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 30, 2018. We derived the selected historical financial information for the balance sheets for the fiscal years ended December 30, 2018 and December 31, 2017 and the statement of operations for each of the fiscal years in the three-year period ended December 30, 2018 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 January 3, 2016 and December 28, 2014 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 1, 2017, January 3, 2016 and December 28, 2014 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 30, 2018
December 31, 2017
January 1, 2017
January 3, 2016
December 28, 2014
(In thousands, except per share data)
Statement of Operations Data:
Revenue(1)
$
2,777,996
$
2,256,982
$
2,115,517
$
2,104,823
$
2,069,880
Operating income from continuing operations(2)(3)
323,884
295,615
294,582
258,517
240,287
Interest and other expense, net(4)
66,201
(1,103
)
50,514
49,710
116,419
Income from continuing operations before income taxes
257,683
296,718
244,068
208,807
123,868
Income from continuing operations, net of income taxes(5)
237,475
156,890
215,706
188,785
130,139
Income from discontinued operations and dispositions, net of income taxes(6)
452
135,743
18,593
23,640
27,639
Net income
$
237,927
$
292,633
$
234,299
$
212,425
$
157,778
Basic earnings per share:
Continuing operations
$
2.15
$
1.43
$
1.97
$
1.68
$
1.16
Discontinued operations
0.00
1.24
0.17
0.21
0.25
Net income
$
2.15
$
2.66
$
2.14
$
1.89
$
1.40
Diluted earnings per share:
Continuing operations
$
2.13
$
1.42
$
1.96
$
1.67
$
1.14
Discontinued operations
0.00
1.22
0.17
0.21
0.24
Net income
$
2.13
$
2.64
$
2.12
$
1.87
$
1.39
Weighted-average common shares outstanding:
Basic:
110,561
109,857
109,478
112,507
112,593
Diluted:
111,534
110,859
110,313
113,315
113,739
Cash dividends declared per common share
$
0.28
$
0.28
$
0.28
$
0.28
$
0.28
As of
December 30, 2018
December 31, 2017
January 1, 2017
January 3, 2016
December 28, 2014
(In thousands)
Balance Sheet Data:
Total assets
$
5,975,522
$
6,091,463
$
4,276,683
$
4,166,295
$
4,127,576
Short-term debt
14,856
217,306
1,172
1,123
1,075
Long-term debt(4)(7)
1,876,624
1,788,803
1,045,254
1,011,762
1,045,393
Stockholders’ equity(1)(2)(8)
2,584,955
2,503,188
2,153,570
2,110,441
2,042,102
Common shares outstanding(8)
110,597
110,361
109,617
112,034
112,481
(1)
At the beginning of fiscal year 2018, we adopted Accounting Standards Codification No. 606, Revenue from Contracts with Customers ("ASC 606"), using a modified retrospective approach and as a result, the comparative information has not been restated and is reported under the accounting standards in effect for these years. See Note 1 to the Consolidated Financial Statements for additional information.
(2)
Activity related to the mark-to-market adjustment on postretirement benefit plans was a pre-tax loss of $21.4 million in fiscal year 2018, 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 and a pre-tax loss of $75.4 million in fiscal year 2014.
(3)
We recorded pre-tax restructuring and contract termination charges, net, of $11.1 million in fiscal year 2018, $12.7 million in fiscal year 2017, $5.1 million in fiscal year 2016, $13.5 million in fiscal year 2015 and $13.3 million in fiscal year 2014.
(4)
In fiscal years 2018, 2017, 2016, 2015 and 2014, interest expense was $67.0 million, $43.9 million, $41.5 million, $38.0 million and $36.3 million, respectively.
(5)
In fiscal years 2018 and 2017, provision for income tax on continuing operations was $20.2 million and $139.8 million, respectively. The higher provision for income taxes in fiscal year 2017 compared to that of fiscal year 2018 was primarily due to the $106.5 million discrete tax expense related to the Tax Cuts & Jobs Act of 2017. In fiscal years 2016, 2015 and 2014, tax expense (benefit) on continuing operations was $28.4 million, $20.0 million and $(6.3) million, respectively. The tax expense in fiscal years 2016 and 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 $9.6 million in fiscal year 2016 and $6.4 million in fiscal year 2015 related to discrete items. The benefit from income taxes in fiscal year 2014 was primarily due to a tax benefit of $7.1 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.
(6)
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 and 2014 has been retrospectively adjusted to reflect the inclusion of this business in discontinued operations.
(7)
In April 2018, we issued and sold three-year senior notes at a rate of 0.6% with a face value of €300.0 million and received €298.7 million of net proceeds from the issuance. The debt, which matures in April 2021, is unsecured. 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.
(8)
In fiscal year 2018, we repurchased in the open market 650,000 shares of our common stock at an aggregate cost of $52.2 million, including commissions, under the stock repurchase program authorized by our Board on July 23, 2018. In fiscal years 2018 and 2017, we did not repurchase any shares of our common stock under a stock repurchase program originally announced in July 2017 that was terminated in July 2018. 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. 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