HENRY SCHEIN INC (HSIC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, February 21, 2018

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FOR IMMEDIATE RELEASE

 

 

HENRY SCHEIN REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS

 

 

Raises 2018 diluted EPS guidance range to reflect the impact of U.S. tax reform legislation

 

MELVILLE, N.Y., February 20, 2018 –

Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care products and services to office-based dental, animal health and medical practitioners, today reported record fourth quarter and full year 2017 financial results. All per-share figures in this news release reflect the 2-for-1 common stock split Henry Schein completed during the third quarter of 2017.

The Company is on a 52/53 week fiscal year ending on the last Saturday in December, and 2016 had an extra selling week compared with 2017. That extra selling week occurred in the fourth quarter of 2016. In order to facilitate a more meaningful analysis, the Company has estimated the impact of the extra week on sales growth and is providing internal sales growth in local currencies excluding that extra week.

Net sales for the quarter ended December 30, 2017 were $3.3 billion, an increase of 6.3% compared with the fourth quarter of 2016. This consisted of internal sales growth in local currencies of 5.1%, acquisition growth of 4.0%, an increase related to foreign currency exchange of 2.4% and a negative impact from the extra week of 5.2% (see Exhibit A for details of sales growth).

Net loss attributable to Henry Schein, Inc. for the fourth quarter of 2017 was $8.5 million, or $0.06 per diluted share on a GAAP basis, representing decreases of 106.1% and 107.0%, respectively, versus the fourth quarter of 2016. On a non-GAAP basis, net income attributable to Henry Schein, Inc. for the fourth quarter of 2017 was $152.1 million, or $0.97 per diluted share, representing growth of 0.5% and 3.2%, respectively, versus the same period last year. Note that fourth quarter 2016 non-GAAP net income excludes restructuring costs of $16.1 million pretax or $0.08 per diluted share. Fourth quarter 2017 non-GAAP net income excludes a one-time charge of $143.0 million, or $0.92 per diluted share, for taxes associated with U.S. tax reform legislation, and a loss of $17.6 million pretax, or $0.11 per diluted share, associated with Henry Schein’s divestiture of its equity ownership in E4D Technologies (see Exhibit B for reconciliation of GAAP net income and EPS to non-GAAP net income and EPS).

“We closed out 2017 with a strong fourth quarter that demonstrates the advantages of our high-touch, value-added solutions business model,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “Our customers rely on our team of trusted advisors for the clinical, supply chain, technology and business solutions that practitioners and their office personnel need to operate efficient practices. We satisfy practice needs through technology as well as our consultative approach so our customers can focus on patient care. Our competitive position is built upon education, service and support, software and innovation, and strong, long-term customer relationships.”

Taking into account changes to the federal statutory tax rate under the new U.S. tax legislation and its effects on state taxes and other permanent items, the Company expects its effective tax rate in 2018 to be in the 24% range. In recognition of

 


The following information was filed by HENRY SCHEIN INC on Tuesday, February 20, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • hsic_10k_2018-02-21_116_243
    Revenue - Product
    Conversely, sales of our private label products achieve gross profit margins that are higher than average.
  • hsic_10k_2018-02-21_84_188
    Revenue - Product
    Conversely, sales of our private label products achieve gross profit margins that are higher than average.
  • hsic_10k_2018-02-21_89_199
    Financial - Expense
    The $127.0 million increase in selling, general and administrative expenses within our health care distribution segment for the year ended December 30, 2017 as compared to the prior year period was attributable to $107.3 million of additional costs from acquired companies, and $19.7 million of additional operating costs.
  • hsic_10k_2018-02-21_121_254
    Financial - Expense
    The $148.8 million increase in selling, general and administrative expenses within our health care distribution segment for the year ended December 31, 2016 as compared to the prior year period was attributable to $57.6 million of additional costs from acquired companies, and $91.2 million of additional operating costs.
  • hsic_10k_2018-02-21_86_197
    Financial - Earnings
    The remaining increase of $11.3 million in our technology and value-added services segment gross profit was primarily attributable to growth in internally generated revenue and the increase in gross margin rates.
  • hsic_10k_2018-02-21_130_268
    Revenue - Product
    Working capital requirements generally result from increased sales, special inventory forward buy-in opportunities and payment terms for receivables and payables.
  • hsic_10k_2018-02-21_117_246
    Financial - Earnings
    Health care distribution gross profit margin decreased to 26.5% for the year ended December 31, 2016 from 27.0% for the comparable prior year period.
  • hsic_10k_2018-02-21_85_191
    Financial - Earnings
    Health care distribution gross profit margin decreased to 25.9% for the year ended December 30, 2017 from 26.5% for the comparable prior year period.
  • hsic_10k_2018-02-21_121_255
    Financial - Expense
    The $22.2 million increase in selling, general and administrative expenses within our technology and value-added services segment for the year ended December 31, 2016 as compared to the prior year period was attributable to $15.3 million of additional costs from acquired companies and $6.9 million of additional operating costs.
  • hsic_10k_2018-02-21_116_242
    Revenue - Product
    For example, sales of pharmaceutical products are generally at lower gross profit margins than other products.
  • hsic_10k_2018-02-21_84_187
    Revenue - Product
    For example, sales of pharmaceutical products are generally at lower gross profit margins than other products.
  • hsic_10k_2018-02-21_86_195
    Financial - Earnings
    Technology and value-added services gross profit margin increased to 65.4% for the year ended December 30, 2017 from 64.2% for the comparable prior year period.
  • hsic_10k_2018-02-21_118_250
    Financial - Earnings
    Technology and value-added services gross profit margin decreased to 64.2% for the year ended December 31, 2016 from 66.4% for the comparable prior year period.
  • hsic_10k_2018-02-21_177_314
    Revenue - Product
    Provisions for discounts, rebates to customers, customer returns and other contra-revenue adjustments are recorded based upon historical data and estimates and are provided for in the period in which the related sales are recognized.
  • hsic_10k_2018-02-21_179_320
    Revenue - Product
    Revenue derived from post-contract customer support for software, including annual support andor training, is recognized over the period in which the services are provided.
  • hsic_10k_2018-02-21_13_30
    Financial - Expense
    We believe that the trend towards cost containment has the potential to favorably affect demand for technology solutions, including software, which can enhance the efficiency and facilitation of practice management.
  • hsic_10k_2018-02-21_115_238
    Financial - Earnings
    These higher gross margins result from being both the developer and seller of software products and services, as well as certain financial services.
  • hsic_10k_2018-02-21_83_183
    Financial - Earnings
    These higher gross margins result from being both the developer and seller of software products and services, as well as certain financial services.
  • hsic_10k_2018-02-21_30_75
    Other - Other
    MIPS generally will consolidate three current programs the physician quality reporting system, the value-based payment modifier and the Medicare electronic health record EHR program, into a single program in which Medicare reimbursement to eligible clinicians will include both positive and negative payment adjustments that take into account quality, resource use, clinical practice improvement and meaningful use of certified EHR technology.
  • hsic_10k_2018-02-21_213_411
    Other - Other
    If the carrying value exceeds the fair value, we will be required to recognize an impairment charge however, the impairment charge should not exceed the amount of goodwill allocated to such reporting unit.
  • hsic_10k_2018-02-21_182_331
    Other - Other
    Although we believe our judgments, estimates andor assumptions related to accounts receivable and reserves are reasonable, making material changes to such judgments, estimates andor assumptions could materially affect our financial results.
  • hsic_10k_2018-02-21_115_237
    Financial - Earnings
    Additionally, we realize substantially higher gross margin percentages in our technology segment than in our health care distribution segment.
  • hsic_10k_2018-02-21_83_182
    Financial - Earnings
    Additionally, we realize substantially higher gross margin percentages in our technology segment than in our health care distribution segment.
  • hsic_10k_2018-02-21_90_201
    Financial - Expense
    As a component of total selling, general and administrative expenses, selling expenses increased $82.2 million, or 5.6%, for the year ended December 30, 2017 from the comparable prior year period.
  • hsic_10k_2018-02-21_91_203
    Financial - Expense
    As a component of total selling, general and administrative expenses, general and administrative expenses increased $48.5 million, or 5.2%, for the year ended December 30, 2017 from the comparable prior year period.
  • hsic_10k_2018-02-21_122_257
    Financial - Expense
    As a component of total selling, general and administrative expenses, selling expenses increased $104.3 million, or 7.6%, for the year ended December 31, 2016 from the comparable prior year period.
  • hsic_10k_2018-02-21_123_259
    Financial - Expense
    As a component of total selling, general and administrative expenses, general and administrative expenses increased $66.7 million, or 7.7%, for the year ended December 31, 2016 from the comparable prior year period.
  • hsic_10k_2018-02-21_115_239
    Financial - Earnings
    The software industry typically realizes higher gross margins to recover investments in research and development.
  • hsic_10k_2018-02-21_83_184
    Financial - Earnings
    The software industry typically realizes higher gross margins to recover investments in research and development.
  • hsic_10k_2018-02-21_67_172
    Financial - Expense
    We subsequently announced our plan to extend these restructuring activities through the end of 2016 to further implement cost-savings initiatives, which ultimately resulted in the elimination of approximately 900 positions, representing slightly more than 4% of our workforce.
  • hsic_10k_2018-02-21_154_294
    Other - Other
    We have a facility agreement with a bank, as agent, based on the securitization of our U.S. trade accounts receivable that is structured as an asset-backed securitization program with pricing committed for up to three years.
  • hsic_10k_2018-02-21_193_354
    Revenue - Product
    The factors we consider in estimating supplier rebate accruals include forecasted inventory purchases and sales in conjunction with supplier rebate contract terms which generally provide for increasing rebates based on either increased purchase or sales volume.
  • hsic_10k_2018-02-21_50_127
    Revenue - Product
    Certain of our businesses involve the development and sale of software and related products to support physician and dental practice management, and it is possible that the FDA or foreign government authorities could determine that one or more of our products is a medical device, which could subject us or one or more of our businesses to substantial additional requirements with respect to these products.
  • hsic_10k_2018-02-21_51_128
    Revenue - Geography
    In addition, the European Parliament and the Council of the European Union have adopted a new pan-European General Data Protection Regulation GDPR , effective from May 25, 2018, which increases privacy rights for individuals in Europe, extends the scope of responsibilities for data controllers and data processors and imposes increased requirements and potential penalties on companies offering goods or services to individuals who are located in Europe Data Subjects or monitoring the behavior of such individuals including by companies based outside of Europe.
  • hsic_10k_2018-02-21_89_198
    Financial - Expense
    Selling, general and administrative expenses increased $130.7 million, or 5.4%, for the year ended December 30, 2017 from the comparable prior year period.
  • hsic_10k_2018-02-21_121_253
    Financial - Expense
    Selling, general and administrative expenses increased $171.0 million, or 7.6%, for the year ended December 31, 2016 from the comparable prior year period.
  • hsic_10k_2018-02-21_207_525
    Other - Other
    When effective, ASU 2014-09 will require us to use either of the following transition methods: i a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or ii a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption
  • hsic_10k_2018-02-21_203_382
    Financial - Income
    Prior to the implementation of ASU 2016-09, excess tax benefits were recorded as a component of Additional paid-in capital and tax deficiencies were recognized either as an offset to accumulated excess tax benefits or in the income statement if there were no accumulated excess tax benefits.
  • hsic_10k_2018-02-21_9_15
    Other - Other
    This infrastructure, together with broad product and service offerings at competitive prices, and a strong commitment to customer service, enables us to be a single source of supply for our customers needs.
  • hsic_10k_2018-02-21_118_252
    Financial - Earnings
    The remaining increase of $16.5 million in our technology and value-added services segment gross profit was primarily attributable to growth in internally generated revenue.
  • hsic_10k_2018-02-21_13_27
    Financial - Expense
    In recent years, the health care industry has increasingly focused on cost containment.
  • hsic_10k_2018-02-21_140_489
    Other - Other
    Our cash and cash equivalents consist of bank balances and investments in money market funds representing overnight investments with a high degree of liquidity.
  • hsic_10k_2018-02-21_2_5
    Other - Other
    Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Annual Report on Form 10-K, and in particular the risks discussed under the caption Risk Factors in Item 1A of this report and those discussed in other documents we file with the Securities and Exchange Commission SEC.
  • hsic_10k_2018-02-21_110_230
    Revenue - Product
    The growth in internally generated animal health revenue is affected by the revenue for certain products being recognized on a gross basis in 2016 that had been recognized on an agency basis in the prior year.
  • hsic_10k_2018-02-21_111_233
    Revenue - Product
    The growth in internally generated medical revenue is affected by certain sales being recognized on a gross basis in 2016 that had been recognized on an agency basis in the prior year.
  • hsic_10k_2018-02-21_78_178
    Revenue - Product
    The growth in internally generated animal health revenue is affected by the revenue for certain products being recognized on a gross basis in 2017 that had been recognized on an agency basis in the prior year.
  • hsic_10k_2018-02-21_94_211
    Financial - Income
    Our effective tax rate was favorably impacted in 2017 by the adoption of Accounting Standards Update ASU 2016-09, Accounting for Stock Compensation, as well as savings from implementation of tax planning initiatives and higher income from lower tax jurisdictions.
  • hsic_10k_2018-02-21_98_224
    Other - Other
    The Company is subject to the GILTI and BEAT provisions which are effective January 1, 2018.
  • hsic_10k_2018-02-21_61_168
    Other - Other
    We believe that our tradition of reliable service, our name recognition and large customer base built on solid customer relationships, position us well to participate in this significant aspect of the distribution business.
  • hsic_10k_2018-02-21_193_353
    Financial - Expense
    Supplier rebates are included as a reduction of cost of sales and are recognized over the period they are earned.
  • hsic_10k_2018-02-21_111_234
    Revenue - Product
    When excluding the effects of this change, internally generated revenue grew by 7.9%
  • hsic_10k_2018-02-21_110_231
    Revenue - Product
    When excluding the effects of this change, internally generated revenue grew by 7.1%.
  • hsic_10k_2018-02-21_78_179
    Revenue - Product
    When excluding the effects of this change, internally generated revenue grew by 6.0%.
  • hsic_10k_2018-02-21_97_219
    Other - Other
    We have recorded provisional amounts for any items that could be reasonably estimated at this time.
  • hsic_10k_2018-02-21_100_468
    Financial - Earnings
    Net income decreased $97.1 million, or 17.5%, for the year ended December 30, 2017, compared to the prior year period due to the factors noted above.
  • hsic_10k_2018-02-21_198_370
    Other - Other
    We issue restricted stockunits that vest solely based on the recipients continued service over time primarily four-year cliff vesting, except for grants made under the 2015 Non-Employee Director Stock Incentive Plan, which are primarily 12-month cliff vesting and restricted stockunits that vest based on our achieving specified performance measurements and the recipients continued service over time primarily three-year cliff vesting.
  • hsic_10k_2018-02-21_56_157
    Financial - Expense
    Although we believe we are positioned to accomplish this, the effort may involve increased costs, and our failure to implement product modifications, or otherwise satisfy applicable standards, could have a material adverse effect on our
  • hsic_10k_2018-02-21_184_336
    Other - Other
    Although we believe our judgments, estimates andor assumptions related to inventory and reserves are reasonable, making material changes to such judgments, estimates andor assumptions could materially affect our financial results.
  • hsic_10k_2018-02-21_130_269
    Revenue - Product
    Historically, sales have tended to be stronger during the third and fourth quarters and special inventory forward buy-in opportunities have been most prevalent just before the end of the year, and have caused our working capital requirements to be higher from the end of the third quarter to the end of the first quarter of the following year.
  • hsic_10k_2018-02-21_208_395
    Other - Other
    We generally anticipate having substantially similar performance obligations under the new guidance as compared with deliverables and units of account currently being recognized.
  • hsic_10k_2018-02-21_112_478
    Revenue - Product
    The $66.8 million, or 18.6%, increase in technology and value-added services net sales for the year ended December 31, 2016
  • hsic_10k_2018-02-21_154_297
    Other - Other
    The borrowings outstanding under this securitization facility were $350.0 million and $350.0 million as of December 30, 2017 and December 31, 2016, respectively.
  • hsic_10k_2018-02-21_183_333
    Financial - Expense
    Cost is determined by the first-in, first-out method for merchandise or actual cost for large equipment and high tech equipment.
  • hsic_10k_2018-02-21_200_375
    Financial - Shares / Equity
    Over the performance period, the number of shares of common stock that will ultimately vest and be issued and the related compensation expense is adjusted upward or downward based upon our estimation of achieving such performance targets.
  • hsic_10k_2018-02-21_216_429
    Financial - Earnings
    This ASU is required to be adopted using the modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance of this ASU is effective.
  • hsic_10k_2018-02-21_212_404
    Other - Other
    The standard, which requires the use of a modified retrospective approach, will be effective for interim and annual periods beginning after December 15, 2018.
  • hsic_10k_2018-02-21_30_79
    Other - Other
    A final rule updating certain Quality Payment Program regulations was published on November 16, 2017, which became effective as of January 1, 2018.
  • hsic_10k_2018-02-21_29_72
    Financial - Expense
    While we believe we have substantially compliant programs and controls in place to comply with these requirements, our compliance with these rules imposes additional costs on us.
  • hsic_10k_2018-02-21_131_271
    Financial - Cash Flow
    Our ability to generate sufficient cash flows from operations is dependent on the continued demand of our customers for our products and services, and access to products and services from our suppliers.
  • hsic_10k_2018-02-21_21_44
    Revenue - Product
    As industry consolidation continues, we believe that we are positioned to capitalize on this trend, as we believe we have the ability to support increased sales through our existing infrastructure, although there can be no assurances that we will be able to successfully accomplish this.
  • hsic_10k_2018-02-21_67_174
    Financial - Expense
    The costs associated with this restructuring are included in a separate line item, Restructuring costs within our consolidated statements of income.
  • hsic_10k_2018-02-21_184_335
    Other - Other
    From time to time, we may adjust our assumptions for anticipated changes in any of these or other factors expected to affect the value of inventory.
  • hsic_10k_2018-02-21_182_330
    Other - Other
    From time to time, we may adjust our assumptions for anticipated changes in any of these or other factors expected to affect collectability.
  • hsic_10k_2018-02-21_89_200
    Financial - Expense
    The $3.7 million increase in selling, general and administrative expenses within our
  • hsic_10k_2018-02-21_19_41
    MA - Other
    This consolidation also may continue to result in distributors seeking to acquire companies that can enhance their current product and service offerings or provide opportunities to serve a broader customer base.
  • hsic_10k_2018-02-21_93_205
    Financial - Expense
    Other expense, net increased $20.8 million to $36.5 million for the year ended December 30, 2017 from the comparable prior year period.
  • hsic_10k_2018-02-21_216_428
    Other - Other
    This ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2018.
  • hsic_10k_2018-02-21_51_129
    Revenue - Product
    Noncompliance can result in penalties of up to the greater of EUR 20 million, or 4% of global company revenues.
  • hsic_10k_2018-02-21_128_265
    Financial - Income
    Absent the effects of this income tax benefit in the third quarter of 2015, our effective tax rate for the year ended December 26, 2015 would have been 30.2% as compared to our actual effective tax rate of 29.3%.
  • hsic_10k_2018-02-21_165_510
    Financial - Shares / Equity
    From June 21, 2004 through December 30, 2017, we repurchased approximately $2.7 billion, or 55,670,990 shares, under our common stock repurchase programs, with $200.0 million available as of December 30, 2017 for future common stock share repurchases.
  • hsic_10k_2018-02-21_109_477
    Revenue - Product
    The $278.9 million, or 5.3%, increase in dental net sales for the year ended
  • hsic_10k_2018-02-21_180_321
    Revenue - Product
    Revenue derived from multiple element arrangements, and the related deferral of such revenue which is insignificant to our financial statements, is recognized as follows.
  • hsic_10k_2018-02-21_118_251
    MA - Other
    Acquisitions accounted for $18.5 million of our gross profit increase within our technology and value-added services segment for the year ended December 31, 2016 compared to the prior year period.
  • hsic_10k_2018-02-21_86_196
    MA - Other
    Acquisitions accounted for $2.0 million of our gross profit increase within our technology and value-added services segment for the year ended December 30, 2017 compared to the prior year period.
  • hsic_10k_2018-02-21_203_381
    Financial - Expense
    Under ASU 2016-09, all excess tax benefits and tax deficiencies resulting from the difference between the deduction for tax purposes and the stock-based compensation cost recognized for financial reporting purposes are included as a component of income tax expense as of January 1, 2017.
  • hsic_10k_2018-02-21_178_315
    Revenue - Product
    Revenue derived from the sale of consumable products is recognized when products are shipped to customers.
  • hsic_10k_2018-02-21_125_484
    Financial - Expense
    Other expense, net increased $2.5 million to $15.7 million for the year ended December 31, 2016 from the comparable prior year
  • hsic_10k_2018-02-21_10_18
    Other - Other
    These segments offer different products and services to the same customer base.
  • hsic_10k_2018-02-21_93_207
    Financial - Expense
    Interest expense increased $21.8 million primarily due to increased borrowings and higher interest rates under our bank credit lines and interest expense related to a financing arrangement entered into during the first quarter of 2017 in Brazil.
  • hsic_10k_2018-02-21_86_194
    Financial - Earnings
    Technology and value-added services gross profit increased $13.3 million, or 4.9%, for the year ended December 30, 2017 compared to the prior year period.
  • hsic_10k_2018-02-21_95_215
    Other - Other
    The transition tax is payable over eight years.
  • hsic_10k_2018-02-21_118_249
    Financial - Earnings
    Technology and value-added services gross profit increased $35.0 million, or 14.7%, for the year ended December 31, 2016 compared to the prior year period.
  • hsic_10k_2018-02-21_148_286
    Other - Other
    As of December 30, 2017 and December 31, 2016, we had various other short-term bank credit lines available, of which $421.7 million and $372.5 million, respectively, were outstanding.
  • hsic_10k_2018-02-21_149_289
    Other - Other
    These facilities are available on an uncommitted basis at fixed rate economic terms to be agreed upon at the time of issuance, from time to time through September 15, 2020.
  • hsic_10k_2018-02-21_127_264
    Financial - Income
    As a result, our provision for income taxes in 2015 included a $6.3 million income tax benefit.
  • hsic_10k_2018-02-21_185_519
    Other - Other
    Goodwill and Other Indefinite-Lived Intangible Assets
  • hsic_10k_2018-02-21_186_337
    Other - Other
    Goodwill and other indefinite-lived intangible assets primarily trademarks are not amortized, but are subject to impairment analysis at least once annually.
  • hsic_10k_2018-02-21_189_351
    Financial - Cash Flow
    For indefinite-lived intangible assets, a present value technique, such as estimates of future cash flows, is utilized.
  • hsic_10k_2018-02-21_206_392
    Revenue - Product
    2015-14, Revenue from Contracts with Customers , which deferred the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date.
  • hsic_10k_2018-02-21_54_141
    Other - Other
    The first performance period for MIPS began January 1, 2017, and will afford eligible clinicians different reporting options linked to the amount of data reported and the duration of the reporting period, with positive payment adjustments generally linked to more robust reporting.
  • hsic_10k_2018-02-21_22_48
    MA - Other
    If additional transactions are entered into or consummated, we would incur merger andor acquisition-related costs, and there can be no assurance that the integration efforts associated with any such transaction would be successful.
  • hsic_10k_2018-02-21_138_487
    Other - Other
    The following table summarizes selected measures of liquidity and capital resources in thousands:
  • hsic_10k_2018-02-21_30_73
    Other - Other
    Another notable Medicare health care reform initiative, the Medicare Access and CHIP Reauthorization Act of 2015 MACRA , enacted on April 16, 2015, establishes a new payment framework, called the Quality Payment Program, which modifies certain Medicare payments to eligible clinicians, including physicians, dentists and other practitioners.
  • hsic_10k_2018-02-21_154_298
    Other - Other
    At December 30, 2017, the interest rate on borrowings under this facility was based on the asset-backed commercial paper rate of 153 basis points plus 75 basis points, for a combined rate of 2.28%.
  • hsic_10k_2018-02-21_154_299
    Other - Other
    At December 31, 2016, the interest rate on borrowings under this facility was based on the asset-backed commercial paper rate of 101 basis points plus 75 basis points, for a combined rate of 1.76%.
  • hsic_10k_2018-02-21_11_20
    Other - Other
    This segment distributes consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products and vitamins.
  • hsic_10k_2018-02-21_103_471
    Other - Other
    Consists of consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and
  • hsic_10k_2018-02-21_71_455
    Other - Other
    Consists of consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded
  • hsic_10k_2018-02-21_7_13
    Other - Other
    We believe that we have a strong brand identity due to our more than 85 years of experience distributing health care products.
  • hsic_10k_2018-02-21_215_420
    Other - Other
    2017-12, Derivatives and Hedging Topic 815 ASU 2017-12 , which simplifies the requirements for hedge accounting, more closely aligns hedge accounting with risk management activities and increases transparency of the scope and results of hedging activities.

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Exhibit 21.1 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23.1 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001000228-18-000012
  • Submitted to the SEC: Wednesday, February 21, 2018 1:51:40 PM EST
  • Accepted by the SEC: Wednesday, February 21, 2018
  • Fiscal Year ending: February 2018
  • Industry: Wholesale Medical Dental And Hospital Equipment And Supplies