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 29, 2019. We derived the selected historical financial information for the balance sheets for the fiscal years ended December 29, 2019 and December 30, 2018 and the statements of operations for each of the fiscal years in the three-year period ended December 29, 2019 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 1, 2017 and January 3, 2016 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 31, 2017, January 1, 2017 and January 3, 2016 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 29, 2019
December 30, 2018
December 31, 2017
January 1, 2017
January 3, 2016
(In thousands, except per share data)
Statement of Operations Data:
Revenue
$
2,883,673
$
2,777,996
$
2,256,982
$
2,115,517
$
2,104,823
Operating income from continuing operations(1)(2)
361,973
323,884
295,615
294,582
258,517
Interest and other expense (income), net(3)(4)
124,831
66,201
(1,103
)
50,514
49,710
Income from continuing operations before income taxes
237,142
257,683
296,718
244,068
208,807
Income from continuing operations, net of income taxes(5)
227,753
237,475
156,890
215,706
188,785
(Loss) gain from discontinued operations and dispositions, net of income taxes(6)
(195
)
452
135,743
18,593
23,640
Net income
$
227,558
$
237,927
$
292,633
$
234,299
$
212,425
Basic earnings per share:
Continuing operations
$
2.06
$
2.15
$
1.43
$
1.97
$
1.68
Discontinued operations
0.00
0.00
1.24
0.17
0.21
Net income
$
2.06
$
2.15
$
2.67
$
2.14
$
1.89
Diluted earnings per share:
Continuing operations
$
2.04
$
2.13
$
1.42
$
1.96
$
1.67
Discontinued operations
0.00
0.00
1.22
0.17
0.21
Net income
$
2.04
$
2.13
$
2.64
$
2.12
$
1.87
Weighted-average common shares outstanding:
Basic
110,827
110,561
109,857
109,478
112,507
Diluted
111,501
111,534
110,859
110,313
113,315
Cash dividends declared per common share
$
0.28
$
0.28
$
0.28
$
0.28
$
0.28
As of
December 29, 2019
December 30, 2018
December 31, 2017
January 1, 2017
January 3, 2016
(In thousands)
Balance Sheet Data:
Total assets(7)
$
6,538,564
$
5,975,522
$
6,091,463
$
4,276,683
$
4,166,295
Short-term debt(3)
9,974
14,856
217,306
1,172
1,123
Long-term debt(3)(4)(7)(8)
2,064,041
1,876,624
1,788,803
1,045,254
1,011,762
Stockholders’ equity(7)(9)
2,813,824
2,584,955
2,503,188
2,153,570
2,110,441
Common shares outstanding(9)
111,140
110,597
110,361
109,617
112,034
(1)
Activity related to the mark-to-market adjustment on postretirement benefit plans was a pre-tax loss of $31.2 million in fiscal year 2019, 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 and a pre-tax loss of $12.4 million in fiscal year 2015.
(2)
We recorded pre-tax restructuring and other costs, net, of $29.4 million in fiscal year 2019, $11.1 million in fiscal year 2018, $12.7 million in fiscal year 2017, $5.1 million in fiscal year 2016 and $13.5 million in fiscal year 2015.
(3)
In fiscal years 2019, 2018, 2017, 2016 and 2015, interest expense was $63.6 million, $67.0 million, $43.9 million, $41.5 million and $38.0 million, respectively.
(4)
In October 2019, we redeemed all of the outstanding 5% senior unsecured notes due in November 2021 ("November 2021 Notes"). The redemption of the November 2021 Notes resulted in a pre-tax, non-operating charge of $32.3 million.
(5)
In fiscal years 2019 and 2018, provision for income tax on continuing operations was $9.4 million and $20.2 million, respectively. The lower provision for income taxes in fiscal year 2019 compared to that of fiscal year 2018 was primarily due to the execution of U.S. federal and non-U.S. tax planning. In fiscal years 2017, 2016 and 2015, tax expense on continuing operations was $139.8 million, $28.4 million and $20.0 million, respectively. The higher provision for income taxes in fiscal year 2017 was primarily due to the $106.5 million discrete tax expense related to the Tax Cuts & Jobs Act of 2017. 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.
(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 year 2015 has been retrospectively adjusted to reflect the inclusion of this business in discontinued operations.
(7)
At the beginning of fiscal year 2019, we adopted Accounting Standards Codification No. 842, Leases ("ASC 842"), 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.
(8)
In September 2019, we issued and sold ten-year senior notes at a rate of 3.3% with a face value of $850.0 million and received $847.2 million of net proceeds from the issuance. The debt, which matures in September 2029, is unsecured. 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.
(9)
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.
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