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Comprehensive Income | 9 Months Ended
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Sep. 24, 2016
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] |
Comprehensive Income | Note 5 – Comprehensive Income Comprehensive income includes certain gains and losses that, under U.S. GAAP, 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) on foreign currency hedging activities, unrealized investment gain (loss) and pension adjus tment gain (loss). The following table summarizes our Accumulated other comprehensive loss, net of applicable taxes as of:
|  |  |  | September 24, |  | December 26,
|  |  |  | 2016 |  | 2015
Attributable to Redeemable noncontrolling interests: |  |  |  |  |  |
|  | Foreign currency translation adjustment |  | $ | (9,145) |  | $ | (10,373)
Attributable to noncontrolling interests: |  |  |  |  |  |
|  | Foreign currency translation adjustment |  | $ | (68) |  | $ | (76)
Attributable to Henry Schein, Inc.: |  |  |  |  |  |
| Foreign currency translation loss |  | $ | (203,776) |  | $ | (200,499)
| Unrealized gain from foreign currency hedging activities |  |  | 1,965 |  |  | 939
| Unrealized investment loss |  |  | (2) |  |  | (2)
| Pension adjustment loss |  |  | (20,367) |  |  | (20,377)
|  | Accumulated other comprehensive loss |  | $ | (222,180) |  | $ | (219,939)
Total Accumulated other comprehensive loss |  | $ | (231,393) |  | $ | (230,388)
The following table summarizes the components of comprehensive income, net of applicable taxes as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 24, |  | September 26, |  | September 24, |  | September 26,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Net income |  | $ | 145,291 |  | $ | 141,396 |  | $ | 402,922 |  | $ | 382,584
Foreign currency translation loss |  |  | (6,463) |  |  | (38,730) |  |  | (2,041) |  |  | (112,877)
Tax effect |  |  | - |  |  | - |  |  | - |  |  | -
Foreign currency translation loss |  |  | (6,463) |  |  | (38,730) |  |  | (2,041) |  |  | (112,877)
Unrealized gain (loss) from foreign currency hedging |  |  |  |  |  |  |  |  |  |  |  |
activities |  |  | (803) |  |  | 2,671 |  |  | 1,316 |  |  | 1,850
Tax effect |  |  | 200 |  |  | (747) |  |  | (290) |  |  | (580)
Unrealized gain (loss) from foreign currency hedging |  |  |  |  |  |  |  |  |  |  |  |
activities |  |  | (603) |  |  | 1,924 |  |  | 1,026 |  |  | 1,270
Unrealized investment gain |  |  | - |  |  | - |  |  | - |  |  | 2
Tax effect |  |  | - |  |  | - |  |  | - |  |  | -
Unrealized investment gain |  |  | - |  |  | - |  |  | - |  |  | 2
Pension adjustment gain (loss) |  |  | 280 |  |  | 1,704 |  |  | (13) |  |  | 3,416
Tax effect |  |  | (71) |  |  | (341) |  |  | 23 |  |  | (879)
Pension adjustment gain (loss) |  |  | 209 |  |  | 1,363 |  |  | 10 |  |  | 2,537
Comprehensive income |  | $ | 138,434 |  | $ | 105,953 |  | $ | 401,917 |  | $ | 273,516
During the three months ended September 24, 2016 and September 26, 2015, we recognized, as a component of our comprehensive income, a foreign currency translation loss of $6.5 million and $38.7 million, respectively, due to changes in foreign exchange rates from the beginning of the period to the end of the period. During the nine months ended September 24, 2016 and September 26, 2015, we recognized, as a component of our comprehensive income, a fore ign currency translation loss of $2.0 million and $112.9 million, respectively, due to changes in foreign exchange rates from the beginning of the period to the end of the period. Our financial statements are denominated in the U.S. Dollar currency. Fluc tuations in the value of foreign currencies as compared to the U.S. Dollar may have a significant impact on our comprehensive income (loss). The foreign currency translation loss during the three and nine months ended September 24, 2016 and September 26, 2015 was impacted by changes in foreign currency exchange rates as follows:
|  |  | Foreign Currency |  |  |  |  |  | Foreign Currency |  |  |  |
|  |  | Translation |  |  |  |  |  | Translation |  |  |  |
|  |  | Gain (Loss) |  |  |  |  |  | Gain (Loss) |  |  |  |
|  |  | for the Three |  |  |  |  |  | for the Three |  |  |  |
|  |  | Months Ended |  | FX Rate into USD |  | Months Ended |  | FX Rate into USD
|  |  | September 24, |  | September 24, |  | June 25, |  | September 26, |  | September 26, |  | June 27,
Currency |  | 2016 |  | 2016 |  | 2016 |  | 2015 |  | 2015 |  | 2015
Euro |  | $ | 3,755 |  | 1.12 |  | 1.12 |  | $ | 1,063 |  | 1.12 |  | 1.12
British Pound |  |  | (17,161) |  | 1.30 |  | 1.38 |  |  | (9,668) |  | 1.52 |  | 1.57
Australian Dollar |  |  | 3,826 |  | 0.76 |  | 0.75 |  |  | (14,004) |  | 0.70 |  | 0.77
Canadian Dollar |  |  | (1,565) |  | 0.76 |  | 0.77 |  |  | (6,572) |  | 0.75 |  | 0.81
Polish Zloty |  |  | 2,044 |  | 0.26 |  | 0.25 |  |  | (458) |  | 0.26 |  | 0.27
Swiss Franc |  |  | 189 |  | 1.03 |  | 1.03 |  |  | (3,098) |  | 1.02 |  | 1.07
Brazilian Real |  |  | 826 |  | 0.31 |  | 0.30 |  |  | (3,418) |  | 0.25 |  | 0.32
All other currencies |  |  | 1,623 |  |  |  |  |  |  | (2,575) |  |  |  |
| Total |  | $ | (6,463) |  |  |  |  |  | $ | (38,730) |  |  |  |
|  |  | Foreign Currency |  |  |  |  |  | Foreign Currency |  |  |  |
|  |  | Translation |  |  |  |  |  | Translation |  |  |  |
|  |  | Gain (Loss) |  |  |  |  |  | Gain (Loss) |  |  |  |
|  |  | for the Nine |  |  |  |  |  | for the Nine |  |  |  |
|  |  | Months Ended |  | FX Rate into USD |  | Months Ended |  | FX Rate into USD
|  |  | September 24, |  | September 24, |  | December 26, |  | September 26, |  | September 26, |  | December 27,
Currency |  | 2016 |  | 2016 |  | 2015 |  | 2015 |  | 2015 |  | 2014
Euro |  | $ | 14,932 |  | 1.12 |  | 1.10 |  | $ | (58,577) |  | 1.12 |  | 1.22
British Pound |  |  | (39,536) |  | 1.30 |  | 1.49 |  |  | (9,775) |  | 1.52 |  | 1.56
Australian Dollar |  |  | 9,268 |  | 0.76 |  | 0.73 |  |  | (25,809) |  | 0.70 |  | 0.81
Canadian Dollar |  |  | 5,941 |  | 0.76 |  | 0.72 |  |  | (7,915) |  | 0.75 |  | 0.86
Polish Zloty |  |  | 428 |  | 0.26 |  | 0.26 |  |  | (2,309) |  | 0.26 |  | 0.28
Swiss Franc |  |  | 1,408 |  | 1.03 |  | 1.01 |  |  | 606 |  | 1.02 |  | 1.01
Brazilian Real |  |  | 3,055 |  | 0.31 |  | 0.25 |  |  | (6,032) |  | 0.25 |  | 0.37
All other currencies |  |  | 2,463 |  |  |  |  |  |  | (3,066) |  |  |  |
| Total |  | $ | (2,041) |  |  |  |  |  | $ | (112,877) |  |  |  |
The following table summarizes our total comprehensive income, net of applicable taxes, as follows:
|  |  | Three Months Ended |  | Nine Months Ended
|  |  | September 24, |  | September 26, |  | September 24, |  | September 26,
|  |  | 2016 |  | 2015 |  | 2016 |  | 2015
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| Henry Schein, Inc. |  | $ | 126,140 |  | $ | 93,790 |  | $ | 365,321 |  | $ | 244,560
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| noncontrolling interests |  |  | 165 |  |  | 128 |  |  | 519 |  |  | 513
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| Redeemable noncontrolling interests |  |  | 12,129 |  |  | 12,035 |  |  | 36,077 |  |  | 28,443
Comprehensive income |  | $ | 138,434 |  | $ | 105,953 |  | $ | 401,917 |  | $ | 273,516

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e716-108580 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 + Details
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