x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 36-4062333 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
14901 South Orange Blossom Trail, Orlando, Florida | 32837 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | o | |
Non-accelerated filer | o | (Do not check if a smaller reporting company) | Smaller reporting company | o |
TABLE OF CONTENTS | ||
Page Number | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements (Unaudited) | |
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 2. | ||
Item 6. | ||
Item 1. | Financial Statements (Unaudited) |
13 weeks ended | 26 weeks ended | ||||||||||||||
(In millions, except per share amounts) | June 25, 2016 | June 27, 2015 | June 25, 2016 | June 27, 2015 | |||||||||||
Net sales | $ | 564.7 | $ | 588.9 | $ | 1,090.4 | $ | 1,170.7 | |||||||
Cost of products sold | 183.9 | 189.1 | 349.9 | 380.7 | |||||||||||
Gross margin | 380.8 | 399.8 | 740.5 | 790.0 | |||||||||||
Delivery, sales and administrative expense | 298.2 | 310.1 | 586.9 | 623.5 | |||||||||||
Re-engineering and impairment charges | 1.9 | 1.5 | 3.0 | 17.7 | |||||||||||
Gains on disposal of assets | 0.8 | 10.8 | 0.9 | 11.4 | |||||||||||
Operating income | 81.5 | 99.0 | 151.5 | 160.2 | |||||||||||
Interest income | 0.8 | 0.5 | 1.5 | 1.0 | |||||||||||
Interest expense | 11.2 | 12.0 | 23.3 | 25.3 | |||||||||||
Other expense | 0.9 | 1.1 | 1.3 | 8.3 | |||||||||||
Income before income taxes | 70.2 | 86.4 | 128.4 | 127.6 | |||||||||||
Provision for income taxes | 17.8 | 24.4 | 32.6 | 36.1 | |||||||||||
Net income | $ | 52.4 | $ | 62.0 | $ | 95.8 | $ | 91.5 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 1.04 | $ | 1.24 | $ | 1.90 | $ | 1.84 | |||||||
Diluted | 1.03 | 1.23 | 1.89 | 1.82 | |||||||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 50.5 | 49.8 | 50.5 | 49.8 | |||||||||||
Diluted | 50.7 | 50.4 | 50.6 | 50.3 | |||||||||||
Dividends declared per common share | $ | 0.68 | $ | 0.68 | $ | 1.36 | $ | 1.36 |
13 weeks ended | 26 weeks ended | ||||||||||||||
(In millions) | June 25, 2016 | June 27, 2015 | June 25, 2016 | June 27, 2015 | |||||||||||
Net income | $ | 52.4 | $ | 62.0 | $ | 95.8 | $ | 91.5 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustments | (14.1 | ) | (19.4 | ) | (11.8 | ) | (44.6 | ) | |||||||
Deferred loss on cash flow hedges, net of tax benefit of $0.0, $0.2, $1.0 and $0.6, respectively | — | (1.8 | ) | (3.7 | ) | (2.2 | ) | ||||||||
Pension and other post-retirement income (loss), net of tax provision (benefit) of $0.0, $0.0, ($0.3) and $1.1, respectively | 0.5 | 0.1 | (0.4 | ) | 3.0 | ||||||||||
Other comprehensive loss | (13.6 | ) | (21.1 | ) | (15.9 | ) | (43.8 | ) | |||||||
Total comprehensive income | $ | 38.8 | $ | 40.9 | $ | 79.9 | $ | 47.7 |
(In millions, except share amounts) | June 25, 2016 | December 26, 2015 | |||||
ASSETS | |||||||
Cash and cash equivalents | $ | 79.0 | $ | 79.8 | |||
Accounts receivable, less allowances of $34.2 and $32.7, respectively | 159.8 | 142.7 | |||||
Inventories | 270.0 | 254.6 | |||||
Non-trade amounts receivable, net | 44.5 | 45.5 | |||||
Prepaid expenses and other current assets | 32.1 | 27.9 | |||||
Total current assets | 585.4 | 550.5 | |||||
Deferred income tax benefits, net | 526.3 | 524.9 | |||||
Property, plant and equipment, net | 255.8 | 253.6 | |||||
Long-term receivables, less allowances of $12.7 and $11.2, respectively | 13.8 | 13.2 | |||||
Trademarks and tradenames, net | 77.0 | 82.7 | |||||
Goodwill | 142.8 | 146.3 | |||||
Other assets, net | 29.7 | 27.0 | |||||
Total assets | $ | 1,630.8 | $ | 1,598.2 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 89.0 | $ | 126.7 | |||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 226.8 | 162.5 | |||||
Accrued liabilities | 304.7 | 324.8 | |||||
Total current liabilities | 620.5 | 614.0 | |||||
Long-term debt and capital lease obligations | 607.4 | 608.2 | |||||
Other liabilities | 224.8 | 215.0 | |||||
Shareholders' equity: | |||||||
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued | — | — | |||||
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued | 0.6 | 0.6 | |||||
Paid-in capital | 205.4 | 205.5 | |||||
Retained earnings | 1,397.4 | 1,371.2 | |||||
Treasury stock, 13,072,895 and 13,170,517 shares, respectively, at cost | (887.4 | ) | (894.3 | ) | |||
Accumulated other comprehensive loss | (537.9 | ) | (522.0 | ) | |||
Total shareholders' equity | 178.1 | 161.0 | |||||
Total liabilities and shareholders' equity | $ | 1,630.8 | $ | 1,598.2 |
26 weeks ended | |||||||
(In millions) | June 25, 2016 | June 27, 2015 | |||||
Operating Activities: | |||||||
Net income | $ | 95.8 | $ | 91.5 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 30.2 | 31.0 | |||||
Unrealized foreign exchange loss | 0.3 | 7.0 | |||||
Equity compensation | 8.2 | 8.2 | |||||
Amortization of deferred debt costs | 0.3 | 0.6 | |||||
Net gains on disposal of assets | (0.8 | ) | (11.1 | ) | |||
Provision for bad debts | 4.9 | 6.4 | |||||
Write-down of inventories | 5.0 | 8.9 | |||||
Non-cash impact of re-engineering and impairment costs | — | 13.5 | |||||
Net change in deferred income taxes | 0.3 | (12.6 | ) | ||||
Excess tax benefits from share-based payment arrangements | — | (0.7 | ) | ||||
Changes in assets and liabilities: | |||||||
Accounts and notes receivable | (19.1 | ) | (23.0 | ) | |||
Inventories | (14.4 | ) | (22.6 | ) | |||
Non-trade amounts receivable | (6.4 | ) | (1.9 | ) | |||
Prepaid expenses | (4.1 | ) | (5.0 | ) | |||
Other assets | (1.3 | ) | 0.8 | ||||
Accounts payable and accrued liabilities | (53.9 | ) | (37.7 | ) | |||
Income taxes payable | (25.9 | ) | (24.3 | ) | |||
Other liabilities | 2.6 | 0.3 | |||||
Net cash impact from hedging activity | 10.0 | (5.1 | ) | ||||
Other | 0.1 | (0.1 | ) | ||||
Net cash provided by operating activities | 31.8 | 24.1 | |||||
Investing Activities: | |||||||
Capital expenditures | (25.3 | ) | (27.8 | ) | |||
Proceeds from disposal of property, plant and equipment | 2.3 | 14.4 | |||||
Net cash used in investing activities | (23.0 | ) | (13.4 | ) | |||
Financing Activities: | |||||||
Dividend payments to shareholders | (69.4 | ) | (69.7 | ) | |||
Proceeds from exercise of stock options | 0.4 | 4.9 | |||||
Repurchase of common stock | (0.8 | ) | (0.9 | ) | |||
Repayment of capital lease obligations | (1.3 | ) | (1.7 | ) | |||
Net change in short-term debt | 58.2 | 62.1 | |||||
Debt issuance costs | — | (0.7 | ) | ||||
Excess tax benefits from share-based payment arrangements | — | 0.7 | |||||
Net cash used in financing activities | (12.9 | ) | (5.3 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 3.3 | (8.3 | ) | ||||
Net change in cash and cash equivalents | (0.8 | ) | (2.9 | ) | |||
Cash and cash equivalents at beginning of year | 79.8 | 77.0 | |||||
Cash and cash equivalents at end of period | $ | 79.0 | $ | 74.1 |
Note 1: | Summary of Significant Accounting Policies |
Note 2: | Shipping and Handling Costs |
Note 3: | Promotional Costs |
Note 4: | Inventories |
(In millions) | June 25, 2016 | December 26, 2015 | |||||
Finished goods | $ | 208.4 | $ | 203.2 | |||
Work in process | 25.6 | 21.0 | |||||
Raw materials and supplies | 36.0 | 30.4 | |||||
Total inventories | $ | 270.0 | $ | 254.6 |
Note 5: | Net Income Per Common Share |
13 weeks ended | 26 weeks ended | ||||||||||||||
(In millions, except per share amounts) | June 25, 2016 | June 27, 2015 | June 25, 2016 | June 27, 2015 | |||||||||||
Net income | $ | 52.4 | $ | 62.0 | $ | 95.8 | $ | 91.5 | |||||||
Weighted-average shares of common stock outstanding | 50.5 | 49.8 | 50.5 | 49.8 | |||||||||||
Common equivalent shares: | |||||||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 0.2 | 0.6 | 0.1 | 0.5 | |||||||||||
Weighted-average common and common equivalent shares outstanding | 50.7 | 50.4 | 50.6 | 50.3 | |||||||||||
Basic earnings per share | $ | 1.04 | $ | 1.24 | $ | 1.90 | $ | 1.84 | |||||||
Diluted earnings per share | $ | 1.03 | $ | 1.23 | $ | 1.89 | $ | 1.82 | |||||||
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 1.6 | 0.7 | 1.7 | 0.7 |
Note 6: | Accumulated Other Comprehensive Loss |
(In millions, net of tax) | Foreign Currency Items | Cash Flow Hedges | Pension and Other Post-retirement Items | Total | |||||||||||
Balance at December 26, 2015 | $ | (490.6 | ) | $ | 4.3 | $ | (35.7 | ) | $ | (522.0 | ) | ||||
Other comprehensive loss before reclassifications | (11.8 | ) | (0.8 | ) | (1.0 | ) | (13.6 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | (2.9 | ) | 0.6 | (2.3 | ) | |||||||||
Net current-period other comprehensive loss | (11.8 | ) | (3.7 | ) | (0.4 | ) | (15.9 | ) | |||||||
Balance at June 25, 2016 | $ | (502.4 | ) | $ | 0.6 | $ | (36.1 | ) | $ | (537.9 | ) |
(In millions, net of tax) | Foreign Currency Items | Cash Flow Hedges | Pension and Other Post-retirement Items | Total | |||||||||||
Balance at December 27, 2014 | $ | (368.3 | ) | $ | 7.8 | $ | (48.2 | ) | $ | (408.7 | ) | ||||
Other comprehensive income (loss) before reclassifications | (44.6 | ) | 4.4 | 1.5 | (38.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (6.6 | ) | 1.5 | (5.1 | ) | |||||||||
Net current-period other comprehensive income (loss) | (44.6 | ) | (2.2 | ) | 3.0 | (43.8 | ) | ||||||||
Balance at June 27, 2015 | $ | (412.9 | ) | $ | 5.6 | $ | (45.2 | ) | $ | (452.5 | ) |
Note 7: | Re-engineering and Impairment Costs |
(In millions) | June 25, 2016 | December 26, 2015 | |||||
Beginning of the year balance | $ | 1.7 | $ | 2.4 | |||
Provision | 3.0 | 6.8 | |||||
Non-cash charges | (0.1 | ) | (0.2 | ) | |||
Cash expenditures: | |||||||
Severance | (2.0 | ) | (5.8 | ) | |||
Other | (0.9 | ) | (1.5 | ) | |||
End of period balance | $ | 1.7 | $ | 1.7 |
Note 8: | Segment Information |
Europe | Primarily design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware® brand. Europe also includes Avroy Shlain® in South Africa and Nutrimetics® in France, which sell beauty and personal care products. Some units in Asia Pacific also sell beauty and personal care products under the NaturCare®, Nutrimetics® and Fuller® brands. |
Asia Pacific | |
Tupperware North America | |
Beauty North America | Premium cosmetics, skin care and personal care products marketed under the BeautiControl® brand in the United States, Canada and Puerto Rico and Fuller Cosmetics® brands in Mexico and Central America. |
South America | Both housewares and beauty products under the Fuller®, Nutrimetics®, Nuvo® and Tupperware® brands. |
13 weeks ended | 26 weeks ended | ||||||||||||||
(In millions) | June 25, 2016 | June 27, 2015 | June 25, 2016 | June 27, 2015 | |||||||||||
Net sales: | |||||||||||||||
Europe | $ | 138.4 | $ | 158.3 | $ | 292.3 | $ | 332.1 | |||||||
Asia Pacific | 194.3 | 191.5 | 365.9 | 381.1 | |||||||||||
Tupperware North America | 93.1 | 93.8 | 176.3 | 173.3 | |||||||||||
Beauty North America | 53.4 | 65.9 | 102.3 | 128.8 | |||||||||||
South America | 85.5 | 79.4 | 153.6 | 155.4 | |||||||||||
Total net sales | $ | 564.7 | $ | 588.9 | $ | 1,090.4 | $ | 1,170.7 | |||||||
Segment profit (loss): | |||||||||||||||
Europe | $ | 14.6 | $ | 26.5 | $ | 39.8 | $ | 55.4 | |||||||
Asia Pacific | 46.7 | 41.4 | 83.6 | 80.8 | |||||||||||
Tupperware North America | 19.4 | 20.2 | 34.0 | 33.2 | |||||||||||
Beauty North America | 1.4 | 3.3 | (0.3 | ) | 3.0 | ||||||||||
South America | 15.6 | 13.7 | 28.6 | 16.9 | |||||||||||
Total segment profit | $ | 97.7 | $ | 105.1 | $ | 185.7 | $ | 189.3 | |||||||
Unallocated expenses | (16.0 | ) | (16.5 | ) | (33.4 | ) | (31.1 | ) | |||||||
Re-engineering and impairment charges (a) | (1.9 | ) | (1.5 | ) | (3.0 | ) | (17.7 | ) | |||||||
Gains on disposal of assets | 0.8 | 10.8 | 0.9 | 11.4 | |||||||||||
Interest expense, net | (10.4 | ) | (11.5 | ) | (21.8 | ) | (24.3 | ) | |||||||
Income before taxes | $ | 70.2 | $ | 86.4 | $ | 128.4 | $ | 127.6 |
(In millions) | June 25, 2016 | December 26, 2015 | |||||
Identifiable assets: | |||||||
Europe | $ | 287.7 | $ | 276.5 | |||
Asia Pacific | 308.6 | 290.2 | |||||
Tupperware North America | 144.9 | 121.2 | |||||
Beauty North America | 234.6 | 254.0 | |||||
South America | 115.6 | 96.9 | |||||
Corporate | 539.4 | 559.4 | |||||
Total identifiable assets | $ | 1,630.8 | $ | 1,598.2 |
(a) | See Note 7 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. |
Note 9: | Debt |
(In millions) | June 25, 2016 | December 26, 2015 | |||||
Fixed rate senior notes due 2021 | $ | 599.4 | $ | 599.3 | |||
Five year Revolving Credit Agreement (a) | 224.7 | 155.8 | |||||
Belgium facility capital lease | 9.8 | 10.6 | |||||
Other | 0.3 | 5.0 | |||||
Total debt obligations | $ | 834.2 | $ | 770.7 |
(a) | $195.0 million and $153.7 million denominated in euros as of June 25, 2016 and December 26, 2015, respectively. |
Note 10: | Derivative Instruments and Hedging Activities |
Asset derivatives | Liability derivatives | |||||||||||||||||||
Fair value | Fair value | |||||||||||||||||||
Derivatives designated as hedging instruments (in millions) | Balance sheet location | Jun 25, 2016 | Dec 26, 2015 | Balance sheet location | Jun 25, 2016 | Dec 26, 2015 | ||||||||||||||
Foreign exchange contracts | Non-trade amounts receivable | $ | 14.7 | $ | 21.5 | Accrued liabilities | $ | 18.0 | $ | 14.6 |
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Foreign exchange contracts | Other expense | $ | (5.8 | ) | $ | (15.0 | ) | Other expense | $ | 5.9 | $ | 14.8 |
Cash flow and net equity hedges (in millions) | Amount of gain or (loss) recognized in OCI (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | Amount of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | |||||||||||||||||||||||
Cash flow hedging relationships | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||
Foreign exchange contracts | $ | 1.1 | $ | 2.1 | Cost of products sold | $ | 1.0 | $ | 4.2 | Interest expense | $ | (1.2 | ) | $ | (1.7 | ) | ||||||||||||
Net equity hedging relationships | ||||||||||||||||||||||||||||
Foreign exchange contracts | 11.4 | 12.8 | Other expense | — | — | Interest expense | (4.4 | ) | (4.5 | ) | ||||||||||||||||||
Euro denominated debt | (0.3 | ) | (1.9 | ) | Other expense | — | — | Interest expense | — | — |
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Foreign exchange contracts | Other expense | $ | (4.4 | ) | $ | (39.8 | ) | Other expense | $ | 4.5 | $ | 40.0 |
Cash flow and net equity hedges (in millions) | Amount of gain or (loss) recognized in OCI (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | Amount of gain or (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | |||||||||||||||||||||||
Cash flow hedging relationships | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||
Foreign exchange contracts | $ | (0.6 | ) | $ | 5.5 | Cost of products sold | $ | 4.0 | $ | 8.5 | Interest expense | $ | (2.8 | ) | $ | (4.6 | ) | |||||||||||
Net equity hedging relationships | ||||||||||||||||||||||||||||
Foreign exchange contracts | 8.4 | 32.3 | Other expense | — | — | Interest expense | (9.6 | ) | (8.0 | ) | ||||||||||||||||||
Euro denominated debt | (3.0 | ) | 9.0 | Other expense | — | — | Interest expense | — | — |
Note 11: | Fair Value Measurements |
Note 12: | Retirement Benefit Plans |
Second Quarter | Year-to-Date | ||||||||||||||||||||||||||||||
Pension benefits | Post-retirement benefits | Pension benefits | Post-retirement benefits | ||||||||||||||||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Service cost | $ | 2.7 | $ | 2.7 | $ | — | $ | — | $ | 5.4 | $ | 5.5 | $ | — | $ | — | |||||||||||||||
Interest cost | 1.6 | 1.7 | 0.2 | 0.2 | 3.2 | 3.5 | 0.4 | 0.4 | |||||||||||||||||||||||
Expected return on plan assets | (1.3 | ) | (1.4 | ) | — | — | (2.7 | ) | (2.8 | ) | — | — | |||||||||||||||||||
Settlement/curtailment | 0.6 | 0.4 | — | — | 0.6 | 0.4 | — | — | |||||||||||||||||||||||
Net amortization | 0.4 | 1.1 | (0.4 | ) | (0.3 | ) | 0.8 | 2.1 | (0.7 | ) | (0.6 | ) | |||||||||||||||||||
Net periodic benefit cost | $ | 4.0 | $ | 4.5 | $ | (0.2 | ) | $ | (0.1 | ) | $ | 7.3 | $ | 8.7 | $ | (0.3 | ) | $ | (0.2 | ) |
Note 13: | Income Taxes |
Note 14: | Statement of Cash Flow Supplemental Disclosure |
Note 15: | Stock Based Compensation |
Shares subject to option | Weighted average exercise price per share | Aggregate intrinsic value (in millions) | ||||||||
Outstanding at December 26, 2015 | 2,100,478 | $ | 56.92 | |||||||
Expired / Forfeited | (7,270 | ) | 61.43 | |||||||
Exercised | (19,742 | ) | 22.36 | |||||||
Outstanding at June 25, 2016 | 2,073,466 | $ | 57.24 | $ | 5.8 | |||||
Exercisable at June 25, 2016 | 1,241,102 | $ | 55.14 | $ | 5.8 |
Shares outstanding | Weighted average grant date fair value | |||||
December 26, 2015 | 550,467 | $ | 69.71 | |||
Time-vested shares granted | 42,751 | 55.97 | ||||
Market-vested shares granted | 30,019 | 49.55 | ||||
Performance shares granted | 89,321 | 49.95 | ||||
Performance share adjustments | (5,624 | ) | 60.79 | |||
Vested | (104,892 | ) | 75.71 | |||
Forfeited | (17,666 | ) | 74.89 | |||
June 25, 2016 | 584,376 | $ | 63.34 |
Second Quarter | Year-to-Date | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Stock options | $ | 0.7 | $ | 0.5 | $ | 1.3 | $ | 1.1 | |||||||
Time, performance and market vested share awards | 3.6 | 3.9 | 6.9 | 7.1 |
Note 16: | Allowance for Long-Term Receivables |
(In millions) | |||
Balance at December 26, 2015 | $ | 11.2 | |
Write-offs | (1.0 | ) | |
Provision and reclassifications | 1.9 | ||
Currency translation adjustment | 0.6 | ||
Balance at June 25, 2016 | $ | 12.7 |
Note 17: | Guarantor Information |
13 Weeks Ended June 25, 2016 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 565.6 | $ | (0.9 | ) | $ | 564.7 | ||||||||
Other revenue | — | 30.2 | 7.7 | (37.9 | ) | — | |||||||||||||
Cost of products sold | — | 7.7 | 212.8 | (36.6 | ) | 183.9 | |||||||||||||
Gross margin | — | 22.5 | 360.5 | (2.2 | ) | 380.8 | |||||||||||||
Delivery, sales and administrative expense | 3.5 | 13.8 | 283.1 | (2.2 | ) | 298.2 | |||||||||||||
Re-engineering and impairment charges | — | — | 1.9 | — | 1.9 | ||||||||||||||
Gains on disposal of assets | — | — | 0.8 | — | 0.8 | ||||||||||||||
Operating income (loss) | (3.5 | ) | 8.7 | 76.3 | — | 81.5 | |||||||||||||
Interest income | 5.1 | 0.5 | 5.9 | (10.7 | ) | 0.8 | |||||||||||||
Interest expense | 7.7 | 12.1 | 2.1 | (10.7 | ) | 11.2 | |||||||||||||
Income from equity investments in subsidiaries | 56.3 | 54.7 | — | (111.0 | ) | — | |||||||||||||
Other expense (income) | 0.1 | (12.2 | ) | 13.0 | — | 0.9 | |||||||||||||
Income before income taxes | 50.1 | 64.0 | 67.1 | (111.0 | ) | 70.2 | |||||||||||||
Provision (benefit) for income taxes | (2.3 | ) | 1.5 | 18.6 | — | 17.8 | |||||||||||||
Net income (loss) | $ | 52.4 | $ | 62.5 | $ | 48.5 | $ | (111.0 | ) | $ | 52.4 | ||||||||
Comprehensive income (loss) | $ | 38.8 | $ | 49.2 | $ | 28.8 | $ | (78.0 | ) | $ | 38.8 |
13 Weeks Ended June 27, 2015 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 589.6 | $ | (0.7 | ) | $ | 588.9 | ||||||||
Other revenue | — | 28.5 | 9.7 | (38.2 | ) | — | |||||||||||||
Cost of products sold | — | 9.7 | 215.9 | (36.5 | ) | 189.1 | |||||||||||||
Gross margin | — | 18.8 | 383.4 | (2.4 | ) | 399.8 | |||||||||||||
Delivery, sales and administrative expense | 4.1 | 20.8 | 287.6 | (2.4 | ) | 310.1 | |||||||||||||
Re-engineering and impairment charges | — | — | 1.5 | — | 1.5 | ||||||||||||||
Gains on disposal of assets | — | — | 10.8 | — | 10.8 | ||||||||||||||
Operating income (loss) | (4.1 | ) | (2.0 | ) | 105.1 | — | 99.0 | ||||||||||||
Interest income | 8.1 | 6.2 | 1.4 | (15.2 | ) | 0.5 | |||||||||||||
Interest expense | 12.1 | 9.0 | 6.1 | (15.2 | ) | 12.0 | |||||||||||||
Income from equity investments in subsidiaries | 66.9 | 64.6 | — | (131.5 | ) | — | |||||||||||||
Other expense | — | — | 1.1 | — | 1.1 | ||||||||||||||
Income before income taxes | 58.8 | 59.8 | 99.3 | (131.5 | ) | 86.4 | |||||||||||||
Provision (benefit) for income taxes | (3.2 | ) | (2.3 | ) | 29.9 | — | 24.4 | ||||||||||||
Net income (loss) | $ | 62.0 | $ | 62.1 | $ | 69.4 | $ | (131.5 | ) | $ | 62.0 | ||||||||
Comprehensive income (loss) | $ | 40.9 | $ | 42.2 | $ | 58.7 | $ | (100.9 | ) | $ | 40.9 |
26 Weeks Ended June 25, 2016 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 1,092.6 | $ | (2.2 | ) | $ | 1,090.4 | ||||||||
Other revenue | — | 55.5 | 15.4 | (70.9 | ) | — | |||||||||||||
Cost of products sold | — | 15.4 | 403.0 | (68.5 | ) | 349.9 | |||||||||||||
Gross margin | — | 40.1 | 705.0 | (4.6 | ) | 740.5 | |||||||||||||
Delivery, sales and administrative expense | 6.7 | 36.2 | 548.6 | (4.6 | ) | 586.9 | |||||||||||||
Re-engineering and impairment charges | — | — | 3.0 | — | 3.0 | ||||||||||||||
Gains on disposal of assets | — | — | 0.9 | — | 0.9 | ||||||||||||||
Operating income (loss) | (6.7 | ) | 3.9 | 154.3 | — | 151.5 | |||||||||||||
Interest income | 10.2 | 0.9 | 12.1 | (21.7 | ) | 1.5 | |||||||||||||
Interest expense | 16.4 | 24.4 | 4.2 | (21.7 | ) | 23.3 | |||||||||||||
Income from equity investments in subsidiaries | 104.1 | 108.1 | — | (212.2 | ) | — | |||||||||||||
Other expense (income) | 0.1 | (16.3 | ) | 17.5 | — | 1.3 | |||||||||||||
Income before income taxes | 91.1 | 104.8 | 144.7 | (212.2 | ) | 128.4 | |||||||||||||
Provision (benefit) for income taxes | (4.7 | ) | (5.7 | ) | 43.0 | — | 32.6 | ||||||||||||
Net income (loss) | $ | 95.8 | $ | 110.5 | $ | 101.7 | $ | (212.2 | ) | $ | 95.8 | ||||||||
Comprehensive income (loss) | $ | 79.9 | $ | 96.3 | $ | 78.3 | $ | (174.6 | ) | $ | 79.9 |
26 Weeks Ended June 27, 2015 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 1,171.6 | $ | (0.9 | ) | $ | 1,170.7 | ||||||||
Other revenue | — | 56.8 | 14.9 | (71.7 | ) | — | |||||||||||||
Cost of products sold | — | 14.9 | 434.0 | (68.2 | ) | 380.7 | |||||||||||||
Gross margin | — | 41.9 | 752.5 | (4.4 | ) | 790.0 | |||||||||||||
Delivery, sales and administrative expense | 7.6 | 38.7 | 581.6 | (4.4 | ) | 623.5 | |||||||||||||
Re-engineering and impairment charges | — | — | 17.7 | — | 17.7 | ||||||||||||||
Gains on disposal of assets | — | — | 11.4 | — | 11.4 | ||||||||||||||
Operating income (loss) | (7.6 | ) | 3.2 | 164.6 | — | 160.2 | |||||||||||||
Interest income | 15.3 | 12.7 | 2.4 | (29.4 | ) | 1.0 | |||||||||||||
Interest expense | 24.9 | 17.1 | 12.7 | (29.4 | ) | 25.3 | |||||||||||||
Income from equity investments in subsidiaries | 102.2 | 99.3 | — | (201.5 | ) | — | |||||||||||||
Other expense | — | — | 8.3 | — | 8.3 | ||||||||||||||
Income before income taxes | 85.0 | 98.1 | 146.0 | (201.5 | ) | 127.6 | |||||||||||||
Provision (benefit) for income taxes | (6.5 | ) | (0.7 | ) | 43.3 | — | 36.1 | ||||||||||||
Net income (loss) | $ | 91.5 | $ | 98.8 | $ | 102.7 | $ | (201.5 | ) | $ | 91.5 | ||||||||
Comprehensive income (loss) | $ | 47.7 | $ | 49.8 | $ | 63.5 | $ | (113.3 | ) | $ | 47.7 |
June 25, 2016 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.7 | $ | 78.3 | $ | — | $ | 79.0 | |||||||||
Accounts receivable, net | — | — | 159.8 | — | 159.8 | ||||||||||||||
Inventories | — | — | 270.0 | — | 270.0 | ||||||||||||||
Non-trade amounts receivable, net | — | 39.1 | 116.5 | (111.1 | ) | 44.5 | |||||||||||||
Intercompany receivables | 16.9 | 761.2 | 260.8 | (1,038.9 | ) | — | |||||||||||||
Prepaid expenses and other current assets | 1.8 | 4.5 | 115.9 | (90.1 | ) | 32.1 | |||||||||||||
Total current assets | 18.7 | 805.5 | 1,001.3 | (1,240.1 | ) | 585.4 | |||||||||||||
Deferred income tax benefits, net | 142.6 | 219.1 | 164.6 | — | 526.3 | ||||||||||||||
Property, plant and equipment, net | — | 45.2 | 210.6 | — | 255.8 | ||||||||||||||
Long-term receivables, net | — | 0.1 | 13.7 | — | 13.8 | ||||||||||||||
Trademarks and tradenames, net | — | — | 77.0 | — | 77.0 | ||||||||||||||
Goodwill | — | 2.9 | 139.9 | — | 142.8 | ||||||||||||||
Investments in subsidiaries | 1,254.8 | 1,271.1 | — | (2,525.9 | ) | — | |||||||||||||
Intercompany notes receivable | 472.5 | 95.2 | 642.2 | (1,209.9 | ) | — | |||||||||||||
Other assets, net | 1.4 | 0.7 | 83.1 | (55.5 | ) | 29.7 | |||||||||||||
Total assets | $ | 1,890.0 | $ | 2,439.8 | $ | 2,332.4 | $ | (5,031.4 | ) | $ | 1,630.8 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Accounts payable | $ | — | $ | 1.7 | $ | 87.3 | $ | — | $ | 89.0 | |||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 121.0 | — | 105.8 | — | 226.8 | ||||||||||||||
Intercompany payables | 689.3 | 261.3 | 88.3 | (1,038.9 | ) | — | |||||||||||||
Accrued liabilities | 148.7 | 103.3 | 253.9 | (201.2 | ) | 304.7 | |||||||||||||
Total current liabilities | 959.0 | 366.3 | 535.3 | (1,240.1 | ) | 620.5 | |||||||||||||
Long-term debt and capital lease obligations | 599.4 | — | 8.0 | — | 607.4 | ||||||||||||||
Intercompany notes payable | 141.0 | 774.2 | 294.7 | (1,209.9 | ) | — | |||||||||||||
Other liabilities | 12.5 | 81.4 | 186.4 | (55.5 | ) | 224.8 | |||||||||||||
Shareholders' equity | 178.1 | 1,217.9 | 1,308.0 | (2,525.9 | ) | 178.1 | |||||||||||||
Total liabilities and shareholders' equity | $ | 1,890.0 | $ | 2,439.8 | $ | 2,332.4 | $ | (5,031.4 | ) | $ | 1,630.8 |
December 26, 2015 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 79.8 | $ | — | $ | 79.8 | |||||||||
Accounts receivable, net | — | — | 142.7 | — | 142.7 | ||||||||||||||
Inventories | — | — | 254.6 | — | 254.6 | ||||||||||||||
Non-trade amounts receivable, net | 0.1 | 30.1 | 109.6 | (94.3 | ) | 45.5 | |||||||||||||
Intercompany receivables | 11.8 | 754.2 | 228.8 | (994.8 | ) | — | |||||||||||||
Prepaid expenses and other current assets | 1.1 | 3.3 | 118.1 | (94.6 | ) | 27.9 | |||||||||||||
Total current assets | 13.0 | 787.6 | 933.6 | (1,183.7 | ) | 550.5 | |||||||||||||
Deferred income tax benefits, net | 143.5 | 219.9 | 161.5 | — | 524.9 | ||||||||||||||
Property, plant and equipment, net | — | 46.6 | 207.0 | — | 253.6 | ||||||||||||||
Long-term receivables, net | — | 0.1 | 13.1 | — | 13.2 | ||||||||||||||
Trademarks and tradenames, net | — | — | 82.7 | — | 82.7 | ||||||||||||||
Goodwill | — | 2.9 | 143.4 | — | 146.3 | ||||||||||||||
Investments in subsidiaries | 1,164.8 | 1,190.1 | — | (2,354.9 | ) | — | |||||||||||||
Intercompany notes receivable | 462.0 | 90.5 | 579.7 | (1,132.2 | ) | — | |||||||||||||
Other assets, net | 1.6 | 0.6 | 108.1 | (83.3 | ) | 27.0 | |||||||||||||
Total assets | $ | 1,784.9 | $ | 2,338.3 | $ | 2,229.1 | $ | (4,754.1 | ) | $ | 1,598.2 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Accounts payable | $ | — | $ | 3.3 | $ | 123.5 | $ | (0.1 | ) | $ | 126.7 | ||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 90.4 | 1.2 | 70.9 | — | 162.5 | ||||||||||||||
Intercompany payables | 688.2 | 224.2 | 82.4 | (994.8 | ) | — | |||||||||||||
Accrued liabilities | 155.1 | 111.5 | 247.1 | (188.9 | ) | 324.8 | |||||||||||||
Total current liabilities | 933.7 | 340.2 | 523.9 | (1,183.8 | ) | 614.0 | |||||||||||||
Long-term debt and capital lease obligations | 599.3 | — | 8.9 | — | 608.2 | ||||||||||||||
Intercompany notes payable | 78.5 | 768.1 | 285.6 | (1,132.2 | ) | — | |||||||||||||
Other liabilities | 12.4 | 107.8 | 178.0 | (83.2 | ) | 215.0 | |||||||||||||
Shareholders' equity | 161.0 | 1,122.2 | 1,232.7 | (2,354.9 | ) | 161.0 | |||||||||||||
Total liabilities and shareholders' equity | $ | 1,784.9 | $ | 2,338.3 | $ | 2,229.1 | $ | (4,754.1 | ) | $ | 1,598.2 |
26 Weeks Ended June 25, 2016 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Operating Activities: | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (10.9 | ) | $ | (28.9 | ) | $ | 62.2 | $ | 9.4 | $ | 31.8 | |||||||
Investing Activities: | |||||||||||||||||||
Capital expenditures | — | (5.1 | ) | (20.2 | ) | — | (25.3 | ) | |||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 2.3 | — | 2.3 | ||||||||||||||
Net intercompany loans | 52.1 | (17.5 | ) | (38.3 | ) | 3.7 | — | ||||||||||||
Net cash provided by (used in) investing activities | 52.1 | (22.6 | ) | (56.2 | ) | 3.7 | (23.0 | ) | |||||||||||
Financing Activities: | |||||||||||||||||||
Dividend payments to shareholders | (69.4 | ) | — | — | — | (69.4 | ) | ||||||||||||
Dividend payments to parent | — | — | (3.1 | ) | 3.1 | — | |||||||||||||
Net proceeds from issuance of senior notes | (0.1 | ) | — | 0.1 | — | — | |||||||||||||
Proceeds from exercise of stock options | 0.4 | — | — | — | 0.4 | ||||||||||||||
Repurchase of common stock | (0.8 | ) | — | — | — | (0.8 | ) | ||||||||||||
Repayment of capital lease obligations | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||||||
Net change in short-term debt | 27.7 | (1.2 | ) | 31.7 | — | 58.2 | |||||||||||||
Net intercompany borrowings | 1.0 | 53.4 | (38.2 | ) | (16.2 | ) | — | ||||||||||||
Net cash provided by (used in) financing activities | (41.2 | ) | 52.2 | (10.8 | ) | (13.1 | ) | (12.9 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 3.3 | — | 3.3 | ||||||||||||||
Net change in cash and cash equivalents | — | 0.7 | (1.5 | ) | — | (0.8 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | — | — | 79.8 | — | 79.8 | ||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 0.7 | $ | 78.3 | $ | — | $ | 79.0 |
26 Weeks Ended June 27, 2015 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Operating Activities: | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 458.8 | $ | (59.0 | ) | $ | 121.3 | $ | (497.0 | ) | $ | 24.1 | |||||||
Investing Activities: | |||||||||||||||||||
Capital expenditures | — | (5.8 | ) | (22.0 | ) | — | (27.8 | ) | |||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 14.4 | — | 14.4 | ||||||||||||||
Net intercompany loans | (314.7 | ) | 100.4 | 24.8 | 189.5 | — | |||||||||||||
Return of capital | — | 105.5 | — | (105.5 | ) | — | |||||||||||||
Net cash provided by (used in) investing activities | (314.7 | ) | 200.1 | 17.2 | 84.0 | (13.4 | ) | ||||||||||||
Financing Activities: | |||||||||||||||||||
Dividend payments to shareholders | (69.7 | ) | — | — | — | (69.7 | ) | ||||||||||||
Dividend payments to parent | — | (400.0 | ) | (77.8 | ) | 477.8 | — | ||||||||||||
Proceeds from exercise of stock options | 4.9 | — | — | — | 4.9 | ||||||||||||||
Repurchase of common stock | (0.9 | ) | — | — | — | (0.9 | ) | ||||||||||||
Repayment of capital lease obligations | — | — | (1.7 | ) | — | (1.7 | ) | ||||||||||||
Net change in short-term debt | 67.0 | (2.3 | ) | (2.6 | ) | — | 62.1 | ||||||||||||
Debt issuance costs | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||
Excess tax benefits from share-based payment arrangements | 0.7 | — | — | — | 0.7 | ||||||||||||||
Net intercompany borrowings | (145.4 | ) | 261.4 | 54.3 | (170.3 | ) | — | ||||||||||||
Return of capital to parent | — | — | (105.5 | ) | 105.5 | — | |||||||||||||
Net cash provided by (used in) financing activities | (144.1 | ) | (140.9 | ) | (133.3 | ) | 413.0 | (5.3 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (0.1 | ) | (8.2 | ) | — | (8.3 | ) | |||||||||||
Net change in cash and cash equivalents | — | 0.1 | (3.0 | ) | — | (2.9 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | — | — | 77.0 | — | 77.0 | ||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 0.1 | $ | 74.0 | $ | — | $ | 74.1 |
Note 18: | New Accounting Pronouncements |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | |||||||||||||||
(In millions, except per share amounts) | June 25, 2016 | June 27, 2015 | ||||||||||||||||
Net sales | $ | 564.7 | $ | 588.9 | (4 | )% | 3 | % | $ | (41.8 | ) | |||||||
Gross margin as percent of sales | 67.4 | % | 67.9 | % | (0.5 | ) | pp | na | na | |||||||||
DS&A as percent of sales | 52.8 | % | 52.7 | % | 0.1 | pp | na | na | ||||||||||
Operating income | $ | 81.5 | $ | 99.0 | (18 | )% | (9 | )% | $ | (9.8 | ) | |||||||
Net income | $ | 52.4 | $ | 62.0 | (16 | )% | (4 | )% | $ | (7.4 | ) | |||||||
Net income per diluted share | $ | 1.03 | $ | 1.23 | (16 | )% | (6 | )% | $ | (0.14 | ) |
26 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | |||||||||||||||
(In millions, except per share amounts) | June 25, 2016 | June 27, 2015 | ||||||||||||||||
Net sales | $ | 1,090.4 | $ | 1,170.7 | (7 | )% | 2 | % | $ | (103.2 | ) | |||||||
Gross margin as percent of sales | 67.9 | % | 67.5 | % | 0.4 | pp | na | na | ||||||||||
DS&A as percent of sales | 53.8 | % | 53.3 | % | 0.5 | pp | na | na | ||||||||||
Operating income | $ | 151.5 | $ | 160.2 | (5 | )% | 10 | % | $ | (22.5 | ) | |||||||
Net income | $ | 95.8 | $ | 91.5 | 5 | % | 28 | % | $ | (16.9 | ) | |||||||
Net income per diluted share | $ | 1.89 | $ | 1.82 | 4 | % | 28 | % | $ | (0.34 | ) |
na | not applicable |
pp | percentage points |
(In millions) | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 138.4 | $ | 158.3 | (13 | )% | (9 | )% | $ | (6.2 | ) | 25 | 27 | ||||||||
Segment profit | 14.6 | 26.5 | (45 | ) | (41 | ) | (1.6 | ) | 15 | 25 | |||||||||||
Segment profit as percent of sales | 10.5 | % | 16.7 | % | (6.2 | ) | pp | na | na | na | na |
(In millions) | 26 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 292.3 | $ | 332.1 | (12 | )% | (7 | )% | $ | (19.3 | ) | 27 | 28 | ||||||||
Segment profit | 39.8 | 55.4 | (28 | ) | (22 | ) | (4.1 | ) | 22 | 29 | |||||||||||
Segment profit as percent of sales | 13.6 | % | 16.7 | % | (3.1 | ) | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
(In millions) | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 194.3 | $ | 191.5 | 1 | % | 5 | % | $ | (6.9 | ) | 34 | 33 | ||||||||
Segment profit | 46.7 | 41.4 | 13 | 18 | (1.9 | ) | 48 | 40 | |||||||||||||
Segment profit as percent of sales | 24.0 | % | 21.6 | % | 2.4 | pp | na | na | na | na |
(In millions) | 26 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 365.9 | $ | 381.1 | (4 | )% | 1 | % | $ | (18.9 | ) | 34 | 33 | ||||||||
Segment profit | 83.6 | 80.8 | 3 | 10 | (4.7 | ) | 45 | 42 | |||||||||||||
Segment profit as percent of sales | 22.8 | % | 21.2 | % | 1.6 | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
(In millions) | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 93.1 | $ | 93.8 | (1 | )% | 6 | % | $ | (6.2 | ) | 17 | 16 | ||||||||
Segment profit | 19.4 | 20.2 | (4 | ) | 6 | (1.9 | ) | 20 | 19 | ||||||||||||
Segment profit as percent of sales | 20.8 | % | 21.5 | % | (0.7 | ) | pp | na | na | na | na |
(In millions) | 26 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 176.3 | $ | 173.3 | 2 | % | 10 | % | $ | (13.0 | ) | 16 | 15 | ||||||||
Segment profit | 34.0 | 33.2 | 2 | 15 | (3.7 | ) | 18 | 18 | |||||||||||||
Segment profit as percent of sales | 19.3 | % | 19.2 | % | 0.1 | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
(In millions) | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 53.4 | $ | 65.9 | (19 | )% | (8 | )% | $ | (7.8 | ) | 9 | 11 | ||||||||
Segment profit | 1.4 | 3.3 | (57 | ) | (38 | ) | (1.0 | ) | 1 | 3 | |||||||||||
Segment profit as percent of sales | 2.6 | % | 5.0 | % | (2.4 | ) | pp | na | na | na | na |
(In millions) | 26 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 102.3 | $ | 128.8 | (21 | )% | (9 | )% | $ | (16.3 | ) | 9 | 11 | ||||||||
Segment profit (loss) | (0.3 | ) | 3.0 | + | + | (1.8 | ) | — | 2 | ||||||||||||
Segment profit as percent of sales | (0.3 | )% | 2.3 | % | (2.6 | ) | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
+ | change is greater than 100% |
(In millions) | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 85.5 | $ | 79.4 | 8 | % | 32 | % | $ | (14.7 | ) | 15 | 13 | ||||||||
Segment profit | 15.6 | 13.7 | 14 | 40 | (2.6 | ) | 16 | 13 | |||||||||||||
Segment profit as percent of sales | 18.2 | % | 17.3 | % | 0.9 | pp | na | na | na | na |
(In millions) | 26 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | ||||||||||||||||
Jun 25, 2016 | Jun 27, 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 153.6 | $ | 155.4 | (1 | )% | 28 | % | $ | (35.7 | ) | 14 | 13 | ||||||||
Segment profit | 28.6 | 16.9 | 69 | + | (6.1 | ) | 15 | 9 | |||||||||||||
Segment profit as percent of sales | 18.6 | % | 10.9 | % | 7.7 | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
+ | change is greater than 100% |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
• | successful recruitment, retention and productivity levels of the Company's independent sales forces; |
• | disruptions caused by the introduction of new or revised distributor operating models or sales force compensation systems or allegations by equity analysts, former distributors or sales force members, government agencies or others as to the legality or viability of the Company's business model, particularly in India; |
• | success of new products and promotional programs; |
• | the ability to implement appropriate product mix and pricing strategies; |
• | governmental regulation of materials used in products coming into contact with food (e.g. polycarbonate), as well as beauty, personal care and nutritional products; |
• | the ability to procure and pay for at reasonable economic cost, sufficient raw materials and/or finished goods to meet current and future consumer demands at reasonable suggested retail pricing levels in certain markets, particularly Argentina, Ecuador, Egypt and Venezuela due to government regulations and restrictions; |
• | the impact of changes in consumer spending patterns and preferences, particularly given the global nature of the Company's business; |
• | the value of long-term assets, particularly goodwill and indefinite and definite lived intangibles associated with acquisitions, and the realizability of the value of recognized tax assets; |
• | changes in plastic resin prices, other raw materials and packaging components, the cost of converting such items into finished goods and procured finished products and the cost of delivering products to customers; |
• | the introduction of Company operations in new markets outside the United States; |
• | general social, economic and political conditions in markets, such as in Argentina, Brazil, Ecuador, Egypt, Greece, Kazakhstan, Russia, Turkey, Ukraine and Venezuela and other countries impacted by such events; |
• | issues arising out of the sovereign debt in the countries in which the Company operates, such as in Argentina and those in the Euro zone, resulting in potential economic and operational challenges for the Company's supply chains, heightened counterparty credit risk due to adverse effects on customers and suppliers, exchange controls (such as in Argentina, Egypt, and Venezuela) and translation risks due to potential impairments of investments in affected markets and the potential for banks with which the Company maintains lines of credit to be unable to fulfill their commitments; |
• | disruptions resulting from either internal or external labor strikes, work stoppages, or similar difficulties; |
• | changes in cash flow resulting from changes in operating results, including from changes in foreign exchange rates, working capital management, debt payments, share repurchases and hedge settlements; |
• | the impact of currency fluctuations on the value of the Company's operating results, assets, liabilities and commitments of foreign operations generally, including their cash balances during and at the end of quarterly reporting periods, the results of those operations, the cost of sourcing products across geographies and the success of foreign hedging and risk management strategies; |
• | the impact of natural disasters, terrorist activities and epidemic or pandemic disease outbreaks; |
• | the ability to repatriate, or otherwise make available, cash in the United States and to do so at a favorable foreign exchange rate and with favorable tax ramifications, particularly from Argentina, Brazil, China, Egypt, India, Indonesia, and Mexico; |
• | the ability to obtain all government approvals on, and to control the cost of infrastructure obligations associated with, property, plant and equipment; |
• | the ability to timely and effectively implement, transition, maintain and protect necessary information technology systems and infrastructure; |
• | the ability to attract and retain certain executive officers and key management personnel; |
• | the success of land buyers in attracting tenants for commercial and residential development and obtaining financing; |
• | the costs and covenant restrictions associated with the Company's credit arrangements; |
• | integration of non-traditional product lines into Company operations; |
• | the effect of legal, regulatory and tax proceedings, as well as restrictions imposed on the Company's operations or Company representatives by foreign governments, including exposure to tax responsibilities imposed on the sales force and their potential impact on the sales force's value chain and resulting disruption to the business and actions taken by governments to set or restrict the freedom of the Company to set its own prices or its suggested retail prices for product sales by its sales force to end consumers and actions taken by governments to restrict the ability to convert local currency to other currencies in order to satisfy obligations outside the country generally, and in particular Argentina, Egypt and Venezuela; |
• | the effect of competitive forces in the markets in which the Company operates, particularly related to sales of beauty, personal care and nutritional products, where there are a greater number of competitors; |
• | the impact of counterfeit and knocked-off products in the markets in which the Company operates and the effect this can have on the confidence of the Company's sales force members; |
• | the impact of changes, changes in interpretation of or challenges to positions taken by the Company with respect to U.S. federal, state and foreign tax or other laws, including with respect to non-income taxes issues in India and the Philippines; |
• | the Company's access to, and the costs of, financing; and |
• | other risks discussed in Item 1A, Risk Factors, of the Company's 2015 Annual Report on Form 10-K, as well as the Company's Consolidated Financial Statements, Notes, other financial information appearing elsewhere in this report and the Company's other filings with the United States Securities and Exchange Commission. |
Item 4. | Controls and Procedures |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 6. | Exhibits |
(a) | Exhibits |
31.1 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer |
31.2 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer |
32.1 | Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code by the Chief Executive Officer |
32.2 | Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code by the Chief Financial Officer |
101 | The following financial statements from Tupperware Brands Corporation's Quarterly Report on Form 10-Q for the quarter ended June 25, 2016, filed on July 29, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements, tagged in detail. |
TUPPERWARE BRANDS CORPORATION | ||
By: | /S/ MICHAEL S. POTESHMAN | |
Executive Vice President and Chief Financial Officer | ||
By: | /S/ NICHOLAS K. POUCHER | |
Senior Vice President and Controller |
1. | I have reviewed this quarterly report on Form 10-Q of Tupperware Brands Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | July 29, 2016 | /s/ E.V. Goings |
E.V. Goings | ||
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Tupperware Brands Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | July 29, 2016 | /s/ Michael S. Poteshman |
Michael S. Poteshman | ||
Executive Vice President and Chief Financial Officer |
/s/ E.V. Goings | |
Chairman and Chief Executive Officer |
/s/ Michael S. Poteshman | |
Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 25, 2016 |
Jul. 26, 2016 |
|
Document Information [Line Items] | ||
Entity Registrant Name | TUPPERWARE BRANDS CORP | |
Entity Central Index Key | 0001008654 | |
Trading Symbol | TUP | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 25, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 50,536,295 |
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
||||
Net sales | $ 564.7 | $ 588.9 | $ 1,090.4 | $ 1,170.7 | |||
Cost of products sold | 183.9 | 189.1 | 349.9 | 380.7 | |||
Gross margin | 380.8 | 399.8 | 740.5 | 790.0 | |||
Delivery, sales and administrative expense | 298.2 | 310.1 | 586.9 | 623.5 | |||
Re-engineering and impairment charges | 1.9 | 1.5 | 3.0 | 17.7 | [1] | ||
Gains on disposal of assets | 0.8 | 10.8 | 0.9 | 11.4 | |||
Operating income | 81.5 | 99.0 | 151.5 | 160.2 | |||
Interest income | 0.8 | 0.5 | 1.5 | 1.0 | |||
Interest expense | 11.2 | 12.0 | 23.3 | 25.3 | |||
Other expense | 0.9 | 1.1 | 1.3 | 8.3 | |||
Income before income taxes | 70.2 | 86.4 | 128.4 | 127.6 | |||
Provision for income taxes | 17.8 | 24.4 | 32.6 | 36.1 | |||
Net income | $ 52.4 | $ 62.0 | $ 95.8 | $ 91.5 | |||
Earnings per share: | |||||||
Basic | $ 1.04 | $ 1.24 | $ 1.90 | $ 1.84 | |||
Diluted | $ 1.03 | $ 1.23 | $ 1.89 | $ 1.82 | |||
Weighted-average shares outstanding: | |||||||
Basic | 50.5 | 49.8 | 50.5 | 49.8 | |||
Diluted | 50.7 | 50.4 | 50.6 | 50.3 | |||
Dividends declared per common share | $ 0.68 | $ 0.68 | $ 1.36 | $ 1.36 | |||
|
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Net income | $ 52.4 | $ 62.0 | $ 95.8 | $ 91.5 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (14.1) | (19.4) | (11.8) | (44.6) |
Deferred loss on cash flow hedges, net of tax benefit of $0.0, $0.2, $1.0 and $0.6, respectively | 0.0 | (1.8) | (3.7) | (2.2) |
Pension and other post-retirement income (loss), net of tax provision (benefit) of $0.0, $0.0, $(0.3) and $1.1, respectively | 0.5 | 0.1 | (0.4) | 3.0 |
Other comprehensive loss | (13.6) | (21.1) | (15.9) | (43.8) |
Total comprehensive income | $ 38.8 | $ 40.9 | $ 79.9 | $ 47.7 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Deferred gain (loss) on cash flow hedges, tax (benefit) provision | $ 0.0 | $ (0.2) | $ (1.0) | $ (0.6) |
Pension and other post retirement costs, tax (provision) benefit | $ 0.0 | $ 0.0 | $ 0.3 | $ (1.1) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 25, 2016 |
Dec. 26, 2015 |
---|---|---|
Accounts receivable, allowances | $ 34.2 | $ 32.7 |
Long-term receivables, allowances | $ 12.7 | $ 11.2 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 63,607,090 | 63,607,090 |
Treasury stock, shares | 13,072,895 | 13,170,517 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 25, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The condensed consolidated financial statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively “Tupperware” or the “Company”, with all intercompany transactions and balances having been eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with the audited 2015 financial statements included in the Company's Annual Report on Form 10-K for the year ended December 26, 2015. Certain prior year amounts have been reclassified to conform with current year presentation. These condensed consolidated financial statements are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair presentation of the results for the interim periods. Certain information and note disclosures normally included in the balance sheet, statements of income, comprehensive income and cash flows prepared in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. The Company's fiscal year ends on the last Saturday of December. As a result, the 2016 fiscal year will include 53 weeks, as compared with 52 weeks for fiscal 2015, and the fourth quarter of 2016 will include 14 weeks. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. |
Shipping and Handling Costs |
6 Months Ended |
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Jun. 25, 2016 | |
Shipping and Handling Costs [Abstract] | |
Shipping and Handling Costs | Shipping and Handling Costs The cost of products sold line item includes costs related to the purchase and manufacture of goods sold by the Company. Among these costs are inbound freight charges, duties, purchasing and receiving costs, inspection costs, depreciation expense, internal transfer costs and warehousing costs of raw material, work in process and packing materials. The warehousing and distribution costs of finished goods are included in delivery, sales and administrative expense (“DS&A”). Distribution costs are comprised of outbound freight and associated labor costs. Fees billed to customers associated with the distribution of products are classified as revenue. The distribution costs included in DS&A expense for the second quarters of 2016 and 2015 were $34.8 million and $35.8 million, respectively, and for the year-to-date periods ended June 25, 2016 and June 27, 2015 were $66.5 million and $70.5 million, respectively. |
Promotional Costs |
6 Months Ended |
---|---|
Jun. 25, 2016 | |
Promotional Costs [Abstract] | |
Promotional Costs | Promotional Costs The Company frequently makes promotional offers to members of its independent sales force to encourage them to fulfill specific goals or targets for sales levels, party attendance, addition of new sales force members or other business-critical functions. The awards offered are in the form of product awards, special prizes or trips. The Company accrues for the costs of these awards during the period over which the sales force qualifies for the award and reports these costs primarily as a component of DS&A expense. These accruals require estimates as to the cost of the awards, based upon estimates of achievement and actual cost to be incurred. During the qualification period, actual results are monitored, and changes to the original estimates are made when known. Promotional and other sales force compensation expenses included in DS&A expense totaled $98.0 million and $97.8 million for the second quarters of 2016 and 2015, respectively, and $191.7 million and $199.8 million for the year-to-date periods ended June 25, 2016 and June 27, 2015, respectively. |
Inventories |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
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Net Income Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding. Diluted per share information is calculated by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. The elements of the earnings per share computations were as follows:
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Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss
Pretax amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of net gains of $4.0 million and $8.5 million for the year-to-date periods ended June 25, 2016 and June 27, 2015, respectively. Associated with these items were tax provisions of $1.1 million and $1.9 million, respectively. See Note 10 for further discussion of derivatives. For the year-to-date periods ended June 25, 2016 and June 27, 2015, pretax amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of prior service benefits of $0.7 million and $0.6 million, respectively, pension settlement costs of $0.6 million and $0.4 million, respectively and actuarial losses of $0.8 million and $2.1 million, respectively. The tax benefits associated with these items were $0.1 million and $0.4 million, respectively. See Note 12 for further discussion of pension and other post-retirement benefit costs. |
Re-engineering and Impairment Costs |
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Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Re-engineering and Impairment Costs | Re-engineering and Impairment Costs The Company recorded $1.9 million and $1.5 million in re-engineering charges during the second quarters of 2016 and 2015, respectively, and $3.0 million and $4.2 million for the year-to-date periods ended June 25, 2016 and June 27, 2015, respectively. In both years, these charges were primarily related to severance costs incurred for headcount reductions in several of the Company’s operations in connection with changes in its management and organizational structures. The balances included in accrued liabilities related to re-engineering and impairment charges as of June 25, 2016 and December 26, 2015 were as follows:
The accrual balance as of June 25, 2016, related primarily to severance payments to be made by the end of the third quarter of 2016. Included in the re-engineering and impairment caption on the Company's consolidated statement of income in the year-to-date period of 2015 was $13.5 million in long-term fixed asset impairments in Venezuela. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company manufactures and distributes a broad portfolio of products, primarily through independent direct sales consultants. Certain operating segments have been aggregated based upon consistency of economic substance, geography, products, production process, class of customers and distribution method. Effective from the first quarter of 2016, the Nutrimetics business in France, previously reported in the Asia Pacific segment, is being reported in the Europe segment. Comparable information from prior periods has been reclassified to conform with the new presentation. In full year 2015, Nutrimetics France generated less than one half percent of total sales. The Company's reportable segments include the following:
Worldwide sales of beauty and personal care products totaled $96.8 million and $115.4 million in the second quarters of 2016 and 2015, respectively, and $184.9 million and $228.3 million in the respective year-to-date periods.
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Debt |
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt Obligations
____________________
Credit Agreement As of June 25, 2016, the Company had a weighted average interest rate on outstanding LIBOR based borrowings of 1.55 percent under the Credit Agreement. At June 25, 2016, the Company had $632.1 million of unused lines of credit, including $374.0 million under the committed, secured Credit Agreement, and $258.1 million available under various uncommitted lines around the world. The Credit Agreement has customary financial covenants related to interest coverage and leverage. These restrictions are not expected to impact the Company's operations. As of June 25, 2016, and currently, the Company had considerable cushion under its financial covenants. |
Derivative Instruments and Hedging Activities |
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General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company is exposed to fluctuations in foreign currency exchange rates on the earnings, cash flows and financial position of its international operations. Although this currency risk is partially mitigated by the natural hedge arising from the Company's local manufacturing in many markets, a strengthening U.S. dollar generally has a negative impact on the Company. In response to these fluctuations, the Company uses financial instruments to hedge certain of its exposures and to manage the foreign exchange impact to its financial statements. At its inception, a derivative financial instrument is designated as a fair value, cash flow or net equity hedge. Fair value hedges are entered into with financial instruments such as forward contracts, with the objective of limiting exposure to certain foreign exchange risks primarily associated with accounts payable and non-permanent intercompany transactions. For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current earnings. In assessing hedge effectiveness, the Company excludes forward points, which are considered to be a component of interest expense. The forward points on fair value hedges resulted in pretax gains of $3.9 million and $3.7 million in the second quarters of 2016 and 2015, respectively, and $7.8 million and $6.4 million for the respective year-to-date periods. The Company also uses derivative financial instruments to hedge foreign currency exposures resulting from certain forecasted purchases and classifies these as cash flow hedges. At initiation, the Company's cash flow hedge contracts are generally for periods ranging from one to fifteen months. The effective portion of the gain or loss on the hedging instrument is recorded in other comprehensive income and is reclassified into earnings as the transactions being hedged are recorded. As such, the balance at the end of the current reporting period in other comprehensive income, related to cash flow hedges, will generally be reclassified into earnings within the next twelve months. The associated asset or liability on the open hedges is recorded in other current assets or accrued liabilities, as applicable. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. The Company also uses financial instruments, such as forward contracts and certain euro denominated borrowings under the Company's Credit Agreement, to hedge a portion of its net equity investment in international operations and classifies these as net equity hedges. Changes in the value of these financial instruments, excluding any ineffective portion of the hedges, are included in foreign currency translation adjustments within accumulated other comprehensive loss. The Company recorded, net of tax, in other comprehensive income a net gain of $7.1 million and $3.4 million associated with these hedges in the second quarter and year-to-date periods of 2016, respectively, and a net gain of $6.9 million and $26.4 million associated with such hedges for the respective periods of 2015. Due to the permanent nature of the investments, the Company does not anticipate reclassifying any portion of these amounts to the income statement in the next twelve months. In assessing hedge effectiveness, the Company excludes forward points, which are included as a component of interest expense. While the forward contracts used for net equity and fair value hedges of non-permanent intercompany balances mitigate its exposure to foreign exchange gains or losses, they result in an impact to operating cash flows as they are settled, whereas the hedged items do not generate offsetting cash flows. The net cash flow impact of these currency hedges for the year-to-date periods ended June 25, 2016 and June 27, 2015 were inflow of $10.0 million and outflow of $5.1 million, respectively. The Company considers the total notional value of its forward contracts as the best measure of the volume of derivative transactions. As of June 25, 2016 and December 26, 2015, the notional amounts of outstanding forward contracts to purchase currencies were $107.5 million and $141.9 million, respectively, and the notional amounts of outstanding forward contracts to sell currencies were $114.1 million and $137.4 million, respectively. As of June 25, 2016, the notional values of the largest positions outstanding were to purchase euro $74.8 million and to sell U.S. dollars $24.6 million. The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of June 25, 2016 and December 26, 2015. Fair values were determined based on third party quotations (Level 2 fair value measurement):
The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the second quarters of 2016 and 2015:
The following table summarizes the impact of the Company's hedging activities on comprehensive income for the second quarters of 2016 and 2015:
The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the year-to-date periods ended June 25, 2016 and June 27, 2015:
The following table summarizes the impact of the Company's hedging activities on comprehensive income for the year-to-date periods ended June 25, 2016 and June 27, 2015:
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Fair Value Measurements |
6 Months Ended |
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Jun. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Due to their short maturities or their insignificance, the carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable, accrued liabilities and short-term borrowings approximated their fair values at June 25, 2016 and December 26, 2015. The Company estimates that, based on current market conditions, the value of its 4.75% 2021 senior notes was $649.6 million at June 25, 2016, compared with the carrying value of $599.4 million. The higher fair value resulted from changes, since issuance, in the corporate bond market and investor preferences. The fair value of debt is classified as a Level 2 liability, and is estimated using quoted market prices as provided in secondary markets that consider the Company's credit risk and market related conditions. See Note 10 to the Consolidated Financial Statements for discussion of the Company's derivative instruments and related fair value measurements. |
Retirement Benefit Plans |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | Retirement Benefit Plans Components of net periodic benefit cost for the second quarter and year-to-date periods ended June 25, 2016 and June 27, 2015 were as follows:
During the year-to-date periods ending June 25, 2016 and June 27, 2015, approximately $0.7 million and $1.9 million, respectively, of pretax expenses were reclassified from other comprehensive income to a component of net periodic benefit cost. As they relate to non-U.S. plans, the Company uses current exchange rates to make these reclassifications. The impact of exchange rate fluctuations is included on the net amortization line of the table above. |
Income Taxes |
6 Months Ended |
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Jun. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 25.4 percent for both the second quarter and year-to-date periods of 2016, compared with 28.3 percent for the comparable 2015 periods. The 2015 rates were higher due to losses incurred related to the devaluation of the Venezuelan bolivar for which no tax benefit was recognized and the mix of earnings and additional foreign tax credit benefits in 2016. The effective tax rates are below the U.S. statutory rate primarily due to lower foreign effective tax rates. As of June 25, 2016 and December 26, 2015, the Company's gross unrecognized tax benefit was $22.1 million and $21.8 million, respectively. The Company estimates that approximately $20.2 million of the unrecognized tax benefits, if recognized, would impact the effective tax rate. Interest and penalties related to uncertain tax positions in the Company's global operations are recorded as a component of the provision for income taxes. Accrued interest and penalties were $6.3 million and $6.0 million as of the periods ended June 25, 2016 and December 26, 2015. The accrual for uncertain tax positions increased by $0.7 million for positions being taken in various global tax filings. The Company estimates that it may settle one or more foreign audits in the next twelve months that may result in a decrease in the amount of accrual for uncertain tax positions of up to $1.0 million. For the remaining balance as of June 25, 2016, the Company is not able to reliably estimate the timing or ultimate settlement amount. While the Company does not currently expect material changes, it is possible that the amount of unrecognized benefit with respect to the uncertain tax positions will significantly increase or decrease related to audits in various foreign jurisdictions that may conclude during that period or new developments that could also, in turn, impact the Company's assessment relative to the establishment of valuation allowances against certain existing deferred tax assets. These valuation allowances relate to tax assets in jurisdictions where it is management's best estimate that there is not a greater than 50 percent probability that the benefit of the assets will be realized in the associated tax returns. The likelihood of realizing the benefit of deferred tax assets is assessed on an ongoing basis. This assessment requires estimates as to future operating results, as well as an evaluation of the effectiveness of the Company's tax planning strategies. At this time, the Company is not able to make a reasonable estimate of the range of impact on the balance of unrecognized tax benefits or the impact on the effective tax rate related to these items. |
Statement of Cash Flow Supplemental Disclosure |
6 Months Ended |
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Jun. 25, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flow Supplemental Disclosure | Statement of Cash Flow Supplemental Disclosure Under the Company's stock incentive programs, employees are allowed to use shares retained by the Company to satisfy minimum statutorily required withholding taxes in certain jurisdictions. In the year-to-date periods ended June 25, 2016 and June 27, 2015, 16,602 and 12,300 shares, respectively, were retained to fund withholding taxes, with values totaling $0.8 million and $0.9 million, respectively, which were included as a component of stock repurchases in the Consolidated Statements of Cash Flows. |
Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Stock option activity for 2016 is summarized in the following table:
The intrinsic value of options exercised totaled $0.7 million and $0.3 million in the second quarters of 2016 and 2015, respectively, and $0.7 million and $2.6 million in the respective year-to-date periods. The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2016 is summarized in the following table:
Compensation expense related to the Company's stock based compensation for the second quarter and year-to-date periods ended June 25, 2016 and June 27, 2015 were as follows:
As of June 25, 2016, total unrecognized stock based compensation expense related to all stock based awards was $30.4 million, which is expected to be recognized over a weighted average period of 2.1 years. |
Allowance for Long-Term Receivables |
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||
Allowance For Long-Term Receivables | Allowance for Long-Term Receivables As of June 25, 2016, $11.3 million of long-term receivables from both active and inactive customers were considered past due, the majority of which were reserved through the Company's allowance for uncollectible accounts. The balance of the allowance for long-term receivables as of June 25, 2016 was as follows:
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Guarantor Information |
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Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Information | Guarantor Information The Company's payment obligations under its senior notes due in 2021 are fully and unconditionally guaranteed, on a senior secured basis, by Dart Industries Inc. (the "Guarantor"). The guarantee is secured by certain "Tupperware" trademarks and service marks owned by the Guarantor. Condensed consolidated financial information as of June 25, 2016 and December 26, 2015 and for the quarter-to-date periods ended June 25, 2016 and June 27, 2015 for Tupperware Brands Corporation (the "Parent"), the Guarantor and all other subsidiaries (the "Non-Guarantors") is as follows. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent and Guarantor of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The Guarantor is 100% owned by the Parent, and there are certain entities within the Non-Guarantors classification that the Parent owns directly. There are no significant restrictions on the ability of either the Parent or the Guarantor to obtain adequate funds from their respective subsidiaries by dividend or loan that should interfere with their ability to meet their operating needs or debt repayment obligations. Consolidating Statement of Income
Consolidating Statement of Income
Consolidating Statement of Income
Consolidating Statement of Income
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
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New Accounting Pronouncements |
6 Months Ended |
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Jun. 25, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued an amendment to existing guidance regarding revenue from contracts with customers. The amendment outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. In August 2015, the FASB issued an amendment to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The August 2015 amendment also allows early adoption of the revenue standard, but not before the original effective date of December 15, 2016. In March and April 2016, the FASB issued amendments to provide clarification on implementation guidance. In May 2016, the FASB issued amendments to provide clarification on assessment of collectibility criteria, presentation of sales taxes and measurement of noncash consideration. In addition, the amendment provided clarification and included simplification to transition guidance on contract modifications and completed contracts at transition. The Company is currently evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements. In March 2016, the FASB issued an amendment to existing guidance regarding employee share-based payments. Under the amendment, all excess tax benefits and tax deficits will be recognized in the income statement. Regardless of the impact on taxes payable, the tax benefits will be recognized in the current period and excess tax benefits will be classified as an element of cash flow operating activities. In addition, the amendment included simplification to existing guidance on forfeitures, intrinsic value and the withholding of shares for participants' personal income taxes. This guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The impact of adopting this standard on our consolidated financial statements will be dependent on the timing and intrinsic value of future share-based compensation award exercises. In February 2016, the FASB issued an amendment to existing guidance on lease accounting that requires the assets and liabilities arising from operating leases be presented in the balance sheet. This guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 25, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The condensed consolidated financial statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively “Tupperware” or the “Company”, with all intercompany transactions and balances having been eliminated. These condensed consolidated financial statements and related notes should be read in conjunction with the audited 2015 financial statements included in the Company's Annual Report on Form 10-K for the year ended December 26, 2015. Certain prior year amounts have been reclassified to conform with current year presentation. These condensed consolidated financial statements are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair presentation of the results for the interim periods. Certain information and note disclosures normally included in the balance sheet, statements of income, comprehensive income and cash flows prepared in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. The Company's fiscal year ends on the last Saturday of December. As a result, the 2016 fiscal year will include 53 weeks, as compared with 52 weeks for fiscal 2015, and the fourth quarter of 2016 will include 14 weeks. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. |
Inventories (Tables) |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | Inventories
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Net Income Per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elements of Earnings per Share Computations | The elements of the earnings per share computations were as follows:
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Accumulated Other Comprehensive Loss (Tables) |
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Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of accumulated other comprehensive loss | Accumulated Other Comprehensive Loss
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Re-engineering and Impairment Costs (Tables) |
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Re-engineering and Impairment Charges Rollforward | The balances included in accrued liabilities related to re-engineering and impairment charges as of June 25, 2016 and December 26, 2015 were as follows:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
_________________________
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Debt Obligations |
____________________
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Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Company's Derivative Position And Its Impact On Company Table | The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of June 25, 2016 and December 26, 2015. Fair values were determined based on third party quotations (Level 2 fair value measurement):
The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the second quarters of 2016 and 2015:
The following table summarizes the impact of the Company's hedging activities on comprehensive income for the second quarters of 2016 and 2015:
The following table summarizes the impact of the Company's fair value hedging positions on the results of operations for the year-to-date periods ended June 25, 2016 and June 27, 2015:
The following table summarizes the impact of the Company's hedging activities on comprehensive income for the year-to-date periods ended June 25, 2016 and June 27, 2015:
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Retirement Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost for the second quarter and year-to-date periods ended June 25, 2016 and June 27, 2015 were as follows:
|
Stock Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 25, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Activity | Stock option activity for 2016 is summarized in the following table:
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Time Vested, Performance Vested and Market Vested Share Awards Activity | The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2016 is summarized in the following table:
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Schedule of Compensation Expense | Compensation expense related to the Company's stock based compensation for the second quarter and year-to-date periods ended June 25, 2016 and June 27, 2015 were as follows:
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Allowance for Long-Term Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||
Allowance for Long-Term Receivables Rollforward | The balance of the allowance for long-term receivables as of June 25, 2016 was as follows:
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Guarantor Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statement of Income | Consolidating Statement of Income
Consolidating Statement of Income
Consolidating Statement of Income
Consolidating Statement of Income
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Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
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Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
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Shipping and Handling Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Shipping and Handling Costs [Abstract] | ||||
Distribution costs | $ 34.8 | $ 35.8 | $ 66.5 | $ 70.5 |
Promotional Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Promotional Costs [Abstract] | ||||
Promotional and other sales force compensation expenses | $ 98.0 | $ 97.8 | $ 191.7 | $ 199.8 |
Inventories (Details) - USD ($) $ in Millions |
Jun. 25, 2016 |
Dec. 26, 2015 |
---|---|---|
Inventory, Net [Abstract] | ||
Finished goods | $ 208.4 | $ 203.2 |
Work in process | 25.6 | 21.0 |
Raw materials and supplies | 36.0 | 30.4 |
Total inventories | $ 270.0 | $ 254.6 |
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
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Net Income Per Common Share [Line Items] | ||||
Net income | $ 52.4 | $ 62.0 | $ 95.8 | $ 91.5 |
Weighted-average shares of common stock outstanding | 50.5 | 49.8 | 50.5 | 49.8 |
Common equivalent shares: | ||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 0.2 | 0.6 | 0.1 | 0.5 |
Weighted-average common and common equivalent shares outstanding | 50.7 | 50.4 | 50.6 | 50.3 |
Basic earnings per share | $ 1.04 | $ 1.24 | $ 1.90 | $ 1.84 |
Diluted earnings per share | $ 1.03 | $ 1.23 | $ 1.89 | $ 1.82 |
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 1.6 | 0.7 | 1.7 | 0.7 |
Re-engineering and Impairment Costs (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Feb. 28, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
Dec. 26, 2015 |
|
Restructuring Reserve [Roll Forward] | ||||||
Beginning of the year balance | $ 1.7 | $ 2.4 | $ 2.4 | |||
Provision | $ 1.9 | $ 1.5 | 3.0 | $ 4.2 | 6.8 | |
Non-cash charges | (0.1) | (0.2) | ||||
End of period balance | $ 1.7 | 1.7 | 1.7 | |||
Severance | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cash expenditures | (2.0) | (5.8) | ||||
Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Cash expenditures | $ (0.9) | $ (1.5) | ||||
VENEZUELA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 13.5 |
Debt (Details) - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 25, 2016 |
Dec. 26, 2015 |
|||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 834.2 | $ 770.7 | ||
Unused lines of credit | 632.1 | |||
Senior Notes Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 599.4 | 599.3 | ||
Five-Year Senior Secured Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | [1] | $ 224.7 | 155.8 | |
Variable rate basis | LIBOR | |||
Unused lines of credit | $ 374.0 | |||
Five-Year Senior Secured Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate on LIBOR-based borrowings | 1.55% | |||
Belgium Facility Capital Lease [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital Lease Obligations | $ 9.8 | 10.6 | ||
Other Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 0.3 | 5.0 | ||
Uncommitted Lines of credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused lines of credit | 258.1 | |||
Euro | Five-Year Senior Secured Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | $ 195.0 | $ 153.7 | ||
|
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net cash impact from hedging activity | $ 10.0 | $ (5.1) | ||
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ 3.9 | $ 3.7 | $ 7.8 | 6.4 |
Cash Flow Hedging [Member] | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Lower Remaining Maturity Range | 1 month | |||
Derivative, Higher Remaining Maturity Range | 15 months | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |||
Cash Flow Hedging [Member] | Foreign exchange contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | (1.2) | (1.7) | $ (2.8) | (4.6) |
Net Equity Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | 7.1 | 6.9 | 3.4 | 26.4 |
Net Equity Hedging [Member] | Foreign exchange contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ (4.4) | $ (4.5) | $ (9.6) | $ (8.0) |
Derivative Instruments and Hedging Activities (Outstanding Derivative Financial Instruments at Notional Value) (Details) - Forward Contracts [Member] - USD ($) $ in Millions |
Jun. 25, 2016 |
Dec. 26, 2015 |
---|---|---|
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 107.5 | $ 141.9 |
Derivative Liability, Notional Amount | 114.1 | $ 137.4 |
Euro | Long [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 74.8 | |
United States of America, Dollars | Short [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 24.6 |
Derivative Instruments and Hedging Activities (Company's Derivative Positions and Their Impact on Financial Position) (Details) - Significant Other Observable Inputs (Level 2) - Designated as Hedging Instrument [Member] - Foreign exchange contracts - USD ($) $ in Millions |
Jun. 25, 2016 |
Dec. 26, 2015 |
---|---|---|
Non-trade amounts receivable | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 14.7 | $ 21.5 |
Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 18.0 | $ 14.6 |
Derivative Instruments and Hedging Activities (Company's Derivative Positions and Their Impact on Company's Operations) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ 3.9 | $ 3.7 | $ 7.8 | $ 6.4 |
Fair Value Hedging [Member] | Other expense | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives | (5.8) | (15.0) | (4.4) | (39.8) |
Amount of gain or (loss) recognized in income on related hedged items | 5.9 | 14.8 | 4.5 | 40.0 |
Cash Flow Hedging [Member] | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 1.1 | 2.1 | (0.6) | 5.5 |
Cash Flow Hedging [Member] | Cost of products sold | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 1.0 | 4.2 | 4.0 | 8.5 |
Cash Flow Hedging [Member] | Interest expense | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | (1.2) | (1.7) | (2.8) | (4.6) |
Net Equity Hedging [Member] | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | 11.4 | 12.8 | 8.4 | 32.3 |
Net Equity Hedging [Member] | Euro Denominated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | (0.3) | (1.9) | (3.0) | 9.0 |
Net Equity Hedging [Member] | Other expense | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 0.0 | 0.0 | 0.0 | 0.0 |
Net Equity Hedging [Member] | Other expense | Euro Denominated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | 0.0 | 0.0 | 0.0 | 0.0 |
Net Equity Hedging [Member] | Interest expense | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | (4.4) | (4.5) | (9.6) | (8.0) |
Net Equity Hedging [Member] | Interest expense | Euro Denominated Debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Fair Value Measurements (Narrative) (Details) - Senior Notes Due 2021 [Member] - USD ($) $ in Millions |
Jun. 25, 2016 |
Dec. 26, 2015 |
Jun. 02, 2011 |
---|---|---|---|
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||
Stated interest rate | 4.75% | ||
Long-term Debt | $ 599.4 | $ 599.3 | |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||
Long-term Debt, Fair Value | $ 649.6 |
Retirement Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amortization | $ 0.7 | $ 1.9 | ||
Pension benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2.7 | $ 2.7 | 5.4 | 5.5 |
Interest cost | 1.6 | 1.7 | 3.2 | 3.5 |
Expected return on plan assets | (1.3) | (1.4) | (2.7) | (2.8) |
Settlements and Curtailments | 0.6 | 0.4 | 0.6 | 0.4 |
Net amortization | 0.4 | 1.1 | 0.8 | 2.1 |
Net periodic benefit cost | 4.0 | 4.5 | 7.3 | 8.7 |
Post-retirement benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.0 | 0.0 | 0.0 | 0.0 |
Interest cost | 0.2 | 0.2 | 0.4 | 0.4 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | 0.0 |
Settlements and Curtailments | 0.0 | 0.0 | 0.0 | 0.0 |
Net amortization | (0.4) | (0.3) | (0.7) | (0.6) |
Net periodic benefit cost | $ (0.2) | $ (0.1) | $ (0.3) | $ (0.2) |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
Dec. 26, 2015 |
|
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 25.40% | 28.30% | 25.40% | 28.30% | |
Gross unrecognized tax benefit | $ 22.1 | $ 22.1 | $ 21.8 | ||
Unrecognized tax benefits that would impact effective tax rate, if recognized | 20.2 | 20.2 | |||
Accrued interest and penalties related to uncertain tax positions | 6.3 | 6.3 | $ 6.0 | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | 0.7 | ||||
Significant Change in Unrecognized Tax Benefits Reasonably Possible, Amount of Unrecorded Benefit | $ 1.0 | $ 1.0 |
Statement of Cash Flow Supplemental Disclosure (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Other Significant Noncash Transactions [Line Items] | ||
Shares Paid for Tax Withholding for Share Based Compensation | 16,602 | 12,300 |
Shares Paid For Tax Withholding For Share Based Compensation, Value | $ 0.8 | $ 0.9 |
Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 30.4 | $ 30.4 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at December 26, 2015 | 2,100,478 | |||
Weighted Average Exercise Price Per Share Outstanding, Beginning of Period | $ 56.92 | |||
Expired / Forfeited | (7,270) | |||
Weighted Average Exercise Price Per Share Outstanding, Expired/Forfeited | $ 61.43 | |||
Exercised | (19,742) | |||
Weighted Average Exercise Price Per Shares Outstanding, Exercised | $ 22.36 | |||
Outstanding at June 25, 2016 | 2,073,466 | 2,073,466 | ||
Weighted Average Exercise Price Per Share Outstanding, End of Period | $ 57.24 | $ 57.24 | ||
Outstanding Shares Subject to Option, Aggregate Intrinsic Value | $ 5.8 | $ 5.8 | ||
Exercisable at June 25, 2016 | 1,241,102 | 1,241,102 | ||
Weighted Average Exercise Price Per Share Exercisable, End of Period | $ 55.14 | $ 55.14 | ||
Options Exercisable at End of Period, Aggregate Intrinsic Value | $ 5.8 | $ 5.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 0.7 | $ 0.3 | 0.7 | $ 2.6 |
Stock Option Expense | $ 0.7 | 0.5 | $ 1.3 | 1.1 |
Time Vested, Performance Vested and Market Vested Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares Outstanding, Beginning of Period | 550,467 | |||
Weighted Average Grant Date Fair Value, Beginning of Period | $ 69.71 | |||
Shares Outstanding, Vested | (104,892) | |||
Weighted Average Grant Date Fair Value, Vested | $ 75.71 | |||
Shares Outstanding, Forfeited | (17,666) | |||
Weighted Average Grant Date Fair Value, Forfeited | $ 74.89 | |||
Shares Outstanding, End of Period | 584,376 | 584,376 | ||
Weighted Average Grant Date Fair Value, End of Period | $ 63.34 | $ 63.34 | ||
Time, Performance and Market Vested Share Awards Expense | $ 3.6 | $ 3.9 | $ 6.9 | $ 7.1 |
Time Vested Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares Outstanding, Granted | 42,751 | |||
Weighted Average Grant Date Fair Value, Granted | $ 55.97 | |||
Market Vested Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares Outstanding, Granted | 30,019 | |||
Weighted Average Grant Date Fair Value, Granted | $ 49.55 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Shares Outstanding, Granted | 89,321 | |||
Weighted Average Grant Date Fair Value, Granted | $ 49.95 | |||
Shares Outstanding, Performance Share Adjustments | (5,624) | |||
Weighted Average Grant Date Fair Value, Performance Share Adjustments | $ 60.79 |
Allowance for Long-Term Receivables (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 25, 2016
USD ($)
| |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Long-Term Receivables Past Due | $ 11.3 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Balance at December 26, 2015 | 11.2 |
Write-offs | (1.0) |
Provision and reclassifications | 1.9 |
Currency translation adjustment | 0.6 |
Balance at June 25, 2016 | $ 12.7 |
Guarantor Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
Dec. 26, 2015 |
Dec. 27, 2014 |
||||
Net sales | $ 564.7 | $ 588.9 | $ 1,090.4 | $ 1,170.7 | |||||
Other revenue | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Cost of products sold | 183.9 | 189.1 | 349.9 | 380.7 | |||||
Gross margin | 380.8 | 399.8 | 740.5 | 790.0 | |||||
Delivery, sales and administrative expense | 298.2 | 310.1 | 586.9 | 623.5 | |||||
Re-engineering and impairment charges | 1.9 | 1.5 | 3.0 | 17.7 | [1] | ||||
Gains on disposal of assets | 0.8 | 10.8 | 0.9 | 11.4 | |||||
Operating income | 81.5 | 99.0 | 151.5 | 160.2 | |||||
Interest income | 0.8 | 0.5 | 1.5 | 1.0 | |||||
Interest expense | 11.2 | 12.0 | 23.3 | 25.3 | |||||
Income from equity investments in subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Other expense | 0.9 | 1.1 | 1.3 | 8.3 | |||||
Income before income taxes | 70.2 | 86.4 | 128.4 | 127.6 | |||||
Provision (benefit) for income taxes | 17.8 | 24.4 | 32.6 | 36.1 | |||||
Net income | 52.4 | 62.0 | 95.8 | 91.5 | |||||
Comprehensive income (loss) | 38.8 | 40.9 | 79.9 | 47.7 | |||||
ASSETS | |||||||||
Cash and cash equivalents | 79.0 | 74.1 | 79.0 | 74.1 | $ 79.8 | $ 77.0 | |||
Accounts receivable, net | 159.8 | 159.8 | 142.7 | ||||||
Inventories | 270.0 | 270.0 | 254.6 | ||||||
Non-trade amounts receivable, net | 44.5 | 44.5 | 45.5 | ||||||
Intercompany receivables | 0.0 | 0.0 | 0.0 | ||||||
Prepaid expenses and other current assets | 32.1 | 32.1 | 27.9 | ||||||
Total current assets | 585.4 | 585.4 | 550.5 | ||||||
Deferred income tax benefits, net | 526.3 | 526.3 | 524.9 | ||||||
Property, plant and equipment, net | 255.8 | 255.8 | 253.6 | ||||||
Long-term receivables, net | 13.8 | 13.8 | 13.2 | ||||||
Trademarks and tradenames, net | 77.0 | 77.0 | 82.7 | ||||||
Goodwill | 142.8 | 142.8 | 146.3 | ||||||
Investments in subsidiaries | 0.0 | 0.0 | 0.0 | ||||||
Intercompany notes receivable | 0.0 | 0.0 | 0.0 | ||||||
Other assets, net | 29.7 | 29.7 | 27.0 | ||||||
Total assets | 1,630.8 | 1,630.8 | 1,598.2 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Accounts payable | 89.0 | 89.0 | 126.7 | ||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 226.8 | 226.8 | 162.5 | ||||||
Intercompany payables | 0.0 | 0.0 | 0.0 | ||||||
Accrued liabilities | 304.7 | 304.7 | 324.8 | ||||||
Total current liabilities | 620.5 | 620.5 | 614.0 | ||||||
Long-term debt and capital lease obligations | 607.4 | 607.4 | 608.2 | ||||||
Intercompany notes payable | 0.0 | 0.0 | 0.0 | ||||||
Other liabilities | 224.8 | 224.8 | 215.0 | ||||||
Total shareholders' equity | 178.1 | 178.1 | 161.0 | ||||||
Total liabilities and shareholders' equity | 1,630.8 | 1,630.8 | 1,598.2 | ||||||
Operating Activities: | |||||||||
Net cash provided by operating activities | 31.8 | 24.1 | |||||||
Investing Activities: | |||||||||
Capital expenditures | (25.3) | (27.8) | |||||||
Proceeds from disposal of property, plant and equipment | 2.3 | 14.4 | |||||||
Net intercompany loans | 0.0 | 0.0 | |||||||
Return of capital | 0.0 | ||||||||
Net cash used in investing activities | (23.0) | (13.4) | |||||||
Financing Activities: | |||||||||
Dividend payments to shareholders | (69.4) | (69.7) | |||||||
Cash Dividends Paid to Parent Company | 0.0 | 0.0 | |||||||
Proceeds from exercise of stock options | 0.4 | 4.9 | |||||||
Repurchase of common stock | (0.8) | (0.9) | |||||||
Repayment of capital lease obligations | (1.3) | (1.7) | |||||||
Net change in short-term debt | 58.2 | 62.1 | |||||||
Payments of Debt Issuance Costs | 0.0 | 0.7 | |||||||
Proceeds from (Repayments of) Notes Payable | 0.0 | ||||||||
Excess tax benefits from share-based payment arrangements | 0.0 | 0.7 | |||||||
Net intercompany borrowings | 0.0 | 0.0 | |||||||
Return of capital to parent | 0.0 | ||||||||
Net cash used in financing activities | (12.9) | (5.3) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 3.3 | (8.3) | |||||||
Net change in cash and cash equivalents | (0.8) | (2.9) | |||||||
Parent | |||||||||
Net sales | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Other revenue | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Cost of products sold | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Gross margin | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Delivery, sales and administrative expense | 3.5 | 4.1 | 6.7 | 7.6 | |||||
Re-engineering and impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Gains on disposal of assets | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Operating income | (3.5) | (4.1) | (6.7) | (7.6) | |||||
Interest income | 5.1 | 8.1 | 10.2 | 15.3 | |||||
Interest expense | 7.7 | 12.1 | 16.4 | 24.9 | |||||
Income from equity investments in subsidiaries | 56.3 | 66.9 | 104.1 | 102.2 | |||||
Other expense | 0.1 | 0.0 | 0.1 | 0.0 | |||||
Income before income taxes | 50.1 | 58.8 | 91.1 | 85.0 | |||||
Provision (benefit) for income taxes | (2.3) | (3.2) | (4.7) | (6.5) | |||||
Net income | 52.4 | 62.0 | 95.8 | 91.5 | |||||
Comprehensive income (loss) | 38.8 | 40.9 | 79.9 | 47.7 | |||||
ASSETS | |||||||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
Accounts receivable, net | 0.0 | 0.0 | 0.0 | ||||||
Inventories | 0.0 | 0.0 | 0.0 | ||||||
Non-trade amounts receivable, net | 0.0 | 0.0 | 0.1 | ||||||
Intercompany receivables | 16.9 | 16.9 | 11.8 | ||||||
Prepaid expenses and other current assets | 1.8 | 1.8 | 1.1 | ||||||
Total current assets | 18.7 | 18.7 | 13.0 | ||||||
Deferred income tax benefits, net | 142.6 | 142.6 | 143.5 | ||||||
Property, plant and equipment, net | 0.0 | 0.0 | 0.0 | ||||||
Long-term receivables, net | 0.0 | 0.0 | 0.0 | ||||||
Trademarks and tradenames, net | 0.0 | 0.0 | 0.0 | ||||||
Goodwill | 0.0 | 0.0 | 0.0 | ||||||
Investments in subsidiaries | 1,254.8 | 1,254.8 | 1,164.8 | ||||||
Intercompany notes receivable | 472.5 | 472.5 | 462.0 | ||||||
Other assets, net | 1.4 | 1.4 | 1.6 | ||||||
Total assets | 1,890.0 | 1,890.0 | 1,784.9 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Accounts payable | 0.0 | 0.0 | 0.0 | ||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 121.0 | 121.0 | 90.4 | ||||||
Intercompany payables | 689.3 | 689.3 | 688.2 | ||||||
Accrued liabilities | 148.7 | 148.7 | 155.1 | ||||||
Total current liabilities | 959.0 | 959.0 | 933.7 | ||||||
Long-term debt and capital lease obligations | 599.4 | 599.4 | 599.3 | ||||||
Intercompany notes payable | 141.0 | 141.0 | 78.5 | ||||||
Other liabilities | 12.5 | 12.5 | 12.4 | ||||||
Total shareholders' equity | 178.1 | 178.1 | 161.0 | ||||||
Total liabilities and shareholders' equity | $ 1,890.0 | 1,890.0 | 1,784.9 | ||||||
Operating Activities: | |||||||||
Net cash provided by operating activities | (10.9) | 458.8 | |||||||
Investing Activities: | |||||||||
Capital expenditures | 0.0 | 0.0 | |||||||
Proceeds from disposal of property, plant and equipment | 0.0 | 0.0 | |||||||
Net intercompany loans | 52.1 | (314.7) | |||||||
Return of capital | 0.0 | ||||||||
Net cash used in investing activities | 52.1 | (314.7) | |||||||
Financing Activities: | |||||||||
Dividend payments to shareholders | (69.4) | (69.7) | |||||||
Cash Dividends Paid to Parent Company | 0.0 | 0.0 | |||||||
Proceeds from exercise of stock options | 0.4 | 4.9 | |||||||
Repurchase of common stock | (0.8) | (0.9) | |||||||
Repayment of capital lease obligations | 0.0 | 0.0 | |||||||
Net change in short-term debt | 27.7 | 67.0 | |||||||
Payments of Debt Issuance Costs | 0.7 | ||||||||
Proceeds from (Repayments of) Notes Payable | (0.1) | ||||||||
Excess tax benefits from share-based payment arrangements | 0.7 | ||||||||
Net intercompany borrowings | 1.0 | (145.4) | |||||||
Return of capital to parent | 0.0 | ||||||||
Net cash used in financing activities | (41.2) | (144.1) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | |||||||
Net change in cash and cash equivalents | $ 0.0 | 0.0 | |||||||
Guarantor | |||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | |||||||
Net sales | $ 0.0 | 0.0 | $ 0.0 | 0.0 | |||||
Other revenue | 30.2 | 28.5 | 55.5 | 56.8 | |||||
Cost of products sold | 7.7 | 9.7 | 15.4 | 14.9 | |||||
Gross margin | 22.5 | 18.8 | 40.1 | 41.9 | |||||
Delivery, sales and administrative expense | 13.8 | 20.8 | 36.2 | 38.7 | |||||
Re-engineering and impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Gains on disposal of assets | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Operating income | 8.7 | (2.0) | 3.9 | 3.2 | |||||
Interest income | 0.5 | 6.2 | 0.9 | 12.7 | |||||
Interest expense | 12.1 | 9.0 | 24.4 | 17.1 | |||||
Income from equity investments in subsidiaries | 54.7 | 64.6 | 108.1 | 99.3 | |||||
Other expense | (12.2) | 0.0 | (16.3) | 0.0 | |||||
Income before income taxes | 64.0 | 59.8 | 104.8 | 98.1 | |||||
Provision (benefit) for income taxes | 1.5 | (2.3) | (5.7) | (0.7) | |||||
Net income | 62.5 | 62.1 | 110.5 | 98.8 | |||||
Comprehensive income (loss) | 49.2 | 42.2 | 96.3 | 49.8 | |||||
ASSETS | |||||||||
Cash and cash equivalents | 0.7 | 0.1 | 0.7 | 0.1 | 0.0 | 0.0 | |||
Accounts receivable, net | 0.0 | 0.0 | 0.0 | ||||||
Inventories | 0.0 | 0.0 | 0.0 | ||||||
Non-trade amounts receivable, net | 39.1 | 39.1 | 30.1 | ||||||
Intercompany receivables | 761.2 | 761.2 | 754.2 | ||||||
Prepaid expenses and other current assets | 4.5 | 4.5 | 3.3 | ||||||
Total current assets | 805.5 | 805.5 | 787.6 | ||||||
Deferred income tax benefits, net | 219.1 | 219.1 | 219.9 | ||||||
Property, plant and equipment, net | 45.2 | 45.2 | 46.6 | ||||||
Long-term receivables, net | 0.1 | 0.1 | 0.1 | ||||||
Trademarks and tradenames, net | 0.0 | 0.0 | 0.0 | ||||||
Goodwill | 2.9 | 2.9 | 2.9 | ||||||
Investments in subsidiaries | 1,271.1 | 1,271.1 | 1,190.1 | ||||||
Intercompany notes receivable | 95.2 | 95.2 | 90.5 | ||||||
Other assets, net | 0.7 | 0.7 | 0.6 | ||||||
Total assets | 2,439.8 | 2,439.8 | 2,338.3 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Accounts payable | 1.7 | 1.7 | 3.3 | ||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0.0 | 0.0 | 1.2 | ||||||
Intercompany payables | 261.3 | 261.3 | 224.2 | ||||||
Accrued liabilities | 103.3 | 103.3 | 111.5 | ||||||
Total current liabilities | 366.3 | 366.3 | 340.2 | ||||||
Long-term debt and capital lease obligations | 0.0 | 0.0 | 0.0 | ||||||
Intercompany notes payable | 774.2 | 774.2 | 768.1 | ||||||
Other liabilities | 81.4 | 81.4 | 107.8 | ||||||
Total shareholders' equity | 1,217.9 | 1,217.9 | 1,122.2 | ||||||
Total liabilities and shareholders' equity | 2,439.8 | 2,439.8 | 2,338.3 | ||||||
Operating Activities: | |||||||||
Net cash provided by operating activities | (28.9) | (59.0) | |||||||
Investing Activities: | |||||||||
Capital expenditures | (5.1) | (5.8) | |||||||
Proceeds from disposal of property, plant and equipment | 0.0 | 0.0 | |||||||
Net intercompany loans | (17.5) | 100.4 | |||||||
Return of capital | 105.5 | ||||||||
Net cash used in investing activities | (22.6) | 200.1 | |||||||
Financing Activities: | |||||||||
Dividend payments to shareholders | 0.0 | 0.0 | |||||||
Cash Dividends Paid to Parent Company | 0.0 | (400.0) | |||||||
Proceeds from exercise of stock options | 0.0 | 0.0 | |||||||
Repurchase of common stock | 0.0 | 0.0 | |||||||
Repayment of capital lease obligations | 0.0 | 0.0 | |||||||
Net change in short-term debt | (1.2) | (2.3) | |||||||
Payments of Debt Issuance Costs | 0.0 | ||||||||
Proceeds from (Repayments of) Notes Payable | 0.0 | ||||||||
Excess tax benefits from share-based payment arrangements | 0.0 | ||||||||
Net intercompany borrowings | 53.4 | 261.4 | |||||||
Return of capital to parent | 0.0 | ||||||||
Net cash used in financing activities | 52.2 | (140.9) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | (0.1) | |||||||
Net change in cash and cash equivalents | 0.7 | 0.1 | |||||||
Non-Guarantors | |||||||||
Net sales | 565.6 | 589.6 | 1,092.6 | 1,171.6 | |||||
Other revenue | 7.7 | 9.7 | 15.4 | 14.9 | |||||
Cost of products sold | 212.8 | 215.9 | 403.0 | 434.0 | |||||
Gross margin | 360.5 | 383.4 | 705.0 | 752.5 | |||||
Delivery, sales and administrative expense | 283.1 | 287.6 | 548.6 | 581.6 | |||||
Re-engineering and impairment charges | 1.9 | 1.5 | 3.0 | 17.7 | |||||
Gains on disposal of assets | 0.8 | 10.8 | 0.9 | 11.4 | |||||
Operating income | 76.3 | 105.1 | 154.3 | 164.6 | |||||
Interest income | 5.9 | 1.4 | 12.1 | 2.4 | |||||
Interest expense | 2.1 | 6.1 | 4.2 | 12.7 | |||||
Income from equity investments in subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Other expense | 13.0 | 1.1 | 17.5 | 8.3 | |||||
Income before income taxes | 67.1 | 99.3 | 144.7 | 146.0 | |||||
Provision (benefit) for income taxes | 18.6 | 29.9 | 43.0 | 43.3 | |||||
Net income | 48.5 | 69.4 | 101.7 | 102.7 | |||||
Comprehensive income (loss) | 28.8 | 58.7 | 78.3 | 63.5 | |||||
ASSETS | |||||||||
Cash and cash equivalents | 78.3 | 74.0 | 78.3 | 74.0 | 79.8 | 77.0 | |||
Accounts receivable, net | 159.8 | 159.8 | 142.7 | ||||||
Inventories | 270.0 | 270.0 | 254.6 | ||||||
Non-trade amounts receivable, net | 116.5 | 116.5 | 109.6 | ||||||
Intercompany receivables | 260.8 | 260.8 | 228.8 | ||||||
Prepaid expenses and other current assets | 115.9 | 115.9 | 118.1 | ||||||
Total current assets | 1,001.3 | 1,001.3 | 933.6 | ||||||
Deferred income tax benefits, net | 164.6 | 164.6 | 161.5 | ||||||
Property, plant and equipment, net | 210.6 | 210.6 | 207.0 | ||||||
Long-term receivables, net | 13.7 | 13.7 | 13.1 | ||||||
Trademarks and tradenames, net | 77.0 | 77.0 | 82.7 | ||||||
Goodwill | 139.9 | 139.9 | 143.4 | ||||||
Investments in subsidiaries | 0.0 | 0.0 | 0.0 | ||||||
Intercompany notes receivable | 642.2 | 642.2 | 579.7 | ||||||
Other assets, net | 83.1 | 83.1 | 108.1 | ||||||
Total assets | 2,332.4 | 2,332.4 | 2,229.1 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Accounts payable | 87.3 | 87.3 | 123.5 | ||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 105.8 | 105.8 | 70.9 | ||||||
Intercompany payables | 88.3 | 88.3 | 82.4 | ||||||
Accrued liabilities | 253.9 | 253.9 | 247.1 | ||||||
Total current liabilities | 535.3 | 535.3 | 523.9 | ||||||
Long-term debt and capital lease obligations | 8.0 | 8.0 | 8.9 | ||||||
Intercompany notes payable | 294.7 | 294.7 | 285.6 | ||||||
Other liabilities | 186.4 | 186.4 | 178.0 | ||||||
Total shareholders' equity | 1,308.0 | 1,308.0 | 1,232.7 | ||||||
Total liabilities and shareholders' equity | 2,332.4 | 2,332.4 | 2,229.1 | ||||||
Operating Activities: | |||||||||
Net cash provided by operating activities | 62.2 | 121.3 | |||||||
Investing Activities: | |||||||||
Capital expenditures | (20.2) | (22.0) | |||||||
Proceeds from disposal of property, plant and equipment | 2.3 | 14.4 | |||||||
Net intercompany loans | (38.3) | 24.8 | |||||||
Return of capital | 0.0 | ||||||||
Net cash used in investing activities | (56.2) | 17.2 | |||||||
Financing Activities: | |||||||||
Dividend payments to shareholders | 0.0 | 0.0 | |||||||
Cash Dividends Paid to Parent Company | (3.1) | (77.8) | |||||||
Proceeds from exercise of stock options | 0.0 | 0.0 | |||||||
Repurchase of common stock | 0.0 | 0.0 | |||||||
Repayment of capital lease obligations | (1.3) | (1.7) | |||||||
Net change in short-term debt | 31.7 | (2.6) | |||||||
Payments of Debt Issuance Costs | 0.0 | ||||||||
Proceeds from (Repayments of) Notes Payable | 0.1 | ||||||||
Excess tax benefits from share-based payment arrangements | 0.0 | ||||||||
Net intercompany borrowings | (38.2) | 54.3 | |||||||
Return of capital to parent | (105.5) | ||||||||
Net cash used in financing activities | (10.8) | (133.3) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 3.3 | (8.2) | |||||||
Net change in cash and cash equivalents | (1.5) | (3.0) | |||||||
Eliminations | |||||||||
Net sales | (0.9) | (0.7) | (2.2) | (0.9) | |||||
Other revenue | (37.9) | (38.2) | (70.9) | (71.7) | |||||
Cost of products sold | (36.6) | (36.5) | (68.5) | (68.2) | |||||
Gross margin | (2.2) | (2.4) | (4.6) | (4.4) | |||||
Delivery, sales and administrative expense | (2.2) | (2.4) | (4.6) | (4.4) | |||||
Re-engineering and impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Gains on disposal of assets | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Operating income | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Interest income | (10.7) | (15.2) | (21.7) | (29.4) | |||||
Interest expense | (10.7) | (15.2) | (21.7) | (29.4) | |||||
Income from equity investments in subsidiaries | (111.0) | (131.5) | (212.2) | (201.5) | |||||
Other expense | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Income before income taxes | (111.0) | (131.5) | (212.2) | (201.5) | |||||
Provision (benefit) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Net income | (111.0) | (131.5) | (212.2) | (201.5) | |||||
Comprehensive income (loss) | (78.0) | (100.9) | (174.6) | (113.3) | |||||
ASSETS | |||||||||
Cash and cash equivalents | 0.0 | $ 0.0 | 0.0 | 0.0 | 0.0 | $ 0.0 | |||
Accounts receivable, net | 0.0 | 0.0 | 0.0 | ||||||
Inventories | 0.0 | 0.0 | 0.0 | ||||||
Non-trade amounts receivable, net | (111.1) | (111.1) | (94.3) | ||||||
Intercompany receivables | (1,038.9) | (1,038.9) | (994.8) | ||||||
Prepaid expenses and other current assets | (90.1) | (90.1) | (94.6) | ||||||
Total current assets | (1,240.1) | (1,240.1) | (1,183.7) | ||||||
Deferred income tax benefits, net | 0.0 | 0.0 | 0.0 | ||||||
Property, plant and equipment, net | 0.0 | 0.0 | 0.0 | ||||||
Long-term receivables, net | 0.0 | 0.0 | 0.0 | ||||||
Trademarks and tradenames, net | 0.0 | 0.0 | 0.0 | ||||||
Goodwill | 0.0 | 0.0 | 0.0 | ||||||
Investments in subsidiaries | (2,525.9) | (2,525.9) | (2,354.9) | ||||||
Intercompany notes receivable | (1,209.9) | (1,209.9) | (1,132.2) | ||||||
Other assets, net | (55.5) | (55.5) | (83.3) | ||||||
Total assets | (5,031.4) | (5,031.4) | (4,754.1) | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Accounts payable | 0.0 | 0.0 | (0.1) | ||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0.0 | 0.0 | 0.0 | ||||||
Intercompany payables | (1,038.9) | (1,038.9) | (994.8) | ||||||
Accrued liabilities | (201.2) | (201.2) | (188.9) | ||||||
Total current liabilities | (1,240.1) | (1,240.1) | (1,183.8) | ||||||
Long-term debt and capital lease obligations | 0.0 | 0.0 | 0.0 | ||||||
Intercompany notes payable | (1,209.9) | (1,209.9) | (1,132.2) | ||||||
Other liabilities | (55.5) | (55.5) | (83.2) | ||||||
Total shareholders' equity | (2,525.9) | (2,525.9) | (2,354.9) | ||||||
Total liabilities and shareholders' equity | $ (5,031.4) | (5,031.4) | $ (4,754.1) | ||||||
Operating Activities: | |||||||||
Net cash provided by operating activities | 9.4 | (497.0) | |||||||
Investing Activities: | |||||||||
Capital expenditures | 0.0 | 0.0 | |||||||
Proceeds from disposal of property, plant and equipment | 0.0 | 0.0 | |||||||
Net intercompany loans | 3.7 | 189.5 | |||||||
Return of capital | (105.5) | ||||||||
Net cash used in investing activities | 3.7 | 84.0 | |||||||
Financing Activities: | |||||||||
Dividend payments to shareholders | 0.0 | 0.0 | |||||||
Cash Dividends Paid to Parent Company | 3.1 | 477.8 | |||||||
Proceeds from exercise of stock options | 0.0 | 0.0 | |||||||
Repurchase of common stock | 0.0 | 0.0 | |||||||
Repayment of capital lease obligations | 0.0 | 0.0 | |||||||
Net change in short-term debt | 0.0 | 0.0 | |||||||
Payments of Debt Issuance Costs | 0.0 | ||||||||
Proceeds from (Repayments of) Notes Payable | 0.0 | ||||||||
Excess tax benefits from share-based payment arrangements | 0.0 | ||||||||
Net intercompany borrowings | (16.2) | (170.3) | |||||||
Return of capital to parent | 105.5 | ||||||||
Net cash used in financing activities | (13.1) | 413.0 | |||||||
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 | |||||||
Net change in cash and cash equivalents | $ 0.0 | $ 0.0 | |||||||
|
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