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Comprehensive Income | 9 Months Ended
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Sep. 29, 2018
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] |
Comprehensive Income | Note 7 – 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 loss and pension adjustment gain (loss). The following table summarizes our Accumu lated other comprehensive loss, net of applicable taxes as of:
|  |  |  | September 29, |  | December 30,
|  |  |  | 2018 |  | 2017
Attributable to Redeemable noncontrolling interests: |  |  |  |  |  |
|  | Foreign currency translation adjustment |  | $ | (19,316) |  | $ | (5,564)
Attributable to noncontrolling interests: |  |  |  |  |  |
|  | Foreign currency translation adjustment |  | $ | (553) |  | $ | 539
Attributable to Henry Schein, Inc.: |  |  |  |  |  |
| Foreign currency translation loss |  | $ | (203,749) |  | $ | (112,439)
| Unrealized loss from foreign currency hedging activities |  |  | (108) |  |  | (782)
| Unrealized investment loss |  |  | (5) |  |  | (3)
| Pension adjustment loss |  |  | (15,787) |  |  | (16,843)
|  | Accumulated other comprehensive loss |  | $ | (219,649) |  | $ | (130,067)
Total Accumulated other comprehensive loss |  | $ | (239,518) |  | $ | (135,092)
The following table summarizes the components of comprehensive income, net of applicable taxes as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 29, |  | September 30, |  | September 29, |  | September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Net income |  | $ | 126,976 |  | $ | 150,948 |  | $ | 423,116 |  | $ | 450,783
Foreign currency translation gain (loss) |  |  | (10,582) |  |  | 58,916 |  |  | (106,154) |  |  | 173,166
Tax effect |  |  | - |  |  | - |  |  | - |  |  | -
Foreign currency translation gain (loss) |  |  | (10,582) |  |  | 58,916 |  |  | (106,154) |  |  | 173,166
Unrealized gain (loss) from foreign currency hedging |  |  |  |  |  |  |  |  |  |  |  |
activities |  |  | (406) |  |  | 26 |  |  | 1,079 |  |  | (1,278)
Tax effect |  |  | 27 |  |  | (60) |  |  | (405) |  |  | 4
Unrealized gain (loss) from foreign currency hedging |  |  |  |  |  |  |  |  |  |  |  |
activities |  |  | (379) |  |  | (34) |  |  | 674 |  |  | (1,274)
Unrealized investment loss |  |  | (1) |  |  | (3) |  |  | (2) |  |  | (3)
Tax effect |  |  | - |  |  | 1 |  |  | - |  |  | 1
Unrealized investment loss |  |  | (1) |  |  | (2) |  |  | (2) |  |  | (2)
Pension adjustment gain (loss) |  |  | 139 |  |  | (529) |  |  | 1,449 |  |  | (1,571)
Tax effect |  |  | (23) |  |  | 176 |  |  | (393) |  |  | 508
Pension adjustment gain (loss) |  |  | 116 |  |  | (353) |  |  | 1,056 |  |  | (1,063)
Comprehensive income |  | $ | 116,130 |  | $ | 209,475 |  | $ | 318,690 |  | $ | 621,610
During the three months ended September 29, 2018 and September 30, 2017, we recognized, as a component of our comprehensive income, a foreign currency translation gain (loss) of $(10.6) million and $58.9 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 29, 2018 and September 30, 2017, we recognized, as a component of our comprehensive i ncome, a foreign currency translation gain (loss) of $(106.2) million and $173.2 million, respectively, due to changes in foreign exchange rates from the beginning of the period to the end of the period. Our financial sta tements 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. The foreign currency translation gain (loss) during the three a nd nine months ended September 29, 2018 and September 30, 2017 was impacted by changes in foreign currency exchange rates as follows:
|  |  | Foreign Currency |  |  |  |  |  | Foreign Currency |  |  |  |
|  |  | Translation |  |  |  |  |  | Translation |  |  |  |
|  |  | Gain (Loss) |  |  |  |  |  | Gain |  |  |  |
|  |  | for the Three |  |  |  |  |  | for the Three |  |  |  |
|  |  | Months Ended |  | FX Rate into USD |  | Months Ended |  | FX Rate into USD
|  |  | September 29, |  | September 29, |  | June 30, |  | September 30, |  | September 30, |  | July 1,
Currency |  | 2018 |  | 2018 |  | 2018 |  | 2017 |  | 2017 |  | 2017
Euro |  | $ | (144) |  | 1.16 |  | 1.16 |  | $ | 30,373 |  | 1.18 |  | 1.14
British Pound |  |  | (1,804) |  | 1.31 |  | 1.31 |  |  | 9,168 |  | 1.34 |  | 1.30
Australian Dollar |  |  | (5,507) |  | 0.72 |  | 0.74 |  |  | 3,767 |  | 0.78 |  | 0.77
Canadian Dollar |  |  | 1,488 |  | 0.77 |  | 0.76 |  |  | 5,640 |  | 0.80 |  | 0.77
Polish Zloty |  |  | 1,253 |  | 0.27 |  | 0.27 |  |  | 940 |  | 0.27 |  | 0.27
Swiss Franc |  |  | 266 |  | 1.02 |  | 1.00 |  |  | 407 |  | 1.03 |  | 1.04
Brazilian Real |  |  | (6,001) |  | 0.25 |  | 0.26 |  |  | 6,400 |  | 0.32 |  | 0.30
All other currencies |  |  | (133) |  |  |  |  |  |  | 2,221 |  |  |  |
| Total |  | $ | (10,582) |  |  |  |  |  | $ | 58,916 |  |  |  |
|  |  | Foreign Currency |  |  |  |  |  | Foreign Currency |  |  |  |
|  |  | Translation |  |  |  |  |  | Translation |  |  |  |
|  |  | Loss |  |  |  |  |  | Gain |  |  |  |
|  |  | for the Nine |  |  |  |  |  | for the Nine |  |  |  |
|  |  | Months Ended |  | FX Rate into USD |  | Months Ended |  | FX Rate into USD
|  |  | September 29, |  | September 29, |  | December 30, |  | September 30, |  | September 30, |  | December 26,
Currency |  | 2018 |  | 2018 |  | 2017 |  | 2017 |  | 2017 |  | 2016
Euro |  | $ | (27,896) |  | 1.16 |  | 1.20 |  | $ | 95,715 |  | 1.18 |  | 1.05
British Pound |  |  | (11,886) |  | 1.31 |  | 1.35 |  |  | 24,712 |  | 1.34 |  | 1.23
Australian Dollar |  |  | (21,227) |  | 0.72 |  | 0.78 |  |  | 16,220 |  | 0.78 |  | 0.72
Canadian Dollar |  |  | (4,366) |  | 0.77 |  | 0.80 |  |  | 9,820 |  | 0.80 |  | 0.74
Polish Zloty |  |  | (3,907) |  | 0.27 |  | 0.29 |  |  | 7,891 |  | 0.27 |  | 0.24
Swiss Franc |  |  | (1,741) |  | 1.02 |  | 1.03 |  |  | 5,305 |  | 1.03 |  | 0.98
Brazilian Real |  |  | (32,701) |  | 0.25 |  | 0.30 |  |  | 4,136 |  | 0.32 |  | 0.31
All other currencies |  |  | (2,430) |  |  |  |  |  |  | 9,367 |  |  |  |
| Total |  | $ | (106,154) |  |  |  |  |  | $ | 173,166 |  |  |  |
The following table summarizes our total comprehensive income, net of applicable taxes, as follows:
|  |  | Three Months Ended |  | Nine Months Ended
|  |  | September 29, |  | September 30, |  | September 29, |  | September 30,
|  |  | 2018 |  | 2017 |  | 2018 |  | 2017
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| Henry Schein, Inc. |  | $ | 113,221 |  | $ | 193,085 |  | $ | 313,326 |  | $ | 577,403
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| noncontrolling interests |  |  | 2,478 |  |  | 372 |  |  | 2,097 |  |  | 848
Comprehensive income attributable to |  |  |  |  |  |  |  |  |  |  |  |
| Redeemable noncontrolling interests |  |  | 431 |  |  | 16,018 |  |  | 3,267 |  |  | 43,359
Comprehensive income |  | $ | 116,130 |  | $ | 209,475 |  | $ | 318,690 |  | $ | 621,610

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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