ended
Dec. 27, 2025
Leases [Abstract]  
Components of Lease Expense, Supplemental Cash Flow and Supplemental Balance Sheet Information
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Operating lease cost:
$
94
$
107
$
99
Variable
lease cost
11
12
12
Short-term lease cost
10
11
10
Total operating lease cost
(1)
115
130
121
Finance lease cost
3
4
5
Total lease cost
$
118
$
134
$
126
(1)
Total operating lease cost for the years ended December 27, 2025, December 28, 2024 and December 30, 2023, included costs of $
3
million, $
17
million and $
11
million, respectively, related to facility leases recorded in restructuring and related costs within our
consolidated statements of income.
Years
Ended
December 27,
December 28,
2025
2024
Operating Leases:
Operating lease right-of-use assets
$
301
$
293
Current operating lease liabilities
78
75
Non-current operating lease liabilities
251
259
Total operating lease liabilities
$
329
$
334
Finance Leases:
Property and equipment, at cost
$
14
$
16
Accumulated depreciation
(7)
(9)
Property and equipment, net of accumulated depreciation
$
7
$
7
Current maturities of long-term debt
$
3
$
3
Long-term debt
4
$
3
Total finance
lease liabilities
$
7
$
6
Weighted Average
Remaining Lease Term in
Years:
Operating leases
5.6
5.9
Finance leases
2.9
2.7
Weighted Average
Discount Rate:
Operating leases
4.5
%
4.2
%
Finance leases
4.5
%
4.4
%
Years
Ended
December 27,
December 28,
2025
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$
99
$
94
Financing cash flows for finance leases
3
4
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$
71
$
76
Finance leases
3
2
Maturities of Finance and Operating Lease Liabilities
December 27, 2025
Operating
Finance
Leases
Leases
2026
$
91
$
3
2027
74
2
2028
59
1
2029
47
1
2030
37
-
Thereafter
63
-
Total future
lease payments
371
7
Less imputed interest
42
-
Total
$
329
$
7
v3.25.4
Goodwill and Other Intangibles, Net (Tables)
12 Months Ended
Dec. 27, 2025
Goodwill and Other Intangibles, Net [Abstract]  
Changes in the Carrying Amount of Goodwill
Global
Distribution and
Value-Added
Services
Global Specialty
Products
Global
Technology
Total
Balance as of December 30, 2023
$
2,007
$
1,077
$
791
$
3,875
Adjustments to goodwill:
Acquisitions
41
107
-
148
Impairment
-
(11)
(2)
(13)
Foreign currency translation
(39)
(80)
(4)
(123)
Balance as of December 28, 2024
2,009
1,093
785
3,887
Adjustments to goodwill:
Acquisitions
49
124
26
199
Disposal
(1)
-
(2)
(3)
Foreign currency translation
49
74
7
130
Balance as of December 27, 2025
$
2,106
$
1,291
$
816
$
4,213
Other Intangible Assets - Finite-Lived
December 27, 2025
Accumulated
Weighted Average
Cost
Amortization
Net
Life (in years)
Customer relationships and lists
$
971
$
(408)
$
563
10
Trademarks / Tradenames
205
(96)
109
8
Product development
438
(120)
318
9
Non-compete agreements
18
(5)
13
5
Other
24
(9)
15
15
Total
$
1,656
$
(638)
$
1,018
December 28, 2024
Accumulated
Weighted Average
Cost
Amortization
Net
Life (in years)
Customer relationships and lists
$
915
$
(356)
$
559
10
Trademarks / Tradenames
188
(89)
99
8
Product development
403
(71)
332
9
Non-compete agreements
21
(6)
15
4
Other
28
(10)
18
15
Total
$
1,555
$
(532)
$
1,023
v3.25.4
Investments and Other (Tables)
12 Months Ended
Dec. 27, 2025
Investments and Other [Abstract]  
Investments and Other
December 27,
December 28,
2025
2024
Investments in unconsolidated affiliates
$
174
$
170
Non-current deferred foreign, state and local income taxes
92
47
Notes receivable
(1)
56
63
Capitalized costs for software and cloud based applications for external use
112
90
Security deposits
4
4
Acquisition-related indemnification assets
39
39
Non-current pension assets
11
9
Non-current inventory
38
27
Other
72
52
Total
$
598
$
501
(1)
Long-term notes receivable carry interest rates ranging from
3.0
% to
11.8
% and are due in varying installments through
May 31, 2031
.
v3.25.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 27, 2025
Fair Value Measurements [Abstract]  
Components of Change in Fair Value of Contingent Consideration
Years
Ended
December 27,
December 28,
2025
2024
Balance, beginning of period
$
30
$
6
Increase in contingent consideration due to business acquisitions and acquisitions of
noncontrolling interests in subsidiaries
103
10
Decrease in contingent consideration due to payments
(19)
(31)
Change in fair value of contingent consideration in connection with business acquisitions
(2)
45
Change in fair value of contingent consideration in connection with changes in ownership in
consolidated subsidiaries
(15)
-
Balance, end of period
$
97
$
30
Assets and Liabilities Measured and Recognized on a Recurring Basis
December 27, 2025
Level 1
Level 2
Level 3
Total
Assets:
Derivative contracts designated as hedges
$
-
$
1
$
-
$
1
Derivative contracts undesignated
-
1
-
1
Total return
swap
-
1
-
1
Total assets
$
-
$
3
$
-
$
3
Liabilities:
Derivative contracts designated as hedges
$
-
$
23
$
-
$
23
Derivative contracts undesignated
-
2
-
2
Contingent consideration
-
-
97
97
Total liabilities
$
-
$
25
$
97
$
122
Redeemable noncontrolling interests
$
-
$
-
$
895
$
895
December 28, 2024
Level 1
Level 2
Level 3
Total
Assets:
Derivative contracts designated as hedges
$
-
$
10
$
-
$
10
Derivative contracts undesignated
-
7
-
7
Total assets
$
-
$
17
$
-
$
17
Liabilities:
Derivative contracts designated as hedges
$
-
$
5
$
-
$
5
Derivative contracts undesignated
-
4
-
4
Total return
swap
-
3
-
3
Contingent consideration
-
-
30
30
Total liabilities
$
-
$
12
$
30
$
42
Redeemable noncontrolling interests
$
-
$
-
$
806
$
806
v3.25.4
Derivatives and Hedging Activities (Tables)
12 Months Ended
Dec. 27, 2025
Derivatives and Hedging Activities [Abstract]  
Summary of Terms and Fair Value of Derivative Instruments
December 27, 2025
Notional
Amount
Classification
Fair
Value
Maturity Date
Derivatives used in cash flow hedges:
Foreign currency forward contracts
$
98
Prepaid expenses and other
$
-
December 24, 2026
Interest rate swaps
675
Accrued expenses, other
(3)
July 13, 2026
Derivatives used in net investment hedges:
Foreign currency forward contracts
365
Accrued expenses, other
(19)
November 3, 2028
Undesignated hedging relationships:
Total return
swaps
116
Prepaid expenses and other
1
December 30, 2025
Total
$
1,254
$
(21)
December 28, 2024
Notional
Amount
Classification
Fair
Value
Maturity Date
Derivatives used in cash flow hedges:
Foreign currency forward contracts
$
84
Prepaid expenses and other
$
-
October 30, 2025
Interest rate swaps
713
Accrued expenses, other
(3)
July 13, 2026
Derivatives used in net investment hedges:
Foreign currency forward contracts
336
Prepaid expenses and other
9
November 3, 2028
Undesignated hedging relationships:
Total return
swaps
106
Accrued expenses, other
(3)
December 30, 2024
Total
$
1,239
$
3
Summary of Effect of Cash Flow and Net Investment Hedges on Statements of Income
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Derivatives used in cash flow hedges:
Foreign currency forward contracts
$
-
$
-
$
(1)
Interest rate swaps
-
6
(7)
Derivatives used in net investment hedges:
Foreign currency forward contracts
(24)
7
(10)
Total
$
(24)
$
13
$
(18)
v3.25.4
Debt (Tables)
12 Months Ended
Dec. 27, 2025
Debt [Abstract]  
Bank Credit Lines
December 27,
December 28,
2025
2024
Revolving credit agreement
$
100
$
-
Other short-term bank credit lines
664
650
Total
$
764
$
650
Schedule of Long-Term Debt
December 27,
December 28,
2025
2024
Private placement facilities
$
1,149
$
975
Term loan
749
712
U.S. trade accounts receivable securitization
390
150
Various
collateralized and uncollateralized loans payable with interest,
in varying installments through 2031 at interest rates
from
0.00
% to
6.75
% at December 27, 2025 and
from
0.00
% to
9.42
% at December 28, 2024
48
43
Finance lease obligations
7
6
Total
2,343
1,886
Less current maturities
(33)
(56)
Total long-term debt
$
2,310
$
1,830
Schedule of Long-Term Debt Maturities
2026
$
33
2027
534
2028
221
2029
143
2030
810
Thereafter
602
Total
$
2,343
Schedule of Private Placement Facilities
The components of our private placement facility borrowings as of December
27, 2025, which have a weighted
average interest rate of
3.93
% are presented in the following table:
Amount of
Date of
Borrowing
Borrowing
Borrowing
Outstanding
Rate
Due Date
June 16, 2017
$
100
3.42
%
June 16, 2027
September 15, 2017
100
3.52
September 15, 2029
January 2, 2018
100
3.32
January 2, 2028
September 2, 2020
100
2.35
September 2, 2030
June 2, 2021
100
2.48
June 2, 2031
June 2, 2021
100
2.58
June 2, 2033
May 4, 2023
75
4.79
May 4, 2028
May 4, 2023
75
4.84
May 4, 2030
May 4, 2023
75
4.96
May 4, 2033
May 4, 2023
150
4.94
May 4, 2033
December 15, 2025
100
5.23
December 15, 2032
December 15, 2025
75
5.28
December 15, 2032
Less: Deferred debt issuance costs
(1)
Total
$
1,149
The components of our private placement facility borrowings as of December
28, 2024, which have a weighted
average interest rate of
3.70
% are presented in the following table:
Amount of
Date of
Borrowing
Borrowing
Borrowing
Outstanding
Rate
Due Date
June 16, 2017
$
100
3.42
%
June 16, 2027
September 15, 2017
100
3.52
September 15, 2029
January 2, 2018
100
3.32
January 2, 2028
September 2, 2020
100
2.35
September 2, 2030
June 2, 2021
100
2.48
June 2, 2031
June 2, 2021
100
2.58
June 2, 2033
May 4, 2023
75
4.79
May 4, 2028
May 4, 2023
75
4.84
May 4, 2030
May 4, 2023
75
4.96
May 4, 2033
May 4, 2023
150
4.94
May 4, 2033
Total
$
975
v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 27, 2025
Income Taxes [Abstract]  
Income Before Taxes and Equity in Earnings of Affiliates
Years
ended
December 27,
December 28,
December 30,
2025
2024
2023
Domestic
$
384
$
338
$
424
Foreign
149
175
118
Total
$
533
$
513
$
542
Provision for Income Taxes Attributable to Continuing Operations
The provisions for income taxes were as follows:
Years
ended
December 27,
December 28,
December 30,
2025
2024
2023
Current income tax expense:
U.S. Federal
$
42
$
100
$
72
State and local
15
33
28
Foreign
64
56
40
Total current
121
189
140
Deferred income tax expense (benefit):
U.S. Federal
33
(29)
9
State and local
3
(12)
(3)
Foreign
(31)
(20)
(26)
Total deferred
5
(61)
(20)
Total provision
$
126
$
128
$
120
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
as follows:
Years
Ended
December 27,
December 28,
2025
2024
Deferred income tax asset:
Net operating losses
$
105
$
91
Other carryforwards
52
37
Inventory, premium
coupon redemptions and accounts receivable
valuation allowances
38
37
Operating lease liability
75
76
Capitalization of research and development costs
10
27
Other asset
62
49
Total deferred income
tax asset
342
317
Valuation
allowance for deferred tax assets
(1)
(53)
(38)
Net deferred income tax asset
289
279
Deferred income tax liability
Intangibles amortization
(266)
(260)
Operating lease right-of-use asset
(70)
(67)
Property and equipment
(7)
(7)
Total deferred tax
liability
(343)
(334)
Net deferred income tax asset (liability)
$
(54)
$
(55)
(1)
Primarily relates to operating losses, the benefits of which are uncertain.
Any future reductions of such valuation allowances will be
reflected as a reduction of income tax expense.
Reconciliation of Income Tax Provision at Federal Statutory Rate to Total Income Tax Provision
Year
ended December 27, 2025
$
%
Income tax provision at federal statutory rate
$
112
21.0
%
State income tax provision, net of federal income tax effect
(1)
10
2.0
Foreign Tax effects
Cayman Islands:
Foreign partnership loss
8
1.5
Other
(1)
(0.1)
Other foreign jurisdictions:
Equity investment remeasurement gain
(6)
(1.1)
Notional interest deduction
(6)
(1.1)
Other
19
3.5
Effects of changes in tax laws or rates enacted in current period
-
-
Cross-border tax laws
1
0.1
Tax credits
(2)
(0.4)
Changes in valuation allowance
3
0.6
Nontaxable and nondeductible items
3
0.5
Worldwide changes
in unrecognized tax benefits
4
0.7
Other adjustments:
Previously held non-controlling equity investment
(9)
(1.7)
Other
(10)
(1.8)
Effective tax rate
$
126
23.7
%
State taxes in California, Illinois, Massachusetts, New Jersey, and New York
make up the majority (greater than 50%) of the tax effect
in this category.
Years
ended
December 28,
December 30,
2024
2023
Income tax provision at federal statutory rate
$
108
$
114
State income tax provision, net of federal income tax effect
11
15
Foreign income tax provision
10
5
Pass-through noncontrolling interest
1
(8)
Valuation
allowance
6
(3)
Unrecognized tax benefits and audit settlements
5
9
Interest expense related to loans
(14)
(13)
Effect of cross border tax laws
12
7
Other
(11)
(6)
Total income
tax provision
$
128
$
120
Reconciliation of Unrecognized Tax Benefits Excluding the Effect of Deferred Taxes
December 27,
December 28,
December 30,
2025
2024
2023
Balance, beginning of period
$
89
$
98
$
82
Additions based on current year tax positions
5
5
9
Additions based on prior year tax positions
5
10
26
Reductions based on prior year tax positions
(2)
(14)
(2)
Reductions resulting from settlements with taxing authorities
-
-
(3)
Reductions resulting from lapse in statutes of limitations
(7)
(10)
(14)
Balance, end of period
$
90
$
89
$
98
v3.25.4
Plans of Restructuring and Related Costs (Tables)
12 Months Ended
Dec. 27, 2025
Plans of Restructuring and Related Costs [Abstract]  
Schedule of Restructuring Costs
Year Ended
December 27, 2025
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2024 Plan
Severance and employee-related costs
$
40
$
22
$
4
$
20
$
86
Impairment and accelerated depreciation and
amortization of right-of-use lease assets and other
long-lived assets
(3)
6
(1)
-
2
Exit and other related costs
5
4
-
-
9
Loss/(Gain) on disposal of a business
1
12
(5)
-
8
Restructuring and related costs-2024 Plan
$
43
$
44
$
(2)
$
20
$
105
Year Ended
December 28, 2024
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2024 Plan
Severance and employee-related costs
$
31
$
5
$
6
$
2
$
44
Impairment and accelerated depreciation and
amortization of right-of-use lease assets and other
long-lived assets
5
3
4
-
12
Exit and other related costs
2
-
-
-
2
Loss on disposal of a business
-
15
-
-
15
Restructuring and related costs-2024 Plan
$
38
$
23
$
10
$
2
$
73
2022 Plan
Severance and employee-related costs
$
18
$
5
$
1
$
-
$
24
Accelerated depreciation and amortization
10
-
-
(3)
7
Exit and other related costs
2
2
-
2
6
Loss on disposal of a business
-
-
-
-
-
Restructuring and related costs-2022 Plan
$
30
$
7
$
1
$
(1)
$
37
Total restructuring and related costs
$
68
$
30
$
11
$
1
$
110
Year Ended
December 30, 2023
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2022 Plan
Severance and employee-related costs
$
29
$
5
$
5
$
7
$
46
Impairment and accelerated depreciation and
amortization of right-of-use lease assets and other
long-lived assets
13
-
2
-
15
Exit and other related costs
3
1
-
2
6
Loss on disposal of a business
-
13
-
-
13
Restructuring and related costs-2022 Plan
$
45
$
19
$
7
$
9
$
80
Schedule of Restructuring Reserve Activity
2022 Plan
2024 Plan
Total
Balance, December 30, 2023
$
23
$
-
$
23
Restructuring and related costs
37
73
110
Non-cash impairment, accelerated depreciation and
amortization
(7)
(12)
(19)
Non-cash impairment on disposal of a business
-
(13)
(13)
Cash payments and other adjustments
(41)
(20)
(61)
Balance, December 28, 2024
12
28
40
Restructuring and related costs
-
105
105
Non-cash impairment, accelerated depreciation and
amortization
-
(2)
(2)
Non-cash charges related to disposal of a business
-
(6)
(6)
Cash payments and other adjustments
(11)
(77)
(88)
Balance, December 27, 2025
$
1
$
48
$
49
v3.25.4
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Purchase Commitments
2026
$
8
2027
1
2028
-
2029
-
2030
-
Thereafter
-
Total minimum
inventory purchase commitment payments
$
9
v3.25.4
Stock Based Compensation (Tables)
12 Months Ended
Dec. 27, 2025
Stock Based Compensation [Abstract]  
Summary of Stock Option Activity Under the Plans
Stock Options
Weighted Average
Aggregate
Weighted Average
Remaining Contractual
Intrinsic
Shares
Exercise Price
Life (in years)
Value
Outstanding at beginning of year
963,491
$
72.16
Granted
-
-
Exercised
(24,945)
62.71
Forfeited
(15,831)
81.75
Outstanding at end of year
922,715
$
72.26
5.6
$
7
Options exercisable at end of year
922,715
$
72.26
5.6
$
7
Status of Non-Vested Restricted Shares/Units
Time-Based Restricted Stock Units
Performance-Based Restricted Stock Units
Weighted Average
Weighted Average
Grant Date Fair
Grant Date Fair
Shares/Units
Value Per Share
Shares/Units
Value Per Share
Outstanding at beginning of period
1,685,550
$
72.90
389,111
$
75.98
Granted
592,716
75.18
251,287
75.30
Performance adjustment
n/a
n/a
(31,313)
76.20
Vested
(564,037)
66.54
(14,499)
84.04
Forfeited
(107,687)
77.10
(206,626)
77.33
Outstanding at end of period
1,606,542
$
75.69
387,960
$
75.89
v3.25.4
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 27, 2025
Employee Benefit Plans [Abstract]  
Obligation and Funded Status
Years
Ended
December 27,
December 28,
2025
2024
Obligation and funded status:
Change in benefit obligation
Projected benefit obligation, beginning of period
$
129
$
125
Service costs
4
4
Interest cost
3
3
Past service cost (credit)
-
(1)
Actuarial gain (loss)
(2)
6
Benefits paid
1
-
Participant contributions
2
2
Settlements and curtailments
(7)
(1)
Effect of foreign currency translation
16
(9)
Projected benefit obligation, end of period
$
146
$
129
Change in plan assets
Fair value of plan assets at beginning of period
$
90
$
86
Actual return on plan assets
1
3
Employer contributions
3
3
Plan participant contributions
2
2
Expected return on plan assets
3
3
Benefit received
4
1
Settlements
(6)
(2)
Effect of foreign currency translation
9
(6)
Fair value of plan assets at end of period
$
106
$
90
Unfunded status at end of period
$
40
$
39
Balance Sheet
Years
Ended
December 27,
December 28,
2025
2024
Non-current assets
$
37
$
28
Current liabilities
(1)
(1)
Non-current liabilities
(76)
(68)
Accumulated other comprehensive loss, pre-tax
8
10
Net Periodic Pension Cost
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Service cost
$
4
$
4
$
3
Interest cost
3
3
3
Expected return on plan assets
(3)
(3)
(3)
Employee contributions
(1)
(1)
(1)
Settlements
(1)
-
-
Net periodic pension cost
$
2
$
3
$
2
Assumptions
Years
Ended
December 27,
December 28,
Pension Benefit Obligation
2025
2024
Weighted average
discount rate
2.75
%
2.23
%
Years
Ended
December 27,
December 28,
December 30,
Net Periodic Pension Cost
2025
2024
2023
Discount rate-pension benefit
2.05
%
1.70
%
1.50
%
Expected return on plan assets
0.92
%
1.13
%
0.51
%
Rate of compensation increase
2.00
%
1.98
%
1.64
%
Pension increase rate
0.74
%
0.63
%
0.80
%
Estimated Payments
Year
2026
$
8
2027
9
2028
9
2029
7
2030
8
2031 to 2035
52
Total
$
93
v3.25.4
Redeemable Noncontrolling Interests (Tables)
12 Months Ended
Dec. 27, 2025
Redeemable Noncontrolling Interests [Abstract]  
Change in Fair Value of Redeemable Noncontrolling Interests
December 27,
December 28,
December 30,
2025
2024
2023
Balance, beginning of period
$
806
$
864
$
576
Decrease in redeemable noncontrolling interests due to acquisitions of
noncontrolling interests in subsidiaries
(76)
(273)
(19)
Increase in redeemable noncontrolling interests due to business
acquisitions
86
171
326
Net income (loss) attributable to redeemable noncontrolling interests
(5)
(1)
6
Distributions declared, net of capital contributions
(18)
(50)
(19)
Effect of foreign currency translation gain (loss) attributable
to
redeemable noncontrolling interests
30
(24)
5
Change in fair value of redeemable securities
72
119
(11)
Balance, end of period
$
895
$
806
$
864
v3.25.4
Comprehensive Income (Tables)
12 Months Ended
Dec. 27, 2025
Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income and Comprehensive Income Components
December 27,
December 28,
December 30,
2025
2024
2023
Attributable to redeemable noncontrolling interests:
Foreign currency translation adjustment
$
(26)
$
(56)
$
(32)
Attributable to noncontrolling interests:
Foreign currency translation adjustment
$
1
$
(1)
$
(1)
Attributable to Henry Schein, Inc.:
Foreign currency translation adjustment
$
(196)
$
(371)
$
(188)
Unrealized gain loss from hedging activities
(24)
-
(13)
Pension adjustment loss
(6)
(8)
(5)
Accumulated other comprehensive loss
$
(226)
$
(379)
$
(206)
Total Accumulated
other comprehensive loss
$
(251)
$
(436)
$
(239)
Components of comprehensive income, net of applicable taxes
December 27,
December 28,
December 30,
2025
2024
2023
Net income
$
419
$
398
$
436
Foreign currency translation gain (loss)
207
(207)
53
Tax effect
-
-
-
Foreign currency translation gain (loss)
207
(207)
53
Unrealized gain (loss) from hedging activities
(33)
18
(25)
Tax effect
9
(5)
7
Unrealized gain (loss) from hedging activities
(24)
13
(18)
Pension adjustment gain (loss)
5
(5)
(3)
Tax effect
(3)
2
-
Pension adjustment gain (loss)
2
(3)
(3)
Comprehensive income
$
604
$
201
$
468
Total Comprehensive Income
December 27,
December 28,
December 30,
2025
2024
2023
Comprehensive income attributable to
Henry Schein, Inc.
$
551
$
217
$
443
Comprehensive income attributable to
noncontrolling interests
28
9
14
Comprehensive income (loss) attributable to
Redeemable noncontrolling interests
25
(25)
11
Comprehensive income
$
604
$
201
$
468
v3.25.4
Earnings Per Share (Tables)
12 Months Ended
Dec. 27, 2025
Earnings Per Share [Abstract]  
Reconciliation of Shares used in Calculating Earnings per Share Basic and Diluted
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Basic
120,813,977
126,788,997
130,618,990
Effect of dilutive securities:
Stock options and restricted stock units
903,899
990,231
1,129,181
Diluted
121,717,876
127,779,228
131,748,171
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Stock options
396,052
406,676
424,695
Restricted stock units
6,200
9,287
15,040
Total anti-dilutive
securities excluded from earnings per share
computation
402,252
415,963
439,735
v3.25.4
Supplemental Cash Flow Information (Tables)
12 Months Ended
Dec. 27, 2025
Supplemental Cash Flow Elements [Abstract]  
Cash Paid for Interest and Income Taxes
Years
Ended
December 27,
December 28,
December 30,
2025
2024
2023
Cash paid for interest
$
151
$
132
$
84
Cash paid for income taxes, net of refunds:
U.S. Federal
$
67
U.S. State and local
15
Foreign:
Switzerland
8
Other
38
Total
$
128
Years
Ended
December 28,
December 30,
2024
2023
Cash paid during the period for income taxes (prior to ASU 2023-09)
$
144
$
218
v3.25.4
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Fiscal year duration 364 days 364 days 364 days  
Accrued warranty costs $ 8 $ 8    
Distribution network costs 107 105 $ 105  
Costs of goods sold 9,079 8,657 8,479  
Advertising and promotional costs 46 43 47  
Outstanding checks in excess of funds on deposit classified as accounts payable 25 33    
Contract liabilities, current   81 81 $ 89
Contract liabilities, noncurrent $ 9 8   9
Lease option to extend Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.      
Short-term lease expense $ 10 11 10  
Accounts receivable balance 1,651 [1] 1,482 [1] 1,863  
Allowance for doubtful accounts 90 78 83 $ 65
Goodwill impairment   13    
Impairment charge on intangible assets $ 16 0 7  
Business combinations, measurement period 12 months      
Facility Closing [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Impairment charge on intangible assets $ 0 14 12  
Minimum [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Fiscal year duration 364 days      
Maximum [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Fiscal year duration 371 days      
Global Distribution and Value-Added Services [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Goodwill impairment   0    
Global Specialty Products [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Goodwill impairment   11    
Global Specialty Products [Member] | Facility Closing [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Goodwill impairment   11    
Shipping and Handling [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Costs of goods sold $ 105 106 $ 98  
Variable Interest Entity, Primary Beneficiary [Member] | Recourse [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Liabilities of VIE 390 150    
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged As Collateral [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Pledged assets $ 491 $ 241    
[1]
Amounts presented include balances held by our consolidated variable interest entity (“VIE”).
At December 27, 2025 and
December 28, 2024, includes trade accounts receivable of $
491
million and $
241
million, respectively, and long-term debt of $
390
million and $
150
million, respectively.
See
for further
information.
v3.25.4
Basis of Presentation and Significant Accounting Policies (Allowance for Credit Losses) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Basis of Presentation and Significant Accounting Policies [Abstract]      
Balance at beginning of year $ 78 $ 83 $ 65
Provision for credit losses 20 14 17
Adjustments to existing allowances for late fees, foreign currency exchange rates, and write-offs (8) (19) 1
Balance at end of year $ 90 $ 78 $ 83
v3.25.4
Basis of Presentation and Significant Accounting Policies (Contract Liabilities) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies [Abstract]        
Current contract liabilities   $ 81 $ 81 $ 89
Non-current contract liabilities $ 9 8   9
Total contract liabilities $ 90 $ 89   $ 98
v3.25.4
Cyber Incident (Narrative) (Details) - Cyber Incident [Member] - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Unusual Or Infrequent Item [Line Items]      
Insurance policy limitations $ 60    
Insurance retention 5    
Expenses related to cyber incident 0 $ 9 $ 11
Insurance proceeds related to cyber incident $ 20 $ 40  
v3.25.4
Net Sales from Contracts with Customers (Disaggregation of Net Sales) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Disaggregation of Revenue [Abstract]      
Net sales $ 13,184 $ 12,673 $ 12,339
Global Distribution and Value-Added Services [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 11,120 10,729 10,525
Global Specialty Products [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 1,389 1,314 1,212
Global Technology [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 675 630 602
Operating Segments [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 13,357 12,836 12,494
Operating Segments [Member] | Global Distribution and Value-Added Services [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 11,138 10,760 10,561
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Dental [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 6,868 6,679 6,649
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Dental Merchandise [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 4,831 4,723 4,783
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Dental Equipment [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 1,799 1,723 1,675
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Value-Added Services [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 238 233 191
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Medical [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 4,270 4,081 3,912
Operating Segments [Member] | Global Specialty Products [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 1,544 1,446 1,331
Operating Segments [Member] | Global Technology [Member]      
Disaggregation of Revenue [Abstract]      
Net sales 675 630 602
Intersegment Elimination [Member]      
Disaggregation of Revenue [Abstract]      
Net sales (173) (163) (155)
Intersegment Elimination [Member] | Global Distribution and Value-Added Services [Member]      
Disaggregation of Revenue [Abstract]      
Net sales (18) (31) (36)
Intersegment Elimination [Member] | Global Specialty Products [Member]      
Disaggregation of Revenue [Abstract]      
Net sales (155) (132) (119)
Intersegment Elimination [Member] | Global Technology [Member]      
Disaggregation of Revenue [Abstract]      
Net sales $ 0 $ 0 $ 0
v3.25.4
Segment and Geographic Data (Narrative) (Details)
12 Months Ended
Dec. 27, 2025
number
Segment Reporting Information [Line Items]  
Number of reportable segments 3
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%
v3.25.4
Segment and Geographic Data (Business Segment Information) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Segment Reporting Information [Line Items]      
Net sales $ 13,184 $ 12,673 $ 12,339
Cost of sales 9,079 8,657 8,479
Operating income 653 621 615
Depreciation and amortization 311 297 248
Global Distribution and Value-Added Services [Member]      
Segment Reporting Information [Line Items]      
Net sales 11,120 10,729 10,525
Global Specialty Products [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,389 1,314 1,212
Global Technology [Member]      
Segment Reporting Information [Line Items]      
Net sales 675 630 602
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Net sales 13,357 12,836 12,494
Operating income 1,102 1,026 982
Depreciation and amortization 99 89 80
Operating Segments [Member] | Global Distribution and Value-Added Services [Member]      
Segment Reporting Information [Line Items]      
Net sales 11,138 10,760 10,561
Cost of sales 8,352 7,984 7,862
Operating expenses 2,106 2,080 2,034
Operating income 680 696 665
Depreciation and amortization 27 25 26
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Dental [Member]      
Segment Reporting Information [Line Items]      
Net sales 6,868 6,679 6,649
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Dental Merchandise [Member]      
Segment Reporting Information [Line Items]      
Net sales 4,831 4,723 4,783
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Dental Equipment [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,799 1,723 1,675
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Value-Added Services [Member]      
Segment Reporting Information [Line Items]      
Net sales 238 233 191
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Global Medical [Member]      
Segment Reporting Information [Line Items]      
Net sales 4,270 4,081 3,912
Operating Segments [Member] | Global Specialty Products [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,544 1,446 1,331
Cost of sales 697 644 611
Operating expenses 605 624 545
Operating income 242 178 175
Depreciation and amortization 36 29 23
Operating Segments [Member] | Global Technology [Member]      
Segment Reporting Information [Line Items]      
Net sales 675 630 602
Cost of sales 218 206 185
Operating expenses 277 272 275
Operating income 180 152 142
Depreciation and amortization 36 35 31
Corporate Nonsegment [Member]      
Segment Reporting Information [Line Items]      
Operating income (130) (77) (92)
Depreciation and amortization 33 24 18
Intersegment Elimination [Member]      
Segment Reporting Information [Line Items]      
Net sales (173) (163) (155)
Operating income (319) (328) (275)
Intersegment Elimination [Member] | Global Distribution and Value-Added Services [Member]      
Segment Reporting Information [Line Items]      
Net sales (18) (31) (36)
Intersegment Elimination [Member] | Global Specialty Products [Member]      
Segment Reporting Information [Line Items]      
Net sales (155) (132) (119)
Intersegment Elimination [Member] | Global Technology [Member]      
Segment Reporting Information [Line Items]      
Net sales 0 0 0
Eliminations and Reconciling Items [Member]      
Segment Reporting Information [Line Items]      
Operating income 319 328 275
Depreciation and amortization $ 179 $ 184 $ 150
v3.25.4
Segment and Geographic Data (Business Segment Information - Adjustments) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Adjustments:      
Restructuring costs and related costs $ (105) $ (110)  
Acquisition intangible amortization (311) (297) $ (248)
Impairment of capitalized assets 0 (12) (27)
Impairment of intangible assets (16) 0 (7)
Total adjustments (653) (621) (615)
Eliminations and Reconciling Items [Member]      
Adjustments:      
Restructuring costs and related costs (105) (110) (80)
Acquisition intangible amortization (179) (184) (150)
Cyber incident-third-party advisory expenses, net of insurance 20 31 (11)
Changes in contingent consideration 2 (45) 0
Litigation settlements (5) (6) 0
Impairment of capitalized assets 0 (12) (27)
Impairment of intangible assets (16) 0 (7)
Costs associated with shareholder advisory matters and select value creation consulting costs (36) (2) 0
Total adjustments $ (319) $ (328) $ (275)
v3.25.4
Segment and Geographic Data (Operations by Geographic Area) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 13,184 $ 12,673 $ 12,339
Long-Lived Assets 6,153 5,734 5,614
United States [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 9,096 8,825 8,662
Long-Lived Assets 4,033 3,683 3,479
Other [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 4,088 3,848 3,677
Long-Lived Assets $ 2,120 $ 2,051 $ 2,135
v3.25.4
Business Acquisitions (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Apr. 01, 2024
Oct. 02, 2023
Jul. 05, 2023
Apr. 05, 2023
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Business Acquisition [Line Items]              
Goodwill         $ 4,213 $ 3,887 $ 3,875
Acquisition costs         6 6 22
2025 Acquisitions [Member]              
Business Acquisition [Line Items]              
Totalonsideration transferred         392    
Consideration paid         194    
Noncontrolling interests         85    
Fair value of contributed equity share in a controlled subsidiary         91    
Deferred consideration         3    
Goodwill         199    
Intangible Assets         150    
Identifiable intangible assets acquired         150    
2025 Acquisitions [Member] | Product Development [Member]              
Business Acquisition [Line Items]              
Identifiable intangible assets acquired         $ 18    
Weighted Average Useful Lives (in years)         10 years    
2025 Acquisitions [Member] | Noncompete Agreements [Member]              
Business Acquisition [Line Items]              
Identifiable intangible assets acquired         $ 2    
Weighted Average Useful Lives (in years)         5 years    
2025 Acquisitions [Member] | Minimum [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired         60.00%    
2025 Acquisitions [Member] | Maximum [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired         100.00%    
Acquisitions of Controlling Interests of Affiliates [Member]              
Business Acquisition [Line Items]              
Recognized gain related to remeasurement to fair value of previously held equity investment         $ 38    
Business Combination Achieved In Stages Preacquisition Equity Interest In Acquiree Remeasurement Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration         Selling, General and Administrative Expense    
Adjustments for provisional amounts             18
TriMed, Inc. [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired 60.00%            
Totalonsideration transferred $ 315         315  
Consideration paid           141  
Noncontrolling interests           153  
Deferred consideration           21  
Goodwill           124  
Intangible Assets           221  
TriMed, Inc. [Member] | Product Development [Member]              
Business Acquisition [Line Items]              
Intangible Assets           $ 204  
Weighted Average Useful Lives (in years)           9 years  
TriMed, Inc. [Member] | Trademarks and Trade Names [Member]              
Business Acquisition [Line Items]              
Intangible Assets           $ 9  
Weighted Average Useful Lives (in years)           7 years  
TriMed, Inc. [Member] | In Process Research and Development [Member]              
Business Acquisition [Line Items]              
Intangible Assets           $ 8  
Shield Healthcare, Inc. [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired   90.00%          
Totalonsideration transferred   $ 348          
Consideration paid   289          
Noncontrolling interests   37          
Deferred consideration   22          
Goodwill   199          
Intangible Assets   166          
Identifiable intangible assets acquired   $ 166          
S.I.N. Implant System [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired     100.00%        
Totalonsideration transferred     $ 329        
Consideration paid     329        
Goodwill     241        
Intangible Assets     87        
Identifiable intangible assets acquired     87        
S.I.N. Implant System [Member] | Product Development [Member]              
Business Acquisition [Line Items]              
Identifiable intangible assets acquired     $ 36        
Weighted Average Useful Lives (in years)     8 years        
Biotech Dental [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired       57.00%      
Totalonsideration transferred       $ 423      
Consideration paid       216      
Noncontrolling interests       182      
Fair value of contributed equity share in a controlled subsidiary       25      
Goodwill       297      
Intangible Assets       189      
Identifiable intangible assets acquired       189      
Biotech Dental [Member] | Product Development [Member]              
Business Acquisition [Line Items]              
Identifiable intangible assets acquired       $ 124      
Weighted Average Useful Lives (in years)       10 years      
Series of Individually Immaterial Business Acquisitions [Member]              
Business Acquisition [Line Items]              
Totalonsideration transferred           113 284
Consideration paid           62  
Noncontrolling interests           18  
Estimated fair value of contingent consideration payable           2  
Fair value of contributed equity share in a controlled subsidiary           30  
Deferred consideration           1  
Goodwill           60 171
Intangible Assets           64 116
Recognized gain related to remeasurement to fair value of previously held equity investment           $ 19  
Business Combination Achieved In Stages Preacquisition Equity Interest In Acquiree Remeasurement Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration           Selling, General and Administrative Expense  
Series of Individually Immaterial Business Acquisitions [Member] | Customer Relationships and Lists [Member]              
Business Acquisition [Line Items]              
Intangible Assets           $ 33 79
Weighted Average Useful Lives (in years)           11 years  
Series of Individually Immaterial Business Acquisitions [Member] | Product Development [Member]              
Business Acquisition [Line Items]              
Intangible Assets           $ 5 7
Weighted Average Useful Lives (in years)           9 years  
Series of Individually Immaterial Business Acquisitions [Member] | Trademarks and Trade Names [Member]              
Business Acquisition [Line Items]              
Intangible Assets           $ 24 8
Weighted Average Useful Lives (in years)           7 years  
Series of Individually Immaterial Business Acquisitions [Member] | Noncompete Agreements [Member]              
Business Acquisition [Line Items]              
Intangible Assets           $ 2  
Weighted Average Useful Lives (in years)           5 years  
Series of Individually Immaterial Business Acquisitions [Member] | Other Intangible Assets [Member]              
Business Acquisition [Line Items]              
Intangible Assets             $ 22
Series of Individually Immaterial Business Acquisitions [Member] | Minimum [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired           51.00% 51.00%
Weighted Average Useful Lives (in years)             2 years
Series of Individually Immaterial Business Acquisitions [Member] | Maximum [Member]              
Business Acquisition [Line Items]              
Percentage of voting interest acquired           100.00% 100.00%
Weighted Average Useful Lives (in years)             10 years
v3.25.4
Business Acquisitions (Summary of Estimated Fair Value of Consideration Paid and Net Assets Acquired) (Details) - USD ($)
$ in Millions
12 Months Ended
Apr. 01, 2024
Oct. 02, 2023
Jul. 05, 2023
Apr. 05, 2023
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Identifiable assets acquired and liabilities assumed:              
Goodwill         $ 4,213 $ 3,887 $ 3,875
Acquisitions 2025 [Member]              
Acquisition consideration:              
Cash         194    
Deferred consideration         3    
Estimated fair value of contingent consideration payable         19    
Fair value of previously held equity method investment         91    
Noncontrolling interests         85    
Totalonsideration transferred         392    
Identifiable assets acquired and liabilities assumed:              
Current assets         59    
Intangible Assets         150    
Other noncurrent assets         42    
Current liabilities         (26)    
Long-term debt         (1)    
Deferred income taxes         (23)    
Other noncurrent liabilities         (8)    
Total identifiable net assets         193    
Goodwill         199    
Total net assets acquired         $ 392    
TriMed, Inc. [Member]              
Acquisition consideration:              
Cash           141  
Deferred consideration           21  
Noncontrolling interests           153  
Totalonsideration transferred $ 315         315  
Identifiable assets acquired and liabilities assumed:              
Current assets           35  
Intangible Assets           221  
Other noncurrent assets           10  
Current liabilities           (7)  
Deferred income taxes           (62)  
Other noncurrent liabilities           (6)  
Total identifiable net assets           191  
Goodwill           124  
Total net assets acquired           315  
Shield Healthcare, Inc. [Member]              
Acquisition consideration:              
Cash   $ 289          
Deferred consideration   22          
Noncontrolling interests   37          
Totalonsideration transferred   348          
Identifiable assets acquired and liabilities assumed:              
Current assets   41          
Intangible Assets   166          
Other noncurrent assets   16          
Current liabilities   (24)          
Deferred income taxes   (43)          
Other noncurrent liabilities   (7)          
Total identifiable net assets   149          
Goodwill   199          
Total net assets acquired   $ 348          
S.I.N. Implant System [Member]              
Acquisition consideration:              
Cash     $ 329        
Totalonsideration transferred     329        
Identifiable assets acquired and liabilities assumed:              
Current assets     73        
Intangible Assets     87        
Other noncurrent assets     48        
Current liabilities     (33)        
Long-term debt     (22)        
Deferred income taxes     (38)        
Other noncurrent liabilities     (27)        
Total identifiable net assets     88        
Goodwill     241        
Total net assets acquired     $ 329        
Series of Individually Immaterial Business Acquisitions [Member]              
Acquisition consideration:              
Cash           62  
Deferred consideration           1  
Fair value of previously held equity method investment           30  
Noncontrolling interests           18  
Totalonsideration transferred           113 284
Identifiable assets acquired and liabilities assumed:              
Intangible Assets           64 116
Goodwill           $ 60 $ 171
Biotech Dental [Member]              
Acquisition consideration:              
Cash       $ 216      
Fair value of previously held equity method investment       25      
Noncontrolling interests       182      
Totalonsideration transferred       423      
Identifiable assets acquired and liabilities assumed:              
Current assets       74      
Intangible Assets       189      
Other noncurrent assets       69      
Current liabilities       (60)      
Long-term debt       (73)      
Deferred income taxes       (53)      
Other noncurrent liabilities       (20)      
Total identifiable net assets       126      
Goodwill       297      
Total net assets acquired       $ 423      
v3.25.4
Business Acquisitions (Summary of Identifiable Intangible Assets Acquired and Estimated Useful Lives) (Details) - USD ($)
$ in Millions
12 Months Ended
Oct. 02, 2023
Jul. 05, 2023
Apr. 05, 2023
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Acquisitions 2025 [Member]            
Business Acquisition [Line Items]            
Assets Acquired       $ 150    
Acquisitions 2025 [Member] | Customer Relationships and Lists [Member]            
Business Acquisition [Line Items]            
Assets Acquired       $ 98    
Weighted Average Useful Lives (in years)       11 years    
Acquisitions 2025 [Member] | Trademarks and Tradenames [Member]            
Business Acquisition [Line Items]            
Assets Acquired       $ 32    
Weighted Average Useful Lives (in years)       7 years    
Acquisitions 2025 [Member] | Product Development [Member]            
Business Acquisition [Line Items]            
Assets Acquired       $ 18    
Weighted Average Useful Lives (in years)       10 years    
Acquisitions 2025 [Member] | Noncompete Agreements [Member]            
Business Acquisition [Line Items]            
Assets Acquired       $ 2    
Weighted Average Useful Lives (in years)       5 years    
TriMed, Inc. [Member] | Product Development [Member]            
Business Acquisition [Line Items]            
Weighted Average Useful Lives (in years)         9 years  
Shield Healthcare, Inc. [Member]            
Business Acquisition [Line Items]            
Assets Acquired $ 166          
Shield Healthcare, Inc. [Member] | Customer Relationships and Lists [Member]            
Business Acquisition [Line Items]            
Assets Acquired $ 156          
Weighted Average Useful Lives (in years) 12 years          
Shield Healthcare, Inc. [Member] | Trademarks and Tradenames [Member]            
Business Acquisition [Line Items]            
Assets Acquired $ 10          
Weighted Average Useful Lives (in years) 5 years          
S.I.N. Implant System [Member]            
Business Acquisition [Line Items]            
Assets Acquired   $ 87        
S.I.N. Implant System [Member] | Customer Relationships and Lists [Member]            
Business Acquisition [Line Items]            
Assets Acquired   $ 38        
Weighted Average Useful Lives (in years)   7 years        
S.I.N. Implant System [Member] | Trademarks and Tradenames [Member]            
Business Acquisition [Line Items]            
Assets Acquired   $ 13        
Weighted Average Useful Lives (in years)   10 years        
S.I.N. Implant System [Member] | Product Development [Member]            
Business Acquisition [Line Items]            
Assets Acquired   $ 36        
Weighted Average Useful Lives (in years)   8 years        
Biotech Dental [Member]            
Business Acquisition [Line Items]            
Assets Acquired     $ 189      
Biotech Dental [Member] | Customer Relationships and Lists [Member]            
Business Acquisition [Line Items]            
Assets Acquired     $ 47      
Weighted Average Useful Lives (in years)     9 years      
Biotech Dental [Member] | Trademarks and Tradenames [Member]            
Business Acquisition [Line Items]            
Assets Acquired     $ 18      
Weighted Average Useful Lives (in years)     7 years      
Biotech Dental [Member] | Product Development [Member]            
Business Acquisition [Line Items]            
Assets Acquired     $ 124      
Weighted Average Useful Lives (in years)     10 years      
Series of Individually Immaterial Business Acquisitions [Member] | Minimum [Member]            
Business Acquisition [Line Items]            
Weighted Average Useful Lives (in years)           2 years
Series of Individually Immaterial Business Acquisitions [Member] | Maximum [Member]            
Business Acquisition [Line Items]            
Weighted Average Useful Lives (in years)           10 years
Series of Individually Immaterial Business Acquisitions [Member] | Product Development [Member]            
Business Acquisition [Line Items]            
Weighted Average Useful Lives (in years)         9 years  
Series of Individually Immaterial Business Acquisitions [Member] | Noncompete Agreements [Member]            
Business Acquisition [Line Items]            
Weighted Average Useful Lives (in years)         5 years  
v3.25.4
Inventory, Net (Narrative) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Inventories, Net [Abstract]    
Inventory reserves $ 131 $ 132
v3.25.4
Inventory, Net (Schedule of Inventory, Net) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Inventories, Net [Abstract]    
Finished goods $ 1,889 $ 1,710
Raw materials 70 61
Work-in process 43 39
Inventories, net $ 2,002 $ 1,810
v3.25.4
Property and Equipment, Net (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 1,380 $ 1,201  
Less accumulated depreciation and amortization (759) (670)  
Property and equipment related depreciation expense 101 83 $ 70
Impairment of capitalized costs 0 12 $ 27
Land [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 22 20  
Buildings and permanent improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 187 164  
Property and equipment, average useful life (in years) 40 years    
Leasehold improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 125 109  
Machinery and warehouse equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 307 257  
Machinery and warehouse equipment [Member] | Minimum [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, average useful life (in years) 5 years    
Machinery and warehouse equipment [Member] | Maximum [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, average useful life (in years) 15 years    
Furniture, fixtures and other [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 137 128  
Furniture, fixtures and other [Member] | Minimum [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, average useful life (in years) 3 years    
Furniture, fixtures and other [Member] | Maximum [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, average useful life (in years) 10 years    
Computer equipment and software [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 602 $ 523  
Computer equipment and software [Member] | Minimum [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, average useful life (in years) 3 years    
Computer equipment and software [Member] | Maximum [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, average useful life (in years) 10 years    
v3.25.4
Leases (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Lessee, Lease, Description [Line Items]      
Gain on early lease termination $ 4    
Impairment of right-of-use asset from operating lease   $ 0 $ 3
Operating lease assets, Lease not yet commenced 23    
Current operating lease liabilities 78 75  
Non-current operating lease liabilities 251 259  
Property Owned By Employees And Shareholders [Member]      
Lessee, Lease, Description [Line Items]      
Current operating lease liabilities 5 6  
Non-current operating lease liabilities $ 22 $ 20  
Property Owned By Employees And Shareholders [Member] | Current Operating Lease Liabilities [Member] | Related Party Concentration Risk [Member]      
Lessee, Lease, Description [Line Items]      
Concentration risk percentage (as a percent) 6.60% 7.60%  
Property Owned By Employees And Shareholders [Member] | Non-Current Operating Lease Liabilities [Member] | Related Party Concentration Risk [Member]      
Lessee, Lease, Description [Line Items]      
Concentration risk percentage (as a percent) 8.70% 7.80%  
Maximum [Member]      
Lessee, Lease, Description [Line Items]      
Remaining lease term (in years) 23 years    
Lease option to extend (in years) 10 years    
Operating lease not yet commenced, term of contract 10 years    
Maximum [Member] | Property Owned By Employees And Shareholders [Member]      
Lessee, Lease, Description [Line Items]      
Remaining lease term (in years) 12 years    
v3.25.4
Leases (Components of Lease Expense) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Leases [Abstract]      
Operating lease cost $ 94 $ 107 $ 99
Variable lease cost 11 12 12
Short-term lease cost 10 11 10
Total operating lease cost 115 130 121
Finance lease cost:      
Finance lease cost 3 4 5
Total lease cost 118 134 126
Operating lease cost including restructuring and integration costs $ 3 $ 17 $ 11
v3.25.4
Leases (Supplemental Balance Sheet Information) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Operating Leases    
Operating lease right-of-use assets $ 301 $ 293
Current operating lease liabilities 78 75
Non-current operating lease liabilities 251 259
Total operating lease liabilities 329 334
Finance leases    
Property and equipment, at cost 14 16
Accumulated depreciation (7) (9)
Property and equipment, net of accumulated depreciation 7 7
Current maturities of long-term debt $ 3 $ 3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Long-term Debt and Capital Lease Obligations, Current Long-term Debt and Capital Lease Obligations, Current
Long-term debt $ 4 $ 3
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation
Total finance lease liabilities $ 7 $ 6
Weighted Average Remaining Lease Term, in years, Operating Lease 5 years 7 months 6 days 5 years 10 months 24 days
Weighted Average Remaining Lease Term, in years, Finance Lease 2 years 10 months 24 days 2 years 8 months 12 days
Weighted Average Discount Rate, Percent, Operating Lease 4.50% 4.20%
Weighted Average Discount Rate, Percent, Finance Lease 4.50% 4.40%
v3.25.4
Leases (Supplemental Cash Flow Information) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows for operating leases $ 99 $ 94
Financing cash flows for finance leases 3 4
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases 71 76
Finance leases $ 3 $ 2
v3.25.4
Leases (Maturities of Lease Liabilities) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Operating Leases    
2026 $ 91  
2027 74  
2028 59  
2029 47  
2030 37  
Thereafter 63  
Total future lease payments 371  
Less imputed interest 42  
Total operating lease liabilities 329 $ 334
Finance Leases    
2026 3  
2027 2  
2028 1  
2029 1  
2030 0  
Thereafter 0  
Total future lease payments 7  
Less imputed interest 0  
Total finance lease liabilities $ 7 $ 6
v3.25.4
Goodwill and Other Intangibles, Net (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Goodwill and Intangible Assets [Line Items]      
Goodwill impairment   $ 13  
Amortization of intangible assets $ 180 185 $ 152
Impairment charge on intangible assets 16 0 7
Amortization expense expected to be recorded 2024 172    
Amortization expense expected to be recorded 2025 159    
Amortization expense expected to be recorded 2026 142    
Amortization expense expected to be recorded 2027 128    
Amortization expense expected to be recorded 2028 118    
Disposal of a Business [Member]      
Goodwill and Intangible Assets [Line Items]      
Impairment charge on intangible assets $ 0 $ 14 12
Trademarks and Trade Names [Member]      
Goodwill and Intangible Assets [Line Items]      
Average useful life (in years) 8 years 8 years  
Customer Lists and Relationships [Member]      
Goodwill and Intangible Assets [Line Items]      
Average useful life (in years) 10 years 10 years  
Product Development [Member]      
Goodwill and Intangible Assets [Line Items]      
Average useful life (in years) 9 years 9 years  
Noncompete Agreements [Member]      
Goodwill and Intangible Assets [Line Items]      
Average useful life (in years) 5 years 4 years  
Other Intangible Assets [Member]      
Goodwill and Intangible Assets [Line Items]      
Average useful life (in years) 15 years 15 years  
Global Specialty Products [Member]      
Goodwill and Intangible Assets [Line Items]      
Goodwill impairment   $ 11  
Global Specialty Products [Member] | Disposal of a Business [Member]      
Goodwill and Intangible Assets [Line Items]      
Goodwill impairment   11  
Global Distribution and Value-Added Services [Member]      
Goodwill and Intangible Assets [Line Items]      
Goodwill impairment   0  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member]      
Goodwill and Intangible Assets [Line Items]      
Impairment charge on intangible assets $ 16 4 19
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Planned Exit of Business [Member]      
Goodwill and Intangible Assets [Line Items]      
Impairment charge on intangible assets     12
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Trade Names [Member] | Disposal of a Business [Member]      
Goodwill and Intangible Assets [Line Items]      
Impairment charge on intangible assets   2  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Trade Names [Member] | Business Integration [Member]      
Goodwill and Intangible Assets [Line Items]      
Impairment charge on intangible assets   1  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Trade Names and Non-Compete Agreements [Member]      
Goodwill and Intangible Assets [Line Items]      
Impairment charge on intangible assets 2 $ 1  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | Customer Lists and Relationships [Member]      
Goodwill and Intangible Assets [Line Items]      
Impairment charge on intangible assets $ 14   $ 7
v3.25.4
Goodwill and Other Intangibles, Net (Changes in the Carrying Amount of Goodwill) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Goodwill [Roll Forward]    
Beginning balance $ 3,887 $ 3,875
Adjustments to goodwill: Acquisitions 199 148
Adjustments to goodwill: Impairment   (13)
Adjustments to goodwill: Disposal (3)  
Adjustments to goodwill: Foreign currency translation 130 (123)
Ending balance 4,213 3,887
Global Distribution and Value-Added Services [Member]    
Goodwill [Roll Forward]    
Beginning balance 2,009 2,007
Adjustments to goodwill: Acquisitions 49 41
Adjustments to goodwill: Impairment   0
Adjustments to goodwill: Disposal (1)  
Adjustments to goodwill: Foreign currency translation 49 (39)
Ending balance 2,106 2,009
Global Specialty Products [Member]    
Goodwill [Roll Forward]    
Beginning balance 1,093 1,077
Adjustments to goodwill: Acquisitions 124 107
Adjustments to goodwill: Impairment   (11)
Adjustments to goodwill: Disposal 0  
Adjustments to goodwill: Foreign currency translation 74 (80)
Ending balance 1,291 1,093
Global Technology [Member]    
Goodwill [Roll Forward]    
Beginning balance 785 791
Adjustments to goodwill: Acquisitions 26 0
Adjustments to goodwill: Impairment   (2)
Adjustments to goodwill: Disposal (2)  
Adjustments to goodwill: Foreign currency translation 7 (4)
Ending balance $ 816 $ 785
v3.25.4
Goodwill and Other Intangibles, Net (Other Intangible Assets - Finite-Lived) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 1,656 $ 1,555
Accumulated amortization (638) (532)
Net 1,018 1,023
Customer Relationships and Lists [Member]    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 971 915
Accumulated amortization (408) (356)
Net $ 563 $ 559
Weighted Average Remaining Life (in years) 10 years 10 years
Trademarks and Trade Names [Member]    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 205 $ 188
Accumulated amortization (96) (89)
Net $ 109 $ 99
Weighted Average Remaining Life (in years) 8 years 8 years
Product Development [Member]    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 438 $ 403
Accumulated amortization (120) (71)
Net $ 318 $ 332
Weighted Average Remaining Life (in years) 9 years 9 years
Noncompete Agreements [Member]    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 18 $ 21
Accumulated amortization (5) (6)
Net $ 13 $ 15
Weighted Average Remaining Life (in years) 5 years 4 years
Other intangibles assets [Member]    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 24 $ 28
Accumulated amortization (9) (10)
Net $ 15 $ 18
Weighted Average Remaining Life (in years) 15 years 15 years
v3.25.4
Investments and Other (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Investments in unconsolidated affiliates $ 174 $ 170  
Non-current deferred foreign, state and local income taxes 92 47  
Notes receivable 56 63  
Capitalized costs for software and cloud based applications for external use 112 90  
Security deposits 4 4  
Acquisition related indemnification assets 39 39  
Non-current pension assets 11 9  
Non-current inventory 38 27  
Other long-term assets 72 52  
Total 598 501  
Amortization of other long-term assets 30 29 $ 26
Impairment of capitalized costs $ 0 12 $ 27
Operating Segments [Member] | Global Technology [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Impairment of capitalized costs   $ 12  
Financing Receivable [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Latest maturity date of varying installments of long-term notes receivable May 31, 2031    
Financing Receivable [Member] | Minimum [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Long-term notes receivable interest rate (as a percent) 3.00%    
Financing Receivable [Member] | Maximum [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Long-term notes receivable interest rate (as a percent) 11.80%    
v3.25.4
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Change in fair value of contingent consideration in connection with business acquisitions $ (2) $ 45
Business Acquisition 2025 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Change in fair value of contingent consideration in connection with business acquisitions 9  
Business Acquisition 2023 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Change in fair value of contingent consideration in connection with business acquisitions (11) 38
Business Acquisition 2022 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Change in fair value of contingent consideration in connection with business acquisitions   7
Estimate of Fair Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of debt (including bank credit lines) $ 3,107 $ 2,536
v3.25.4
Fair Value Measurements (Components of Change in Fair Value of Contingent Consideration) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Fair Value Measurements [Abstract]    
Balance, beginning of period $ 30 $ 6
Increase in contingent consideration due to business acquisitions and acquisitions of noncontrolling interests in subsidiaries 103 10
Decrease in contingent consideration due to payments (19) (31)
Change in fair value of contingent consideration in connection with business acquisitions (2) 45
Change in fair value of contingent consideration in connection with changes in ownership in consolidated subsidiaries (15) 0
Balance, end of period $ 97 $ 30
v3.25.4
Fair Value Measurements (Assets and Liabilities Measured and Recognized on a Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Attributable To Redeemable Noncontrolling Interests [Abstract]        
Redeemable noncontrolling interests $ 895 $ 806 $ 864 $ 576
Estimate of Fair Value Measurement [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair value of debt 3,107 2,536    
Fair Value, Measurements, Recurring [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Total assets 3 17    
Liabilities [Abstract]        
Contingent consideration 97 30    
Total liabilities 122 42    
Attributable To Redeemable Noncontrolling Interests [Abstract]        
Redeemable noncontrolling interests 895 806    
Fair Value, Measurements, Recurring [Member] | Fair Value Measurement [Domain] | Total Return Swap [Member]        
Assets [Abstract]        
Total return swaps 1      
Liabilities [Abstract]        
Total return swaps   3    
Fair Value, Measurements, Recurring [Member] | Derivative Contracts Designated as Hedges [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 1 10    
Liabilities [Abstract]        
Derivative contracts - liabilities 23 5    
Fair Value, Measurements, Recurring [Member] | Derivative Contracts Undesignated [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 1 7    
Liabilities [Abstract]        
Derivative contracts - liabilities 2 4    
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Total assets 0 0    
Liabilities [Abstract]        
Contingent consideration 0 0    
Total liabilities 0 0    
Attributable To Redeemable Noncontrolling Interests [Abstract]        
Redeemable noncontrolling interests 0 0    
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Fair Value Measurement [Domain] | Total Return Swap [Member]        
Assets [Abstract]        
Total return swaps 0      
Liabilities [Abstract]        
Total return swaps   0    
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Derivative Contracts Designated as Hedges [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 0 0    
Liabilities [Abstract]        
Derivative contracts - liabilities 0 0    
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Derivative Contracts Undesignated [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 0 0    
Liabilities [Abstract]        
Derivative contracts - liabilities 0 0    
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Total assets 3 17    
Liabilities [Abstract]        
Contingent consideration 0 0    
Total liabilities 25 12    
Attributable To Redeemable Noncontrolling Interests [Abstract]        
Redeemable noncontrolling interests 0 0    
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Fair Value Measurement [Domain] | Total Return Swap [Member]        
Assets [Abstract]        
Total return swaps 1      
Liabilities [Abstract]        
Total return swaps   3    
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivative Contracts Designated as Hedges [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 1 10    
Liabilities [Abstract]        
Derivative contracts - liabilities 23 5    
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivative Contracts Undesignated [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 1 7    
Liabilities [Abstract]        
Derivative contracts - liabilities 2 4    
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Total assets 0 0    
Liabilities [Abstract]        
Contingent consideration 97 30    
Total liabilities 97 30    
Attributable To Redeemable Noncontrolling Interests [Abstract]        
Redeemable noncontrolling interests 895 806    
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Fair Value Measurement [Domain] | Total Return Swap [Member]        
Assets [Abstract]        
Total return swaps 0      
Liabilities [Abstract]        
Total return swaps   0    
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Derivative Contracts Designated as Hedges [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 0 0    
Liabilities [Abstract]        
Derivative contracts - liabilities 0 0    
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Derivative Contracts Undesignated [Member] | Fair Value Measurement [Domain]        
Assets [Abstract]        
Derivative contracts - assets 0 0    
Liabilities [Abstract]        
Derivative contracts - liabilities $ 0 $ 0    
v3.25.4
Concentrations of Risk (Details)
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Top customer concentration risk [Member] | Sales revenue, net [Member] | Any single customer [Member] | Maximum [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage (as a percent) 2.00% 2.00% 2.00%
Supplier concentration risk [Member] | Purchases [Member] | Top 10 Distribution and Value-Added Services Suppliers [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage (as a percent) 24.00% 25.00%  
Supplier concentration risk [Member] | Purchases [Member] | Single Largest Supplier [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage (as a percent) 4.00% 4.00%  
v3.25.4
Derivatives and Hedging Activities (Narrative) (Details)
€ in Millions
12 Months Ended
Dec. 27, 2025
USD ($)
Dec. 28, 2024
USD ($)
Dec. 30, 2023
USD ($)
Dec. 27, 2025
EUR (€)
Dec. 27, 2025
USD ($)
Nov. 16, 2023
EUR (€)
Mar. 20, 2020
USD ($)
Derivative [Line Items]              
Notional amount   $ 1,239,000,000     $ 1,254,000,000    
Term Credit Agreement [Member]              
Derivative [Line Items]              
Derivative fixed interest rate       5.69% 5.69%    
Derivative variable interest rate       5.01% 5.01%    
Debt face amount         $ 750,000,000    
Debt term 3 years            
Interest Rate Swaps [Member] | Term Credit Agreement [Member]              
Derivative [Line Items]              
Derivative fixed interest rate   6.04%          
Other Comprehensive Income [Member] | Interest Rate Swaps [Member] | Term Credit Agreement [Member]              
Derivative [Line Items]              
Gain (loss) on derivative $ (3,000,000) $ (3,000,000)          
Forward Contracts [Member] | Other Comprehensive Income [Member]              
Derivative [Line Items]              
Gain (loss) on derivative (33,000,000) 10,000,000 $ (32,000,000)        
Total Return Swap [Member] | SERP and DCP [Member]              
Derivative [Line Items]              
Notional amount         117,000,000   $ 43,000,000
Gain (loss) on derivative $ 11,000,000 $ 8,000,000 $ 10,000,000        
Inception date Mar. 20, 2020            
Total Return Swap [Member] | SERP and DCP [Member] | Interest Rate Swaps [Member]              
Derivative [Line Items]              
Notional amount         $ 675,000,000    
Total Return Swap [Member] | Secured Overnight Financing Rate Sofr Overnight Index Swap Rate [Member] | SERP and DCP [Member]              
Derivative [Line Items]              
Derivative fixed interest rate       3.79% 3.79%    
Derivative basis spread on variable rate       75.00% 75.00%    
Derivative variable interest rate       4.54% 4.54%    
Net Investment Hedging [Member] | Foreign Exchange Forward [Member]              
Derivative [Line Items]              
Maturity date Nov. 03, 2028 Nov. 03, 2028          
Notional amount   $ 336,000,000     $ 365,000,000    
Net Investment Hedging [Member] | Forward Contracts I [Member]              
Derivative [Line Items]              
Maturity date Nov. 16, 2023            
Notional amount | €           € 200  
Net Investment Hedging [Member] | Forward Contracts II [Member]              
Derivative [Line Items]              
Maturity date Nov. 03, 2028            
Notional amount | €       € 300      
v3.25.4
Derivatives and Hedging Activities (Summary of Terms and Fair Value of Derivative Instruments) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Derivatives Fair Value [Line Items]    
Notional Amount $ 1,254 $ 1,239
Fair Value (21) 3
Cash Flow Hedging [Member] | Foreign Currency Forward [Member]    
Derivatives Fair Value [Line Items]    
Notional Amount 98 84
Fair Value $ 0 $ 0
Maturity Date Dec. 24, 2026 Oct. 30, 2025
Cash Flow Hedging [Member] | Interest Rate Swaps [Member]    
Derivatives Fair Value [Line Items]    
Notional Amount $ 675 $ 713
Fair Value $ (3) $ (3)
Maturity Date Jul. 13, 2026 Jul. 13, 2026
Net Investment Hedging [Member] | Foreign Currency Forward [Member]    
Derivatives Fair Value [Line Items]    
Notional Amount $ 365 $ 336
Fair Value $ (19) $ 9
Maturity Date Nov. 03, 2028 Nov. 03, 2028
Undesignated Hedging [Member] | Total Return Swap [Member]    
Derivatives Fair Value [Line Items]    
Notional Amount $ 116 $ 106
Fair Value $ 1 $ (3)
Maturity Date Dec. 30, 2025 Dec. 30, 2024
v3.25.4
Derivatives and Hedging Activities (Summary of Effect of Cash Flow and Net Investment Hedges on Statements of Income) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]      
Unrealized gain (loss) from hedging activities $ (24) $ 13 $ (18)
Cash Flow Hedging [Member] | Foreign Currency Forward [Member]      
Derivative Instruments And Hedging Activities Disclosures [Line Items]      
Unrealized gain (loss) from hedging activities 0 0 (1)
Cash Flow Hedging [Member] | Interest Rate Swaps [Member]      
Derivative Instruments And Hedging Activities Disclosures [Line Items]      
Unrealized gain (loss) from hedging activities 0 6 (7)
Net Investment Hedging [Member] | Foreign Currency Forward [Member]      
Derivative Instruments And Hedging Activities Disclosures [Line Items]      
Unrealized gain (loss) from hedging activities $ (24) $ 7 $ (10)
v3.25.4
Debt (Revolving Credit Agreement - Narrative) (Details) - Revolving Credit Facility [Member] - USD ($)
12 Months Ended
Aug. 20, 2021
Dec. 27, 2025
Dec. 28, 2024
Line of Credit Facility [Line Items]      
Line of credit initiation date Aug. 20, 2021 Jul. 11, 2023  
Credit facility borrowing capacity   $ 1,000,000,000.0  
Credit facility expiration date   Jul. 11, 2028  
Line of credit interest rate   3.78% 4.45%
Debt instrument, basis spread on variable rate   1.08% 1.18%
Debt Instrument Variable Interest Rate Type Extensible Enumeration   Secured Overnight Financing Rate Sofr [Member] Secured Overnight Financing Rate Sofr [Member]
Line of credit combined interest rate   4.86% 5.63%
Borrowings   $ 100,000,000 $ 0
Average outstanding balance under line of credit   203,000,000  
Outstanding letters of credit provided to third parties   $ 10,000,000 $ 11,000,000
v3.25.4
Debt (Other Short-Term Bank Credit Lines - Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Line of Credit Facility [Line Items]    
Bank credit lines $ 764 $ 650
Other Short-Term Credit Lines [Member]    
Line of Credit Facility [Line Items]    
Credit facility borrowing capacity 787 790
Bank credit lines 664 $ 650
Average outstanding balance under line of credit $ 680  
Weighted average interest rate on borrowings under credit lines at period end 4.68% 5.35%
v3.25.4
Debt (Private Placement Facilities - Narrative) (Details) - Private Placement Facilities [Member]
12 Months Ended
Dec. 27, 2025
USD ($)
number
Dec. 28, 2024
Debt Instrument [Line Items]    
Number of companies included in private placement facilities | number 4  
Debt instrument maximum borrowing capacity | $ $ 1,500,000,000  
Debt instrument, maturity date Dec. 19, 2028  
Average term of issuances under private placement facilities 12 years  
Weighted average interest rate at period end 3.93% 3.70%
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  
v3.25.4
Debt (Term Loan - Narrative) (Details) - USD ($)
5 Months Ended 7 Months Ended 12 Months Ended
Jun. 05, 2025
Dec. 27, 2025
Dec. 27, 2025
Dec. 28, 2024
Term Credit Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt term     3 years  
Debt face amount   $ 750,000,000 $ 750,000,000  
Debt instrument, maturity date Jul. 11, 2026 Jun. 06, 2030    
Long-term debt   $ 749,000,000 $ 749,000,000 $ 712,000,000
Debt instrument, interest rate, stated percentage   3.76% 3.76% 4.45%
Debt instrument, basis spread on variable rate     1.25% 1.60%
Debt Instrument Variable Interest Rate Type Extensible Enumeration     Secured Overnight Financing Rate Sofr Overnight Index Swap Rate [Member] Secured Overnight Financing Rate Sofr Overnight Index Swap Rate [Member]
Debt instrument, interest rate at period end   5.01% 5.01% 6.05%
Percentage of the notional amount hedged   90.00% 90.00%  
Derivative fixed interest rate   5.69% 5.69%  
Derivative variable interest rate   5.01% 5.01%  
Derivative weighted average interest rate   5.62% 5.62%  
Term Credit Agreement [Member] | Interest Rate Swaps [Member]        
Line of Credit Facility [Line Items]        
Derivative fixed interest rate       6.04%
June 2026 through June 2027 [Member]        
Line of Credit Facility [Line Items]        
Quarterly payments     $ 5,000,000  
September 2027 through June 2030 [Member]        
Line of Credit Facility [Line Items]        
Quarterly payments     $ 9,000,000  
v3.25.4
Debt (U.S. Trade Accounts Receivable Securitization - Narrative) (Details) - U.S. Trade Accounts Receivable Securitization [Member]
12 Months Ended
Dec. 27, 2025
USD ($)
number
Dec. 28, 2024
USD ($)
Debt Instrument [Line Items]    
Pricing commitment period 3 years  
Debt instrument, maturity date Dec. 06, 2027 Dec. 15, 2025
Debt instrument maximum borrowing capacity $ 450,000,000  
Number of banks as agents for debt instrument | number 2  
Long-term debt $ 390,000,000 $ 150,000,000
Debt instrument, interest rate, stated percentage 4.06% 4.73%
Debt instrument, basis spread on variable rate 0.75% 0.75%
Debt Instrument Variable Interest Rate Type Extensible Enumeration    
Debt instrument, variable rate basis at period end 4.81% 5.48%
Minimum [Member]    
Debt Instrument [Line Items]    
Commitment fee basis points depending upon program utilization 0.0030  
Maximum [Member]    
Debt Instrument [Line Items]    
Commitment fee basis points depending upon program utilization 0.0035  
v3.25.4
Debt (Bank Credit Lines) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Line of Credit Facility [Line Items]    
Bank credit lines $ 764 $ 650
Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Bank credit lines 100 0
Other Short-Term Credit Lines [Member]    
Line of Credit Facility [Line Items]    
Bank credit lines $ 664 $ 650
v3.25.4
Debt (Schedule of Long-term Debt) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Debt Instrument [Line Items]    
Finance lease obligations $ 7 $ 6
Total Long-term debt 2,343 1,886
Less current maturities (33) (56)
Total long-term debt [1] 2,310 1,830
Term Credit Agreement [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 749 $ 712
Borrowing Rate 3.76% 4.45%
Private Placement Facilities [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 1,149 $ 975
U.S. Trade Accounts Receivable Securitization [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 390 $ 150
Borrowing Rate 4.06% 4.73%
Various Collateralized and Uncollateralized Long-Term Loans Payable with Interest, in Varying Installments [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 48 $ 43
Various Collateralized and Uncollateralized Long-Term Loans Payable with Interest, in Varying Installments [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Borrowing Rate 0.00% 0.00%
Various Collateralized and Uncollateralized Long-Term Loans Payable with Interest, in Varying Installments [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Borrowing Rate 6.75% 9.42%
[1]
Amounts presented include balances held by our consolidated variable interest entity (“VIE”).
At December 27, 2025 and
December 28, 2024, includes trade accounts receivable of $
491
million and $
241
million, respectively, and long-term debt of $
390
million and $
150
million, respectively.
See
for further
information.
v3.25.4
Debt (Schedule of Long-Term Debt Maturities) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Maturities of Long-term Debt [Abstract]    
2026 $ 33  
2027 534  
2028 221  
2029 143  
2030 810  
Thereafter 602  
Total Long-term debt $ 2,343 $ 1,886
v3.25.4
Debt (Schedule of Private Placement Facilities) (Details) - Private Placement Facilities [Member] - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Debt Instrument [Line Items]    
Less: Deferred debt issuance costs $ (1)  
Total Long-term debt $ 1,149 $ 975
Due Date Dec. 19, 2028  
Private Placement Facilities June 16, 2017 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Jun. 16, 2017 Jun. 16, 2017
Amount of borrowing outstanding $ 100 $ 100
Borrowing Rate 3.42% 3.42%
Due Date Jun. 16, 2027 Jun. 16, 2027
Private Placement Facilities September 15, 2017 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Sep. 15, 2017 Sep. 15, 2017
Amount of borrowing outstanding $ 100 $ 100
Borrowing Rate 3.52% 3.52%
Due Date Sep. 15, 2029 Sep. 15, 2029
Private Placement Facilities January 2, 2018 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Jan. 02, 2018 Jan. 02, 2018
Amount of borrowing outstanding $ 100 $ 100
Borrowing Rate 3.32% 3.32%
Due Date Jan. 02, 2028 Jan. 02, 2028
Private Placement Facilities September 2, 2020 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Sep. 02, 2020 Sep. 02, 2020
Amount of borrowing outstanding $ 100 $ 100
Borrowing Rate 2.35% 2.35%
Due Date Sep. 02, 2030 Sep. 02, 2030
Private Placement Facilities June 2, 2021 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Jun. 02, 2021 Jun. 02, 2021
Amount of borrowing outstanding $ 100 $ 100
Borrowing Rate 2.48% 2.48%
Due Date Jun. 02, 2031 Jun. 02, 2031
Private Placement Facilities June 2, 2021 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Jun. 02, 2021 Jun. 02, 2021
Amount of borrowing outstanding $ 100 $ 100
Borrowing Rate 2.58% 2.58%
Due Date Jun. 02, 2033 Jun. 02, 2033
Private Placement Facilities May 4, 2023 [Member]    
Debt Instrument [Line Items]    
Date of borrowing May 04, 2023 May 04, 2023
Amount of borrowing outstanding $ 75 $ 75
Borrowing Rate 4.79% 4.79%
Due Date May 04, 2028 May 04, 2028
Private Placement Facilities May 4, 2023 [Member]    
Debt Instrument [Line Items]    
Date of borrowing May 04, 2023 May 04, 2023
Amount of borrowing outstanding $ 75 $ 75
Borrowing Rate 4.84% 4.84%
Due Date May 04, 2030 May 04, 2030
Private Placement Facilities May 4, 2023 [Member]    
Debt Instrument [Line Items]    
Date of borrowing May 04, 2023 May 04, 2023
Amount of borrowing outstanding $ 75 $ 75
Borrowing Rate 4.96% 4.96%
Due Date May 04, 2033 May 04, 2033
Private Placement Facilities May 4, 2023 [Member]    
Debt Instrument [Line Items]    
Date of borrowing May 04, 2023 May 04, 2023
Amount of borrowing outstanding $ 150 $ 150
Borrowing Rate 4.94% 4.94%
Due Date May 04, 2033 May 04, 2033
Private Placement Facilities December 15, 2025 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Dec. 15, 2025  
Amount of borrowing outstanding $ 100  
Borrowing Rate 5.23%  
Due Date Dec. 15, 2032  
Private Placement Facilities December 15, 2025 [Member]    
Debt Instrument [Line Items]    
Date of borrowing Dec. 15, 2025  
Amount of borrowing outstanding $ 75  
Borrowing Rate 5.28%  
Due Date Dec. 15, 2032  
v3.25.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Income Tax Examination [Line Items]        
Effective tax rate (as a percent) 23.70% 24.90% 22.10%  
Corporate tax rate 21.00%      
Unrecognized tax benefits $ 90 $ 89 $ 98 $ 82
Amount of tax interest expense included as a component of the provision for taxes 4 2 $ 4  
Other Liabilities [Member]        
Income Tax Examination [Line Items]        
Unrecognized tax benefits including accrued interest 112 108    
Unrecognized tax benefits that would affect the effective tax rate if recognized 104 100    
Interest accrued 22 $ 18    
Federal Tax Authority [Member]        
Income Tax Examination [Line Items]        
Operating loss carryforwards 86      
Net operating loss carryforwards not subject to expiration 86      
State and Local Jurisdiction [Member]        
Income Tax Examination [Line Items]        
Operating loss carryforwards 62      
Net operating loss carryforwards not subject to expiration 21      
Foreign Tax Authority [Member]        
Income Tax Examination [Line Items]        
Operating loss carryforwards 366      
Net operating loss carryforwards not subject to expiration $ 358      
v3.25.4
Income Taxes (Income Before Taxes and Equity in Earnings of Affiliates) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Income before equity method investments, income taxes and loss on sale of equity investment [Abstract]      
Domestic $ 384 $ 338 $ 424
Foreign 149 175 118
Income before taxes, equity in earnings of affiliates and noncontrolling interests $ 533 $ 513 $ 542
v3.25.4
Income Taxes (Provision for Income Taxes Attributable to Continuing Operations) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Current income tax expense:      
U.S. Federal $ 42 $ 100 $ 72
State and local 15 33 28
Foreign 64 56 40
Total current 121 189 140
Deferred income tax expense (benefit):      
U.S. Federal 33 (29) 9
State and local 3 (12) (3)
Foreign (31) (20) (26)
Total deferred 5 (61) (20)
Total income tax provision $ 126 $ 128 $ 120
v3.25.4
Income Taxes (Tax Effects of Temporary Differences to Deferred Income Tax Asset (Liability)) (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Deferred income tax asset:    
Net operating losses $ 105 $ 91
Other carryforwards 52 37
Inventory, premium coupon redemptions and accounts receivable valuation allowances 38 37
Operating lease liability 75 76
Capitalization of research and Development costs 10 27
Other asset 62 49
Total deferred income tax asset 342 317
Valuation allowance for deferred tax assets (53) (38)
Net deferred income tax asset 289 279
Deferred income tax liability    
Intangibles amortization (266) (260)
Operating lease right-of-use asset (70) (67)
Property and equipment (7) (7)
Total deferred tax liability (343) (334)
Net deferred income tax asset (liability) $ (54) $ (55)
v3.25.4
Income Taxes (Reconciliation of Income Tax Provision at Federal Statutory Rate to Total Income Tax Provision) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income tax provision at federal statutory rate $ 112 $ 108 $ 114
State income tax provision, net of federal income tax effect 10 11 15
Foreign tax provisions   10 5
Pass through noncontrolling interest   1 (8)
Effects of changes in tax laws or rate enacted in current period 0    
Cross border tax laws 1 12 7
Tax credits (2)    
Changes in valuation allowance 3 6 (3)
Nontaxable and nondeductible items 3    
Worldwide changes in unrecognized tax benefits 4    
Previously held non-controlling equity investment (9)    
Unrecognized tax benefits and audit settlements   5 9
Interest expense related to loans   (14) (13)
Other (10) (11) (6)
Total income tax provision $ 126 $ 128 $ 120
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]      
Income tax provision at federal statutory rate (as a percent) 21.00%    
State income tax provision, net of federal income tax effect (as a percent) 2.00%    
Effects of changes in tax laws or rate enacted in current period (as a percent) 0.00%    
Cross border tax laws (as a percent) 0.10%    
Tax credits (as a percent) (0.40%)    
Changes in valuation allowance (as a percent) 0.60%    
Nontaxable and nondeductible items (as a percent) 0.50%    
Worldwide changes in unrecognized tax benefits (as a percent) 0.70%    
Previously held non-controlling equity investment (as a percent) (1.70%)    
Other (as a percent) (1.80%)    
Effective tax rate (as a percent) 23.70% 24.90% 22.10%
Cayman Islands Tax Information Authority [Member]      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Foreign partnership loss $ 8    
Other $ (1)    
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]      
Foreign partnership loss (as a percent) 1.50%    
Other (as a percent) (0.10%)    
Foreign Tax Jurisdiction, Other [Member]      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Equity investment remeasurement gain $ (6)    
Notional interest deductioin (6)    
Other $ 19    
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]      
Equity investment remeasurement gain (as a percent) (1.10%)    
Notional interest deduction (as a percent) (1.10%)    
Other (as a percent) 3.50%    
v3.25.4
Income Taxes (Reconciliation of Unrecognized Tax Benefits Excluding the Effect of Deferred Taxes) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance, beginning of period $ 89 $ 98 $ 82
Additions based on current year tax positions 5 5 9
Additions based on prior year tax positions 5 10 26
Reductions based on prior year tax positions (2) (14) (2)
Reductions resulting from settlements with taxing authorities 0 0 (3)
Reductions resulting from lapse in statutes of limitations (7) (10) (14)
Balance, end of period $ 90 $ 89 $ 98
v3.25.4
Plans of Restructuring and Related Costs (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs $ 105 $ 110  
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Selling, General and Administrative Expense Selling, General and Administrative Expense  
Impairment charge on intangible assets $ 16 $ 0 $ 7
Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Impairment charge on intangible assets 0 14 12
2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 105 73  
2024 Plan [Member] | Global Distribution and Value-Added Services [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 1    
2024 Plan [Member] | Global Specialty Products [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 12    
Goodwill and intangible asset imapirment   13  
2024 Plan [Member] | Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 8 15  
2022 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs $ 0 37 80
2022 Plan [Member] | Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   $ 0 13
2022 Plan [Member] | Disposal of a Business [Member] | Global Specialty Products [Member]      
Restructuring Cost and Reserve [Line Items]      
Impairment charge on intangible assets     $ 12
v3.25.4
Plans of Restructuring and Related Costs (Schedule of Restructuring Costs) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs $ 105 $ 110  
Total $ 105 $ 110 $ 80
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Selling, General and Administrative Expense Selling, General and Administrative Expense  
2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs $ 105 $ 73  
2024 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 86 44  
2024 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 2 12  
2024 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 9 2  
2024 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 8 15  
2022 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 0 37 80
2022 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   24 46
2022 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs     15
2022 Plan [Member] | Accelerated Depreciation and Amortization [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   7  
2022 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   6 6
2022 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0 13
Global Distribution and Value-Added Services [Member] | 2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 1    
Global Specialty Products [Member] | 2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 12    
Operating Segments [Member] | Global Distribution and Value-Added Services [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   68  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 43 38  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2024 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 40 31  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2024 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs (3) 5  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2024 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 5 2  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2024 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 1 0  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2022 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   30 45
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2022 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   18 29
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2022 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs     13
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2022 Plan [Member] | Accelerated Depreciation and Amortization [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   10  
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2022 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   2 3
Operating Segments [Member] | Global Distribution and Value-Added Services [Member] | 2022 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0 0
Operating Segments [Member] | Global Specialty Products [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   30  
Operating Segments [Member] | Global Specialty Products [Member] | 2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 44 23  
Operating Segments [Member] | Global Specialty Products [Member] | 2024 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 22 5  
Operating Segments [Member] | Global Specialty Products [Member] | 2024 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 6 3  
Operating Segments [Member] | Global Specialty Products [Member] | 2024 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 4 0  
Operating Segments [Member] | Global Specialty Products [Member] | 2024 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 12 15  
Operating Segments [Member] | Global Specialty Products [Member] | 2022 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   7 19
Operating Segments [Member] | Global Specialty Products [Member] | 2022 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   5 5
Operating Segments [Member] | Global Specialty Products [Member] | 2022 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs     0
Operating Segments [Member] | Global Specialty Products [Member] | 2022 Plan [Member] | Accelerated Depreciation and Amortization [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0  
Operating Segments [Member] | Global Specialty Products [Member] | 2022 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   2 1
Operating Segments [Member] | Global Specialty Products [Member] | 2022 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0 13
Operating Segments [Member] | Global Technology [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   11  
Operating Segments [Member] | Global Technology [Member] | 2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs (2) 10  
Operating Segments [Member] | Global Technology [Member] | 2024 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 4 6  
Operating Segments [Member] | Global Technology [Member] | 2024 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs (1) 4  
Operating Segments [Member] | Global Technology [Member] | 2024 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 0 0  
Operating Segments [Member] | Global Technology [Member] | 2024 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs (5) 0  
Operating Segments [Member] | Global Technology [Member] | 2022 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   1 7
Operating Segments [Member] | Global Technology [Member] | 2022 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   1 5
Operating Segments [Member] | Global Technology [Member] | 2022 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs     2
Operating Segments [Member] | Global Technology [Member] | 2022 Plan [Member] | Accelerated Depreciation and Amortization [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0  
Operating Segments [Member] | Global Technology [Member] | 2022 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0 0
Operating Segments [Member] | Global Technology [Member] | 2022 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0 0
Corporate Nonsegment [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   1  
Corporate Nonsegment [Member] | 2024 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 20 2  
Corporate Nonsegment [Member] | 2024 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 20 2  
Corporate Nonsegment [Member] | 2024 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 0 0  
Corporate Nonsegment [Member] | 2024 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs 0 0  
Corporate Nonsegment [Member] | 2024 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs $ 0 0  
Corporate Nonsegment [Member] | 2022 Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   (1) 9
Corporate Nonsegment [Member] | 2022 Plan [Member] | Severance and Employee Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   0 7
Corporate Nonsegment [Member] | 2022 Plan [Member] | Impairment and Accelerated Depreciation and Amortization of Right-of-Use Lease Assets and Other Long Long-Lived Assets [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs     0
Corporate Nonsegment [Member] | 2022 Plan [Member] | Accelerated Depreciation and Amortization [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   (3)  
Corporate Nonsegment [Member] | 2022 Plan [Member] | Exit and Other Related Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   2 2
Corporate Nonsegment [Member] | 2022 Plan [Member] | Loss on Disposal of a Business [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related costs   $ 0 $ 0
v3.25.4
Plans of Restructuring and Related Costs (Schedule of Restructuring Reserve Activity) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Restructuring Reserve [Roll Forward]      
Balance, beginning $ 40 $ 23  
Restructuring and related costs 105 110  
Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets (2) (19)  
Non-cash impairment on disposal of a business (6) (13)  
Cash payments and other adjustments (88) (61)  
Balance, ending $ 49 $ 40 $ 23
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Selling, General and Administrative Expense Selling, General and Administrative Expense  
2022 Plan [Member]      
Restructuring Reserve [Roll Forward]      
Balance, beginning $ 12 $ 23  
Restructuring and related costs 0 37 80
Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 0 (7)  
Non-cash impairment on disposal of a business 0 0  
Cash payments and other adjustments (11) (41)  
Balance, ending 1 12 23
2024 Plan [Member]      
Restructuring Reserve [Roll Forward]      
Balance, beginning 28 0  
Restructuring and related costs 105 73  
Non-cash asset impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets (2) (12)  
Non-cash impairment on disposal of a business (6) (13)  
Cash payments and other adjustments (77) (20)  
Balance, ending $ 48 $ 28 $ 0
v3.25.4
Commitments and Contingencies (Other Commitments - Narrative) (Details)
12 Months Ended
Dec. 27, 2025
USD ($)
Employment, consulting and non-compete agreements [Member]  
Other Commitment, Fiscal Year Maturity [Abstract]  
2026 $ 13,000,000
2027 3,000,000
2028 0
2029 0
2030 0
Thereafter 0
Life-time consulting agreement [Member]  
Other Commitment, Fiscal Year Maturity [Abstract]  
Current compensation paid under lifetime consulting agreement $ 400,000
v3.25.4
Commitments and Contingencies (Litigation - Narrative) (Details)
$ in Millions
12 Months Ended
Dec. 27, 2025
USD ($)
Dec. 28, 2024
USD ($)
Dec. 30, 2023
USD ($)
Loss Contingency, Information about Litigation Matters [Abstract]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 13,184 $ 12,673 $ 12,339
Maximum [Member]      
Loss Contingency, Information about Litigation Matters [Abstract]      
Number of pending claims 10    
Actions consolidated in the MultiDistrict Litigation [Member] | Maximum [Member]      
Loss Contingency, Information about Litigation Matters [Abstract]      
Maximum sales of opioids in North America during the year, percentage 0.40%    
Actions consolidated in the MultiDistrict Litigation [Member] | Continuing Operations [Member]      
Loss Contingency, Information about Litigation Matters [Abstract]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 13,200    
v3.25.4
Commitments and Contingencies (Purchase Commitments) (Details)
$ in Millions
Dec. 27, 2025
USD ($)
Unrecorded Unconditional Purchase Obligation [Abstract]  
2026 $ 8
2027 1
2028 0
2029 0
2030 0
Thereafter 0
Total minimum inventory purchase commitment payments $ 9
v3.25.4
Stock Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pre-tax share-based compensation expense $ 39 $ 39 $ 39
Total unrecognized compensation cost related to non-vested awards $ 63    
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards (in years) 2 years 6 months    
Options granted in period 0    
Restricted Stock/Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value of stock-based awards granted before forfeitures (in dollars per share) $ 75.78 $ 75.12 $ 76.43
Time-Based Restricted Stock/Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value of stock-based awards granted before forfeitures (in dollars per share) $ 75.18    
Fair value of awards that vested $ 38 $ 21 $ 27
Time-Based Restricted Stock/Units [Member] | Chief Executive Officer [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of years for full vesting (in years) 4 years    
Awards issued, allocation percentage 35.00%    
Time-Based Restricted Stock/Units [Member] | Executive Management Committee [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of years for full vesting (in years) 4 years    
Awards issued, allocation percentage 50.00%    
Time-Based Restricted Stock/Units [Member] | Vice President [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards issued, allocation percentage 80.00%    
Time-Based Restricted Stock/Units [Member] | Share Based Compensation Award Tranche One [Member] | Vice President [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 50.00%    
Time-Based Restricted Stock/Units [Member] | Share Based Compensation Award Tranche One [Member] | Director [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 50.00%    
Time-Based Restricted Stock/Units [Member] | Share Based Compensation Award Tranche Two [Member] | Vice President [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 50.00%    
Time-Based Restricted Stock/Units [Member] | Share Based Compensation Award Tranche Two [Member] | Director [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 50.00%    
Performance-Based Restricted Stock/Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value of stock-based awards granted before forfeitures (in dollars per share) $ 75.30    
Fair value of awards that vested $ 1 $ 1 $ 38
Performance-Based Restricted Stock/Units [Member] | Chief Executive Officer [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of years for full vesting (in years) 3 years    
Awards issued, allocation percentage 65.00%    
Performance-Based Restricted Stock/Units [Member] | Executive Management Committee [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of years for full vesting (in years) 3 years    
Awards issued, allocation percentage 50.00%    
Performance-Based Restricted Stock/Units [Member] | Vice President [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of years for full vesting (in years) 3 years    
Awards issued, allocation percentage 20.00%    
Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of years for full vesting (in years) 3 years    
Expiration period (in years) 10 years    
2020 Stock Incentive Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized to be granted (in shares) 75,742,657    
Shares available to be granted (in shares) 9,081,164    
Non-Employee Director Stock Incentive Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized to be granted (in shares) 2,075,000    
Shares available to be granted (in shares) 324,753    
Non-Employee Director Stock Incentive Plan [Member] | Time-Based Restricted Stock/Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of years for full vesting (in years) 12 months    
v3.25.4
Stock Based Compensation (Summary of Stock Option Activity Under the Plans) (Details)
$ / shares in Units, $ in Millions
12 Months Ended
Dec. 27, 2025
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Outstanding at beginning of year (in shares) | shares 963,491
Granted (in shares) | shares 0
Exercised (in shares) | shares (24,945)
Forfeited (in shares) | shares (15,831)
Outstanding at end of year (in shares) | shares 922,715
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Outstanding at beginning of year (in dollars per share) | $ / shares $ 72.16
Granted (in dollars per share) | $ / shares 0
Exercised (in dollars per share) | $ / shares 62.71
Forfeited (in dollars per share) | $ / shares 81.75
Outstanding at end of year (in dollars per share) | $ / shares $ 72.26
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options exercisable at end of year (in shares) | shares 922,715
Options exercisable at end of year (in dollars per share) | $ / shares $ 72.26
Outstanding at end of year, Weighted Average Remaining Contractual Life in Years 5 years 7 months 6 days
Outstanding at end of year, Aggregate Intrinsic Value | $ $ 7
Options exercisable at end of year, Weighted Average Remaining Contractual Life in Years 5 years 7 months 6 days
Options exercisable at end of year, Aggregate Intrinsic Value | $ $ 7
v3.25.4
Stock Based Compensation (Status of Non-Vested Restricted Shares/Units) (Details)
12 Months Ended
Dec. 27, 2025
$ / shares
shares
Time-Based Restricted Stock/Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Beginning balance outstanding (in shares) | shares 1,685,550
Granted (in shares) | shares 592,716
Vested (in shares) | shares (564,037)
Forfeited (in shares) | shares (107,687)
Ending balance outstanding (in shares) | shares 1,606,542
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning balance outstanding (in dollars per share) | $ / shares $ 72.90
Granted (in dollars per share) | $ / shares 75.18
Vested (in dollars per share) | $ / shares 66.54
Forfeited (in dollars per share) | $ / shares 77.10
Ending balance outstanding (in dollars per share) | $ / shares $ 75.69
Performance-Based Restricted Stock/Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Beginning balance outstanding (in shares) | shares 389,111
Granted (in shares) | shares 251,287
Performance adjustment (in shares) | shares 31,313
Vested (in shares) | shares (14,499)
Forfeited (in shares) | shares (206,626)
Ending balance outstanding (in shares) | shares 387,960
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning balance outstanding (in dollars per share) | $ / shares $ 75.98
Granted (in dollars per share) | $ / shares 75.30
Performance adjustment (in dollars per share) | $ / shares 76.20
Vested (in dollars per share) | $ / shares 84.04
Forfeited (in dollars per share) | $ / shares 77.33
Ending balance outstanding (in dollars per share) | $ / shares $ 75.89
v3.25.4
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Defined Contribution Plan Disclosure [Line Items]      
Accumulated benefit obligations $ 142 $ 125  
Funded Plan [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Status of plan 8 8  
Management [Member] | Deferred compensation bonus and commission plan [Member]      
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Deferred compensation plan fair market value amount charged (credited) to operations $ 12 12 $ 12
Qualified 401K plan [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Maximum matching contributions as a percentage of participants' contributions (as a percent) 100.00%    
Maximum participants' contributions as a percentage of their base compensation (as a percent) 5.00%    
Allowable maximum percentage of contributions allocated to Henry Schein Stock Fund (as a percent) 20.00%    
Amounts charged (credited) to operations $ 42 48 50
Qualified 401K plan [Member] | Selling General And Administrative Expenses [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Amounts charged (credited) to operations 36 40 42
Qualified 401K plan [Member] | Cost of Goods Sold [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Amounts charged (credited) to operations 6 8 8
Supplemental executive retirement plan [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Amounts charged (credited) to operations $ 3 $ 2 $ 3
v3.25.4
Employee Benefit Plans (Obligation and Funded Status) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Funded Plan [Member]      
Defined Benefit Plan Change In Fair Value Of Plan Assets [Roll Forward]      
Unfunded status at end of period $ 8 $ 8  
Pension Plans Defined Benefit [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Balance 129 125  
Service costs 4 4 $ 3
Interest cost 3 3 3
Past service cost (credit) 0 (1)  
Actuarial gain (loss) (2) 6  
Benefits paid 1 0  
Participant contributions 2 2  
Settlements and curtailments (7) (1)  
Effect of foreign currency translation 16 (9)  
Balance 146 129 125
Defined Benefit Plan Change In Fair Value Of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of period 90 86  
Actual return on plan assets 1 3  
Employer contributions 3 3  
Plan participant contributions 2 2  
Expected return on plan assets 3 3  
Benefit received 4 1  
Settlements (6) (2)  
Effect of foreign currency translation 9 (6)  
Fair value of plan assets at end of period 106 90 $ 86
Pension Plans Defined Benefit [Member] | Unfunded Plan [Member]      
Defined Benefit Plan Change In Fair Value Of Plan Assets [Roll Forward]      
Unfunded status at end of period $ 40 $ 39  
v3.25.4
Employee Benefit Plans (Balance Sheet) (Details) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Millions
Dec. 27, 2025
Dec. 28, 2024
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets $ 37 $ 28
Current liabilities (1) (1)
Non-current liabilities (76) (68)
Accumulated other comprehensive loss, pre-tax $ 8 $ 10
v3.25.4
Employee Benefit Plans (Net Periodic Pension Cost) (Details) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Service costs $ 4 $ 4 $ 3
Interest cost 3 3 3
Expected return on plan assets (3) (3) (3)
Employee contributions (1) (1) (1)
Settlements (1) 0 0
Total $ 2 $ 3 $ 2
v3.25.4
Employee Benefit Plans (Assumptions) (Details) - Pension Plans Defined Benefit [Member]
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate 2.75% 2.23%  
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 2.05% 1.70% 1.50%
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets 0.92% 1.13% 0.51%
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase 2.00% 1.98% 1.64%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Pension Rate 0.74% 0.63% 0.80%
v3.25.4
Employee Benefit Plans (Estimated Payments) (Details) - Pension Plans Defined Benefit [Member]
$ in Millions
Dec. 27, 2025
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 8
2027 9
2028 9
2029 7
2030 8
2031 to 2035 52
Total $ 93
v3.25.4
Redeemable Noncontrolling Interests (Change in Fair Value of Redeemable Noncontrolling Interests) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Components of the change in the redeemable noncontrolling interests [Abstract]      
Balance, beginning of period $ 806 $ 864 $ 576
Decrease in redeemable noncontrolling interests due to acquisitions of noncontrolling interests in subsidiaries (76) (273) (19)
Increase in redeemable noncontrolling interests due to business acquisitions 86 171 326
Net income attributable to redeemable noncontrolling interests (5) (1) 6
Distributions declared, net of capital contributions (18) (50) (19)
Effect of foreign currency translation gain (loss) attributable to redeemable noncontrolling interests 30 (24) 5
Change in fair value of redeemable securities 72 119 (11)
Balance, end of period $ 895 $ 806 $ 864
v3.25.4
Comprehensive Income (Accumulated Other Comprehensive Income and Comprehensive Income Components) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Attributable to redeemable noncontrolling interests:      
Foreign currency translation adjustment $ (26) $ (56) $ (32)
Attributable to noncontrolling interests:      
Foreign currency translation adjustment 1 (1) (1)
Attributable to Henry Schein, Inc.:      
Foreign currency translation adjustment (196) (371) (188)
Unrealized gain (loss) from hedging activities (24) 0 (13)
Pension adjustment loss (6) (8) (5)
Accumulated other comprehensive loss (226) (379) (206)
Total Accumulated other comprehensive loss (251) (436) (239)
Components of comprehensive income [Abstract]      
Net Income 419 398 436
Foreign currency translation gain (loss) 207 (207) 53
Tax effect 0 0 0
Foreign currency translation gain (loss) 207 (207) 53
Unrealized gain (loss) from hedging activities (33) 18 (25)
Tax effect 9 (5) 7
Unrealized gain (loss) from hedging activities (24) 13 (18)
Pension adjustment gain (loss) 5 (5) (3)
Tax effect (3) 2 0
Pension adjustment gain (loss) 2 (3) (3)
Comprehensive income $ 604 $ 201 $ 468
v3.25.4
Comprehensive Income (Total Comprehensive Income) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Comprehensive Income Net Of Applicable Taxes [Abstract]      
Comprehensive income attributable to Henry Schein, Inc. $ 551 $ 217 $ 443
Comprehensive income attributable to noncontrolling interests 28 9 14
Comprehensive income attributable to Redeemable noncontrolling interests 25 (25) 11
Comprehensive income $ 604 $ 201 $ 468
v3.25.4
Earnings Per Share (Reconciliation of Shares used in Calculating Earnings per Share Basic and Diluted) (Details) - shares
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Weighted-average common shares outstanding:      
Basic (in shares) 120,813,977 126,788,997 130,618,990
Effect of dilutive securities:      
Stock options, restricted stock and restricted stock units (in shares) 903,899 990,231 1,129,181
Diluted (in shares) 121,717,876 127,779,228 131,748,171
v3.25.4
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from earnings per share 402,252 415,963 439,735
Stock Options [Member]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from earnings per share 396,052 406,676 424,695
Restricted Stock/Units [Member]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Anti-dilutive securities excluded from earnings per share 6,200 9,287 15,040
v3.25.4
Supplemental Cash Flow Information (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Supplemental Cash Flow Elements [Abstract]      
Unrealized gain (loss) from hedging activities $ (33) $ 18 $ (25)
Debt assumed as part of acquisitions $ 3 $ 0 $ 143
v3.25.4
Supplemental Cash Flow Information (Cash Paid for Interest and Income Taxes) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Supplemental Cash Flow Information [Line Items]      
Cash paid for interest $ 151 $ 132 $ 84
Cash paid for income taxes, net of refunds 128    
Cash paid during the period for income taxes (prior to ASU 2023-09)   $ 144 $ 218
U.S. Federal [Member]      
Supplemental Cash Flow Information [Line Items]      
Cash paid for income taxes, net of refunds 67    
U.S. State and Local [Member]      
Supplemental Cash Flow Information [Line Items]      
Cash paid for income taxes, net of refunds 15    
Switzerland [Member]      
Supplemental Cash Flow Information [Line Items]      
Cash paid for income taxes, net of refunds 8    
Other [Member]      
Supplemental Cash Flow Information [Line Items]      
Cash paid for income taxes, net of refunds $ 38    
v3.25.4
Related Party Transactions (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Dec. 30, 2023
Apr. 03, 2018
Related Party Transaction [Line Items]        
Selling, general and administrative $ 3,084 $ 3,034 $ 2,956  
Current operating lease liabilities 78 75    
Non-current operating lease liabilities 251 259    
Equity Method Investee [Member]        
Related Party Transaction [Line Items]        
Other liabilities 6 6    
Due from related party 39 35    
Revenues 56 52 47  
Purchases from related party $ 19 10 10  
Internet Brands Inc [Member] | Co Venturer [Member]        
Related Party Transaction [Line Items]        
Extend time-based trigger and pause exercise of put option, period (in years) 4 years      
Internet Brands Inc [Member] | Co Venturer [Member] | Royalty Agreements [Member]        
Related Party Transaction [Line Items]        
Period covered by agreement 10 years      
Related party agreement amount $ 31      
Selling, general and administrative $ 31 31 $ 31  
Internet Brands Inc [Member] | Henry Schein One LLC [Member]        
Related Party Transaction [Line Items]        
Minority interest ownership percentage 33.60%     26.00%
Henry Schein One LLC [Member] | Internet Brands Inc [Member] | Affiliated Entity [Member]        
Related Party Transaction [Line Items]        
Other liabilities $ 9 $ 1    
v3.25.4
KKR Investment and Accelerated Share Repurchase Program (Narrative) (Details)
$ / shares in Units, $ in Millions
1 Months Ended
May 16, 2025
USD ($)
$ / shares
shares
Jul. 31, 2025
USD ($)
shares
May 31, 2025
USD ($)
shares
Dec. 27, 2025
number
Nov. 04, 2025
Nov. 03, 2025
May 19, 2025
USD ($)
Accelerated Share Repurchases [Line Items]              
Accelerated share repurchase program authorized amount             $ 250
Stock repurchased during the period (in shares) | shares   368,651 3,122,832        
Stock repurchased during the period   $ 26 $ 224        
KKR Investor [Member]              
Related Party Transaction [Line Items]              
Related party agreement amount $ 250            
Issue new shares of common stock - shares | shares 3,285,151            
Issue new shares of common stock - price per share | $ / shares $ 76.10            
Number of independent directors to join Board of Directors upon investment | number       2      
KKR Investor [Member] | Maximum [Member]              
Related Party Transaction [Line Items]              
Equity to purchase by KKR via open market (as a percent)         19.90% 14.90%