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Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Oct. 01, 2011
Jul. 02, 2011
Apr. 02, 2011
Dec. 25, 2010
Sep. 25, 2010
Jun. 26, 2010
Mar. 27, 2010
Dec. 31, 2011
Dec. 25, 2010
Dec. 26, 2009
Net sales $ 676.1 $ 602.6 $ 669.9 $ 636.4 $ 655.0 $ 523.2 $ 565.1 $ 557.1 $ 2,585.0 $ 2,300.4 $ 2,127.5
Cost of products sold                 862.5 766.2 718.5
Gross margin 449.8 400.9 450.3 421.5 431.4 346.4 383.5 372.9 1,722.5 1,534.2 1,409.0
Delivery, sales and administrative expense                 1,340.0 1,193.1 1,119.1
Re-engineering and impairment charges 3.2 2.2 1.1 1.4 3.6 0.4 2.0 1.6 7.9 [1] 7.6 [1] 8.0 [1]
Impairment of goodwill and intangible assets                 36.1 [2] 4.3 [2] 28.1 [2]
Gains on disposal of assets                 3.8 [3] 0.2 [3] 21.9 [3]
Operating (loss) income                 342.3 329.4 275.7
Interest income                 3.2 2.5 2.9
Interest expense                 49.0 29.3 31.6
Other expense                 1.2 2.9 9.9
Income before income taxes                 295.3 299.7 237.1
Provision for income taxes                 77.0 74.1 62.0
Net income $ 86.9 $ 10.5 $ 65.1 $ 55.8 $ 80.7 $ 39.9 $ 57.9 $ 47.1 $ 218.3 $ 225.6 $ 175.1
Earnings Per Share [Abstract]                      
Basic earnings per common share $ 1.53 $ 0.18 $ 1.05 $ 0.90 $ 1.29 $ 0.64 $ 0.92 $ 0.75 $ 3.63 $ 3.60 $ 2.80
Diluted earnings per common share $ 1.50 $ 0.17 $ 1.03 $ 0.88 $ 1.26 $ 0.62 $ 0.90 $ 0.73 $ 3.55 $ 3.53 $ 2.75
[1] The re-engineering and impairment charges line provides for severance and other exit costs. See Note 2 to the Consolidated Financial Statements.
[2] Reviews of the value of the intangible assets related to the acquisition of the Sara Lee Direct Selling units acquired in 2005 resulted in the conclusion that certain of the tradenames and goodwill had been impaired. This resulted in 2011 charges of $36.1 million related to Nutrimetics, and in 2009, in charges of $28.1 million related to Nutrimetics, NaturCare and Avroy Shlain. In 2010, the Company recorded an impairment of $4.3 million related to Swissgarde in connection with a decision to cease operating that unit as a separate business. See Note 6 to the Consolidated Financial Statements.
[3] Gains on disposal of assets in 2011 was from insurance proceeds of $3.0 million, net of cost, related to a flood in Australia, as well as $0.7 million related to the sale of land held for development near the Company's Orlando, Florida headquarters. In 2010, the Company recognized a $0.2 million gain on the sale of property at Nutrimetics Australia. In 2009, the Company recorded a pretax gain of $19.0 million as a result of insurance recoveries from a 2007 fire in South Carolina and pretax gains of $2.9 million from the sale of property in Australia.