The following table sets forth selected historical financial information as of and for each of the fiscal years in the five-year period ended December 31, 2017. We derived the selected historical financial information for the balance sheets for the fiscal years ended December 31, 2017 and January 1, 2017 and the statement of operations for each of the fiscal years in the three-year period ended December 31, 2017 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 28, 2014 and December 29, 2013 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 January 3, 2016, December 28, 2014 and December 29, 2013 from our audited consolidated financial statements which are not included in this annual report on Form 10-K.
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
December 31, 2017
January 1, 2017
January 3, 2016
December 28, 2014
December 29, 2013
(In thousands, except per share data)
Statement of Operations Data:
Revenue
$
2,256,982
$
2,115,517
$
2,104,823
$
2,069,880
$
1,996,959
Operating income from continuing operations(1)(2)
304,803
283,066
250,926
165,007
180,791
Interest and other expense, net(3)
8,085
38,998
42,119
41,139
64,110
Income from continuing operations before income taxes
296,718
244,068
208,807
123,868
116,681
Income from continuing operations, net of income taxes(4)
156,890
215,706
188,785
130,139
142,206
Income from discontinued operations and dispositions, net of income taxes(5)
135,743
18,593
23,640
27,639
25,006
Net income
$
292,633
$
234,299
$
212,425
$
157,778
$
167,212
Basic earnings per share:
Continuing operations
$
1.43
$
1.97
$
1.68
$
1.16
$
1.27
Discontinued operations
1.24
0.17
0.21
0.25
0.22
Net income
$
2.67
$
2.14
$
1.89
$
1.40
$
1.49
Diluted earnings per share:
Continuing operations
$
1.42
$
1.96
$
1.67
$
1.14
$
1.25
Discontinued operations
1.22
0.17
0.21
0.24
0.22
Net income
$
2.64
$
2.12
$
1.87
$
1.39
$
1.47
Weighted-average common shares outstanding:
Basic:
109,857
109,478
112,507
112,593
112,254
Diluted:
110,859
110,313
113,315
113,739
113,503
Cash dividends declared per common share
$
0.28
$
0.28
$
0.28
$
0.28
$
0.28
As of
December 31, 2017
January 1, 2017
January 3, 2016
December 28, 2014
December 29, 2013
(In thousands)
Balance Sheet Data:
Total assets
$
6,091,463
$
4,276,683
$
4,166,295
$
4,127,576
$
3,940,882
Short-term debt
217,306
1,172
1,123
1,075
2,624
Long-term debt(3)(6)
1,788,803
1,045,254
1,011,762
1,045,393
926,274
Stockholders’ equity(1)(7)
2,503,188
2,153,570
2,110,441
2,042,102
1,994,487
Common shares outstanding(7)
110,361
109,617
112,034
112,481
112,626
(1)
Activity related to the mark-to-market adjustment on postretirement benefit plans was a pre-tax gain of $2.1 million in fiscal year 2017, a pre-tax loss of $15.3 million in fiscal year 2016, a pre-tax loss of $12.4 million in fiscal year 2015, a pre-tax loss of $75.4 million in fiscal year 2014 and a pre-tax income of $17.6 million in fiscal year 2013.
(2)
We recorded pre-tax restructuring and contract termination charges, net, of $12.7 million in fiscal year 2017, $5.1 million in fiscal year 2016, $13.5 million in fiscal year 2015, $13.3 million in fiscal year 2014 and $33.5 million in fiscal year 2013.
(3)
In fiscal years 2017, 2016, 2015, 2014 and 2013, interest expense was $43.9 million, $41.5 million, $38.0 million, $36.3 million and $49.9 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.
(4)
In fiscal years 2017 and 2016, provision for income tax on continuing operations was $139.8 million and $28.4 million, respectively. The higher provision for income taxes in fiscal year 2017 compared to that of fiscal year 2016 was primarily due to the $106.5 million discrete tax expense related to the Tax Cuts & Jobs Act of 2017. In fiscal years 2015, 2014 and 2013, tax expense (benefit) on continuing operations was $20.0 million, $(6.3) million and $(25.5) million, respectively. The tax expense in fiscal year 2015 was primarily due to income in high tax rate jurisdictions, partially offset by losses in low tax rate jurisdictions and a tax benefit of $6.4 million related to discrete items. The benefit from income taxes in fiscal year 2014 was primarily due losses in high tax rate jurisdictions and a tax benefit of $7.1 million related to discrete items, partially offset by a provision for income taxes related to profits in low tax rate jurisdictions. 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 high tax rate jurisdictions, partially offset by provision for income taxes related to profits in low tax rate jurisdictions.
(5)
In May 2017, we completed the sale of our Medical Imaging business. We recorded a pre-tax gain of $179.6 million and income tax expense of $43.1 million in fiscal year 2017. We accounted for this business as discontinued operations beginning in 2016 and the financial information relating to fiscal years 2015, 2014 and 2013 has been retrospectively adjusted to reflect the inclusion of this business in discontinued operations.
(6)
In July 2016, we issued and sold ten-year senior notes at a rate of 1.875% with a face value of €500.0 million and received €492.3 million of net proceeds from the issuance. The debt, which matures in July 2026, is unsecured.
(7)
In fiscal year 2017, we did not repurchase any shares of our common stock under the existing stock repurchase program authorized by our Board on July 27, 2016. In fiscal year 2016, we repurchased in the open market 3.2 million shares of our common stock at an aggregate cost of $148.2 million, including commissions under a stock repurchase program originally announced in October 2014 that was terminated in July 2016 (the "October 2014 Repurchase Program"). 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 both the October 2014 Repurchase Program and a stock repurchase program originally announced in October 2012 that expired in October 2014 (the "October 2012 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 the October 2012 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 October 2012 Repurchase Program. 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.
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