The following table sets forth selected historical financial information as of and for each of the fiscal years in the five-year period ended January 3, 2016. We derived the selected historical financial information for the balance sheets for the fiscal years ended January 3, 2016 and December 28, 2014 and the statement of operations for each of the fiscal years in the three-year period ended January 3, 2016 from our audited consolidated financial statements which are included elsewhere in this annual report on Form 10-K. We derived the selected historical financial information for the statements of operations for the fiscal years ended December 30, 2012 and January 1, 2012 from our audited consolidated financial statements which are not included in this annual report on Form 10-K. We derived the selected historical financial information for the balance sheets as of December 29, 2013, December 30, 2012 and January 1, 2012 from our audited consolidated financial statements which are not included in this annual report on Form 10-K. We adjusted the information in the consolidated financial statements, where appropriate, to account for the adoption of new guidance related to debt issuance costs and the provision for bad debts applicable for certain of our health care businesses, and for discontinued operations.
Our historical financial information may not be indicative of our future results of operations or financial position.
The following selected historical financial information should be read together with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements, including the related notes, included elsewhere in this annual report on Form 10-K.
| | | | | | | | | | | | | | | | | | | |
|---|
| | | | | | | | | | | | | | | | | | | |
| Fiscal Years Ended | | | | | | | | | | | | | | | | | | |
| January 3, 2016 | | | | December 28, 2014 | | | | December 29, 2013 | | | | December 30, 2012 | | | | January 1, 2012 | | |
| (In thousands, except per share data) | | | | | | | | | | | | | | | | | | |
| Statement of Operations Data: | | | | | | | | | | | | | | | | | | | |
| Revenue | $ | 2,262,359 | | | $ | 2,237,219 | | | $ | 2,157,586 | | | $ | 2,105,188 | | | $ | 1,906,190 | |
| Operating income from continuing operations(1)(2)(3) | 286,134 | | | | 210,742 | | | | 227,794 | | | | 103,120 | | | | 94,777 | | |
| Interest and other expense, net(4) | 42,119 | | | | 41,139 | | | | 64,110 | | | | 47,956 | | | | 26,774 | | |
| Income from continuing operations before income taxes | 244,015 | | | | 169,603 | | | | 163,684 | | | | 55,164 | | | | 68,003 | | |
| Income from continuing operations, net of income taxes(5) | 212,688 | | | | 161,166 | | | | 174,267 | | | | 71,289 | | | | 3,383 | | |
| (Loss on) income from discontinued operations and dispositions, net of income taxes(6) | (263 | | ) | | (3,388 | | ) | | (7,055 | | ) | | (1,349 | | ) | | 4,272 | | |
| Net income | $ | 212,425 | | | $ | 157,778 | | | $ | 167,212 | | | $ | 69,940 | | | $ | 7,655 | |
| Basic earnings per share: | | | | | | | | | | | | | | | | | | | |
| Continuing operations | $ | 1.89 | | | $ | 1.43 | | | $ | 1.55 | | | $ | 0.63 | | | $ | 0.03 | |
| Discontinued operations | 0.00 | | | | (0.03 | | ) | | (0.06 | | ) | | (0.01 | | ) | | 0.04 | | |
| Net income | $ | 1.89 | | | $ | 1.40 | | | $ | 1.49 | | | $ | 0.61 | | | $ | 0.07 | |
| Diluted earnings per share: | | | | | | | | | | | | | | | | | | | |
| Continuing operations | $ | 1.88 | | | $ | 1.42 | | | $ | 1.54 | | | $ | 0.62 | | | $ | 0.03 | |
| Discontinued operations | 0.00 | | | | (0.03 | | ) | | (0.06 | | ) | | (0.01 | | ) | | 0.04 | | |
| Net income | $ | 1.87 | | | $ | 1.39 | | | $ | 1.47 | | | $ | 0.61 | | | $ | 0.07 | |
| Weighted-average common shares outstanding: | | | | | | | | | | | | | | | | | | | |
| Basic: | 112,507 | | | | 112,593 | | | | 112,254 | | | | 113,728 | | | | 112,976 | | |
| Diluted: | 113,315 | | | | 113,739 | | | | 113,503 | | | | 114,860 | | | | 113,864 | | |
| Cash dividends declared per common share | $ | 0.28 | | | $ | 0.28 | | | $ | 0.28 | | | $ | 0.28 | | | $ | 0.28 | |
| | | | | | | | | | | | | | | | | | | |
|---|
| | | | | | | | | | | | | | | | | | | |
| As of | | | | | | | | | | | | | | | | | | |
| January 3, 2016 | | | | December 28, 2014 | | | | December 29, 2013 | | | | December 30, 2012 | | | | January 1, 2012 | | |
| (In thousands) | | | | | | | | | | | | | | | | | | |
| Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
| Total assets(6)(7) | $ | 4,166,295 | | | $ | 4,127,576 | | | $ | 3,940,882 | | | $ | 3,894,451 | | | $ | 3,847,130 | |
| Short-term debt | 1,123 | | | | 1,075 | | | | 2,624 | | | | 1,772 | | | | — | | |
| Long-term debt(4)(7)(8) | 1,011,762 | | | | 1,045,393 | | | | 926,274 | | | | 931,513 | | | | 936,397 | | |
| Stockholders’ equity(1)(9) | 2,110,441 | | | | 2,042,102 | | | | 1,994,487 | | | | 1,939,812 | | | | 1,842,216 | | |
| Common shares outstanding(9) | 112,034 | | | | 112,481 | | | | 112,626 | | | | 115,036 | | | | 113,157 | | |
| |
|---|
| (1) | Activity related to the mark-to-market adjustment on postretirement benefit plans was a pre-tax loss of $12.4 million in fiscal year 2015, a pre-tax loss of $75.9 million in fiscal year 2014, pre-tax income of $17.6 million in fiscal year 2013, a pre-tax loss of $31.8 million in fiscal year 2012 and a pre-tax loss of $67.9 million in fiscal year 2011. |
| |
|---|
| (2) | We recorded pre-tax restructuring and contract termination charges, net, of $13.6 million in fiscal year 2015, $13.4 million in fiscal year 2014, $33.9 million in fiscal year 2013, $25.1 million in fiscal year 2012 and $13.4 million in fiscal year 2011. |
| |
|---|
| (3) | In fiscal year 2013, we recorded pre-tax impairment charges of $0.2 million as the carrying amounts of certain long-lived assets were not recoverable and exceeded their fair value. In fiscal year 2012, we recorded pre-tax impairment charges of $74.2 million as a result of a review of certain of our trade names within our portfolio as part of a realignment of our marketing strategy. In fiscal year 2011, we recorded a pre-tax impairment charge of $3.0 million for the full impairment of license agreements that we no longer intend to use. |
| |
|---|
| (4) | In fiscal years 2015, 2014, 2013, 2012 and 2011, interest expense was $38.0 million, $36.3 million, $49.9 million, $45.8 million and $24.8 million, respectively. In fiscal year 2013, we redeemed all of our 6% senior unsecured notes due in 2015 (the “2015 Notes”) that included a prepayment premium of $11.1 million, which is included in other expense, net, the write-off of $2.8 million for the remaining unamortized derivative losses for previously settled cash flow hedges, which is included in interest expense, and the write-off of $0.2 million for the remaining deferred debt issuance costs, which is included in interest expense. During fiscal year 2011, acquisition related financing costs added an additional expense of $3.1 million, which is included in interest expense, and interest expense was lower due to less debt outstanding throughout the year. |
| |
|---|
| (5) | The fiscal year 2015 effective tax rate on continuing operations of 12.8% was primarily due to higher income in higher tax rate jurisdictions, partially offset by a tax benefit of $7.2 million related to discrete items. The fiscal year 2014 effective tax rate on continuing operations of 5.0% was primarily due to income in lower tax rate jurisdictions, partially offset by losses in higher tax rate jurisdictions and a tax benefit of $7.0 million related to discrete items. The benefit from income taxes in fiscal year 2013 was primarily due to a tax benefit of $24.0 million related to discrete items and losses in higher tax rate jurisdictions, offset by a provision from income taxes related to profits in lower tax rate jurisdictions. The benefit from income taxes in fiscal year 2012 was primarily due to a tax benefit of $7.0 million related to discrete items and losses in higher tax rate jurisdictions, which included pre-tax impairment charges of $74.2 million, partially offset by a provision from income taxes related to profits in lower tax rate jurisdictions. The fiscal year 2011 effective tax rate on continuing operations of 95.0% was primarily due to the fiscal year 2011 provision of $79.7 million related to our planned $350.0 million repatriation of previously unremitted earnings. |
| |
|---|
| (6) | In May 2014, we approved the shutdown of our microarray-based diagnostic testing laboratory in the United States. The shutdown resulted in a $0.1 million net pre-tax loss primarily related to the disposal of fixed assets, which was partially offset by the sale of a building in fiscal year 2014. |
| |
|---|
| (7) | In fiscal year 2015, we adopted Accounting Standards Update No. 2015-03, Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, which caused the reclassification of debt issuance costs of $6.5 million in fiscal year 2014, $5.8 million in 2013, $7.3 million in fiscal year 2012 and $8.5 million in fiscal year 2011 from other long-term assets to long-term debt. |
| |
|---|
| (8) | In October 2011, we issued and sold ten-year senior notes at a rate of 5% with a face value of $500.0 million and received $496.9 million of net proceeds from the issuance. The debt, which matures in November 2021, is unsecured. |
| |
|---|
| (9) | In fiscal year 2015, we repurchased in the open market 1.5 million shares of our common stock at an aggregate cost of $72.0 million, including commissions under the Repurchase Program. In fiscal year 2014, we repurchased in the open market 1.4 million shares of our common stock at an aggregate cost of $61.3 million, including commissions under both the Repurchase Program and a stock repurchase program originally announced in October 2012 that expired in October 2014 (the "Former Repurchase Program"). In fiscal year 2013, we repurchased in the open market 3.6 million shares of our common stock at an aggregate cost of $123.0 million, including commissions, under the Former Repurchase Program. In fiscal year 2012, we did not repurchase any shares of our common. In fiscal year 2011, we repurchased in the open market 4.0 million shares of our common stock at an aggregate cost of $107.8 million, |
including commissions under our stock repurchase program originally announced in October 2008 that expired in October 2012. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.
filings.tools