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Comprehensive Income | 6 Months Ended
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Jul. 01, 2017
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:
|  |  |  | July 1, |  | December 31,
|  |  |  | 2017 |  | 2016
Attributable to Redeemable noncontrolling interests: |  |  |  |  |  |
|  | Foreign currency translation adjustment |  | $ | (8,424) |  | $ | (13,025)
Attributable to noncontrolling interests: |  |  |  |  |  |
|  | Foreign currency translation adjustment |  | $ | 71 |  | $ | (113)
Attributable to Henry Schein, Inc.: |  |  |  |  |  |
| Foreign currency translation loss |  | $ | (186,747) |  | $ | (296,212)
| Unrealized loss from foreign currency hedging activities |  |  | (1,293) |  |  | (53)
| Pension adjustment loss |  |  | (21,486) |  |  | (20,776)
|  | Accumulated other comprehensive loss |  | $ | (209,526) |  | $ | (317,041)
Total Accumulated other comprehensive loss |  | $ | (217,879) |  | $ | (330,179)
The following table summarizes the components of comprehensive income, net of applicable taxes as follows:
|  | Three Months Ended |  | Six Months Ended
|  | July 1, |  | June 25, |  | July 1, |  | June 25,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Net income |  | $ | 149,582 |  | $ | 133,098 |  | $ | 299,835 |  | $ | 257,631
Foreign currency translation gain (loss) |  |  | 72,798 |  |  | (5,568) |  |  | 114,250 |  |  | 4,422
Tax effect |  |  | - |  |  | - |  |  | - |  |  | -
Foreign currency translation gain (loss) |  |  | 72,798 |  |  | (5,568) |  |  | 114,250 |  |  | 4,422
Unrealized gain (loss) from foreign currency hedging |  |  |  |  |  |  |  |  |  |  |  |
activities |  |  | 1,774 |  |  | (49) |  |  | (1,304) |  |  | 2,119
Tax effect |  |  | (153) |  |  | 61 |  |  | 64 |  |  | (490)
Unrealized gain (loss) from foreign currency hedging |  |  |  |  |  |  |  |  |  |  |  |
activities |  |  | 1,621 |  |  | 12 |  |  | (1,240) |  |  | 1,629
Pension adjustment gain (loss) |  |  | (1,097) |  |  | 199 |  |  | (1,042) |  |  | (293)
Tax effect |  |  | 303 |  |  | (5) |  |  | 332 |  |  | 94
Pension adjustment gain (loss) |  |  | (794) |  |  | 194 |  |  | (710) |  |  | (199)
Comprehensive income |  | $ | 223,207 |  | $ | 127,736 |  | $ | 412,135 |  | $ | 263,483
During the three months ended July 1, 2017 and June 25, 2016, we recognized, as a component of our comprehensive income, a foreign currency translation gain (loss) of $72.8 million and $(5.6) million, respectively, due to changes in foreign exchange rates from the beginning of the period to the end of the period. During the six months ended July 1, 2017 and June 25, 2016, we recognized, as a component of our comprehensive i ncome, a foreign currency translation gain of $114.3 million and $4.4 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. Fluctuations 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 six months ended July 1, 2017 and June 25, 2016 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
|  |  | July 1, |  | July 1, |  | April 1, |  | June 25, |  | June 25, |  | March 26,
Currency |  | 2017 |  | 2017 |  | 2017 |  | 2016 |  | 2016 |  | 2016
Euro |  | $ | 53,494 |  | 1.14 |  | 1.07 |  | $ | 7 |  | 1.12 |  | 1.12
British Pound |  |  | 10,938 |  | 1.30 |  | 1.25 |  |  | (7,603) |  | 1.38 |  | 1.41
Australian Dollar |  |  | 1,737 |  | 0.77 |  | 0.76 |  |  | 371 |  | 0.75 |  | 0.75
Canadian Dollar |  |  | 3,368 |  | 0.77 |  | 0.75 |  |  | 2,550 |  | 0.77 |  | 0.75
Polish Zloty |  |  | 4,312 |  | 0.27 |  | 0.25 |  |  | (2,115) |  | 0.25 |  | 0.26
Swiss Franc |  |  | 3,742 |  | 1.04 |  | 1.00 |  |  | 298 |  | 1.03 |  | 1.02
Brazilian Real |  |  | (7,902) |  | 0.30 |  | 0.32 |  |  | 1,299 |  | 0.30 |  | 0.27
All other currencies |  |  | 3,109 |  |  |  |  |  |  | (375) |  |  |  |
| Total |  | $ | 72,798 |  |  |  |  |  | $ | (5,568) |  |  |  |
|  |  | Foreign Currency |  |  |  |  |  | Foreign Currency |  |  |  |
|  |  | Translation |  |  |  |  |  | Translation |  |  |  |
|  |  | Gain (Loss) |  |  |  |  |  | Gain (Loss) |  |  |  |
|  |  | for the Six |  |  |  |  |  | for the Six |  |  |  |
|  |  | Months Ended |  | FX Rate into USD |  | Months Ended |  | FX Rate into USD
|  |  | July 1, |  | July 1, |  | December 31, |  | June 25, |  | June 25, |  | December 26,
Currency |  | 2017 |  | 2017 |  | 2016 |  | 2016 |  | 2016 |  | 2015
Euro |  | $ | 65,342 |  | 1.14 |  | 1.05 |  | $ | 11,177 |  | 1.12 |  | 1.10
British Pound |  |  | 15,544 |  | 1.30 |  | 1.23 |  |  | (22,375) |  | 1.38 |  | 1.49
Australian Dollar |  |  | 12,453 |  | 0.77 |  | 0.72 |  |  | 5,442 |  | 0.75 |  | 0.73
Canadian Dollar |  |  | 4,180 |  | 0.77 |  | 0.74 |  |  | 7,506 |  | 0.77 |  | 0.72
Polish Zloty |  |  | 6,951 |  | 0.27 |  | 0.24 |  |  | (1,616) |  | 0.25 |  | 0.26
Swiss Franc |  |  | 4,898 |  | 1.04 |  | 0.98 |  |  | 1,219 |  | 1.03 |  | 1.01
Brazilian Real |  |  | (2,264) |  | 0.30 |  | 0.31 |  |  | 2,229 |  | 0.30 |  | 0.25
All other currencies |  |  | 7,146 |  |  |  |  |  |  | 840 |  |  |  |
| Total |  | $ | 114,250 |  |  |  |  |  | $ | 4,422 |  |  |  |
The following table summarizes our total comprehensive income, net of applicable taxes, as follows:
|  |  | Three Months Ended |  | Six Months Ended
|  |  | July 1, |  | June 25, |  | July 1, |  | June 25,
|  |  | 2017 |  | 2016 |  | 2017 |  | 2016
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| Henry Schein, Inc. |  | $ | 208,348 |  | $ | 115,187 |  | $ | 384,318 |  | $ | 239,181
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| noncontrolling interests |  |  | 276 |  |  | 282 |  |  | 476 |  |  | 354
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| Redeemable noncontrolling interests |  |  | 14,583 |  |  | 12,267 |  |  | 27,341 |  |  | 23,948
Comprehensive income |  | $ | 223,207 |  | $ | 127,736 |  | $ | 412,135 |  | $ | 263,483

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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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