10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________________________________________________

FORM 10-Q

_________________________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the 13 weeks ended June 27, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from               to             

Commission file number 1-11657

_________________________________________________________________

TUPPERWARE BRANDS CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________________________________

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)

 (407) 826-5050

(Registrant's telephone number, including area code)

_________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	TUP	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No   ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐	Non-accelerated Filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No   ☒

As of July 24, 2020, 49,117,624 shares of the common stock, $0.01 par value, of the registrant were outstanding.

TABLE OF CONTENTS

	Page
PART I—FINANCIAL INFORMATION	3
Item 1. Financial Statements.	3
Consolidated Statements of Income	3
Consolidated Statements of Comprehensive Income	4
Consolidated Balance Sheets	5
Consolidated Statements of Shareholders' Equity	6
Consolidated Statements of Cash Flows	8
Notes to Consolidated Financial Statements	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	33
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	44
Item 4. Controls and Procedures.	47
PART II—OTHER INFORMATION	48
Item 1. Legal Proceedings.	48
Item 1A. Risk Factors.	49
Item 6. Exhibits.	51
Signatures	52

2

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	13 weeks ended				26 weeks ended
(In millions, except per share amounts)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net sales	$	397.4	$	475.3	$	773.3	$	962.6
Cost of products sold	133.5		154.6		263.2		315.8
Gross margin	263.9		320.7		510.1		646.8
Delivery, sales and administrative expense	208.1		247.7		451.0		510.4
Re-engineering charges	23.2		4.1		27.1		8.4
Gain (loss) on disposal of assets	13.9		(0.1)		13.8		(1.0)
Operating income (loss)	46.5		68.8		45.8		127.0
Interest income	0.2		0.4		0.7		1.0
Interest expense	12.1		10.8		22.3		21.0
Other expense (income), net	(48.0)		(3.4)		(50.1)		(6.7)
Income (loss) before income taxes	82.6		61.8		74.3		113.7
Provision (benefit) for income taxes	18.8		22.4		18.3		37.4
Net income (loss)	$	63.8	$	39.4	$	56.0	$	76.3
Earnings per share:
Basic	$	1.30	$	0.81	$	1.14	$	1.57
Diluted	$	1.30	$	0.81	$	1.14	$	1.56
Weighted-average shares outstanding:
Basic	49.0		48.8		49.0		48.7
Diluted	49.2		48.8		49.2		48.8

See accompanying notes to consolidated financial statements.

3

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net income (loss)	$	63.8	$	39.4	$	56.0	$	76.3
Other comprehensive income (loss):
Foreign currency translation adjustments	22.8		(6.8)		(70.8)		13.9
Deferred gain (loss) on cash flow hedges, net of tax benefit (provision) of $0.0, ($0.1), $0.0 and $0.5, respectively	(5.6)		(0.4)		4.5		(2.2)
Pension and other post-retirement benefit (costs), net of tax benefit (provision) of $0.3, $0.2, ($0.5) and $0.1, respectively	(0.9)		(0.5)		1.1		(0.4)
Other comprehensive income (loss)	16.3		(7.7)		(65.2)		11.3
Total comprehensive income (loss)	$	80.1	$	31.7	$	(9.2)	$	87.6

See accompanying notes to consolidated financial statements.

4

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except share amounts)	June 27, 2020		December 28, 2019
Assets
Cash and cash equivalents	$	120.0	$	123.2
Accounts receivable, less allowances of $65.8 and $63.6, respectively	117.2		110.7
Inventories	216.1		245.2
Non-trade amounts receivable, net	39.0		39.1
Prepaid expenses and other current assets	21.3		20.3
Total current assets	513.6		538.5
Deferred income tax benefits, net	187.8		186.1
Property, plant and equipment, net	242.1		267.5
Operating lease assets	79.2		84.1
Long-term receivables, less allowances of $13.8 and $13.9, respectively	13.9		15.0
Trademarks and tradenames, net	22.6		24.6
Goodwill	56.0		59.5
Other assets, net	79.1		87.1
Total assets	$	1,194.3	$	1,262.4
Liabilities And Shareholders' Equity
Accounts payable	$	92.6	$	125.4
Short-term borrowings and current portion of long-term debt and finance lease obligations	801.5		273.2
Accrued liabilities	350.3		290.3
Total current liabilities	1,244.4		688.9
Long-term debt and finance lease obligations	2.1		602.2
Operating lease liabilities	52.3		56.0
Other liabilities	177.8		192.3
Total liabilities	1,476.6		1,539.4
Shareholders' equity (deficit):
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	215.2		215.0
Retained earnings	1,115.0		1,067.3
Treasury stock, 14,489,503 and 14,678,742 shares, respectively, at cost	(909.6)		(921.6)
Accumulated other comprehensive loss	(703.5)		(638.3)
Total shareholders' equity (deficit)	(282.3)		(277.0)
Total liabilities and shareholders' equity	$	1,194.3	$	1,262.4

See accompanying notes to consolidated financial statements.

5

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

											Accumulated Other Comprehensive Loss		Total Shareholders' Equity (Deficit)
	Common Stock			Treasury Stock			Paid-In Capital		Retained Earnings
(In millions, except per share amounts)	Shares	Dollars		Shares	Dollars
December 28, 2019	63.6	$	0.6	14.7	$	(921.6)	$	215.0	$	1,067.3	$	(638.3)	$	(277.0)
Net income (loss)	—	—		—	—		—		(7.8)		—		(7.8)
Other comprehensive loss	—	—		—	—		—		—		(81.5)		(81.5)
Stock and options issued for incentive plans	—	—		(0.1)	5.2		1.9		(4.8)		—		2.3
March 28, 2020	63.6	0.6		14.6	(916.4)		216.9		1,054.7		(719.8)		(364.0)
Net income (loss)	—	—		—	—		—		63.8		—		63.8
Other comprehensive income	—	—		—	—		—		—		16.3		16.3
Stock and options issued for incentive plans	—	—		(0.1)	6.8		(1.7)		(3.5)		—		1.6
June 27, 2020	63.6	$	0.6	14.5	$	(909.6)	$	215.2	$	1,115.0	$	(703.5)	$	(282.3)

See accompanying notes to consolidated financial statements.

6

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)

											Accumulated Other Comprehensive (Loss) Income		Total Shareholders' Equity (Deficit)
	Common Stock			Treasury Stock			Paid-In Capital		Retained Earnings
(In millions, except per share amounts)	Shares	Dollars		Shares	Dollars
December 29, 2018	63.6	$	0.6	15.0	$	(939.8)	$	219.3	$	1,086.8	$	(602.1)	$	(235.2)
Net income (loss)	—	—		—	—		—		36.9		—		36.9
Cumulative effect of change in accounting principles	—	—		—	—		—		12.1		(5.0)		7.1
Other comprehensive income	—	—		—	—		—				19.0		19.0
Cash dividends declared ($0.27 per share)	—	—		—	—		—		(12.9)		—		(12.9)
Stock and options issued for incentive plans	—	—		(0.1)	5.0		(2.8)		(1.1)		—		1.1
March 30, 2019	63.6	0.6		14.9	(934.8)		216.5		1,121.8		(588.1)		(184.0)
Net income (loss)	—	—		—	—		—		39.4		—		39.4
Other comprehensive loss	—	—		—	—		—		—		(7.7)		(7.7)
Cash dividends declared ($0.27 per share)	—	—		—	—		—		(13.2)		—		(13.2)
Stock and options issued for incentive plans	—	—		(0.1)	3.7		(0.2)		(1.1)		—		2.4
June 29, 2019	63.6	$	0.6	14.8	$	(931.1)	$	216.3	$	1,146.9	$	(595.8)	$	(163.1)

See accompanying notes to consolidated financial statements.

7

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended
(In millions)	June 27, 2020		June 29, 2019
Operating Activities
Net income (loss)	$	56.0	$	76.3
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	22.6		27.8
Unrealized foreign exchange loss	0.3		—
Stock-based compensation	3.9		4.5
Amortization of deferred debt issuance costs	1.0		0.3
(Gain) loss on disposal of assets	(13.8)		1.0
Provision for bad debts	11.2		10.1
(Gain) on debt extinguishment	(40.0)		—
Write-down of inventories	6.7		4.6
Net change in deferred income taxes	(16.7)		11.0
Changes in assets and liabilities:
Accounts receivable	(25.3)		(25.2)
Inventories	6.1		(9.9)
Non-trade amounts receivable	2.2		(5.9)
Prepaid expenses	(2.7)		(2.4)
Other assets	(1.8)		(1.4)
Accounts payable and accrued liabilities	32.5		(38.9)
Income taxes payable	2.0		(40.8)
Other liabilities	(2.9)		(2.4)
Net cash impact from hedging activity	3.9		(7.5)
Other	0.1		0.1
Net cash provided by (used in) operating activities	45.3		1.3
Investing Activities
Capital expenditures	(14.1)		(27.2)
Proceeds from disposal of property, plant and equipment	15.9		4.7
Net cash provided by (used in) investing activities	1.8		(22.5)
Financing Activities
Common stock cash dividends paid	—		(47.3)
Common stock repurchase	—		(0.8)
Senior notes repayment	(56.4)		—
Finance lease repayments	(0.3)		(1.0)
Net increase (decrease) in short-term debt	17.8		85.2
Debt issuance costs	(2.0)		(2.2)
Net cash provided by (used in) financing activities	(40.9)		33.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8.6)		2.0
Net change in cash, cash equivalents and restricted cash	(2.4)		14.7
Cash, cash equivalents and restricted cash at beginning of year	126.1		151.9
Cash, cash equivalents and restricted cash at end of period	$	123.7	$	166.6

See accompanying notes to consolidated financial statements.

8

TUPPERWARE BRANDS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The 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 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 statement of the results for the interim periods.

Certain information and note disclosures normally included in the consolidated statements of income, consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of shareholders' equity and consolidated statements of cash flows prepared in conformity with accounting principles generally accepted in the United States of America for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, these consolidated financial statements and related notes should be read in conjunction with the audited 2019 consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2019. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year.

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 sales and expenses during the reporting period. Actual results could differ materially from these estimates.

For the second quarter ended June 27, 2020, the impact of the decline in business activity brought about by the Coronavirus pandemic (“COVID-19”) continues to evolve. As a result, many of the Company's estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods.

Liquidity and COVID-19

The global spread of the novel coronavirus (COVID-19), which has been declared by the World Health Organization to be a “pandemic,” has spread to many countries and is impacting worldwide economic activity. Many governments have implemented policies intended to stop or slow the further spread of the disease, such as shelter-in-place orders, resulting in the temporary closure of schools and non-essential businesses, and these measures may remain in place for a significant period of time. A top priority for the Company as it navigates through the global COVID-19 pandemic is the safety of its employees and their families, sales force and consumers, and to mitigate the impact on its operations and financial results. The Company will continue to proactively respond to the situation and may take further actions that alter the Company’s business operations as may be required by governmental authorities, or that the Company determines are in the best interests of its employees, sales force and consumers. In order to ensure safety and protect the health of the employees, and to comply with applicable government directives, the Company has modified its business practices to allow its employees to work remotely from home wherever possible, incorporate virtual meetings and restrict all non-essential employee travel.

Pursuant to ASC 205, Presentation of Financial Statements, the Company is required to and does evaluate at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of June 27, 2020 the Company has $501.3 million of Senior Notes that will mature on June 1, 2021, which is within one year of the date that the consolidated financial statements are issued for the second quarter ended June 27, 2020. Based on the definitions in the relevant accounting standards, management has determined that this condition raises substantial doubt about the Company’s ability to continue as a going concern. This evaluation does not consider the potential mitigating effect of management’s plans that have not been fully implemented. Management may evaluate the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern.

The Company expects to continue to address its outstanding current indebtedness through open-market purchases, future tender offers, exchange offers of debt for debt, cash or equity, or otherwise (“debt refinancing”). The Company has successfully retired $98.7 million of those Senior Notes at a discount to par during the second quarter and an additional $13.4 million subsequent to the end of second quarter and through July 29, 2020. In addition to the debt refinancing, the Company believes that its improved profitability and revenue growth through the Turnaround Plan, together with the anticipated sale of the Company's Orlando real estate

9

and other non-core assets, and its forecasted availability under its Credit Agreement, will enable the Company to meet all its future debt obligations. However, as the debt refinancing and sale of non-core assets is conditional upon the execution of agreements with new or existing investors or the execution of sales agreements with third parties, which are considered outside of the Company’s control, the debt refinancing and sales of assets are not considered probable of occurring until such time as they are completed. The Condensed Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. During the second quarter ended June 27, 2020 the Company generated $101.8 million of cash flows from operating activities, net of investing activities, through reductions in discretionary spending, revisiting investment strategies, improvements in working capital including inventory reductions, and reducing payroll costs, including through organizational redesign, employee furloughs, and permanent reductions in employee headcount. As of June 27, 2020, the Company is in compliance with its financial covenants under its Credit Agreement. The Company currently forecasts that it will be in compliance with its financial covenants for at least one year from the issuance of these interim financial statements, after taking into consideration the measures noted above. If the impact of COVID-19 is more severe than currently forecasted this may impact the Company’s compliance with its financial covenants which could have a material adverse effect on the Company. See Note 10 to the Consolidated Financial Statements for further discussion of the impact of an Event of Default.

Note 2: 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 expenses ("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.

Distribution costs were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Distribution costs	$	33.4	$	32.8	$	62.5	$	65.6

Note 3: 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 other activities, ancillary to the Company's business, but considered separate and distinct services from sales, which are measured by defined group/team 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 costs were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Promotional costs	$	54.1	$	71.6	$	112.6	$	150.2

Note 4: Inventories

Inventories were:

(In millions)	June 27, 2020		December 28, 2019
Finished goods	$	166.2	$	197.1
Work in process	24.7		22.4
Raw materials and supplies	25.2		25.7
Total inventories	$	216.1	$	245.2

Note 5: Earnings per share

Basic per share information is calculated by dividing net income (loss) 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.

10

The elements of the earnings per share computations were as follows:

	13 weeks ended				26 weeks ended
(In millions, except per share amounts)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net income (loss)	$	63.8	$	39.4	$	56.0	$	76.3
Weighted-average shares of common stock outstanding	49.0		48.8		49.0		48.7
Common equivalent shares:
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units	0.2		—		0.2		0.1
Weighted-average common and common equivalent shares outstanding	49.2		48.8		49.2		48.8
Basic earnings per share	$	1.30	$	0.81	$	1.14	$	1.57
Diluted earnings per share	$	1.30	$	0.81	$	1.14	$	1.56
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive	4.7		3.9		4.4		3.9

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 28, 2019	$	(600.2)	$	(2.4)	$	(35.7)	$	(638.3)
Other comprehensive income (loss) before reclassifications	(70.8)		6.5		(0.5)		(64.8)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(2.0)		1.6		(0.4)
Other comprehensive income (loss)	(70.8)		4.5		1.1		(65.2)
Balance at June 27, 2020	$	(671.0)	$	2.1	$	(34.6)	$	(703.5)

(In millions, net of tax)	Foreign Currency Items		Cash Flow Hedges		Pension and Other Post-retirement Items		Total
Balance at December 29, 2018	$	(579.1)	$	1.7	$	(24.7)	$	(602.1)
Cumulative effect of change in accounting principle	(3.8)		(1.2)		—		(5.0)
Other comprehensive income (loss) before reclassifications	13.9		(3.0)		(0.3)		10.6
Amounts reclassified from accumulated other comprehensive income (loss)	—		0.8		(0.1)		0.7
Other comprehensive income (loss)	13.9		(2.2)		(0.4)		11.3
Balance at June 29, 2019	$	(569.0)	$	(1.7)	$	(25.1)	$	(595.8)

Amounts reclassified from accumulated other comprehensive income (loss) that related to cash flow hedges consisted of:

	Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Related To Cash Flow Hedges
(In millions)	2020		2019
Cash flow hedges	$	(2.5)	$	1.2
Tax effect	0.5		(0.4)
Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges	$	(2.0)	$	0.8

Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items consisted of:

11

	Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Related To Pension And Other Post-Retirement Items
(In millions)	2020		2019
Prior service costs/(benefit)	$	(0.1)	$	(0.6)
Settlements (gains) losses	0.4		(0.1)
Actuarial (gains) losses	0.9		—
Tax effect	0.4		0.6
	$	1.6	$	(0.1)

Note 7: Re-engineering Charges

Re-engineering charges are mainly related to the transformation program, which was announced in January 2019 and re-assessed in December 2019 (collectively the "Turnaround Plan") and the July 2017 revitalization program ("2017 program"). The Company continually reviews its business models and operating methods for opportunities to increase efficiencies and/or align costs with business performance. The Turnaround Plan charges primarily related to severance costs and outside consulting services. The 2017 program charges primarily related to severance costs.

The re-engineering charges were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Turnaround plan	22.4		4.2		25.7		5.4
2017 program	0.8		(0.5)		1.4		2.3
Other	—		0.4		—		0.7
Total re-engineering charges	$	23.2	$	4.1	$	27.1	$	8.4

The re-engineering charges related to the Turnaround Plan were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Europe	$	11.4	$	1.7	$	11.4	$	2.9
Asia Pacific	2.1		2.5		2.5		2.5
North America	2.4		—		2.4		—
South America	0.8		—		1.0		—
Corporate	5.7		—		8.4		—
Total turnaround plan charges	$	22.4	$	4.2	$	25.7	$	5.4

The balances included in accrued liabilities related to re-engineering charges for the Turnaround Plan were:

(In millions)	June 27, 2020		December 28, 2019
Beginning of the year balance	$	12.9	$	—
Provision	25.7		26.4
Adjustments and other charges	1.2		(1.7)
Cash expenditures:
Severance	(14.5)		(0.9)
Other	(1.3)		(10.9)
Currency translation adjustment	(0.2)		—
End of period balance	$	23.8	$	12.9

The re-engineering charges related to the 2017 program were:

12

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Europe	$	1.1	$	(0.3)	$	1.4	$	1.0
Asia Pacific	—		(0.2)		—		0.7
North America	(0.3)		—		—		0.6
Total 2017 program charges	$	0.8	$	(0.5)	$	1.4	$	2.3

The balances included in accrued liabilities related to re-engineering charges for the 2017 program were:

(In millions)	June 27, 2020		December 28, 2019
Beginning of the year balance	$	3.1	$	23.3
Provision	1.4		4.5
Adjustments and other charges	(0.7)		(0.3)
Cash expenditures:
Severance	(1.7)		(20.3)
Other	(0.9)		(3.6)
Currency translation adjustment	—		(0.5)
End of period balance	$	1.2	$	3.1

Note 8: Leases

The Company leases certain equipment, vehicles, office space, and manufacturing and distribution facilities, and recognizes the associated lease expense on a straight-line basis over the lease term.

Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years, or more. The exercise of lease renewal options is at the Company's discretion and renewal options that are reasonably certain to be exercised have been included in the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Certain lease agreements held by the Company include rental payments adjusted periodically for inflation. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Components of lease expense were as follows:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Operating lease cost (a) (c)	$	10.6	$	12.6	$	22.4	$	25.6
Amortization of right-of-use assets (a)	0.2		0.3		0.4		0.5
Interest on lease liabilities (b)	0.1		—		0.1		0.1
Total finance lease cost	$	0.3	$	0.3	$	0.5	$	0.6

____________________

^(a) Included in DS&A and cost of products sold.

^(b)  Included in interest expense.

^(c)  Includes immaterial amounts related to short-term rent expense and variable rent expense.

13

Supplemental cash flow information related to leases is as follows:

	26 weeks ended
(In millions)	June 27, 2020		June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(21.0)	$	(24.9)
Operating cash flows from finance leases	$	—	$	(0.1)
Financing cash flows from finance leases	$	(0.3)	$	(1.0)
Leased assets obtained in exchange for new operating lease liabilities	$	2.7	$	5.6

Supplemental balance sheet information related to leases is as follows:

(In millions, except lease term and discount rate)	June 27, 2020			December 28, 2019
Operating Leases
Operating lease assets	$	79.2		$	84.1
Accrued liabilities	$	28.4		$	29.2
Operating lease liabilities	52.3			56.0
Total Operating lease liabilities	$	80.7		$	85.2
Finance Leases
Property, plant and equipment, at cost	$	18.3		$	17.9
Accumulated amortization	(11.0)			(10.3)
Property, plant and equipment, net	$	7.3		$	7.6
Current portion of finance lease obligations	$	1.3		$	1.3
Long-term finance lease obligations	2.1			2.3
Total Finance lease liabilities	$	3.4		$	3.6
Weighted Average Remaining Lease Term
Operating Leases	4.3 years			4.5 years
Finance Leases	2.4 years			2.8 years
Weighted Average Discount Rate (a)
Operating Leases	4.6		%	5.2		%
Finance Leases	5.1		%	5.1		%

_________________________

^(a) Calculated using Company's incremental borrowing rate.

14

Maturities of lease liabilities as of June 27, 2020 and December 28, 2019 were as follows:

	June 27, 2020				December 28, 2019
(In millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
2020	$	17.4	$	1.1	$	32.8	$	1.4
2021	26.7		1.4		22.6		1.4
2022	15.7		1.1		13.0		1.0
2023	9.6		—		7.5		—
2024	6.4		—		5.6		—
Thereafter	13.0		—		13.0		—
Total undiscounted lease liability	$	88.8	$	3.6	$	94.5	$	3.8
Less imputed interest	(8.1)		(0.2)		(9.3)		(0.2)
Total	$	80.7	$	3.4	$	85.2	$	3.6

As of June 27, 2020, the Company had an immaterial amount of operating leases that had not yet commenced.

Note 9: Segment Information

The Company manufactures and distributes a broad portfolio of products, primarily through independent direct sales force members. Certain operating segments have been aggregated based upon consistency of economic substance, geography, products, production process, class of customers and distribution method.

The Company's reportable segments primarily sell 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. North America also includes the Fuller Mexico beauty and personal care products business and sells products under the Fuller Cosmetics® brand in that unit and in Central America. South America also sells beauty products under the Fuller®, Nutrimetics® and Nuvo® brands.

Worldwide sales of beauty and personal care products totaled $51.0 million and $61.7 million in the second quarters of 2020 and 2019, respectively, and $104.7 million and $120.7 million in the respective year-to-date periods.

15

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net sales
Europe	$	90.8	$	121.5	$	196.5	$	260.1
Asia Pacific	134.4		155.5		254.8		311.6
North America	124.0		124.7		225.3		244.3
South America	48.2		73.6		96.7		146.6
Total net sales	$	397.4	$	475.3	$	773.3	$	962.6
Segment profit
Europe	$	10.9	$	12.8	$	13.4	$	30.5
Asia Pacific	34.4		37.2		51.7		67.2
North America	18.7		20.4		25.2		37.8
South America	11.3		13.1		14.3		22.0
Total segment profit	75.3		83.5		104.6		157.5
Unallocated expenses	28.5		(7.1)		4.6		(14.4)
Re-engineering charges (a)	(23.2)		(4.1)		(27.1)		(8.4)
Gain (loss) on disposal of assets	13.9		(0.1)		13.8		(1.0)
Interest expense	(11.9)		(10.4)		(21.6)		(20.0)
Income (loss) before income taxes	$	82.6	$	61.8	$	74.3	$	113.7

(In millions)	June 27, 2020		December 28, 2019
Identifiable assets
Europe	$	264.4	$	269.7
Asia Pacific	276.1		300.3
North America	211.1		235.9
South America	107.5		125.2
Corporate	335.2		331.3
Total identifiable assets	$	1,194.3	$	1,262.4

_________________________

^(a)See Note 7: Re-engineering Charges for further discussion.

Note 10: Debt

The debt portfolio consisted of:

(In millions)	June 27, 2020		December 28, 2019
Senior notes (including capitalized costs)	$	501.4	$	599.8
Credit agreement (a)	298.8		272.0
Finance leases	3.4		3.6
Total debt	$	803.6	$	875.4

____________________

^(a) $137.2 million and $174.9 million denominated in Euro as of June 27, 2020 and December 28, 2019, respectively.

16

Credit Agreement

On March 29, 2019, the Company and its wholly owned subsidiaries Tupperware Nederland B.V., Administradora Dart, S. de R.L. de C.V., and Tupperware Brands Asia Pacific Pte. Ltd. (the “Subsidiary Borrowers”), amended and restated its multicurrency Credit Agreement, amended by Amendment No. 1 dated August 28, 2019 (so as amended, the "Credit Agreement"), with JPMorgan Chase Bank, N.A. as administrative agent (the “Administrative Agent”), swingline lender, joint lead arranger and joint bookrunner, and Credit Agricole Corporate and Investment Bank, HSBC Securities (USA) Inc., Mizuho Bank, Ltd. and Wells Fargo Securities, LLC, as syndication agents, joint lead arrangers and joint bookrunners. The Credit Agreement replaces the credit agreement dated September 11, 2013 and as amended (the “Old Credit Agreement”) and, other than an increased aggregate amount that may be borrowed, an improvement in the consolidated leverage ratio covenant and a slightly more favorable commitment fee rate, has terms and conditions similar to that of the Old Credit Agreement. The Credit Agreement makes available to the Company and the Subsidiary Borrowers a committed credit facility in an aggregate amount of $650.0 million (the “Facility Amount”). The Credit Agreement provides (i) a revolving credit facility, available up to the full amount of the Facility Amount, (ii) a letter of credit facility, available up to $50.0 million of the Facility Amount, and (iii) a swingline facility, available up to $100.0 million of the Facility Amount. Each of such facilities is fully available to the Company and the Facility Amount is available to the Subsidiary Borrowers up to an aggregate amount not to exceed $325.0 million. With the agreement of its lenders, the Company is permitted to increase, on up to three occasions, the Facility Amount by a total of up to $200.0 million (for a maximum aggregate Facility Amount of $850.0 million), subject to certain conditions. As of June 27, 2020, the Company had total borrowings of $298.8 million outstanding under its Credit Agreement, with $137.2 million of that amount denominated in Euro.

Loans made under the Credit Agreement will be composed of (i) “Eurocurrency Borrowings”, bearing interest determined in reference to the London interbank offered rate ("LIBOR") or the EURIBOR rate for the applicable currency and interest period, plus a margin, and/or (ii) “ABR Borrowings”, bearing interest at the sum of (A) the greatest of (x) the Prime Rate, (y) the NYFRB rate plus 0.5 percent, and (z) adjusted LIBOR on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1 percent, and (B) a margin. The applicable margin in each case will be determined by reference to a pricing schedule and will be based upon the better for the Company of (a) the Consolidated Leverage Ratio (computed as consolidated funded indebtedness of the Company and its subsidiaries to the consolidated EBITDA (as defined in the Credit Agreement) of the Company and its subsidiaries for the four fiscal quarters then most recently ended) for the fiscal quarter referred to in the quarterly or annual financial statements most recently delivered, or (b) the Company’s then existing long-term debt securities rating by Moody’s Investor Service, Inc. or Standard and Poor’s Financial Services, Inc. Under the Credit Agreement, the applicable margin for ABR Borrowings ranges from 0.375 percent to 0.875 percent, the applicable margin for Eurocurrency Borrowings ranges from 1.375 percent to 1.875 percent, and the applicable margin for the commitment fee ranges from 0.150 percent to 0.275 percent. Loans made under the swingline facility will bear interest, if denominated in U.S. Dollars, at the same rate as an ABR Borrowing and, if denominated in another currency, at the same rate as a Eurocurrency Borrowing. As of June 27, 2020, the Company had a weighted average interest rate of 2.0 percent with a base rate spread of 188 basis points on LIBOR-based borrowings under the Credit Agreement that has a final maturity date of March 29, 2024.

Similar to the Old Credit Agreement, the Credit Agreement contains customary covenants that, among other things, limit the ability of the Company's subsidiaries to incur indebtedness and limit the ability of the Company and its subsidiaries to create liens on and sell assets, engage in certain liquidations or dissolutions, engage in certain mergers or consolidations, or change lines of business. These covenants are subject to significant exceptions and qualifications.

17

On February 28, 2020, the Company amended the Credit Agreement (the “Amendment”) in order to modify certain provisions, including the consolidated leverage ratio covenant. Previously, the Company had to maintain at specified measurement periods a Consolidated Leverage Ratio that was not greater than or equal to 3.75 to 1.00. Following the Amendment, the Company is required to maintain at the last day of each quarterly measurement period a Consolidated Leverage Ratio not greater than or equal to the ratio as set forth below opposite the period that includes such day (or, if such day does not end on the last day of the calendar quarter, that includes the last day of the calendar quarter that is nearest to such day):

Period	Consolidated Leverage Ratio
From the Amendment effective date to and including June 27, 2020	5.75 to 1.00
September 26, 2020	5.25 to 1.00
December 26, 2020	4.50 to 1.00
March 27, 2021	4.00 to 1.00
June 26, 2021 and thereafter	3.75 to 1.00

Under the Credit Agreement and consistent with the Old Credit Agreement, Dart Industries Inc. (the “Guarantor”) unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrowers relating to the Credit Agreement, supported by a security interest in certain "Tupperware" trademarks and service marks. The Amendment eliminated the requirement that a Non-Investment Grade Ratings Event, as defined in the Credit Agreement, must occur before the Company is required to cause the Additional Guarantee and Collateral Requirement, as defined in the Credit Agreement, to be satisfied. Pursuant to the Amendment, the Company is required to cause certain of its domestic subsidiaries to become guarantors and the Company and certain of its domestic subsidiaries are required to pledge additional collateral (the “Additional Guarantee and Collateral”).

For purposes of the Credit Agreement, consolidated EBITDA represents earnings before interest, income taxes, depreciation and amortization, as adjusted to exclude unusual, non-recurring gains as well as non-cash charges and certain other items. The Company is in compliance with the financial covenants in the Credit Agreement. The Credit Agreement was amended to prevent the Company from exceeding the Consolidated Leverage Ratio for the four fiscal quarters ending in March 2020, and continuing through the calculation for the four fiscal quarters ending in March 2021. If the Company had exceeded the Consolidated Leverage Ratio, this could have constituted an Event of Default, potentially resulting in a cross default under cross-default provisions with respect to other of the Company's debt obligations, giving the lenders the ability to terminate the revolving commitments, accelerate outstanding amounts under the Credit Agreement, exercise certain remedies relating to the collateral securing the Credit Agreement and require the Company to post cash collateral for all outstanding letters of credit. In addition to the relief provided in the Amendment, the Company has reduced certain operating expenses beginning in 2020 and could use available cash, including repatriating cash held outside of the United States, to make debt repayments to lower its Consolidated Leverage Ratio.

The Company routinely increases its revolver borrowings under the Credit Agreement during each quarter to fund operating, investing and financing activities and uses cash available at the end of each quarter to temporarily reduce borrowing levels. As a result, the Company incurs more interest expense and has higher foreign exchange exposure on the value of its cash and debt during each quarter than would relate solely to the quarter end balances.

At June 27, 2020, the Company had $403.4 million of unused lines of credit, including $345.6 million under the committed, secured Credit Agreement, and $57.8 million available under various uncommitted lines around the world.

Senior Notes

The Company currently has outstanding $501.3 million aggregate principal amount of 4.75% senior notes (the “Senior Notes”). The Senior Notes will mature on June 1, 2021. The Notes were issued under an indenture (the “Indenture”), by and among the Company, the “Guarantor and Wells Fargo Bank, N.A., as trustee. As security for its obligations under the guarantee of the Senior Notes, the Guarantor has granted a security interest in certain “Tupperware” trademarks and service marks. As security for its obligations under the guarantee of the Credit Agreement, the Guarantor has granted a security interest in those certain “Tupperware” trademarks and service marks as well. The Indenture includes, among others, covenants that limit the ability of the Company and its subsidiaries to (i) incur indebtedness secured by liens on certain real property, (ii) enter into certain sale and leaseback transactions, (iii) with respect to the Company only, consolidate or merge with another entity, or sell or transfer all or substantially all of its properties and assets and (iv) sell the capital stock of the Guarantor or sell or transfer all or substantially all of its assets or properties. See Note 8 to the Consolidated Financial Statements in Part II, Item 8 in the Company's Annual Report on Form 10-K for the year ended December 28, 2019 for further details regarding the Senior Notes.

18

Whether the Company will be able to repay or refinance the Senior Notes will depend on economic, financial, competitive and other factors that may be beyond its control, including the COVID-19 pandemic, and on the Company’s financial performance at the time. The COVID-19 pandemic and measures implemented to slow the spread of COVID-19 may negatively impact the Company's ability to repay or refinance the Senior Notes. The extent to which the COVID-19 pandemic ultimately impacts the Company’s ability to repay or refinance the Senior Notes will depend on future developments, which are highly uncertain and cannot be predicted with certainty. Any refinancing of the Senior Notes may be at a higher interest rate and may require the Company to comply with additional covenants and obligations, which could further restrict the Company's business operations. If the Company is unable to repay or refinance the Senior Notes, the holders of the Seniors Notes may pursue certain remedies relating to the collateral securing the guaranty of the Senior Notes or pursue other remedies, in each case in accordance with the Indenture and the documents relating to such collateral, all of which could have a material adverse effect on the Company.

Senior Notes Repurchase

During the second quarter ended June 27, 2020 the Company paid approximately $56.4 million through Tender Offers and open-market purchases for the purchase of Senior Notes with a face value of approximately $98.7 million. These transactions resulted in a pre-tax gain on debt extinguishment (including costs associated with the Senior Notes repurchase) of $40.0 million which was recorded in the Other expense (income), net line item. The gain on debt extinguishment resulted in basic earnings per share of $0.82 for the second quarter of 2020 and the respective year-to-date period. Any deferred debt issuance costs related to the purchased Senior Notes were expensed and recorded in the interest expense line item.

Since June 27, 2020 and through July 29, 2020, the Company paid $10.7 million through open-market purchases for the purchase of Senior Notes with a face value of $13.4 million.

Note 11: 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, 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 investment 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, as of the beginning of 2019, the Company made the accounting policy election in accordance with ASU 2017-12 to exclude forward points and record their impact in the same income statement line item that is used to present the earnings effect of the hedged item for 2019, Other expense (income), net. The forward points on fair value hedges resulted in pretax income of $7.6 million and $4.4 million in the second quarters of 2020 and 2019, respectively and $12.6 million and $8.1 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. The majority of cash flow hedge contracts that the Company enters into relate to inventory purchases. At initiation, the Company's cash flow hedge contracts are generally for periods ranging from one month to fifteen months. The effective portion of the gain or loss on the open hedging instrument is recorded in other comprehensive income and is reclassified into earnings when settled through the same line item as the transaction being hedged. 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 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 made an accounting policy change as of the beginning of 2019 to include forward points in the assessment of effectiveness for cash flow hedges causing the impact from forward points to be recorded as part of other comprehensive income compared to interest expense as it previously had been recorded. Based on the interest expense incurred for open cash flow hedges as of December 30, 2018, the Company recorded an adjustment of $1.2 million, net of taxes, to accumulated comprehensive income and retained earnings to reflect this accounting policy change. There was an immaterial impact from forward points recorded in other comprehensive income for activity related to the second quarters and year-to-date periods of 2020 and 2019. The Company recognized $0.6 million and $1.1 million of manufacturing variances that will be capitalized and amortized over actual months of inventory turns related to the forward point impact from the settlement of cash flow hedges in the second quarters of 2020 and 2019, respectively and $1.4 million and $2.1 million for the respective year-to-date periods.

19

The Company uses derivative financial instruments, such as forward contracts and certain Euro denominated borrowings under its Credit Agreement, to hedge a portion of its net equity investment in international operations and classifies these as net investment 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 loss of $43.7 million and a net loss of $2.1 million associated with these hedges in the second quarters of 2020 and 2019, respectively and net gain of $12.5 million and loss of $15.2 million for the respective year-to-date periods. 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 made an accounting policy change as of the beginning of 2019 to include forward points in the assessment of effectiveness for net investment hedges causing the impact from forward points to be recorded as part of other comprehensive income compared to interest expense as it previously had been recorded. The impact of forward points is being recorded in other comprehensive income and will remain there indefinitely since that is where the gains and losses on hedges of net equity are recorded. Based on the interest expense associated with forward points incurred for open net investment hedges as of December 30, 2018, the Company recorded an adjustment of $3.8 million, net of taxes, to accumulated comprehensive income to reflect this accounting policy change. The impact related to forward points on hedges of net equity investment recorded as a component of other comprehensive income in the second quarters of 2020 and 2019 was a loss of $6.4 million and a gain of $4.6 million, respectively and a loss of $12.8 million and a gain of $8.9 million for the respective year-to-date periods.

The net cash flow impact from hedging activity for the year-to-date periods ended June 27, 2020 and June 29, 2019 was inflows of $3.9 million and an outflow of $7.5 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 27, 2020 and December 28, 2019, the notional amounts of outstanding forward contracts to purchase currencies were $174.2 million and $137.7 million, respectively, and the notional amounts of outstanding forward contracts to sell currencies were $176.9 million and $143.5 million, respectively. As of June 27, 2020, the notional values of the largest positions outstanding were to purchase $74.2 million of U.S. dollars and $28.3 million of South Korean Won, and to sell $125.8 million of Euros and $24.7 million of Mexican pesos.

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 27, 2020 and December 28, 2019. Fair values were determined based on third party quotations (Level 2 fair value measurement):

	Asset derivatives					Liability derivatives
		Fair value					Fair value
Derivatives designated as hedging instruments (in millions)	Balance sheet  location	Jun 27, 2020		Dec 28, 2019		Balance sheet  location	Jun 27, 2020		Dec 28, 2019
Foreign exchange contracts	Non-trade amounts receivable	$	32.9	$	16.0	Accrued liabilities	$	35.6	$	19.8

The following table summarizes the impact on the results of operations for the second quarters of 2020 and 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions:

Derivatives designated as fair value hedges (in millions)	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized  in income on  derivatives				Location of (loss) gain recognized in income on related hedged items	Amount of (loss) gain recognized  in income on related hedged items
		2020		2019			2020		2019
Foreign exchange contracts	Other expense	$	42.4	$	(4.6)	Other expense	$	(40.4)	$	4.6

The following table summarizes the impact of the Company's hedging activities on comprehensive income for the second quarters of 2020 and 2019:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain (loss) recognized in OCI on derivatives (effective portion)				Location of gain (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)
Cash flow hedging relationships	2020		2019			2020		2019
Foreign exchange contracts	$	(3.5)	$	(0.8)	Cost of products sold	$	2.0	$	(0.7)
Net investment hedging relationships
Foreign exchange contracts	$	(52.3)	$	(1.8)
Euro denominated debt	$	(4.0)	$	(0.9)

20

The following table summarizes the impact on the results of operations for the year-to-date periods ended June 27, 2020 and June 29, 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions:

Derivatives designated as fair value hedges (in millions)	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized  in income on  derivatives				Location of (loss) gain recognized in income on related hedged items	Amount of (loss) gain recognized  in income on related hedged items
		2020		2019			2020		2019
Foreign exchange contracts	Other expense	$	(33.0)	$	9.0	Other expense	$	35.0	$	(9.0)

The following table summarizes the impact of the Company's hedging activities on comprehensive income for the year-to-date periods ended June 27, 2020 and June 29, 2019:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain (loss) recognized in OCI on derivatives (effective portion)				Location of gain (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)
Cash flow hedging relationships	2020		2019			2020		2019
Foreign exchange contracts	$	7.1	$	(3.6)	Cost of products sold	$	2.5	$	(1.2)
Net investment hedging relationships
Foreign exchange contracts	$	18.4	$	(19.5)
Euro denominated debt	$	(2.2)	$	(0.1)

Note 12: 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, leased assets and liabilities and short-term borrowings approximated their fair values at June 27, 2020 and December 28, 2019. The Company estimates that, based on current market conditions, the value of its Senior Notes (including capitalized costs) was approximately $300.9 million at June 27, 2020, compared with the carrying value of $501.4 million. The lower fair value resulted from changes, since issuance, in the corporate debt markets 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 11: Derivative Instruments and Hedging Activities for discussion of the Company's derivative instruments and related fair value measurements.

Note 13: Retirement Benefit Plans

Components of net periodic benefit cost for the second quarters ended June 27, 2020 and June 29, 2019 were as follows:

	Second Quarter								Year-to-Date
	Pension benefits				Post-retirement benefits				Pension benefits				Post-retirement benefits
(In millions)	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	2.1	$	1.9	$	—	$	0.1	$	4.2	$	3.8	$	—	$	0.1
Interest cost	1.1		1.5		0.1		0.2		2.2		3.0		0.2		0.3
Expected return on plan assets	(1.0)		(1.1)		—		—		(2.0)		(2.2)		—		—
Settlement/curtailment	0.4		(0.1)		—		—		0.4		(0.1)		—		—
Net amortization	0.7		—		(0.3)		(0.3)		1.4		—		(0.6)		(0.6)
Net periodic benefit cost	$	3.3	$	2.2	$	(0.2)	$	—	$	6.2	$	4.5	$	(0.4)	$	(0.2)

During the year-to-date periods ended June 27, 2020 and June 29, 2019, approximately $1.2 million of pretax loss and $0.7 million of pretax gain were reclassified from other comprehensive income to a component of net periodic benefit cost, respectively. 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. The Company included $1.6 million and $0.4 million related to the components of net periodic benefit cost, excluding service cost, in other expense in the year-to-date periods ended June 27, 2020 and June 29, 2019, respectively.

Note 14: Income Taxes

The effective tax rate was:

	13 weeks ended				26 weeks ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Effective tax rate	22.8	%	36.2	%	24.6	%	32.9	%

21

The change in effective tax rate in the second quarters of 2020 and 2019, respectively, and in the respective year-to-date periods was due to a change in the jurisdictional mix of earnings between the periods compared and the Company’s ability to offset the taxable gain from gain on debt extinguishment with a mixture of assets previously reserved and global intangible low-taxed income (“GILTI”) credits that would have otherwise been lost.

Accrual for uncertain tax positions and interest and penalties related to uncertain tax positions were:

(In millions)	June 27, 2020		December 28, 2019
Accrual for uncertain tax positions	$	13.5	$	13.5
Interest and penalties related to uncertain tax positions	$	0.7	$	4.0

The Company estimates that as of June 27, 2020, approximately $13.2 million of the unrecognized tax benefits, if recognized, will impact the effective tax rate.

In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is currently under examination or contesting proposed adjustments by various state and international tax authorities for fiscal years ranging from 2004 through 2018. It is reasonably possible that there could be a significant decrease or increase to the unrecognized tax benefit balance during the course of the next twelve months as these examinations continue, other tax examinations commence or various statutes of limitations expire. 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. An estimate of the range of possible changes cannot be made for remaining unrecognized tax benefits because of the significant number of jurisdictions in which the Company does business and the number of open tax periods.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by the President of the U.S. on March 27, 2020. This legislation is aimed at providing relief for individuals and businesses impacted by the Coronavirus outbreak. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses (NOL) and allow businesses to carry back NOLs arising in 2018, 2019, and 2020 to the five prior tax years, suspend the excess business loss rules, accelerate refunds of previously generated corporate Alternative Minimum Tax credits, loosen the business interest limitation under section 163(j) from 30 percent to 50 percent, allow for deferral of payroll taxes and establish an employer retention credit. While the enactment period impacts to the Company are expected to be minimal to none to income taxes, the Company continues to assess other aspects of the CARES Act, such as employee retention credits, payroll tax deferrals and the alternative minimum tax acceleration, for applicability. 

Note 15: Statement of Cash Flow Supplemental Disclosure

Under the Company's stock incentive programs, in certain jurisdictions, employees are allowed to use shares retained by the Company to satisfy minimum statutorily required withholding taxes. In the year-to-date periods ended June 27, 2020 and June 29, 2019, 1,699 and 25,673 shares, respectively, were retained to fund withholding taxes, with values totaling $0.01 million and $0.80 million, respectively, which were included as stock repurchases in the Consolidated Statements of Cash Flows.

Restricted cash is recorded in prepaid and other current assets or in the long-term other assets balance sheet line items.

Note 16: Stock-based Compensation

Stock option activity for 2020 is summarized in the following table:

	Shares  subject to option	Weighted average  exercise price per share		Aggregate intrinsic value (in millions)
Outstanding at December 28, 2019	3,340,739	$	56.28
Granted	1,000,000	2.61
Expired / Forfeited	(91,484)	45.98
Outstanding at June 27, 2020	4,249,255	$	43.87	$	—
Exercisable at June 27, 2020	2,875,945	$	57.82	$	—

22

The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2020 is summarized in the following table:

	Shares outstanding	Weighted  average grant date  fair value
December 28, 2019	528,289	$	28.82
Time-vested shares granted	2,709,286	4.34
Market-vested shares granted	1,715,566	1.70
Performance shares granted	743,770	3.01
Performance share adjustments	(610,188)	2.38
Vested	(68,937)	23.10
Forfeited	(634,490)	12.92
June 27, 2020	4,383,296	$	4.77

Stock-based compensation for the second quarter ended June 27, 2020 and June 29, 2019 were as follows:

	Second Quarter				Year-to-Date
(In millions)	2020		2019		2020		2019
Stock options	$	0.2	$	0.6	$	0.5	$	1.2
Time, performance and market vested share awards	1.4		2.0		3.3		3.3

As of June 27, 2020, total unrecognized stock-based compensation expense related to all stock-based awards was $15.9 million, which is expected to be recognized over a weighted average period of 2.2 years.

Note 17: Allowance for Long-Term Receivables

As of June 27, 2020, $13.5 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 27, 2020 was as follows:

(In millions)
Balance at December 28, 2019	$	13.9
Write-offs	(3.4)
Provision and reclassifications	3.4
Currency translation adjustment	(0.1)
Balance at June 27, 2020	$	13.8

Note 18: Guarantor Information

The Company's payment obligations under the Senior Notes are fully and unconditionally guaranteed, on a senior secured basis, by the Guarantor. The guarantee is secured by certain "Tupperware" trademarks and service marks owned by the Guarantor, as discussed in Note 10: Debt. In addition, under the Credit Agreement and consistent with the Old Credit Agreement, the Guarantor unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrowers relating to the Credit Agreement, supported by a security interest in those certain "Tupperware" trademarks and service marks as well.

Condensed consolidated financial information as of June 27, 2020 and December 28, 2019, and for the quarter ended June 27, 2020 and June 29, 2019, for Tupperware Brands Corporation (the "Parent"), 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 which the Parent owns directly. There are no significant restrictions on the ability of either the Parent or the Guarantor from obtaining 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.

23

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	13 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	397.5	$	(0.1)	$	397.4
Other revenue	—		19.4		—		(19.4)		—
Cost of products sold	—		—		153.2		(19.7)		133.5
Gross margin	—		19.4		244.3		0.2		263.9
Delivery, sales and administrative expense	1.4		25.9		180.6		0.2		208.1
Re-engineering charges	—		3.1		20.1		—		23.2
Gain (loss) on disposal of assets	—		—		13.9		—		13.9
Operating income (loss)	(1.4)		(9.6)		57.5		—		46.5
Interest income	4.5		0.1		6.2		(10.6)		0.2
Interest expense	10.9		9.3		2.5		(10.6)		12.1
Income (loss) from equity investments in subsidiaries	29.6		53.5		—		(83.1)		—
Other expense (income), net	(41.6)		7.5		(13.9)		—		(48.0)
Income (loss) before income taxes	63.4		27.2		75.1		(83.1)		82.6
Provision (benefit) for income taxes	(0.4)		(0.3)		19.5		—		18.8
Net income (loss)	$	63.8	$	27.5	$	55.6	$	(83.1)	$	63.8
Comprehensive income (loss)	$	80.1	$	46.5	$	101.7	$	(148.2)	$	80.1

24

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	13 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	477.5	$	(2.2)	$	475.3
Other revenue	—		31.9		4.1		(36.0)		—
Cost of products sold	—		4.0		186.1		(35.5)		154.6
Gross margin	—		27.9		295.5		(2.7)		320.7
Delivery, sales and administrative expense	2.2		17.6		230.6		(2.7)		247.7
Re-engineering charges	—		0.2		3.9		—		4.1
Gain (loss) on disposal of assets	—		—		(0.1)		—		(0.1)
Operating income (loss)	(2.2)		10.1		60.9		—		68.8
Interest income	4.8		0.5		9.5		(14.4)		0.4
Interest expense	10.3		12.6		2.3		(14.4)		10.8
Income (loss) from equity investments in subsidiaries	45.1		43.7		—		(88.8)		—
Other expense (income), net	(0.6)		(1.7)		(1.1)		—		(3.4)
Income (loss) before income taxes	38.0		43.4		69.2		(88.8)		61.8
Provision (benefit) for income taxes	(1.4)		(0.4)		24.2		—		22.4
Net income (loss)	$	39.4	$	43.8	$	45.0	$	(88.8)	$	39.4
Comprehensive income (loss)	$	31.7	$	36.3	$	42.0	$	(78.3)	$	31.7

25

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	26 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	774.2	$	(0.9)	$	773.3
Other revenue	—		39.0		6.2		(45.2)		—
Cost of products sold	—		6.2		303.2		(46.2)		263.2
Gross margin	—		32.8		477.2		0.1		510.1
Delivery, sales and administrative expense	3.2		58.3		389.4		0.1		451.0
Re-engineering charges	—		5.6		21.5		—		27.1
Gain (loss) on disposal of assets	—		—		13.8		—		13.8
Operating income (loss)	(3.2)		(31.1)		80.1		—		45.8
Interest income	9.2		0.6		13.2		(22.3)		0.7
Interest expense	20.4		19.3		4.9		(22.3)		22.3
Income (loss) from equity investments in subsidiaries	28.9		54.3		—		(83.2)		—
Other expense (income), net	(41.6)		(22.1)		13.6		—		(50.1)
Income (loss) before income taxes	56.1		26.6		74.8		(83.2)		74.3
Provision (benefit) for income taxes	0.1		(0.2)		18.4		—		18.3
Net income (loss)	$	56.0	$	26.8	$	56.4	$	(83.2)	$	56.0
Comprehensive income (loss)	$	(9.2)	$	(36.4)	$	(22.1)	$	58.5	$	(9.2)

26

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	26 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	965.8	$	(3.2)	$	962.6
Other revenue	—		51.8		13.6		(65.4)		—
Cost of products sold	—		13.6		368.1		(65.9)		315.8
Gross margin	—		38.2		611.3		(2.7)		646.8
Delivery, sales and administrative expense	3.7		36.5		472.9		(2.7)		510.4
Re-engineering charges	—		0.8		7.6		—		8.4
Gain (loss) on disposal of assets	—		—		(1.0)		—		(1.0)
Operating income (loss)	(3.7)		0.9		129.8		—		127.0
Interest income	10.3		1.2		19.6		(30.1)		1.0
Interest expense	19.8		25.8		5.5		(30.1)		21.0
Income (loss) from equity investments in subsidiaries	85.9		104.0		—		(189.9)		—
Other expense (income), net	(1.1)		1.3		(6.9)		—		(6.7)
Income (loss) before income taxes	73.8		79.0		150.8		(189.9)		113.7
Provision (benefit) for income taxes	(2.5)		(3.8)		43.7		—		37.4
Net income (loss)	$	76.3	$	82.8	$	107.1	$	(189.9)	$	76.3
Comprehensive income (loss)	$	87.6	$	93.9	$	135.0	$	(228.9)	$	87.6

27

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Assets
Cash and cash equivalents	$	4.0	$	0.5	$	115.5	$	—	$	120.0
Accounts receivable, net	—		—		117.2		—		117.2
Inventories	—		—		216.1		—		216.1
Non-trade amounts receivable, net	—		175.2		92.5		(228.7)		39.0
Intercompany receivables	326.1		1,568.8		254.2		(2,149.1)		—
Prepaid expenses and other current assets	0.6		16.7		42.4		(38.4)		21.3
Total current assets	330.7		1,761.2		837.9		(2,416.2)		513.6
Deferred income tax benefits, net	41.7		42.1		112.0		(8.0)		187.8
Property, plant and equipment, net	—		84.9		157.2		—		242.1
Operating lease assets	—		4.3		74.9		—		79.2
Long-term receivables, net	—		0.1		13.7		0.1		13.9
Trademarks and tradenames, net	—		—		22.6		—		22.6
Goodwill	—		2.9		53.1		—		56.0
Investments in subsidiaries	1,270.1		1,138.8		—		(2,408.9)		—
Intercompany loan receivables	507.0		95.0		976.4		(1,578.4)		—
Other assets, net	3.9		10.5		142.3		(77.6)		79.1
Total assets	$	2,153.4	$	3,139.8	$	2,390.1	$	(6,489.0)	$	1,194.3
Liabilities And Shareholders' Equity
Accounts payable	$	1.1	$	9.5	$	81.9	$	0.1	$	92.6
Short-term borrowings and current portion of long-term debt and finance lease obligations	754.8		—		46.7		—		801.5
Intercompany payables	1,441.7		450.4		257.0		(2,149.1)		—
Accrued liabilities	237.4		83.0		297.0		(267.1)		350.3
Total current liabilities	2,435.0		542.9		682.6		(2,416.1)		1,244.4
Long-term debt and finance lease obligations	—		—		2.1		—		2.1
Intercompany notes payable	—		1,298.6		279.8		(1,578.4)		—
Operating lease liabilities	—		3.7		48.5		0.1		52.3
Other liabilities	0.7		106.5		156.3		(85.7)		177.8
Total liabilities	2,435.7		1,951.7		1,169.3		(4,080.1)		1,476.6
Total shareholders' equity (deficit)	(282.3)		1,188.1		1,220.8		(2,408.9)		(282.3)
Total liabilities and shareholders' equity	$	2,153.4	$	3,139.8	$	2,390.1	$	(6,489.0)	$	1,194.3

28

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 28, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Assets
Cash and cash equivalents	$	—	$	0.3	$	122.9	$	—	$	123.2
Accounts receivable, net	—		—		110.7		—		110.7
Inventories	—		—		245.2		—		245.2
Non-trade amounts receivable, net	—		166.2		84.9		(212.0)		39.1
Intercompany receivables	325.9		1,546.3		209.9		(2,082.1)		—
Prepaid expenses and other current assets	1.2		16.0		41.1		(38.0)		20.3
Total current assets	327.1		1,728.8		814.7		(2,332.1)		538.5
Deferred income tax benefits, net	41.7		42.2		105.6		(3.4)		186.1
Property, plant and equipment, net	—		85.7		181.8		—		267.5
Operating lease assets	—		4.7		79.4		—		84.1
Long-term receivables, net	—		0.1		14.9		—		15.0
Trademarks and tradenames, net	—		—		24.6		—		24.6
Goodwill	—		2.9		56.6		—		59.5
Investments in subsidiaries	1,305.2		1,208.8		—		(2,514.0)		—
Intercompany loan receivables	514.8		95.7		1,046.1		(1,656.6)		—
Other assets, net	1.9		12.7		150.0		(77.5)		87.1
Total assets	$	2,190.7	$	3,181.6	$	2,473.7	$	(6,583.6)	$	1,262.4
Liabilities And Shareholders' Equity
Accounts payable	$	—	$	8.3	$	117.1	$	—	$	125.4
Short-term borrowings and current portion of long-term debt and finance lease obligations	186.8		—		86.4		—		273.2
Intercompany payables	1,440.8		406.2		235.1		(2,082.1)		—
Accrued liabilities	239.1		65.6		235.6		(250.0)		290.3
Total current liabilities	1,866.7		480.1		674.2		(2,332.1)		688.9
Long-term debt and finance lease obligations	599.8		—		2.4		—		602.2
Intercompany notes payable	—		1,362.2		294.4		(1,656.6)		—
Operating lease liabilities	—		4.0		52.0		—		56.0
Other liabilities	1.2		110.7		161.3		(80.9)		192.3
Total liabilities	2,467.7		1,957.0		1,184.3		(4,069.6)		1,539.4
Total shareholders' equity (deficit)	(277.0)		1,224.6		1,289.4		(2,514.0)		(277.0)
Total liabilities and shareholders' equity	$	2,190.7	$	3,181.6	$	2,473.7	$	(6,583.6)	$	1,262.4

29

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Operating Activities
Net cash provided by (used in) operating activities	$	(10.8)	$	29.8	$	35.3	$	(9.0)	$	45.3
Investing Activities
Capital expenditures	—		(8.9)		(5.1)		(0.1)		(14.1)
Proceeds from disposal of property, plant and equipment	—		—		15.9		—		15.9
Net intercompany loans	7.8		1.2		45.3		(54.3)		—
Net cash provided by (used in) investing activities	7.8		(7.7)		56.1		(54.4)		1.8
Financing Activities
Common stock cash dividends paid	0.1		—		—		(0.1)		—
Dividend payments to parent	—		—		(46.9)		46.9		—
Common stock repurchase	—		—		—		—		—
Senior notes repayment	(56.4)		—		—		—		(56.4)
Finance lease repayments	—		—		(0.3)		—		(0.3)
Net increase (decrease) in short-term debt	64.4		—		(46.6)		—		17.8
Debt issuance costs	(2.0)		—		—		—		(2.0)
Net intercompany borrowings	0.9		(21.9)		4.4		16.6		—
Net cash provided by (used in) financing activities	7.0		(21.9)		(89.4)		63.4		(40.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		(8.6)		—		(8.6)
Net change in cash, cash equivalents and restricted cash	4.0		0.2		(6.6)		—		(2.4)
Cash, cash equivalents and restricted cash at beginning of year	—		0.3		125.8		—		126.1
Cash, cash equivalents and restricted cash at end of period	$	4.0	$	0.5	$	119.2	$	—	$	123.7

30

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Operating Activities
Net cash provided by (used in) operating activities	$	(7.8)	$	90.5	$	143.4	$	(224.8)	$	1.3
Investing Activities
Capital expenditures	—		(14.9)		(12.3)		—		(27.2)
Proceeds from disposal of property, plant and equipment	—		—		4.7		—		4.7
Net intercompany loans	59.1		79.6		157.9		(296.6)		—
Net cash provided by (used in) investing activities	59.1		64.7		150.3		(296.6)		(22.5)
Financing Activities
Common stock cash dividends paid	(47.3)		—		—		—		(47.3)
Dividend payments to parent	—		—		(218.4)		218.4		—
Common stock repurchase	(0.8)		—		—		—		(0.8)
Repayment of finance lease obligations	—		—		(1.0)		—		(1.0)
Net change in short-term debt	76.9		—		8.3		—		85.2
Debt issuance costs	(2.2)		—		—		—		(2.2)
Net intercompany borrowings	(77.9)		(155.4)		(69.7)		303.0		—
Net cash (used in) provided by financing activities	(51.3)		(155.4)		(280.8)		521.4		33.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		2.0		—		2.0
Net change in cash, cash equivalents and restricted cash	—		(0.2)		14.9		—		14.7
Cash, cash equivalents and restricted cash at beginning of year	—		0.3		151.6		—		151.9
Cash, cash equivalents and restricted cash at end of period	$	—	$	0.1	$	166.5	$	—	$	166.6

Note 19: New Accounting Pronouncements

Standards recently adopted

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this guidance at the beginning of the second quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements.

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract”, an amendment to existing guidance on the accounting for implementation, setup, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor that is a service contract. Under the amendment, the requirement for capitalizing implementation costs incurred in a hosting environment that is a service contract is aligned with the requirements for capitalizing implementation costs incurred for an internal-use software license. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements.

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In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”, an amendment to existing guidance on disclosure requirements on fair value measurement as part of its broader disclosure framework project, which aims to improve the effectiveness of disclosures in the notes to the financial statements. Under this amendment, certain disclosure requirements for fair value measurement were eliminated, modified and added. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have any impact on its Consolidated Financial Statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, an amendment to existing guidance for the measurement of credit losses on financial instruments and subsequent updates to that amendment. This guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information when recording credit loss estimates. The new standard is effective for fiscal years and interim periods beginning after December 15, 2019. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements.

Standards not yet adopted

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, an optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The amendments should be applied on a prospective basis. The Company is currently evaluating the impact of the potential adoption of this amendment on its Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans”, an amendment to existing guidance on disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. Under the amendment, the entity is required to disclose the weighted-average interest crediting rates used, reasons for significant gains and losses affecting the benefit obligation and an explanation of any other significant changes in the benefit obligation or plan assets. The amendment also removed certain required disclosures that no longer are considered cost beneficial. This guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company has evaluated the impact of adoption of this amendment and does not expect any impact on its Consolidated Financial Statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following is a discussion of the results of operations for the 26 weeks ended June 27, 2020, compared with the 26 weeks ended June 29, 2019, and changes in financial condition during the 26 weeks ended June 27, 2020.

The Company's core sales are derived from the distribution of its products through independent sales organizations and individuals, who may also be its customers, who then, in turn, sell to end consumers who are not members of its sales force. The Company is largely dependent upon these independent sales organizations and individuals to reach end consumers, and any significant disruption of this distribution network would have a negative financial impact on the Company and its ability to generate sales, earnings and operating cash flows. The Company's primary business drivers are the size, activity, diversity and productivity of its independent sales organizations.

In 2020, the Company continued to sell directly and/or through its sales force as well as to end consumers via the internet and through business-to-business transactions, in which it sells products to a partner company.

As the impacts of foreign currency translation are an important factor in understanding period-to-period comparisons, the Company believes the presentation of results on a local currency basis, as a supplement to reported results, helps improve readers' ability to understand the Company's operating results and evaluate performance in comparison with prior periods. The Company presents local currency information that compares results between periods as if current period exchange rates had been used to translate results in the prior period. The Company uses results on a local currency basis as one measure to evaluate performance. The Company generally refers to such amounts as calculated on a "local currency" basis, or "excluding the impact of foreign currency." These results should be considered in addition to, not as a substitute for, results reported in accordance with generally accepted accounting principles in the United States ("GAAP"). Results on a local currency basis may not be comparable to similarly titled measures used by other companies.

The global spread of the novel coronavirus (COVID-19), which has been declared by the World Health Organization to be a “pandemic,” has spread to many countries and is impacting worldwide economic activity. Many governments have implemented policies intended to stop or slow the further spread of the disease, such as shelter-in-place orders, resulting in the temporary closure of schools and non-essential businesses, and these measures may remain in place for a significant period of time. During the second quarter of 2020, the impact of COVID-19 on the Company’s business was most pronounced in Europe and Asia Pacific where the Company experienced partial or country-wide lockdowns of operations in various markets. The second quarter impact of COVID-19 largely affected revenues, financial results and liquidity. While the duration and severity of this pandemic is uncertain, the Company currently expects that its results of operations in the second half of 2020 may also be negatively impacted by COVID-19, mainly in Europe and Asia. The extent to which the COVID-19 pandemic ultimately impacts the Company’s business, financial condition, results of operations, cash flows, and liquidity may differ from management’s current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, its severity, actions taken to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume.

A top priority for the Company as it navigates through the global COVID-19 pandemic is the safety of its employees and their families, sales force and consumers, and to mitigate the impact on its operations and financial results. The Company will continue to proactively respond to the situation and may take further actions that alter the Company’s business operations as may be required by governmental authorities, or that the Company determines are in the best interests of its employees, sales force and consumers.

The Company also continues to take certain measures as part of its Turnaround Plan and in response to COVID-19, designed to enhance its liquidity position, provide additional financial flexibility and maintain forecasted financial covenant compliance. These measures include reductions in discretionary spending and reducing payroll costs, including through organizational redesign, employee furloughs and permanent reductions. These actions resulted in approximately $60 million of gross cost reductions in the second quarter.

Additionally, the Company believes that improved profitability and revenue growth through the Turnaround Plan, together with the anticipated sale of the Company's Orlando real estate and other non-core assets in the coming year, will contribute to its ability to meet all future debt obligations. During the second quarter ended June 27, 2020 the Company generated $101.8 million of cash flow from operating activities, net of investing activities, through reductions in discretionary spending, revisiting investment strategies, improvements in working capital including inventory reductions, and reducing payroll costs, including through organizational redesign, employee furloughs, and permanent reductions in employee headcount.

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Results of Operations

	13 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact
(In millions, except per share amounts)	Jun 27, 2020			Jun 29, 2019
Net sales	$	397.4		$	475.3		(16.4)	%		(7.9)	%	$	(43.8)
Gross margin as percent of sales	66.4		%	67.5		%	(1.1)		pp	n/a		n/a
DS&A as percent of sales	52.4		%	52.1		%	0.3		pp	n/a		n/a
Operating income	$	46.5		$	68.8		(32.4)	%		(20.6)	%	$	(10.3)
Net income	$	63.8		$	39.4		62.0	%		97.8	%	$	(7.1)
Net income per diluted share	$	1.30		$	0.81		60.5	%		97.0	%	$	(0.15)

	26 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact
(In millions, except per share amounts)	Jun 27, 2020			Jun 29, 2019
Net sales	$	773.3		$	962.6		(19.7)	%		(12.8)	%	$	(76.0)
Gross margin as percent of sales	66.0		%	67.2		%	(1.2)		pp	n/a		n/a
DS&A as percent of sales	58.3		%	53.0		%	5.3		pp	n/a		n/a
Operating income	$	45.8		$	127.0		(63.9)	%		(58.4)	%	$	(16.7)
Net income	$	56.0		$	76.3		(26.6)	%		(13.2)	%	$	(11.8)
Net income per diluted share	$	1.14		$	1.56		(26.9)	%		(13.6)	%	$	(0.24)

n/a	not applicable
pp	percentage points

Net Sales

Reported sales decreased 16.4 percent in the second quarter of 2020 compared with the second quarter of 2019. Excluding the impact of changes in foreign currency exchange rates, sales decreased 7.9 percent. The average impact of higher prices was about 1 percent.

The net decrease in local currency sales was mainly driven by decreases in:

•Brazil, from lower sales force activity and productivity, partially offset by higher recruiting and sales force size through leveraging of digital tools

•China, from a net reduction in studios, shift in product mix, lower consumer spending and studio activities disruption from COVID-19. China continued to partially mitigate the impact of COVID-19 through support programs to studio owners

•France, the Philippines and South Africa, mainly due to longer closures and disruptions from government mandated lock down due to COVID-19

•Partially offset by increases in Australia and New Zealand and the United States and Canada, mainly from a larger, more active sales force and use of digital tools

Excluding the estimated impact from COVID-19 of negative 8pp local currency sales would have been in-line with 2019. The Company continues to monitor the effects of COVID-19 on its sales and has taken several steps to mobilize its resources to ensure adequate liquidity, business continuity and employee safety during this pandemic. The Company continues to provide digital tools and training to its sales force, where available, to enable them to connect with end consumers through social media and sell through the internet.

Reported sales for the year-to-date period decreased 19.7 percent. Excluding the impact of changes in foreign currency exchange rates, sales decreased 12.8 percent. The factors impacting the year-to-date sales comparisons were largely the same as those impacting the second quarter.

A more detailed discussion of the sales results by reporting segment is included in the segment results section in this Part I, Item 2.

As discussed in Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this Report, the Company includes certain promotional costs in DS&A. As a result, the Company's net sales may not be comparable with other companies that treat these costs as a reduction of revenue.

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Gross Margin

Gross margin as a percentage of sales was 66.4 percent and 67.5 percent in the second quarters of 2020 and 2019, respectively. The factors leading to the 1.1pp decrease primarily reflected:

•increased obsolescence and manufacturing variances, mainly volume, related to Brazil and Mexico

•more aggressive promotional pricing in Mexico

•the impact of the shift from premium priced products to mid-priced products in China

•partially offset by lower resin costs

For the year-to-date periods, gross margin as a percentage of sales was 66.0 percent in 2020, compared with 67.2 percent for the same period of 2019. The factors leading to the 1.2pp decrease were largely the same as those impacting the second quarter.

As discussed in Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this Report, the Company includes costs related to the distribution of its products in DS&A. As a result, the Company's gross margin may not be comparable with other companies that include these costs in costs of products sold.

Operating Expenses

DS&A as a percentage of sales was 52.4 percent in the second quarter of 2020, compared with 52.1 percent in 2019. The 0.3pp increase in comparison primarily reflected:

•increased administration and other expenses mainly due to fees for professional services firms supporting business turnaround efforts and lower absorption of fixed costs (2.4pp)

•increased selling expenses mainly from higher bad debt expense, primarily in France, higher commissions in Indonesia reflecting the new compensation program and higher commissions in the United States and Canada from higher sales volume and sales force engagement (1.4pp)

•increased distribution expenses mainly from lower fixed costs absorption predominantly impacting France and the Philippines and higher freight expenses from increased direct consumer shipment of smaller cartons in the United States and Canada (1.1pp)

•partially offset by decreased promotional and marketing expenses (4.6pp) reflecting the benefits from implementation of cost savings initiatives

For the year-to-date period of 2020, DS&A as a percentage of sales increased 5.3pp to 58.3 percent, from 53.0 percent in 2019, primarily reflecting increased administration and other expenses, selling and distribution expenses, partially offset by decreased promotional expenses.

The Company segregates corporate operating expenses into allocated and unallocated components based upon the estimated time spent managing segment operations. The allocated costs are then apportioned on a local currency basis to each segment based primarily upon segment revenues. The unallocated expenses reflect amounts unrelated to segment operations. Operating expenses to be allocated are determined at the beginning of the year based upon estimated expenditures. Total unallocated expenses in the second quarter of 2020 decreased $35.6 million compared with 2019, reflecting a net gain from debt extinguishment ($40 million), partially offset by non-recurring fees for professional services firms supporting business turnaround efforts (about $5 million).

Specific segment impacts are discussed in the segment results section in this Part I, Item 2.

Re-engineering Charges

Refer to Note 7 to the Consolidated Financial Statements in Part I, Item 1 of this Report, for a discussion of re-engineering activities and accruals.

The multi-year decline in revenue led the Company to evaluate its operating structure leading to actions designed to reduce costs, improve operating efficiency and otherwise turnaround its business. These actions often result in re-engineering costs related to headcount reductions and to facility downsizing and closure, other costs that may be necessary in light of the revised operating landscape including structural changes impacting how its sales force operates, as well as related asset write downs. The Company may recognize gains or losses upon disposal of excess facilities or other activities directly related to its re-engineering efforts.

The Company recorded $23.2 million and $4.1 million in re-engineering charges during the second quarters of 2020 and 2019, and $27.1 million and $8.4 million of charges for the year-to-date periods, respectively. These re-engineering costs were mainly related to the Turnaround Plan.

The Turnaround Plan has a global focus to drive operational efficiency and right size cost structure with an emphasis on organizational realignment, leveraging of procurement and sourcing, driving innovation, and improving sales force engagement and consumer experiences. The Company incurred $22.4 million and $4.2 million in the second quarters of 2020 and 2019, respectively, primarily related to severance costs. In the second quarter of 2020 the Company realized cost savings of approximately $60 million. For full year 2020 the Company is expected to incur approximately $30.0 million in pretax cost, with 100 percent paid in cash and generate about $180.0 million in savings. This plan is expected to run through 2021.

35

In relation to the 2017 program, the Company incurred charges of $0.8 million and a benefit of $0.5 million in the second quarters of 2020 and 2019, respectively. Under this program, the Company has incurred $85.5 million of pretax costs starting in the second quarter of 2017 through the second quarter of 2020 and expects to incur an additional $1.2 million of pretax re-engineering costs in the remaining of 2020. The annualized benefit of these actions has been approximately $36.0 million. After reinvestment of a portion of the benefits, improved profitability is reflected most significantly through lower cost of products sold, but also through lower DS&A; however, overall profitability has not risen in light of lower sales and higher costs.

The Company incurred $0.4 million in the second quarter of 2019, related to other re-engineering charges.

Net Interest Expense

Net interest expense was $11.9 million in the second quarter of 2020, an increase of $1.5 million compared to the second quarter of 2019. In the year-to-date periods, net interest expense was $21.6 million in 2020, compared with $20.0 million in 2019.The increase in interest expense was related to impact of higher interest on borrowings.

Income Taxes

The effective tax rate for the second quarter and year-to-date periods of 2020 was 22.8 percent and 24.6 percent, respectively compared with 36.2 percent and 32.9 percent for the corresponding 2019 periods. The decrease in the rate was primarily attributable to a change in the jurisdictional mix of earnings between the periods compared and the Company’s ability to offset the taxable gain from gain on debt extinguishment with a mixture of assets previously reserved and global intangible low-taxed income (“GILTI”) credits that would have otherwise been lost.

As discussed in Note 14 to the Consolidated Financial Statements in Part I, Item 1 of this Report, the Company's uncertain tax positions increase the potential for volatility in its tax rate. As such, it is reasonably possible that the effective tax rates in any individual quarter will vary from the full year expectation. At this time, the Company is unable to estimate what impact that may have on any individual quarter.

Net Income

Net income increased $24.4 million in the second quarter of 2020 compared with 2019, which included a $7.1 million negative impact on the comparison from changes in foreign currency exchange rates.

The net increase primarily reflected:

•gain from the debt extinguishment

•gain from the sale of manufacturing and distribution facility in Australia

•benefits from the implementation of Turnaround Plan

partially offset by:

•decreased segment profit, including impact from COVID-19

•increased unallocated expenses related to fees for professional services firms supporting business turnaround efforts

•increased re-engineering costs, related to the Turnaround Plan

For the year-to-date period, net income decreased 20.3 million, compared with 2019, including a negative $11.8 million translation impact from changes in foreign currency exchange rates. The factors impacting the comparison were largely the same as for the quarter though there was a greater impact from lower segment profit and higher unallocated expenses on the year-to-date comparison.

        A more detailed discussion of the results by reporting segment is included in the segment results section below in this Part I, Item 2.

        International operations generated 88 percent and 90 percent of sales in the second quarter and year-to-date periods of 2020, respectively, and 92 percent and 93 percent of sales in the second quarter and year-to-date periods of 2019, respectively. These units generated 92 percent and 95 percent of net segment profit in the second quarter and year-to-date periods of 2020, respectively and 98 percent of net segment profit in the second quarter and year-to-date periods of 2019.

The sale of beauty products generated 13 percent and 14 percent of sales in the second quarter and year-to-date periods of 2020, respectively, and 13 percent in the second quarter and year-to-date periods of 2019.

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Segment Results

The Company had an impact to sales and profit results by reporting segment in the second quarter of 2020 as a result of COVID-19. While the duration and severity of this pandemic is uncertain, the Company currently expects that its results of operations in the second half of 2020 may also be negatively impacted by COVID-19, mainly in Europe and Asia. The Company continues to monitor the effects of COVID-19 on its reported sales and profit and has taken several steps to mobilize its resources to ensure adequate liquidity, business continuity and employee safety during this pandemic.

Europe

(In millions)	13 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	90.8		$	121.5		(25.3)	%		(20.2)	%	$	(7.7)	23	26
Segment profit	10.9			12.8			(14.6)	%		(4.3)	%	(1.4)		15	15
Segment profit as percent of sales	12.0		%	10.5		%	1.5		pp	n/a		n/a		n/a	n/a

(In millions)	26 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	196.5		$	260.1		(24.5)	%		(19.8)	%	$	(15.1)	25	27
Segment profit	13.4			30.5			(56.0)	%		(52.2)	%	(2.4)		13	19
Segment profit as percent of sales	6.8		%	11.7		%	(4.9)		pp	n/a		n/a		n/a	n/a

_________________________

n/a	not applicable
pp	percentage points

Reported sales decreased 25.3 percent compared with the second quarter of 2019. Excluding the impact of changes in foreign currency exchange rates, sales decreased 20.2 percent compared with the second quarter of 2019, primarily driven by:

•partial or country-wide lockdowns due to COVID-19, mainly in Austria, France, Italy and South Africa

•decreased business-to-business sales

This segment had the most pronounced impact from COVID-19 in the second quarter. Excluding the estimated impact from COVID-19 of negative 20pp, sales would have been in-line with 2019. On average, there were no significant impact of price changes in the second quarter compared with 2019.

Segment profit decreased $1.9 million in the second quarter of 2020 versus 2019. Excluding the impact of changes in foreign currency exchange rates, segment profit decreased $0.5 million compared to the second quarter of 2019, primarily driven by:

•lower sales volume

•decreased business-to-business sales with higher than average profitability

•increased selling expenses from higher bad debt expense, mainly in France

•impact from COVID-19

•partially offset by benefits from the implementation of the Turnaround Plan

On a year-to-date basis, reported sales decreased 24.5 percent compared with 2019. Excluding the impact of changes in foreign currency exchange rates, sales in 2020 decreased 19.8 percent compared with 2019. The factors impacting the year-to-date sales comparison largely mirrored those of the quarter.

Year-to-date segment profit decreased 56.0 percent on a reported basis, and 52.2 percent in local currency. Local segment profit variances largely mirrored those of the quarter except for the benefits from the Turnaround Plan.

The South African rand was the main currency that impacted the second quarter and year-to-date sales and profit comparisons.

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Asia Pacific

(In millions)	13 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	134.4		$	155.5		(13.5)	%		(10.9)	%	$	(4.6)	34	33
Segment profit	34.4			37.2			(7.6)	%		(4.0)	%	(1.4)		46	45
Segment profit as percent of sales	25.6		%	23.9		%	1.7		pp	n/a		n/a		n/a	n/a

(In millions)	26 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	254.8		$	311.6		(18.2)	%		(15.5)	%	$	(10.0)	33	32
Segment profit	51.7			67.2			(23.1)	%		(20.2)	%	(2.5)		49	43
Segment profit as percent of sales	20.3		%	21.6		%	(1.3)		pp	n/a		n/a		n/a	n/a

______________________

n/a	not applicable
pp	percentage points

Reported sales decreased 13.5 percent compared with the second quarter of 2019. Excluding the impact of changes in foreign currency exchange rates, sales decreased 10.9 percent, primarily driven by:

•China, from a net reduction in studio openings, lower productivity from a shift in mix to mid-priced products from premium priced products due to lower consumer spending trends and studio activities disruption from COVID-19. China continued to partially mitigate the impact of this health crisis through special support programs to studio owners

•India, Japan, Malaysia & Singapore and the Philippines from sales force recruitment and engagement disruptions and lower consumer spending, including from lockdown due to COVID-19

•partially offset by Australia and New Zealand, mainly from a larger, more active sales force and use of digital tools

The COVID-19 impact on net sales in the second quarter of 2020 is estimated at negative 8pp. On average, the impact of higher prices was about 1 percent in the second quarter compared with 2019, primarily related to less promotional pricing.

Segment profit decreased 7.6 percent compared with the second quarter of 2019. Excluding the impact of changes in foreign currency exchange rates, segment profit decreased 4.0 percent, primarily reflecting:

•the impact from lower sales volume

•lower gross margin in China from product mix

•impact from COVID-19

•partially offset by benefits from implementation of the Turnaround Plan

On a year-to-date basis, reported sales decreased 18.2 percent compared with 2019. Excluding the impact of changes in foreign currency exchange rates, sales in 2020 decreased 15.5 percent compared with 2019. The factors impacting the year-to-date sales comparison largely mirrored those of the quarter.

Year-to-date segment profit decreased 23.1 percent on a reported basis, and 20.2 percent in local currency. Local segment profit variances largely mirrored those of the quarter except for the benefits from the Turnaround Plan.

The Chinese renminbi had the most meaningful impact on the second quarter and year-to-date sales and profit comparisons.

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North America

(In millions)	13 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	124.0		$	124.7		(0.6)	%		10.4	%	$	(12.5)	31	26
Segment profit	18.7			20.4			(7.9)	%		7.9	%	(3.0)		25	23
Segment profit as percent of sales	15.1		%	16.4		%	(1.3)		pp	n/a		n/a		n/a	n/a

(In millions)	26 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	225.3		$	244.3		(7.8)	%		(0.1)	%	$	(19.0)	29	26
Segment profit	25.2			37.8			(33.2)	%		(23.2)	%	(5.0)		24	24
Segment profit as percent of sales	11.2		%	15.5		%	(4.3)		pp	n/a		n/a		n/a	n/a

_________________________

n/a	not applicable
pp	percentage points

Reported sales in the second quarter of 2020 decreased 0.6 percent compared with the second quarter of 2019. Excluding the impact of changes in foreign currency exchange rates, sales increased 10.4 percent.

The net increase in local currency sales was mainly driven by the United States and Canada, reflecting a larger sales force from higher recruiting and increased activity. The United States and Canada was able to navigate the COVID-19 with positive sales and profit impact by leveraging digital tools and training. This increase was partially offset by Tupperware Mexico, due to a less active and less productive sales force mainly from lower recruiting, negatively impacted by COVID-19.

Estimated COVID-19 impact in the second quarter was positive at about 1pp, as increased sales from the United States and Canada more than offset the negative impact at the rest of the units within the segment. The average impact of higher prices was about 2 percent.

Reported segment profit decreased 7.9 percent and the local currency increased 7.9 percent in the second quarter of 2020, primarily related to:

•Fuller Mexico, due to lower operating expenses from the efforts to align cost structure with sales levels

•the United States and Canada, from higher sales volume and higher gross margin

•partially offset by Tupperware Mexico, from lower sales volume and promotional pricing

On a year-to-date basis, reported sales decreased 7.8 percent compared with 2019. Excluding the impact of changes in foreign currency exchange rates, sales in 2020 were in-line compared with 2019. The factors impacting the year-to-date sales comparison largely mirrored those of the quarter.

Year-to-date segment profit decreased 33.2 percent on a reported basis, and 23.2 percent in local currency. Local segment profit variances largely mirrored those of the quarter except for the benefits from the Turnaround Plan.

The Mexican peso had the most meaningful impact on the second quarter and year-to-date sales and profit comparisons.

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South America

(In millions)	13 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	48.2		$	73.6		(34.5)	%		(11.6)	%	$	(19.0)	12	15
Segment profit	11.3			13.1			(13.1)	%		19.7	%	(3.6)		15	16
Segment profit as percent of sales	23.4		%	17.8		%	5.6		pp	n/a		n/a		n/a	n/a

(In millions)	26 weeks ended						Change			Change excluding the impact of foreign exchange		Foreign exchange impact		Percent of total
	Jun 27, 2020			Jun 29, 2019										2020	2019
Net sales	$	96.7		$	146.6		(34.0)	%		(15.6)	%	$	(32.0)	13	15
Segment profit	14.3			22.0			(34.8)	%		(14.6)	%	(5.2)		14	14
Segment profit as percent of sales	14.8		%	15.0		%	(0.2)		pp	n/a		n/a		n/a	n/a

_________________________

n/a	not applicable
pp	percentage points

Reported sales for the segment decreased 34.5 percent in the second quarter of 2020. Excluding the impact of changes in foreign currency exchange rates, sales decreased 11.6 percent, reflecting lower sales force activity and productivity in Brazil due to the need for increased digitalization to attract and retain the sales force and lower consumer spending. The COVID-19 impact on net sales in the second quarter of 2020 is estimated at negative 3pp. The average impact of higher prices was about 3 percent.

Reported segment profit decreased $1.8 million or 13.1 percent in the second quarter of 2020. Excluding the impact of changes in foreign currency exchange rates, segment profit increased 19.7 percent, primarily reflecting lower promotional and selling expenses from implementation of Turnaround Plan, partially offset by lower sales volume and lower gross margin driven by unfavorable product mix and higher product costs in Brazil.

On a year-to-date basis, reported sales decreased 34.0 percent compared with 2019. Excluding the impact of changes in foreign currency exchange rates, sales in 2020 decreased 15.6 percent compared with 2019. The factors impacting the year-to-date sales comparison largely mirrored those of the quarter.

Year-to-date segment profit decreased 34.8 percent on a reported basis, and 14.6 percent in local currency. Local segment profit variances largely mirrored those of the quarter except for the benefits from the Turnaround Plan.

The Argentine peso and the Brazilian real were the main currencies that impacted the second quarter and year-to-date sales comparisons while the Brazilian real had a meaningful impact on profit comparisons.

Financial Condition

Liquidity and Capital Resources: The Company's net working capital position decreased by $580.4 million compared with the end of 2019. Excluding the impact of changes in foreign currency exchange rates, net working capital decreased $562.6 million, primarily reflecting:

•a $521.1 million increase in short-term borrowings, net of cash and cash equivalents as the Senior Notes became current in June 2020

•a $31.2 million net increase in accrued liabilities due to the timing of payments in light of COVID-19 and higher accruals for professional services in support of business turnaround efforts

•a $13.7 million decrease in non-trade receivables and prepaid expenses mainly driven by lower tax receivables at Mexico unit

•a $11.1 million decrease in inventory mainly related to improved inventory management to mitigate sales impact from COVID-19, and timing of sales and shipments

•partially offset by favorable impacts from a $13.6 million increase in accounts receivable driven by higher sales at quarter-end

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On February 26, 2020, S&P downgraded the Company’s credit rating from BB+ to B and placed all of its ratings on Credit Watch with negative implication. On February 27, 2020 Moody’s downgraded the Company’s credit rating from Baa3 to B1. Subsequent to those dates, the Company’s credit ratings have been downgraded further by S&P and Moody’s, with S&P’s rating of the Company currently at CCC-, and Moody’s rating of the Company currently at Caaa3. If the Company faces continued downgrades in its credit rating, the Company could also experience further strains on its liquidity and capital resources.

On February 28, 2020, the Company amended the Credit Agreement (the “Amendment”) and among other things, the Amendment eliminated the requirement that a Non-Investment Grade Ratings Event, as defined in the Credit Agreement, must occur before the Company is required to cause the Additional Guarantee and Collateral Requirement, as defined in the Credit Agreement, to be satisfied. As a result, the Company is required to cause certain of its domestic subsidiaries to become guarantors and the Company and certain of its domestic subsidiaries are required to pledge additional collateral. The Amendment also modified the financial covenant. Previously, the Company had to maintain at specified measurement periods a Consolidated Leverage Ratio that was not greater than or equal to 3.75 to 1.00. The Credit Agreement was amended to prevent the Company from exceeding the Consolidated Leverage Ratio for the four fiscal quarters ending in March 2020, and continuing through the calculation for the four fiscal quarters ending in March 2021. If the Company had exceeded the Consolidated Leverage Ratio, this could have constituted an Event of Default, potentially resulting in a cross default under cross-default provisions with respect to other of the Company's debt obligations, giving the lenders the ability to terminate the revolving commitments, accelerate outstanding amounts under the Credit Agreement, exercise certain remedies relating to the collateral securing the Credit Agreement, and require the Company to post cash collateral for all outstanding letters of credit. In addition to the relief provided in the Amendment, the Company has reduced certain operating expenses beginning in 2020 and could use available cash, including repatriating cash held outside of the United States, to make debt repayments to lower its Consolidated Leverage Ratio. Following the Amendment, the Company is required to maintain at the last day of each quarterly measurement period a Consolidated Leverage Ratio not greater than or equal to the ratio as set forth below opposite the period that includes such day (or, if such day does not end on the last day of the calendar quarter, that includes the last day of the calendar quarter that is nearest to such day):

Period	Consolidated Leverage Ratio
From the Amendment effective date to and including June 27, 2020	5.75 to 1.00
September 26, 2020	5.25 to 1.00
December 26, 2020	4.50 to 1.00
March 27, 2021	4.00 to 1.00
June 26, 2021 and thereafter	3.75 to 1.00

See the Company’s Form 8-K with a filing date of March 2, 2020 for more information.

As of June 27, 2020, the Company had total borrowings of $298.8 million outstanding under the Credit Agreement, with $137.2 million of that amount denominated in Euro. As of June 27, 2020, the Company had a weighted average interest rate of 2.0 percent with a base rate spread of 188 basis points on LIBOR-based borrowings under the Credit Agreement. As of June 27, 2020, and currently, the Company was in compliance with the financial covenants in the Credit Agreement.

As of June 27, 2020, the Company had $403.4 million of unused lines of credit, including $345.6 million under the committed, secured Credit Agreement, and $57.8 million available under various uncommitted lines around the world. With the agreement of its lenders, the Company is permitted to increase its borrowing capacity under the Credit Agreement by a total of up to $200.0 million (for a maximum aggregate Facility Amount of $850.0 million) subject to certain conditions.

The Company currently has outstanding $501.3 million aggregate principal amount of 4.75% senior notes (the “Senior Notes”). The Senior Notes will mature on June 1, 2021. The Notes were issued under an indenture (the “Indenture”), by and among the Company, its 100 percent subsidiary, the Guarantor, and Wells Fargo Bank, N.A., as trustee. As security for its obligations under the guarantee of the Senior Notes, the Guarantor has granted a security interest in certain “Tupperware” trademarks and service marks. As security for its obligations under the guarantee of the Credit Agreement, the Guarantor has granted a security interest in those certain “Tupperware” trademarks and service marks as well. The Indenture includes, among others, covenants that limit the ability of the Company and its subsidiaries to (i) incur indebtedness secured by liens on certain real property, (ii) enter into certain sale and leaseback transactions, (iii) with respect to the Company only, consolidate or merge with another entity, or sell or transfer all or substantially all of its properties and assets and (iv) sell the capital stock of the Guarantor or sell or transfer all or substantially all of its assets or properties. See Note 8 to the Consolidated Financial Statements in Part II, Item 8 in the Company's Annual Report on Form 10-K for the year ended December 28, 2019 filed with the SEC (the “2019 Form 10-K”) for further details regarding the Senior Notes.

During the second quarter ended June 27, 2020 the Company paid $56.4 million through Tender Offers and open-market purchases for the purchase of Senior Notes with a face value of $98.7 million. These transactions resulted in a pre-tax gain on debt extinguishment (including costs associated with the Senior Notes repurchase) of $40.0 million which was recorded in the Other expense (income), net line item. The gain on debt extinguishment resulted in basic earnings per share of $0.82 for the second quarter of 2020 and the respective year-to-date period. Any deferred debt issuance costs related to the purchased Senior Notes were expensed and recorded in the interest expense line item.

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Since June 27, 2020 and through July 29, 2020, the Company paid $10.7 million through open-market purchases for the purchase of Senior Notes with a face value of $13.4 million. Independent of these transactions the Company continues to work with its advisors to explore opportunities to repurchase, refinance or extend the maturity of its debt.

Whether the Company will be able to repay or refinance the Senior Notes will depend on economic, financial, competitive and other factors that may be beyond its control, including the COVID-19 pandemic, and on the Company’s financial performance at the time. The COVID-19 pandemic and measures implemented to slow the spread of COVID-19 may negatively impact the Company's ability to repay or refinance the Senior Notes. The extent to which the COVID-19 pandemic ultimately impacts the Company’s ability to repay or refinance the Senior Notes will depend on future developments, which are highly uncertain and cannot be predicted with certainty. Any refinancing of the Senior Notes may be at a higher interest rate and may require the Company to comply with additional covenants and obligations, which could further restrict the Company's business operations. If the Company is unable to repay or refinance the Senior Notes, the holders of the Senior Notes may pursue certain remedies relating to the collateral securing the guaranty of the Senior Notes or pursue other remedies, in each case in accordance with the Indenture and the documents relating to such collateral, all of which could have a material adverse effect on the Company.

Given the fast-moving nature of the COVID-19 pandemic and the resulting uncertainty on financial markets and the economy as a whole, the Company’s capital position and availability of capital to fund the Company’s liquidity requirements, including repayment or refinancing of the Senior Notes, could be adversely impacted. The Company is taking proactive measures to maximize liquidity and increase available cash by reducing costs and spending across the organization.

See Note 10 to the Consolidated Financial Statements in Part I, Item 1 of this Report for further details regarding the Company's debt.

The Company monitors the third-party depository institutions that hold its cash and cash equivalents with an emphasis primarily on safety and liquidity of principal and secondarily on maximizing yield on those funds. The Company diversifies its cash and cash equivalents among counterparties, which minimizes exposure to any one of these entities. Furthermore, the Company is exposed to financial market risk resulting from changes in interest rates, foreign currency rates, and the possible liquidity and credit risks of its counterparties. The Company believes that it has sufficient liquidity to fund its working capital, capital spending needs and current and anticipated restructuring actions. This liquidity includes to the extent that it is accessible, its cash and cash equivalents, which totaled $120.0 million as of June 27, 2020, cash flows from operating activities, and access to its Credit Agreement, as well as access to other various uncommitted lines of credit around the world. The Company has not experienced any limitations on its ability to access its committed facility.

Cash and cash equivalents (“cash”) totaled $120.0 million as of June 27, 2020. Of this amount, $115.8 million was held by foreign subsidiaries. Of the cash held outside the United States, less than 1 percent was deemed ineligible for repatriation. Other than deferred tax liability of $10.8 million for the withholding tax liability for future distribution of unrepatriated foreign earnings, no U.S. federal income taxes or other foreign taxes have been recorded related to permanently reinvested earnings.

The Company’s most significant foreign currency exposures include:

•Brazilian real

•Chinese renminbi

•Indonesian rupiah

•Malaysian ringgit

•Mexican peso

•South African rand

Business units in which the Company generated at least $100 million of sales in 2019 included:

•Brazil

•China

•Fuller Mexico

•Tupperware Mexico

•the United States and Canada

A significant downturn in the Company’s business in these units would adversely impact its ability to generate operating cash flows. Operating cash flows would also be adversely impacted by significant difficulties in the additions, retention and activity of the Company’s independent sales force or the success of new products, promotional programs and/or possibly changes in sales force compensation programs.

Pursuant to ASC 205, Presentation of Financial Statements, the Company is required to and does evaluate at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of June 27, 2020 the Company has $501.3 million of Senior Notes that will mature on June 1, 2021, which is within one year of the date that the consolidated financial statements are issued for the second quarter ended June 27, 2020. Based on the definitions in the relevant

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accounting standards, management has determined that this condition raises substantial doubt about the Company’s ability to continue as a going concern. This evaluation does not consider the potential mitigating effect of management’s plans that have not been fully implemented. Management may evaluate the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern.

The Company expects to continue to address its outstanding current indebtedness through open-market purchases, future tender offers, exchange offers of debt for debt, cash or equity, or otherwise (“debt refinancing”). The Company has successfully retired $98.7 million of those Senior Notes at a discount to par during the second quarter and an additional $13.4 million subsequent to the end of second quarter and through July 29, 2020. In addition to the debt refinancing, the Company believes that its improved profitability and revenue growth through the Turnaround Plan, together with the anticipated sale of the Company's Orlando real estate and other non-core assets, and its forecasted availability under its Credit Agreement, will enable the Company to meet all its future debt obligations. However, as the debt refinancing and sale of non-core assets is conditional upon the execution of agreements with new or existing investors or the execution of sales agreements with third parties, which are considered outside of the Company’s control, the debt refinancing and sales of assets are not considered probable of occurring until such time as they are completed. The Condensed Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. During the second quarter ended June 27, 2020 the Company generated $101.8 million of cash flows from operating activities, net of investing activities, through reductions in discretionary spending, revisiting investment strategies, improvements in working capital including inventory reductions, and reducing payroll costs, including through organizational redesign, employee furloughs, and permanent reductions in employee headcount. As of June 27, 2020, the Company is in compliance with its financial covenants under its Credit Agreement. The Company currently forecasts that it will be in compliance with its financial covenants for at least one year from the issuance of these interim financial statements, after taking into consideration the measures noted above. If the impact of COVID-19 is more severe than currently forecasted this may impact the Company’s compliance with its financial covenants which could have a material adverse effect on the Company. See Note 10 to the Consolidated Financial Statements for further discussion of the impact of an Event of Default. See Part II, Item 1A under “The Outbreak of the Novel Coronavirus (COVID-19) Pandemic” for more information regarding COVID-19 and how it could affect the Company’s business, financial condition, results of operations, cash flows and liquidity.

Operating Activities: Net cash from operating activities in the year-to-date periods ended June 27, 2020 and June 29, 2019 were inflows of $45.3 million and $1.3 million, respectively. The net favorable comparison was primarily due to a favorable impact from higher accrued liabilities due to the timing of payments in light of COVID-19, cash impact from hedging activities, reduction in inventory and lower cash tax payments.

Investing Activities: During the year-to-date period ended June 27, 2020, the Company had $15.9 million proceeds from the sale of long-term assets partially offset by $14.1 million of capital expenditures primarily invested in:

•$5.7 million related to molds used in the manufacturing of products

•$4.8 million related to global information technology projects

•$3.1 million related to buildings and improvements, and other machinery and equipment

•$0.5 million primarily related to land development near the Company's Orlando, Florida headquarters

In the year-to-date period ended June 29, 2019, the Company had $4.7 million proceeds from the sale of long-term assets partially offsetting the $27.2 million of capital expenditures mainly consisting of:

•$11.1 million on various global information technology projects

•$9.1 million related to molds used in the manufacturing of products

•$7.0 million related to the land development near the Company's Orlando, Florida headquarter, buildings and improvements, and other machinery and equipment

Financing Activities: In the year-to-date period of 2020, the Company paid $56.4 million related to the retirement of its Senior Notes. The Company had increase in revolver borrowings of $17.8 million and $85.2 million in the year-to-date periods of 2020 and 2019, respectively, for the funding of operating, investing and financing activities.

Dividends paid to shareholders were $47.3 million in the first half of 2019. The Company suspended its dividend beginning the fourth quarter of 2019.

Repurchases under the Company’s stock incentive programs are made when employees use shares to satisfy the minimum statutorily required withholding taxes. In the year-to-date periods of 2020 and 2019, 1,699 and 25,673 shares were retained to fund withholding taxes, totaling $0.01 million and $0.80 million, respectively.

New Pronouncements

Refer to Note 19 to the Consolidated Financial Statements in Part I, Item 1 of this Report for a discussion of new pronouncements.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company may be impacted by interest rate changes on its borrowings. The Company accesses the short-term and long-term markets to obtain financing. Access to, and the availability of acceptable terms and conditions of, such financing are impacted by many factors, including: the credit ratings; liquidity and volatility of the overall capital markets; and the current state of the economy. The Company has elected to manage this risk through the maturity structure of its borrowings and the currencies in which it borrows.

Interest Rate Risk

Loans taken under the Credit Agreement are of a short duration and bear interest under a formula that includes, at the Company's option, one of four different base rates, plus an applicable spread. The Company generally selects LIBOR as its base rate. As of June 27, 2020, the Company had a weighted average interest rate of 2.0 percent with a base rate spread of 188 basis points on its U.S. dollar and euro denominated LIBOR/EURIBOR-based borrowings under the Credit Agreement.

On July 27, 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced that it would phase-out LIBOR by the end of 2021. It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021, or if alternative rates or benchmarks will be adopted. Changes in the method of calculating LIBOR, or the replacement of LIBOR with an alternative rate or benchmark, may adversely affect interest rates. The Company cannot predict the effect of the potential changes to LIBOR or the establishment of alternative rates or benchmarks. The Credit Agreement allows for the use of select alternative rates and benchmarks and based on the assessment of such rates and benchmarks, the Company does not expect a material impact from the phase-out of LIBOR.

As of June 27, 2020, the Company had total borrowings of $298.8 million outstanding under its Credit Agreement, with $137.2 million denominated in Euro. If short-term interest rates varied by 10 percent, which in the Company's case would mean short duration U.S. dollar and euro LIBOR, with all other variables remaining constant, the Company's annual interest expense would not be significantly impacted.

The Company routinely increases its revolver borrowings under the Credit Agreement during each quarter to fund operating, investing and financing activities and uses cash available at the end of each quarter to temporarily reduce borrowing levels. As a result, the Company incurs more interest expense and has higher foreign exchange exposure on the value of its cash and debt during each quarter than would relate solely to the quarter end balances.

Foreign Exchange Rate Risk

A significant portion of the Company's sales and profit come from its international operations. Although these operations are geographically dispersed, which partially mitigates the risks associated with operating in particular countries, the Company is subject to the usual risks associated with international operations. These risks include local political and economic environments and relations between foreign and U.S. governments.

Another economic risk of the Company is exposure to changes in foreign currency exchange rates on the earnings, cash flows and financial position of its international operations. The Company is not able to project, in any meaningful way, the effect of these possible fluctuations on translated amounts or future earnings. This is due to the Company's constantly changing exposure to various currencies, the fact that all foreign currencies do not react in the same manner in relation to the U.S. dollar and the large number of currencies involved, although the Company's most significant income and cash flow exposures are to the Brazilian real, Chinese renminbi, Indonesian rupiah, Malaysian ringgit, Mexican peso and South African rand.

Although this currency risk is partially mitigated by the natural hedge arising from the Company's local product sourcing in many countries, a strengthening U.S. dollar generally has a negative impact on the Company. In response to this fact, the Company uses financial instruments, such as forward contracts, to hedge its exposure to certain foreign exchange risks associated with a portion of its investment in international operations. In addition to hedging against the balance sheet impact of changes in exchange rates, the hedge of investments in international operations also has the effect of hedging cash flow generated by those operations. The Company also hedges, with these instruments, certain other exposures to various currencies arising from amounts payable and receivable, non-permanent intercompany transactions and a portion of purchases forecasted for generally up to the following 15 months. The Company does not seek to hedge the impact of currency fluctuations on the translated value of the sales, profit or cash flow generated by its operations.

While the Company's derivatives that hedge a portion of its equity in its foreign subsidiaries and its fair value hedges of balance sheet risks all work together to mitigate its exposure to foreign exchange gains or losses, they result in an impact to operating cash flows as they are settled. For the year-to-date periods ended June 27, 2020 and June 29, 2019, the cash flow impact of these currency hedges was inflows of $3.9 million and an outflow of $7.5 million, respectively.

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The U.S. dollar equivalent of the Company's most significant net open forward contracts as of June 27, 2020 were to buy $74.2 million of U.S. dollars, $28.3 million of South Korean Won and to sell $125.8 million of Euros and $24.7 million of Mexican pesos. In agreements to sell foreign currencies in exchange for U.S. dollars, for example, an appreciating dollar versus the opposing currency would generate a cash inflow for the Company at settlement, with the opposite result in agreements to buy foreign currencies for U.S. dollars. The notional amounts change based upon changes in the Company's outstanding currency exposures. Based on rates existing as of June 27, 2020, the Company was in a net payable position of approximately $2.7 million related to its currency hedges under forward contracts. Currency fluctuations could have a significant impact on the Company's cash flow upon the settlement of its forward contracts.

A precise calculation of the impact of currency fluctuations is not practical since some of the contracts are between non-U.S. dollar currencies. The Company continuously monitors its foreign currency exposure and expects to enter into additional contracts to hedge exposure in the future. See further discussion regarding the Company's hedging activities for foreign currency in Note 11 to the Consolidated Financial Statements.

The Company is subject to credit risks relating to the ability of counterparties of hedging transactions to meet their contractual payment obligations. The risks related to creditworthiness and non-performance have been considered in the determination of fair value for the Company's foreign currency forward exchange contracts. The Company continues to closely monitor its counterparties and will take action, as appropriate and possible, to further manage its counterparty credit risk.

Commodity Price Risk

The Company is also exposed to rising material prices in its manufacturing operations and, in particular, the cost of oil and natural gas-based resins, including the fact that in some cases resin prices are actually in, or are based on, currencies other than that of the unit buying the resin, which introduces a currency exposure that is incremental to the exposure to changing market prices. Resins are the primary material used in production of most Tupperware^® products, and the Company estimates that 2020 cost of sales will include approximately $86.0 million for the cost of resin in the Tupperware^® brand products it produces and has contract manufactured. The Company uses many different kinds of resins in its products. About three-fourths of the value of its resin purchases are “polyolefins” (simple chemical structure, easily refined from oil and natural gas). The remaining one-fourth of the value of its resin purchases is more highly engineered. With a comparable product mix and exchange rates, a 10 percent fluctuation in the cost of resin would impact the Company's annual cost of sales by approximately $8.6 million compared with the prior year. The amount the Company pays for its resins is impacted by the relative changes in supply and demand. The Company partially manages its risk associated with rising resin costs by utilizing a centralized procurement function that is able to take advantage of bulk discounts while maintaining multiple suppliers, and also enters into short-term pricing arrangements. It also manages its margin through cash flow hedges in some cases when it purchases resin in currencies, or effectively in currencies, other than that of the purchasing unit. This is done through the pricing of its products, with price increases over time on its product offerings generally in line with consumer inflation in each market, and its mix of sales through its promotional programs and promotionally priced offers. It also, on occasion, makes advance material purchases to take advantage of current favorable pricing.

Real Estate Risk

The Company has a program to sell land held for development around its Orlando, Florida headquarters. This program is exposed to the risks inherent in the real estate development process. Included among these risks is the ability to obtain all necessary government approvals, the success of attracting tenants for commercial or residential developments in the Orlando real estate market, obtaining financing and general economic conditions, such as interest rate increases. Based on the variety of factors that impact the Company's ability to close sales transactions, it cannot predict when the program will be completed.

Forward-Looking Statements

Certain statements made or incorporated by reference in this report are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not based on historical facts or information are forward-looking statements. Statements that include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future tense or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations at the time this report is filed with the SEC or, with respect to any documents or statements incorporated by reference, on the then current plans and expectations at the time such document was filed with the SEC, or statement was made. Such forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those projected in forward-looking statements. Except as required by law, and as outlined below the Company undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or changes to future results over time or otherwise. Such risks and uncertainties include, among others, the following:

•successful recruitment, retention and productivity levels of the Company's independent sales forces;

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•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;

•disruptions caused by restructuring activities, including facility closure, and the combination and exit of business units, including impacts on business models and the supply chain, as well as not fully realizing expected savings or benefits related to increasing sales from actions taken;

•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 and polyethersulfone), as well as beauty, personal care and nutritional products;

•governmental regulation and consumer tastes related to the use of plastic in products and/or packaging material;

•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 those with stringent 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, China, France, India, Mexico, Russia and Turkey 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 and Egypt) and translation risks due to potential impairments of investments in affected markets;

•disruptions resulting from either internal or external labor strikes, work stoppages, or similar difficulties, particularly in Brazil, France, India and South Africa;

•changes in cash flow resulting from changes in operating results, including from changes in foreign exchange rates, restructuring activities, 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, including the coronavirus (COVID-19) outbreak;

•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 Brazil, China, India, Indonesia, Malaysia, Mexico and South Africa;

•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;

•cyberattacks and ransomware demands that could cause the Company to not be able to operate its systems and/or access or control its data, including private data;

•the ability to attract and retain certain executive officers and key management personnel and the success of transitions or changes in leadership or key management personnel;

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•the success of land buyers in attracting tenants for commercial and residential development and obtaining required government approvals and financing;

•the Company's access to, and the costs of, financing and the potential that banks with which the Company maintains lines of credit may be unable to fulfill their commitments; the costs and covenant restrictions associated with the Company's Credit Agreement and Senior Notes; the Company’s ability to comply with, or further amend, financial covenants under its credit agreements and its ability to repay or refinance the debt outstanding under its Credit Agreement or Senior Notes and take other actions to address its capital structure, as well as potential downgrades to the Company’s credit ratings;

•the potential impact to the Company of management's determination regarding substantial doubt about its ability to continue to operate as a going concern;

•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 changes in interpretation of employment status of the sales force by government authorities, 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 in Argentina and Egypt;

•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 and programs in the markets in which the Company operates and the effect this can have on the confidence of, and competition for, 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 the Tax Act in the United States and non-income taxes issues in Brazil, India, Indonesia and Mexico;

•other risks discussed in Part I, Item 1A, Risk Factors, of the Company's 2019 Annual Report on the Form 10-K, as well as the Company's Consolidated Financial Statements, Notes to Consolidated Financial Statements, other financial information appearing elsewhere in this Report and the Company's other filings with the SEC.

Other than updating for changes in foreign currency exchange rates through its monthly website updates, the Company does not intend to update forward-looking information, except through its quarterly earnings releases.

Investors should also be aware that while the Company does, from time to time, communicate with securities analysts, it is against the Company's policy to disclose to them any material non-public information or other confidential commercial information. Accordingly, it should not be assumed that the Company agrees with any statement or report issued by any analyst irrespective of the content of the confirming financial forecasts or projections issued by others.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) that are designed to ensure that information required to be disclosed in the Company's reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report, management, under the supervision of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Changes in Internal Controls

There have been no changes in the Company's internal control over financial reporting during the Company's second quarter that have materially affected or are reasonably likely to materially affect its internal control over financial reporting, as defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

A number of ordinary-course legal and administrative proceedings against the Registrant or its subsidiaries are pending. In addition to such proceedings, there are certain proceedings that involve the discharge of materials into, or otherwise relating to the protection of, the environment. Certain of such proceedings involve federal environmental laws such as the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as well as state and local laws. The Registrant has established reserves with respect to certain of such proceedings. Because of the involvement of other parties and the uncertainty of potential environmental impacts, the eventual outcomes of such actions and the cost and timing of expenditures cannot be determined with certainty. It is not expected that the outcome of such proceedings, either individually or in the aggregate, will have a material adverse effect upon the Registrant.

As part of the 1986 reorganization involving the formation of Premark, Premark was spun-off by Dart & Kraft, Inc., and Kraft Foods, Inc. assumed any liabilities arising out of any legal proceedings in connection with certain divested or discontinued former businesses of Dart Industries Inc., a subsidiary of the Registrant, including matters alleging product and environmental liability. The assumption of liabilities by Kraft Foods, Inc. (now Mondelez International, Inc.) remains effective subsequent to the distribution of the equity of the Registrant to Premark shareholders in 1996.

Beginning in February 2020, a number of putative stockholder class actions and shareholder derivative actions were filed against the Company and certain current and former officers and directors. The putative stockholder class actions allege that statements in public filings between January 30, 2019 and February 24, 2020 (the “potential class period”) regarding the Company’s disclosure of controls and procedures and financial guidance, as well as the need for an amendment of its credit facility, violated Sections 10(b) and 20(a) of the Securities Act of 1934. The plaintiffs seek to represent a class of stockholders who purchased the Company’s shares during the potential class period and demand unspecified monetary damages. The cases have been consolidated and are pending in the United States District Court for the Middle District of Florida. The shareholder derivative actions allege that certain officers and directors breached fiduciary duties to the Company, were unjustly enriched, and violated Sections 10(b), 14(a) and 20(a) of the Securities Act of 1934, on generally the same fact pattern. Two cases are pending in the United States District Court for the Middle District of Florida and have been consolidated; another case is pending in the Court of the Ninth Judicial Circuit in and for Orange County, Florida, Circuit Civil Division. The Company believes the complaints and allegations to be without merit and intends to vigorously defend itself against the actions. The Company is unable at this time to determine whether the outcome of these actions would have a material impact on its results of operations, financial condition or cash flows.

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Item 1A. Risk Factors.

Reference is made to “Part I - Item 1A. Risk Factors” in the 2019 Form 10-K for information concerning risk factors. The Company is adding the following risk factors as set forth below.

The following risk factors should be read in conjunction with, and supplement, the risk factors set forth in “Part I - Item 1A. Risk Factors” of the 2019 Form 10-K. Before making an investment in the Company’s securities, investors should carefully consider the risk factors discussed below, together with the other information in this Report, including the sections entitled “Forward-Looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the other reports and materials filed by the Company with the SEC. Additional risks and uncertainties not presently known by the Company or that are currently deemed immaterial may also impair the Company’s business operations. If any of these risks actually occur, the Company’s business, financial condition and results of operations could be materially affected.

Financial Covenants, Liquidity and Existing Debt

The Company must meet certain financial covenants as defined in the applicable agreements to borrow under its credit facilities. In the event the Company fails to comply with any of the covenants or to meet its payment obligations, it could lead to an event of default which, if not cured or waived, could result in the acceleration of outstanding debt obligations. The Company may not have sufficient working capital or liquidity to satisfy its debt obligations in the event of an acceleration of all or a portion of its outstanding obligations. If the Company’s cash flows and capital resources are insufficient to fund its debt service obligations, it may be forced to reduce or delay investments and capital expenditures, or to sell assets, seek additional capital or restructure or refinance its indebtedness. The Company’s ability to restructure or refinance its debt will depend on market conditions and the Company’s financial performance at such time. Any refinancing, if at all, of the Company’s debt could be at higher interest rates and may require the Company to comply with more covenants, which could further restrict its business operations. The terms of existing or future debt instruments may restrict the Company from adopting some of these alternatives. While the Company recently amended its Credit Agreement to obtain relief regarding the financial covenant that requires the Company to maintain a specified ratio of (i) Consolidated Funded Indebtedness to (ii) Consolidated EBITDA (the “Consolidated Leverage Ratio), if the Company is unable to meet this modified Consolidated Leverage Ratio, or if the Company is unable to further modify it or other provisions of the Credit Agreement in the future, as may be needed, the Company may be held in default, which could result in the termination of the revolving commitments under the Credit Agreement, the acceleration of the obligations under the Credit Agreement, and possibly other debt obligations under other agreements with cross default provisions, pursuit of certain remedies relating to the collateral securing the obligations under Credit Agreement, and the pursuit of other remedies, all of which could have a material adverse effect on the Company.

On February 26, 2020, S&P downgraded the Company’s credit rating from BB+ to B and placed all of its ratings on Credit Watch with negative implication. On February 27, 2020 Moody’s downgraded the Company’s credit rating from Baa3 to B1. Subsequent to those dates, the Company’s credit ratings have been downgraded further by S&P and Moody’s, with S&P’s rating of the Company currently at CCC-, and Moody’s rating of the Company currently at Caa3. If the Company faces continued downgrades in its credit rating, the Company could experience further strains on its liquidity and capital resources.

The Company previously issued $600 million aggregate principal amount of 4.75% senior notes (the “Senior Notes”). The Senior Notes become due on June 1, 2021. The Notes were issued under an indenture (the “Indenture”) between the Company and its 100 percent subsidiary, Dart Industries Inc. (the “Guarantor”) and Wells Fargo Bank, N.A., as trustee. As security for its obligations under the guarantee of the Senior Notes, the Guarantor has granted a security interest in certain “Tupperware” trademarks and service marks. As security for its obligations under the guarantee of the Credit Agreement, the Guarantor has granted a security interest in those certain “Tupperware” trademarks and service marks, as well. The Indenture includes, among others, covenants that limit the ability of the Company to raise indebtedness or equity capital under certain circumstances. During the second quarter ended June 27, 2020 the Company paid $56.4 million through Tender Offers and open-market purchases for the purchase of Senior Notes with a face value of $98.7 million. Independent of these transactions the Company continues to work with its advisors to explore opportunities to repurchase, refinance or extend the maturity of its debt.

Pursuant to ASC 205, Presentation of Financial Statements, the Company is required to and does evaluate at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of June 27, 2020 the Company has $501.3 million of Senior Notes that will mature on June 1, 2021, which is within one year of the date that the consolidated financial statements are issued for the second quarter ended June 27, 2020. Based on the definitions in the relevant accounting standards, management has determined that this condition raises substantial doubt about the Company’s ability to continue as a going concern. This evaluation does not consider the potential mitigating effect of management’s plans that have not been fully implemented. Management may evaluate the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. As such, the Company’s consolidated financial statements as of June 27, 2020 have been prepared on a going concern basis. Although the Company has taken, and plans to continue to take, proactive measures to enhance its liquidity position and provide additional financial

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flexibility, there can be no assurance that these measures will be sufficient. The substantial doubt about the Company's ability to continue as a going concern may affect the price of the Company's common stock and the grade of its credit rating, may negatively impact relationships with third parties with whom the Company does business, including customers, vendors and lenders, may impact the Company's ability to raise additional capital or implement its business plan and may impact its ability to comply going forward with covenants in the Company's Credit Agreement.

Whether the Company will be able to repay or refinance the Senior Notes will depend on market conditions and the Company’s financial performance. Any refinancing, if at all, of the Senior Notes could be at a higher interest rate and may require the Company to comply with more covenants, which could further restrict the Company’s business operations. If the Company is unable to repay or refinance the Senior Notes, the holders of the Seniors Notes may pursue certain remedies relating to the collateral securing the guaranty of the Senior Notes or pursue other remedies, in each case in accordance with the Indenture and the documents relating to such collateral, all of which could have a material adverse effect on the Company.

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Item 6. Exhibits.

(a) Exhibits

3.1	Restated Certificate of Incorporation of the Registrant (Attached as Exhibit 3.1 to Form 10-Q, filed with the Commission on August 5, 2008 and incorporated herein by reference).
3.2	Amended and Restated By-laws of the Registrant as amended November 1, 2018 (Attached as Exhibit 3.2 to Form 10-Q, filed with the Commission on November 2, 2018 and incorporated herein by reference).
10.1	Separation Agreement and Release of All Claims dated April 9, 2020 between Tupperware Brands Corporation and Justin Hewett (attached as Exhibit 10.1 to Form 8-K filed with the Commission on April 14, 2020 and incorporated herein by reference).#
10.2	Separation Agreement and Release of All Claims dated April 21, 2020 between Tupperware Brands Corporation and Asha Gupta (attached as Exhibit 10.1 to Form 8-K filed with the Commission on April 24, 2020 and incorporated herein by reference).#
10.3	Tupperware Brands Corporation 2020 Inducement Plan (attached as Exhibit 4.3 to Form S-8 filed with the Commission on April 29, 2020 and incorporated herein by reference).#
10.4	Form of Restricted Stock Unit Agreement under Tupperware Brands Corporation 2019 Incentive Plan.#*
10.5	Contract for Sale and Purchase of Real Property, dated as of May 26, 2020, by and among Deerfield Land Corporation, Dart Industries, Inc., Tupperware U.S., Inc., Tupperware Brands Corporation, and O’Connor Management LLC (attached as Exhibit 10.1 to Form 8-K filed with the Commission on July 27, 2020 and incorporated herein by reference).
10.6	First Amendment to Contract for Sale and Purchase of Real Property, dated as of June 10, 2020, by and among Deerfield Land Corporation, Dart Industries, Inc., Tupperware U.S., Inc., Tupperware Brands Corporation, and O’Connor Management LLC (attached as Exhibit 10.2 to Form 8-K filed with the Commission on July 27, 2020 and incorporated herein by reference).
10.8	Second Amendment to the Purchase and Sale Agreement Contract for Sale and Purchase of Real Property, dated as of July 15June 12, 2020, by and among Deerfield Land Corporation, Dart Industries, Inc., Tupperware U.S., Inc., Tupperware Brands Corporation, and O’Connor Management LLC (attached as Exhibit 10.3 to Form 8-K filed with the Commission on July 27, 2020 and incorporated herein by reference)between Tupperware Brands Corporation and O’Connor Management LLC dated May 20, 2020.*
10.9	Third Amendment to Contract for Sale and Purchase of Real Property, dated as of July 22, 2020, by and among Deerfield Land Corporation, Dart Industries, Inc., Tupperware U.S., Inc., Tupperware Brands Corporation, and O’Connor Management LLC (attached as Exhibit 10.4 to Form 8-K filed with the Commission on July 27, 2020 and incorporated herein by reference).
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 the Company’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2020, formatted in Inline XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets; (iv) Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags*
104	Cover Page Interactive Data File (embedded as Inline XBRL and contained in Exhibit 101)*
# Management contract or compensatory plan or arrangement.
* Filed herewith.
** Furnished herewith.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

TUPPERWARE BRANDS CORPORATION
By:	/s/ Cassandra Harris
	Cassandra Harris
	Executive Vice President and Chief Financial Officer
By:	/s/ Madeline Otero
	Madeline Otero
	Sr. Vice President, Finance & Accounting

Orlando, Florida

July 29, 2020

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EX-10.4

Exhibit 10.4

TUPPERWARE BRANDS CORPORATION

2019 INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

Participant:     «Full Participant Name»

Number of Restricted Stock Units:   «Number»

Date of Grant:     «Grant Date»

Vesting Schedule:

Vesting DatesPercentage of Grant

        1st Anniversary of the Grant Date:  33.33% (rounded down to the nearest whole Share)

        2nd Anniversary of the Grant Date: 33.33% (rounded to the nearest whole Share)

        3rd Anniversary of the Grant Date:  33.33% (all remaining Shares)

1. Restricted Stock Unit Award. Tupperware Brands Corporation, a Delaware corporation (“Tupperware”), pursuant to the Tupperware Brands Corporation 2019 Incentive Plan (the “Plan”), a copy of which is available online at www.ubs.com/onesource/tup or by requesting a copy from the Corporate Secretary’s Office, hereby grants to the Participant as of the Date of Grant a Restricted Stock Unit Award (“Restricted Stock Unit(s)” or “Award(s)”) to receive from Tupperware a certain number of shares of Common Stock of Tupperware, $0.01 par value (“Share(s)”) (or in cash as described in Section 4 below, if permitted under applicable laws and accounting standards) provided certain vesting conditions are met, as specifically indicated on this Restricted Stock Unit Agreement. The Award vests in accordance with the terms and conditions of the Plan and this Restricted Stock Unit Agreement, including any additional terms and conditions for the Participant’s country set forth in any appendix hereto as provided in Section 21 below (the “Appendix”; this Restricted Stock Unit Agreement and the Appendix collectively referred to hereinafter as this “Agreement”). The Participant shall execute this Agreement by accepting it online at www.ubs.com/onesource/tup. If Tupperware determines that an alternative form of agreement from the Participant is appropriate, or that this Agreement is required in another format, in order to comply with any listing, registration or other legal requirement, the Participant shall execute and deliver such alternative Award agreement to Tupperware. The Participant’s failure to accept this Agreement or other required Award agreement may prevent the release of Shares or cash as described in Section 4 below. All determinations and interpretations made by Tupperware in connection with any question arising under this Agreement or the Plan are binding and conclusive upon the Participant and his or her legal representative. If there is any conflict between the provisions of this Agreement and the Plan, the Plan shall control. Capitalized terms used and not defined in this Agreement have the meanings given to them in the Plan.

2. Restriction Period. The restrictions under this Award shall lapse on the Vesting Dates specified above or such earlier time as set forth in this Agreement, subject to the Participant’s continued employment with Tupperware or its Subsidiary through the applicable Vesting Date or such earlier time as set forth in this Agreement.

3. Stockholder Rights. Prior to lapse of restrictions and the delivery of the Shares related to the Restricted Stock Units, the Participant shall not have the rights of a stockholder of Tupperware to vote the Shares related to the Restricted Stock Units, except that the Participant shall be entitled to receive dividend equivalent rights related to the Restricted Stock Units equal in amount to the dividends declared on a Share. Dividend equivalent amounts shall accrue and be paid or distributed at such time as the restrictions on the Restricted Stock Units lapse in accordance with this Agreement and in proportion to the amount of Restricted Stock Units as to which restrictions lapse.

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4. Delivery of Shares or Cash. Subject to the payment of Tax-Related Items (as defined in Section 5 below) under this Agreement, Tupperware will deliver or cause to be delivered either (a) Shares, or, if Tupperware so determines, in book entry form, upon lapse of restrictions, and will deliver them to the Participant or the Participant’s transferee (if permitted under the terms of the Plan and this Agreement) free of restrictions, or (b) cash based upon the number of Restricted Stock Units times the closing price on the New York Stock Exchange (“NYSE”) of a Share on the date of the lapse of restrictions, or if such date shall not be a business day for the NYSE, then upon the closing price on the immediately-preceding business day of the NYSE. Any Shares (or cash payment in lieu of such Shares)deliverable pursuant to this Agreement shall be delivered within 60 days following the applicable Vesting Date, or as soon thereafter as administratively practicable to the extent permitted by Code Section 409A (or any successor provision of the Code), if applicable.

5. Taxes. The Participant acknowledges that, regardless of any action taken by Tupperware or, if different, the Participant’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant or deemed by Tupperware or the Employer in its discretion to be an appropriate charge to the Participant even if legally applicable to Tupperware or the Employer (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount, if any, actually withheld by Tupperware or the Employer. The Participant further acknowledges that Tupperware and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the Restricted Stock Units to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, the Participant acknowledges that if the Participant is subject to Tax-Related Items in more than one jurisdiction, Tupperware and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to Tupperware and/or the Employer to satisfy all Tax-Related Items. In this regard, the Participant authorizes Tupperware and/or the Employer, or their respective agents, at their discretion, to satisfy any applicable obligations with regard to all Tax-Related Items by one or a combination of the following: (a) withholding from the Participant’s wages or other cash compensation paid to the Participant by Tupperware and/or the Employer; or (b) withholding from proceeds of the sale of Shares acquired upon settlement of the Restricted Stock Units either through a voluntary sale or through a mandatory sale arranged by Tupperware (on the Participant’s behalf pursuant to this authorization without further consent); or (c) withholding in Shares to be issued upon settlement of the Restricted Stock Units. However, if the Participant is a Section 16 officer of Tupperware under the Exchange Act, then Tupperware shall withhold in Shares upon the relevant taxable or tax withholding event, as applicable, unless the use of such withholding method is problematic under applicable tax, securities or other laws or has materially adverse accounting consequences, in which case, the obligation for Tax-Related Items shall be satisfied by method (b) above, provided, further, that if the use of such withholding method is problematic under applicable tax, securities or other laws or has materially adverse accounting consequences, the obligation for Tax-Related Items shall be satisfied by method (a) above. Tupperware may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates in the Participant’s country, including maximum rates applicable in the Participant’s jurisdiction(s), in which case the Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent. If the Participant does not receive a refund of any over-withheld amount from Tupperware or the Employer, the Participant may seek a refund from the applicable tax authorities. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested Restricted Stock Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items. Finally, the Participant agrees to pay to Tupperware or the Employer any amount of Tax-Related Items that Tupperware and/or the Employer may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described. Tupperware may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, or the cash payment, depending on the form of

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settlement under Section 4, if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items.

6.Data Transfer and Privacy.

(a)Data Collection and Usage. Tupperware and the Employer collect, process and use certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, email address, date of birth, social insurance, passport or other identification number, salary, nationality, job title, any Shares or directorships held in Tupperware, details of all Awards or any other entitlement to Shares or equivalent benefits awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the purposes of implementing, administering and managing the Plan. The legal basis, where required, for the processing of Data is the Participant’s consent, as further described below.

(b)Stock Plan Administration Service Providers. Tupperware transfers Data to UBS Financial Services Inc. and its affiliated companies (collectively, “UBS”), an independent service provider based in the United States, which is assisting Tupperware with the implementation, administration and management of the Plan. UBS will open an account for the Participant to receive and trade Shares acquired under the Plan. The Participant may be asked to agree on separate terms and data processing practices with UBS, with such agreement being a condition to the ability to participate in the Plan. In the future, Tupperware may select a different service provider or additional service providers and share Data with such other provider(s) serving in a similar manner.

(c)International Data Transfers. If the Participant resides, works or is otherwise located outside of the United States, Data will be transferred from the Participant’s country to the United States, where Tupperware and its service providers are based. The Participant’s country or jurisdiction may have different data privacy laws and protections than the United States. If the Participant is located in the European Union (“EU”) and/or European Economic Area (“EEA”), the Participant understands and acknowledges that the United States is not subject to an unlimited adequacy finding by the European Commission and might not provide a level of protection of personal data equivalent to the level of protection in the Participant’s country. As a result, in the absence of a self-certification of the data recipient in the United States under the EU-U.S. Privacy Shield Framework or the implementation of appropriate safeguards such as the Standard Contractual Clauses or binding corporate rules adopted by the EU Commission, the processing of personal data might not be subject to substantive data processing principles or supervision by data protection authorities. In addition, data subjects might have no, or less, enforceable rights regarding the processing of their personal data.

Neither Tupperware nor UBS is currently self-certified under the EU-U.S. Privacy Shield Framework but Tupperware has implemented binding corporate rules with its subsidiaries in the EU/EEA. If the Participant is based in the EU/EEA, Data will be transferred from the EU/EEA to Tupperware based on the binding corporate rules. The Participant may view a copy of such appropriate safeguards. The onward transfer of Data from Tupperware to UBS or, as the case may be, a different service provider of Tupperware, is based solely on the Participant’s consent, as further described below.

If the Participant is based outside of the EU/EEA, the legal basis, where required, for the transfer of Data from the Participant’s country to Tupperware and from Tupperware onward to UBS or, as the case may be, a different service provider of Tupperware, is the Participant’s consent, as further described below.

(d)Data Retention. Tupperware will hold and use Data only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax, securities, exchange control and labor laws.

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(e)Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and the Participant is providing the consents herein on a purely voluntary basis. The Participant may withdraw any such consent at any time with future effect for any or no reason. If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, the Participant’s salary from or employment and career with the Employer will not be affected; the only consequence of refusing or withdrawing the Participant’s consent is that Tupperware would not be able to grant Restricted Stock Units or other equity awards to the Participant or administer or maintain such awards. For more information on the consequences of refusal to consent or withdrawal of consent, you should contact Tupperware’s Data Protection Officer.

(f)Data Subject Rights. The Participant may have a number of rights under data privacy laws in his or her jurisdiction. Depending on where the Participant is based, such rights may include the right to (i) request access to, or copies of, Data Tupperware processes, (ii) rectification or amendment of incorrect or incomplete Data, (iii) deletion of Data, (iv) request restrictions on processing of Data, (v) portability of Data, (vi) lodge complaints with competent authorities in the Participant’s jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, the Participant can contact his or her local Data Protection Officer or, if the Participant is in the EU/EEA, view Tupperware’s binding corporate rules.

Declaration of Consent. By accepting the Restricted Stock Units and indicating consent via Tupperware’s online acceptance procedure, the Participant explicitly declares his or her consent to the data processing operations described in this Section 6, including, without limitation, to the collection, processing and use of Data by Tupperware and, if applicable, to the transfer of Data to the recipients mentioned above, including the onward transfer of Data by Tupperware to the UBS, or, as the case may be, a different service provider of Tupperware.

7. Recovery (Recoupment) of Award. In the event it is determined that Tupperware’s previously reported financial results have been misstated due to the error, omission, fraud or other misconduct of the Participant, including a misstatement that leads to a restatement of previously issued financial statements, any previous delivery of Shares which has been made pursuant to any incentive compensation award, including any discretionary award, including Restricted Stock Units, shall be subject to recovery and/or cancellation by Tupperware as the Compensation and Management Development Committee (the “Committee”) of the Board of Directors of Tupperware, in its sole discretion, shall in good faith determine. The Committee shall determine: (i) the amount to be recovered and/or cancelled; (ii) whether to seek repayment from the Participant or to reduce an amount otherwise payable to the Participant under any compensation, plan, program or arrangement maintained by Tupperware, including the use of set-off, subject to applicable law; (iii) the valuation of any Shares determined to be recovered from the Participant in connection with such an action; and (iv) whether to cancel outstanding Awards in connection with such an action and the valuation thereof for such purpose. The foregoing shall be subject to such changes as may be required from time to time by the NYSE listing manual or the applicable rules of the United States Securities and Exchange Commission.

For purposes of the foregoing, the Participant expressly and explicitly authorizes Tupperware to issue instructions, on the Participant’s behalf, to any brokerage firm and/or third party administrator engaged by Tupperware to hold Shares and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such Shares and/or other amounts to Tupperware upon Tupperware’s enforcement of this Section 7 and Tupperware’s Recoupment Policy (the “Policy”). If the provisions of this Section 7 and the Policy conflict, the terms of the Policy shall prevail.

8. Impact of Certain Events. Upon the Participant’s death, Disability, retirement or termination after a Change of Control (in accordance with Section 15.2 of the Plan), the Participant shall have such modified rights of vesting as set forth below:

(a) Death: If the Participant’s employment terminates by reason of the Participant’s death, the Award shall become immediately and fully vested and shall be settled within 60 days following the Participant’s death, or as soon thereafter as administratively practicable to the extent permitted by Code Section 409A.

(b)  Disability: If the Participant’s employment terminates by reason of Disability, as determined by the Committee in its sole discretion, the Participant will continue to vest in the Award as if the Participant’s employment had not terminated, subject to and conditioned upon continued compliance with the

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terms of Section 12 of this Agreement through each Vesting Date (without regard to the “period of 12 months following employment” referenced in such Section 12).

(c) Retirement: If the Participant’s employment terminates by reason of retirement, the following vesting terms will apply: pro-rata vesting based on the number of full months worked during the full restriction period (see Section 2 above) up to the date of termination (taking into account that certain tranches of the Award may have already vested). Such pro-rata vesting shall be immediate upon retirement and shall be settled within 60 days following the Participant’s retirement, or as soon thereafter as administratively practicable.

The Participant shall be deemed to have terminated employment by reason of retirement if the Participant has attained age 55 and provided at least 10 years of service, has given due notice (as determined by the Committee, which shall be a minimum of six months’ notice in the case of a Participant holding the position of Vice President or higher at the time of such notification), and has entered into an agreement, the form and content of which shall be specified by the Committee, not to compete with Tupperware and its affiliates and not to solicit employees or sales force members of the Company for a period of one year following such retirement.

Notwithstanding anything to the contrary herein, if Tupperware receives an opinion of counsel that there has been a legal judgment and/or legal development in the Participant’s country that likely would result in any favorable treatment of the Award at retirement under the Plan or this Agreement being deemed unlawful or discriminatory, such favorable treatment shall not apply and the Award shall be treated as set forth in the remaining provisions of this Agreement.

(d) Change of Control Termination: If a Change of Control occurs in which the Award is substituted by the Successor and the Participant’s employment is terminated within two years following a Change of Control (i) by the Successor (or an affiliate thereof) without Cause or (ii) if the Participant is an executive officer of Tupperware (who is subject to reporting under Section 16 of the Exchange Act) and resigns for Good Reason, then the Award shall become immediately vested and shall be settled within 60 days following the Participant’s termination of employment, or as soon thereafter as administratively practicable to the extent permitted by Code Section 409A; provided, however, if a Change of Control occurs and the Award is not substituted by the Successor upon such Change of Control, then the Award shall be governed by Section 15.2 of the Plan.

(e) Other Terminations: If the Participant’s employment terminates for any other reason, including termination for cause (or similar concept under local law) by Tupperware or voluntary termination by the Participant, any unvested Award shall automatically terminate and be forfeited.

For purposes of the Award, the Participant’s employment or service relationship will be considered terminated as of the date the Participant is no longer actively providing services to Tupperware or one of its Subsidiaries or affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or providing services or the terms of the Participant’s employment or service agreement, if any) and will not be extended by any notice period (e.g., the Participant’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Participant is employed or providing services or the terms of the Participant’s employment or service agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of the Award (including whether the Participant may still be considered to be providing services while on an approved leave of absence).

9. Nature of Grant. The Participant acknowledges, understands and agrees that:

(a) the Plan is established voluntarily by Tupperware, it is discretionary in nature and it may be modified, amended, suspended or terminated by Tupperware at any time to the extent permitted by the Plan;

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(b) the grant of the Award is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Awards, or benefits in lieu of Awards, even if Awards have been granted in the past;

(c) all decisions with respect to future Award grants, if any, will be at the sole discretion of Tupperware;

(d) the Award and the Participant’s participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with Tupperware, the Employer or any other Subsidiary or affiliate of Tupperware and shall not interfere with the ability of Tupperware, the Employer, or any Subsidiary or affiliate of Tupperware, as applicable, to terminate the Participant’s employment or service relationship (if any);

(e) the Participant is voluntarily participating in the Plan;

(f) the Award and the underlying Shares, and the income from and value of same, are not intended to replace any pension rights or compensation;

(g) the Award and the underlying Shares, and the income from and value of same, are not part of normal or expected compensation or salary for any purposes, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, holiday top-up, pension or retirement or welfare benefits or similar mandatory payments;

(h) unless otherwise agreed in writing with Tupperware, the Award and the underlying Shares, and the income from and value of same, are not granted as consideration for, or in connection with, the service that the Participant may provide as a director of a Subsidiary or affiliate of Tupperware;

(i)  the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty;

(j) no claim or entitlement to compensation or damages shall arise from forfeiture of the Award or the recovery of Shares or cash acquired pursuant to the Award resulting from the termination of the Participant’s employment or other service relationship (regardless of the reason for the termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment or service agreement, if any) and/or the application of any recovery policy as described in Sections 7, 12 and 13 hereof or any recovery or clawback policy otherwise required by law;

(k) unless otherwise provided in the Plan or by Tupperware in its discretion, the Award and the benefits evidenced by this Agreement do not create any entitlement to have the Award or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

        (l) the Participant acknowledges and agrees that neither Tupperware, nor the Employer nor any Subsidiary or affiliate of Tupperware shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency (if not the United States Dollar) and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to the Participant pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired upon settlement;

(m) the Participant acknowledges and consents to any and all actions taken by Tupperware and its Subsidiaries, as may be required to allow Tupperware and its Subsidiaries to comply with local laws, rules and regulations in the Participant’s country of residence (and country of employment, if different); and

(n) the Participant acknowledges and agrees to take any and all actions as may be required to comply with the Participant’s personal legal and tax obligations under local laws, rules and regulations in his or her country of residence (and country of employment, if different).

10. Nontransferability. The Restricted Stock Units are nontransferable. If the Participant purports to make any transfer of the Restricted Stock Units, the Restricted Stock Units and all rights thereunder shall terminate immediately.

11. No Advice Regarding Grant. Tupperware is not providing any tax, legal or financial advice, nor is Tupperware making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant should consult his or her own personal tax, legal and financial

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advisors regarding his or her participation in the Plan before taking any action related to the Plan. The Participant shall rely solely on such advisors and not on any statements or representations of Tupperware or any of its agents.

12. Protecting the Interests of Tupperware. During the Participant’s employment, and for a period of 12 months following employment, the Participant agrees not to (i) divulge information related to the operation of the business, (ii) seek or accept employment from a Competitor (defined for purposes of this provision as any other business or enterprise which is engaged in the sales of products or services similar to those of Tupperware or is engaged in the direct sales of products or services to the consuming public, or primarily to the business’ own sales force members), (iii) solicit, directly or indirectly, any actively employed employee (including persons who have been employees of Tupperware or its Subsidiaries or affiliates during the 12 months immediately before and after termination of the Participant) of Tupperware or its Subsidiaries or affiliates, (iv) solicit, directly or indirectly, any member of the independent sales force of Tupperware or its Subsidiaries or affiliates to become an employee or independent sales force member of a Competitor, or (v) copy or counterfeit, or assist another person in copying or counterfeiting, any Tupperware Brands product. The Participant agrees to return immediately following termination of employment, any and all documents and/or hardware or software items provided by Tupperware or its Subsidiaries or affiliates for the purpose of completing tasks associated with performing his or her role. Finally, the Participant acknowledges that Tupperware participates in a business that is highly competitive, and that acceptance of these terms is reasonable in light of the award of potential compensation, whether received or not, under this program. In addition to any equitable remedies that Tupperware may have with regard to this provision, a breach of this paragraph shall result in an immediate forfeiture of the Participant’s rights under this Award. The foregoing notwithstanding, nothing in this Agreement prohibits the Participant from (a) reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, (b) making other disclosures that are protected under the whistleblower provisions of federal law or regulation, or (c) applying for or receiving any monetary award from a whistleblower award program of any governmental agency or entity with respect to the furnishing of information to a governmental agency or entity. The Participant further understands and acknowledges that nothing contained in this Agreement limits the Participant’s ability under applicable United States Federal law to (a) disclose in confidence trade secrets or other confidential information to Federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or (b) disclose trade secrets or other confidential information in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

13. Violation of Terms and Recoupment. Any violation of the terms of Section 12 or default under any associated agreement shall result in an automatic termination and forfeiture of the underlying Award, and may lead Tupperware to take action to recoup damages caused by such violation.

14. Governing Law and Venue. The Award grant and the provisions of this Agreement are governed by, and subject to, the laws of the State of Delaware, as provided in the Plan. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of Delaware, agree that such litigation shall be conducted exclusively in the courts of Delaware, or the federal courts for the United States located in Delaware.

15. Electronic Delivery and Acceptance. Tupperware may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by Tupperware or another third party designated by Tupperware.

16. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

17. Notices. All notices hereunder to Tupperware shall be delivered or mailed to the Corporate Secretary of Tupperware at its headquarters office. All notices hereunder to the Participant shall be delivered personally or

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mailed to the Participant’s address as indicated on his or her online UBS account, unless the Participant notifies Tupperware in writing of a change of address at hrorl@tupperware.com.

18. Language. By accepting the Award, the Participant acknowledges and represents that he or she is proficient in the English language or has consulted with an advisor who is sufficiently proficient in English as to allow the Participant to understand the terms of this Agreement and any other document related to the Plan. If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of translated version is different from the English version, the English version shall control.

19.Insider Trading Restrictions/Market Abuse Laws. The Participant acknowledges that the Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, including the United States and (if different) the Participant’s country, his or her broker’s country and/or the country where the Shares are listed, which may affect the Participant’s ability to accept or otherwise acquire, or sell, attempt to sell or otherwise dispose of, Shares or rights to Shares (e.g., the Award) under the Plan or rights linked to the value of Shares (e.g., phantom awards, futures) during such times as the Participant is considered to have “inside information” regarding Tupperware (as defined by the laws or regulations in the applicable jurisdictions, including the United States and the Participant’s country of residence) or the trade in Shares or the trade in rights to Shares under the Plan. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant places before he or she possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party and (ii) “tipping” third parties or otherwise causing them to buy or sell securities; including “third parties” who are fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Tupperware insider trading policy. The Participant is responsible for ensuring compliance with any applicable restrictions and should consult his or her personal legal advisor on this matter. For the avoidance of doubt, under the terms of this Agreement, the Award may not be sold, assigned, transferred, pledged or otherwise encumbered, except as provided in Section 8 of this Agreement in the event of the Participant’s death.

20. Foreign Asset/Account Reporting Requirements; Exchange Controls; and/or Tax Reporting. The Participant’s country may have certain foreign asset and/or account reporting requirements, exchange controls and/or tax reporting requirements which may affect the Participant’s ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside the Participant’s country. The Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country of residence and/or to pay and/or report applicable taxes due in connection with the Award on his or her own behalf. The Participant also may be required to repatriate sale proceeds or other funds received as a result of the Participant’s participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. The Participant acknowledges that it is his or her responsibility to be aware of and compliant with such regulations, and the Participant should consult his or her personal legal advisor for any details.

21. Appendix. Notwithstanding any provisions in this Agreement, the Award shall be subject to any additional terms and conditions set forth in any Appendix to this Agreement for the Participant’s country. Moreover, if the Participant relocates to one of the countries included in the Appendix, the additional terms and conditions for such country shall apply to the Participant, to the extent that Tupperware determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

22. Imposition of Other Requirements. Tupperware reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Award and on any Shares acquired under the Plan, to the extent that Tupperware determines it is necessary or advisable for legal or administrative reasons and to require the Participant to sign any additional agreement or undertaking that may be necessary to accomplish the foregoing.

23. Compliance with Law. Notwithstanding any other provision of the Plan or this Agreement, unless there is an available exemption from any registration, qualification or other legal requirement applicable to the Shares,

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Tupperware shall not be required to deliver any Shares issuable upon settlement of the Restricted Stock Units prior to the completion of any registration or qualification of the Shares under any U.S. or non-U.S. local, state or federal securities, exchange control or other law or under rulings or regulations of the United States Securities and Exchange Commission or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any U.S. or non-U.S. local, state or federal governmental agency, which registration, qualification or approval Tupperware shall, in its absolute discretion, deem necessary or advisable. The Participant understands that Tupperware is under no obligation to register or qualify the Shares with the United States Securities and Exchange Commission or any other U.S. or non-U.S. securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, Tupperware shall have unilateral authority to amend the Plan and this Agreement without the Participant’s consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares.

24. Waiver. The Participant acknowledges that a waiver by Tupperware of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or any subsequent breach by the Participant or any other participant.

25. Code Section 409A. This Award is intended to be exempt from or comply with Code Section 409A (or any successor provision of the Code), and shall be interpreted and construed accordingly and each payment hereunder shall be considered a separate payment for such purpose. To the extent this Agreement provides for the Award to become vested and be settled upon the Participant’s termination of employment, the underlying Shares shall be transferred to the Participant or his or her beneficiary upon the Participant’s “separation from service,” within the meaning of Code Section 409A (or any successor provision of the Code). Notwithstanding any other provision in this Award, to the extent any payments hereunder constitute nonqualified deferred compensation, within the meaning of Code Section 409A (or any successor provision of the Code), then (a) each such payment which is conditioned upon Participant’s execution of a release and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, shall be paid or provided in the later of the two taxable years and (b) if Participant is a “specified employee” (within the meaning of Code Section 409A (or any successor provision of the Code)) as of the date of Participant’s separation from service, each such payment that is payable upon Participant’s separation from service and would have been paid prior to the six-month anniversary of Participant’s separation from service, shall be delayed until the earlier to occur of (i) the first day of the seventh month following Participant’s separation from service or (ii) the date of Participant’s death. Although this Section 25 and any payments provided hereunder are intended to be exempt from or to otherwise comply with the requirements of Code Section 409A (or any successor provision of the Code), Tupperware does not represent or warrant that this Section 25 or the payments provided hereunder will comply with Code Section 409A (or any successor provision of the Code) or any other provisions of U.S. or non-U.S. federal, state or local law. Neither Tupperware, nor the Employer nor any Subsidiary or affiliate of Tupperware nor their respective directors, officers, employees or advisers shall be liable to the Participant (or any other individual claiming a benefit through the Participant) for any tax, interest, or penalties the Participant may owe as a result of compensation paid under this Agreement, and Tupperware, its Subsidiaries and the Employer shall have no obligation to indemnify or otherwise protect the Participant from the obligation to pay any taxes pursuant to Code Section 409A (or any successor provision of the Code).

The parties confirm this Agreement effective as of the Date of Grant and have executed it on the date it was accepted online.

Tupperware Brands Corporation    

Karen M. Sheehan   

Executive Vice President,   

Chief Legal Officer and Secretary

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[Appendix of special terms and conditions follows]

APPENDIX OF SPECIAL TERMS AND CONDITIONS FOR

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TUPPERWARE BRANDS CORPORATION

2019 INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

TERMS AND CONDITIONS

This Appendix includes additional terms and conditions that govern the grant of Restricted Stock Units under the Plan if the Participant is or becomes subject to the laws of any of the countries listed below. Certain capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan and/or the Restricted Stock Unit Agreement.

NOTIFICATIONS

This Appendix also contains notifications relating to exchange control and certain other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the exchange control, securities or other laws or regulations in effect in the countries listed in this Appendix as of February 2020. Such laws are often complex and change frequently. Because the information may be outdated when the Participant vests in the Award and acquires Shares or cash, or when the Participant subsequently sells Shares acquired under the Plan, Tupperware strongly recommends that the Participant not rely on the notifications provided in this Appendix as the only source of information relating to the participation in the Plan.

In addition, the notifications are general in nature and may not apply to the Participant’s particular situation, and Tupperware is not in a position to assure the Participant of any particular result. Accordingly, the Participant should seek appropriate professional advice as to how relevant laws in the Participant’s country may apply to the Participant’s particular situation. Finally, if the Participant is a citizen or resident of a country other than the one in which he or she is currently working and/or residing, is considered a resident of another country for local law purposes or transfers employment and/or moves to a different country after the Date of Grant, the information contained in this Appendix may not be applicable to the Participant and Tupperware shall, in its sole discretion, determined to what extent the terms and conditions or notifications contained herein shall be applicable to the Participant.

ARGENTINA

TERMS AND CONDITIONS

Nature of Grant. The following provision supplements Section 9 of this Agreement:

The Participant acknowledges and agrees that the grant of the Award is made by Tupperware (not by the Employer) in its sole discretion and that the value of the Restricted Stock Units or any Shares acquired under the Plan shall not constitute salary or wages for any purpose under Argentine labor law, including, but not limited to, the calculation of (i) any labor benefits including, without limitation, vacation pay, thirteenth-month salary, compensation in lieu of notice, annual bonus, disability, and leave of absence payments, etc., or (ii) any termination or severance indemnities or similar payments. The Participant acknowledges and agrees that if, notwithstanding the foregoing, any benefits under the Plan are considered as salary or wages for any purpose under Argentine labor law, such benefits shall not accrue more frequently than on an annual basis.

NOTIFICATIONS

Securities Law Notification. Neither the Restricted Stock Units nor the issuance of the Shares are publicly offered or listed on any stock exchange in Argentina and, as a result, have not been and will not be registered with the Argentine Securities Commission (Comisión Nacional de Valores, “CNV”). Neither this nor any other offering material related to the Award or the underlying Shares may be utilized in connection with any general offering to

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the public in Argentina. Argentine residents who acquire Shares under the Plan do so according to the terms of a private offering made from outside Argentina.

Exchange Control Information. Following the sale of Shares or receipt of dividends paid on Shares, the Argentine bank handling the transaction may request certain documentation in connection with the Participant’s request to transfer proceeds into Argentina, including evidence of the sale or dividend payment and proof of the source of funds used to acquire Shares. The Participant is solely responsible for complying with the exchange control rules that may apply in connection with participation in the Plan and/or the transfer of proceeds acquired under the Plan into Argentina. Prior to transferring proceeds into Argentina, the Participant should consult the local bank and/or a personal legal advisor to confirm the exchange control rules and required documentation for any transfer of funds into or out of Argentina, as interpretations of the applicable Central Bank regulations vary by bank, and exchange control rules and regulations are subject to change without notice.

Foreign Asset/Account Reporting Information. Certain information regarding Shares acquired under the Plan and held outside Argentina as of December 31st of each year must be reported to the Argentine tax authorities on the Participant’s annual tax return for that year.

Bank Tax. Proceeds transferred into Argentina may be subject to the Tax on Checking Accounts (“Bank Tax”), which is imposed on funds transferred to or from bank accounts in Argentina. The Participant should speak with a personal tax advisor to determine the Participant’s obligations with respect to the Bank Tax and whether the Participant may be eligible for an exemption from the Bank Tax.

AUSTRALIA

Notifications

Australian Offer Document. The Award is intended to comply with the provisions of the Corporations Act 2001, Australian Securities and Investments Commission (“ASIC”) Regulatory Guide 49 and ASIC Class Order CO 14/1000. Additional details are set forth in the Australian Offer Document, which is provided to Participants along with this Agreement.

Tax Information. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act).

AUSTRIA

NOTIFICATIONS

Foreign Asset/Account Reporting Information. If the Participant holds Shares obtained through the Plan outside of Austria, the Participant may be required to submit a report to the Austrian National Bank. An exemption applies if the value of the Shares as of any given quarter does not meet or exceed €30,000,000 or, as of December 31, does not meet or exceed €5,000,000. If the former threshold is met or exceeded, quarterly obligations are imposed, whereas, if the latter threshold is met or exceeded, annual reporting obligations are imposed. The quarterly reporting date is as of the last day of the respective quarter; the deadline for filing the quarterly report is the 15th day of the month following the end of the respective quarter. The annual reporting date is December 31 and the deadline for filing the annual report is January 31 of the following year.

When Shares are sold, there may be exchange control obligations if the cash received is held outside Austria. If the transaction volume of all the Participant’s accounts abroad exceeds €10,000,000, the movements and balances of all accounts must be reported monthly, as of the last day of the month, on or before the 15^th day of the following month.

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BELGIUM

NOTIFICATIONS

Foreign Asset/Account Reporting Information. Any security or bank account (including brokerage accounts) maintained outside of Belgium must be reported on the Belgian annual tax return. In a separate report, certain details regarding such foreign accounts (including the account number, bank name and country in which any such account was opened) must be provided to the Central Contact Point of the National Bank of Belgium. The forms to complete this report are available on the website of the National Bank of Belgium.

Stock Exchange Tax Information. A stock exchange tax applies to transactions executed by a Belgian resident through a non-Belgian financial intermediary, such as a U.S. broker. The stock exchange tax likely will not apply when the Restricted Stock Units vest, but likely will apply when Shares are sold. The Participant should consult with a personal tax or financial advisor for additional details on the Participant’s obligations with respect to the stock exchange tax.

BRAZIL

TERMS AND CONDITIONS

Compliance with Law. In accepting the Award, the Participant acknowledges his or her agreement to comply with all applicable Brazilian laws and to report and pay any and all applicable tax associated with the Restricted Stock Units, the receipt of any dividends paid on such Shares and the sale of the Shares acquired under the Plan.

Nature of Grant. The following provision supplements Section 9 of this Agreement:

The Participant agrees that, for all legal purposes, (a) the benefits provided to the Participant under the Plan are the result of commercial transactions unrelated to the Participant’s employment; (b) the Plan is not a part of the terms and conditions of the Participant’s employment; and (c) the income from the Award and the underlying Shares, if any, is not part of the Participant’s remuneration from employment.

By accepting the Award, the Participant further agrees that (i) he or she is making an investment decision and (ii) the value of the underlying Shares is not fixed and may increase or decrease in value over the vesting period without compensation to the Participant.

NOTIFICATIONS

Foreign Asset/Account Reporting Information. If the Participant holds assets and rights outside Brazil with an aggregate value equal to or in excess of US$100,000, he or she will be required to prepare and submit to the Central Bank of Brazil an annual declaration of such assets and rights, including: (i) bank deposits; (ii) loans; (iii) financing transactions; (iv) leases; (v) direct investments; (vi) portfolio investments, including Shares acquired under the Plan; (vii) financial derivatives investments; and (viii) other investments, including real estate and other assets. Please note that foreign individuals holding Brazilian visas are considered Brazilian residents for purposes of this reporting requirement and must declare at least the assets held abroad that were acquired subsequent to the date of admittance as a resident of Brazil. Individuals holding assets and rights outside Brazil valued at less than US$100,000 are not required to submit a declaration. Please note that the US$100,000 threshold may be changed annually.

Tax on Financial Transactions (IOF). Payments to foreign countries and repatriation of funds into Brazil and the conversion of BRL to USD associated with such fund transfers may be subject to the Tax on Financial Transactions (IOF). It is the Participant’s responsibility to comply with any applicable Tax on Financial Transactions arising from participation in the Plan.

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BULGARIA

Exchange Control Information. The Participant must file statistical forms annually with the Bulgarian National Bank regarding his or her receivables in foreign bank accounts as well as securities held abroad (e.g., Shares acquired under the Plan) if the total sum of all such receivables and securities equals or exceeds a specified threshold (currently BGN 50,000) as of the previous calendar year-end. In addition, any payment to or from abroad related to the Plan in excess of BGN 100,000 requires the Participant to provide the bank processing the transaction a specific statistical form regarding the source of the income prior to ordering a payment or within thirty (30) days of receiving notice from the bank that a payment has been credited to the Participant’s account. The Participant is personally responsible for complying with applicable exchange control requirements in Bulgaria.

CANADA

TERMS AND CONDITIONS

Settlement of Restricted Stock Units. Notwithstanding any discretion in the Plan, the Restricted Stock Units shall be settled only in Shares. The Participant shall not be entitled to receive a cash payment upon vesting of the Restricted Stock Units.

Impact of Certain Events. The following provision replaces the last paragraph of Section 8 of the Agreement:

The termination of the Participant’s employment or service relationship will be deemed to occur (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or providing services, or the terms of the Participant’s employment or service agreement, if any) as of the earliest of: (a) the date that the Participant’s employment or service relationship with Tupperware or one of its Subsidiaries or affiliates is terminated; (b) the date that the Participant receives notice of termination of the Participant’s employment or service relationship; and (c) the date that the Participant is no longer actively providing services to Tupperware or any of its Subsidiaries or affiliates, regardless of any notice period or period of pay in lieu of such notice required under applicable employment law in the jurisdiction where the Participant is employed or providing services or the terms of the Participant’s employment or service agreement, if any. Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to vesting during a statutory notice period, the Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate effective as of the last day of the Participant’s minimum statutory notice period, but the Participant will not earn or be entitled to pro-rated vesting if the vesting date falls after the end of such statutory notice period, nor will the Participant be entitled to any compensation for lost vesting.

The following provisions apply to residents of Quebec:

Language Consent. The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Consentement Relatif à la Langue. Les parties reconnaissent avoir expressement souhaité que la convention « Agreement » ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou lié, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.

NOTIFICATIONS

Securities Law Notification. Shares acquired under the Plan may not be sold or otherwise disposed of within Canada. The Participant may sell the Shares acquired under the Plan only through UBS or such other stock plan

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service provider selected by Tupperware in the future, provided the sale of Shares takes place outside of Canada through the facilities of a stock exchange on which the Shares are traded. The Shares are currently traded on the NYSE.

Foreign Asset/Account Reporting Notification. Specified foreign property, including shares and rights to receive shares (e.g., stock options, restricted stock units) of a non-Canadian company held by a Canadian resident must generally be reported annually on a Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign property exceeds C$100,000 at any time during the year. Thus, the Restricted Stock Units must be reported (generally at a nil cost) if the C$100,000 cost threshold is exceeded because of other specified foreign property held by the Participant. When Shares are acquired, their cost generally is the adjusted cost base (“ACB”) of the Shares. The ACB would ordinarily equal the fair market value of the Shares at the time of acquisition, but if the Participant owns other Shares, this ACB may have to be averaged with the ACB of the other Shares. The Participant should consult a personal tax advisor to ensure compliance with applicable reporting obligations.

CHINA

TERMS AND CONDITIONS

Delivery of Shares or Cash. The following provision supplements Section 4 of this Agreement:

Due to exchange control regulations in China, Awards will be settled only in cash and the Participant will not be entitled to Shares when the Restricted Stock Units vest. The cash will be paid through the Participant’s local payroll less any Tax-Related Items.

COLOMBIA

Terms and Conditions

Labor Law Acknowledgement. The following provision supplements Section 9 of this Agreement:

The Participant acknowledges that pursuant to Article 128 of the Colombian Labor Code, the Plan and related benefits do not constitute a component of the Participant’s “salary” for any purpose. Therefore, they will not be included and/or considered for purposes of calculating any labor benefits, such as legal/fringe benefits, vacations, indemnities and/or any other labor-related amount which may be payable.

NOTIFICATIONS

Securities Law Information. The Shares are not and will not be registered with the Colombian registry of publicly traded securities (Registro Nacional de Valores y Emisores) and therefore the Shares may not be offered to the public in Colombia. Nothing in this Agreement should be construed as making a public offer of securities or promoting financial products in Colombia.

Exchange Control Information.Investments in assets located outside of Colombia (including Shares) are subject to registration with the Central Bank (Banco de la República) as foreign investments held abroad, regardless of value. If Shares are sold immediately upon receipt, no registration is required because no Shares are held abroad. When Shares that have been registered with the Central Bank are sold, the registration must be cancelled by March 31 of the year following the sale. All proceeds resulting from the sale of Shares and any dividends or dividend equivalent payments received in relation to the Award or the Shares must be transferred back through the Colombian foreign exchange market (e.g., local banks), which includes the obligation to correctly complete and file the appropriate foreign exchange form (declaración de cambio). It is the Participant’s responsibility to comply with Colombian exchange control requirements. Fines may apply for failure to do so.

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Foreign Asset/Account Reporting Information. An annual informative return must be filed with the Colombian Tax Office detailing any assets held abroad (including Shares acquired under the Plan). If the individual value of any of these assets exceeds a certain threshold, each asset must be described in detail, including the jurisdiction in which it is located, its nature and its value.

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CZECH REPUBLIC

NOTIFICATIONS

Exchange Control Information. The Czech National Bank (“CNB”) may require the Participant to fulfill certain notification duties in relation to the Award and the opening and maintenance of a foreign account. Even in the absence of a request from the CNB, the Participant may need to report foreign direct investments with an aggregate value of CZK 2,500,000 or more or other foreign financial assets with a value of CZK 200,000,000 or more. However, because exchange control regulations change frequently and without notice, the Participant is advised to consult his or her personal legal advisor prior to the vesting of any of the Restricted Stock Units to ensure compliance with current regulations. The Participant is solely responsible for ensuring compliance with exchange control laws in the Czech Republic.

FRANCE

TERMS AND CONDITIONS

Language Consent. By accepting this Agreement, the Participant confirms that he or she has read and understood the documents relating to the Award (i.e., the Plan and this Agreement, including this Appendix), which were provided in the English language. The Participant accepts the terms of these documents accordingly.

Consentement relatif à la langue utilisée. En acceptant l’attribution des Droits (« Restricted Stock Units »), le Participant confirme qu’il ou qu’elle a lu et compris les documents relatifs a l’attribution (i.e., le Plan et le Contract, ainsi que la présente Annexe) qui ont été remis en langue anglaise. Le Participant accepte les termes de ces documents en connaissance de cause.

NOTIFICATIONS

Tax Information. The Restricted Stock Units are not intended to qualify for special tax and social security treatment applicable to Restricted Stock Units granted under Section L.225-197-1 to L.225-197-6 of the French Commercial Code, as amended.

Foreign Asset/Account Reporting Information. All Shares held outside of France and any foreign bank and brokerage accounts (including any accounts that were opened or closed during the tax year) must be reported on an annual basis on form No. 3916, together with the personal income tax return. Failure to complete this reporting may trigger penalties. Additional monthly reporting obligations may apply to foreign account balances exceeding certain thresholds.

GERMANY

NOTIFICATIONS

Exchange Control Information. Cross-border payments in excess of €12,500 must be reported monthly to the Deutsche Bundesbank (the German Central Bank). The Participant is responsible for complying with the reporting obligation and should file the report electronically by the fifth day of the month following the month in which the payment is made. A copy of the form can be accessed via the Deutsche Bundesbank’s website at www.bundesbank.de and is available in both German and English. However, if the Participant uses a German commercial bank to effectuate such cross-border payment, the bank will make the report on the Participant’s behalf.

GREECE

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There are no country-specific provisions.

INDIA

NOTIFICATIONS

Exchange Control Information. Exchange control laws and regulations in India require that all proceeds resulting from the sale of Shares and any dividends or dividend equivalent payments received in relation to the Award or the Shares must be repatriated to India and converted into local currency within such period of time as may be required under applicable Indian exchange control laws and regulations, as may be amended from time to time. Indian residents must obtain a foreign inward remittance certificate (“FIRC”) from the bank into which the foreign currency is deposited and retain the FIRC as evidence of the repatriation of funds in the event that the Reserve Bank of India or the Employer requests proof of repatriation.

Foreign Asset/Account Reporting Information. Foreign bank accounts and any foreign financial assets (including Shares held outside India) must be reported in the annual Indian personal tax return.  It is the Participant’s responsibility to comply with this reporting obligation and the Participant should consult his or her personal advisor in this regard as significant penalties may apply in the case of non-compliance with foreign asset/account requirements and because such requirements may change.

INDONESIA

TERMS AND CONDITIONS

Language Consent and Notification. By accepting the Restricted Stock Units, the Participant (i) confirms having read and understood the documents relating to the grant (i.e., the Plan and the Agreement) which were provided in the English language, (ii) accepts the terms of those documents accordingly, and (iii) agrees not to challenge the validity of this document based on Law No. 24 of 2009 on National Flag, Language, Coat of Arms and National Anthem or the implementing Presidential Regulation (when issued).

Persetujuan dan Pemberitahuan Bahasa. Dengan menerima pemberian Unit Saham Terbatas ini, Peserta (i) memberikan konfirmasi bahwa dirinya telah membaca dan memahami dokumen-dokumen berkaitan dengan pemberian ini (yaitu, Program dan Perjanjian) yang disediakan dalam Bahasa Inggris, (ii) menerima persyaratan di dalam dokumen-dokumen tersebut, dan (iii) setuju untuk tidak mengajukan keberatan atas keberlakuan dari dokumen ini berdasarkan Undang-Undang No. 24 Tahun 2009 tentang Bendera, Bahasa dan Lambang Negara serta Lagu Kebangsaan ataupun Peraturan Presiden sebagai pelaksanaannya (ketika diterbitkan).

NOTIFICATIONS

Exchange Control Information. Indonesian residents must report their worldwide assets (including foreign accounts and Shares acquired under the Plan) in their annual individual income tax return. In addition, Indonesian residents must provide the Indonesian central bank, Bank Indonesia, with information on any change in position of a foreign asset (including Shares acquired under the Plan). The filing should be completed online through Bank Indonesia’s website no later than the 15th day of the month following the applicable activity.

For foreign currency transactions, there is a statistical reporting requirement when the Indonesian Bank is receiving Rupiah or foreign currency (e.g., proceeds from the sale of Shares acquired under the Plan, dividends and dividend equivalents). For the purpose of submitting the report to Bank Indonesia, the Indonesian bank executing the transaction will request information and/or supporting documents from the Participant and he or she must provide the requested information and/or supporting documents to the bank.

ITALY

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TERMS AND CONDITIONS

Acknowledgment of Nature of Plan and the Award. By accepting the Award, the Participant acknowledges that (1) the Participant has received a copy of the Plan and this Agreement, including this Appendix; (2) the Participant has reviewed those documents in their entirety and fully understands the contents thereof; and (3) the Participant accepts all provisions of the Plan and this Agreement, including this Appendix. The Participant further acknowledges that he or she has read and specifically and explicitly approves, without limitation, the following provisions of this Agreement: (a) Section 1, “Restricted Stock Unit Award”; (b) Section 2, “Restriction Period”; (c) Section 3, “Stockholder Rights”; (d) Section 4, “Delivery of Shares or Cash”, (e) Section 5, “Taxes”; (f) Section 6, “Data Transfer and Privacy”; (g) Section 7, “Recovery of Award”; (h) Section 8, “Impact of Certain Events”; (i) Section 9, “Nature of Grant”; (j) Section 12, “Protecting the Interests of Tupperware”; (k) Section 13, “Violation of Terms and Recoupment” (l) Section 14, “Governing Law and Venue”; (m) Section 15, “Electronic Delivery and Acceptance”; (n) Section 16, “Severability”; (o) Section 19, “Insider Trading Restrictions/Market Abuse Laws”; (p) Section 22, “Imposition of Other Requirements”; (q) Section 23, “Compliance with Law”; and (q) Section 24, “Waiver.”

NOTIFICATIONS

Foreign Asset/Account Reporting Information. Italian residents who, during the fiscal year, hold investments abroad or foreign financial assets (e.g., cash, Shares, the Award) that may generate income taxable in Italy are required to report them on their annual tax returns (UNICO Form, RW Schedule) or on a special form if no tax return is due. The same reporting obligations apply to Italian residents who, even if they do not directly hold investments abroad or foreign financial assets (e.g., cash, Shares or the Award), are beneficial owners of the investment pursuant to Italian money laundering provisions.

Tax on Foreign Financial Assets. The fair market value of any Shares held outside of Italyis subject to a foreign assets tax. The fair market value is considered to be the value of the shares on the NYSE on December 31 of each year or on the last day the Participant held the Shares (the tax is levied in proportion to the number of days Shares were held during the calendar year). The tax is not payable if the amount of all financial assets held abroad does not exceed a certain threshold. The Participant should consult with his or her personal tax advisor about the foreign financial assets tax.

JAPAN

NOTIFICATIONS

Foreign Asset Reporting Information.  Details of assets held outside Japan (e.g., Shares) with a total value exceeding ¥50,000,000 (as of December 31 each year) must be reported annually to the tax authorities. The report will be due March 15 of the following year. The Participant should consult with his or her personal tax advisor in Japan to ensure compliance with these obligations.

MALAYSIA

TERMS AND CONDITIONS

Data Transfer and Privacy. The following provision replaces Section 6 of this Agreement:

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The Participant hereby explicitly, voluntarily and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this Appendix and any other grant materials by and among, as applicable, the Employer, Tupperware (or any Subsidiary or affiliate) and any third parties authorised by the same in assisting in the implementation, administration and management of the Participant’s participation in the Plan.  The Participant understands that Tupperware and the Employer may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, email address, date of birth, social insurance number (to the extent permitted under Malaysian law), passport number or other identification number, salary, nationality, job title, any Shares or directorships held in Tupperware, the fact and conditions of the Participant’s participation in the Plan, details of all Restricted Stock Units or equivalent benefits and any other entitlement to Shares awarded, cancelled, exercised, vested, unvested, purchased or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. The source of Data is the Participant’s Employer as well as information which the Participant is providing to Tupperware and the Employer in connection with the Plan including this Appendix. The Participant also authorizes any transfer of Data, as may be required, to UBS or such other stock plan service provider as may be selected by Tupperware in the future, which is assisting Tupperware with the implementation, administration and management of the Plan and/or with whom any Shares acquired upon vesting of the Restricted Stock Units are deposited.  The Participant acknowledges that these recipients may be located in the Participant’s country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the Participant’s country, which may not give the same level of protection to Data.  The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of Data by contacting the Participant’s local human resources representative. The Participant authorizes Tupperware, UBS and any other possible recipients which may assist Tupperware (presently or in the future) with implementing, administering and managing the Participant’s participation in the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Participant’s participation in the Plan, including any requisite transfer of such Data to a broker, escrow agent or other third party with whom the Participant may elect to deposit any Shares acquired upon vesting of the Restricted Stock Units. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting the Participant’s local human resources representative, whose contact details are Kathy Chong, Senior HR Executive, Tupperware Malaysia, No. 6 Jalan SS 13/4, Subang Jaya Industrial Estate, 47500 Subang Jaya, Selangor, Malaysia.  Further, the Participant understands that he or she is providing the consents herein on a purely voluntary basis.  If the Participant does not consent, or if the Participant later seeks to revoke consent, the Participant’s employment or service with Tupperware and/or the Employer will not be affected; the only consequence of refusing or withdrawing consent is that Tupperware would not be able to grant future Restricted Stock Units or other equity awards to the Participant or administer or maintain such awards.  Therefore, the Participant understands that refusing or withdrawing consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative.  Peserta dengan ini secara eksplisit, sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya seperti yang diterangkan dalam Lampiran dan apa-apa bahan geran oleh dan di antara, seperti mana yang terpakai, Majikan, Tupperware (atau anak syarikat atau syarikat sekutu) dan mana-mana pihak ketiga yang diberi kuasa oleh yang sama dalam membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Peserta dalam Pelan. Peserta memahami bahawa Tupperware dan Majikan mungkin memegang maklumat peribadi tertentu tentang Peserta, termasuk, tetapi tidak terhad kepada, nama Peserta, alamat rumah dan nombor telefon, alamat emel, tarikh lahir, nombor insurans sosial (setakat yang dibenarkan dibawah undang-undang Malaysia), nombor pasport, atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa Saham atau jawatan pengarah yang dipegang dalam Tupperware, fakta dan syarat-syarat mengenai penyertaan Peserta dalam Pelan, butir-butir tentang semua Unit Saham Terbatas atau manfaat yang bersamaan dan apa-apa hak lain untuk Saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak, dibeli ataupun yang belum dijelaskan bagi faedah Peserta (“Data”), untuk tujuan ekslusif bagi melaksanakan, mentadbir dan menguruskan Pelan tersebut. Sumber Data adalah daripada Majikan Peserta dan juga maklumat dimana Peserta menyediakan kepada Tupperware dan Majikan berhubung dengan Pelan tersebut termasuk Lampiran ini.   Peserta juga memberi kuasa mengenai apa-apa pemindahan Data, yang mungkin diperlukan, kepada UBS atau pembekal perkhidmatan pelan saham yang mungkin dipilih oleh Tupperware pada masa depan, yang membantu Tupperware dengan pelaksanaan, pentadbiran dan pengurusan Pelan dan/atau dengan siapa sahaja Saham yang diperolehi semasa peletakan hak Unit Saham Terbatas didepositkan. Peserta mengakui bahawa penerima-penerima ini mungkin berada di negara Peserta atau mana-mana tempat lain, dan bahawa negara penerima mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza berbanding dengan negara Peserta, yang mungkin tidak memberi tahap perlindungan Data yang sama. Peserta memahami bahawa Peserta boleh meminta satu senarai yang mengandungi nama dan alamat penerima-penerima Data yang berpotensi dengan menghubungi wakil sumber manusia tempatan Peserta. Peserta memberi kuasa kepada Tupperware, UBS, dan mana-mana penerima-penerima lain yang mungkin membantu Tupperware (pada masa sekarang atau pada masa depan) dengan melaksanakan, mentadbir dan mengurus penyertaan Peserta dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan, termasuk apa-apa pemindahan data yang diperlukan kepada broker, egen eskrow atau pihak ketiga yang lain dengan sesiapa yang Peserta pilih untuk deposit apa-apa Saham yang diperoleh selepas peletakan hak Unit Saham Terbatas. Peserta memahami bahawa Data hanya akan disimpan untuk tempoh yang perlu bagi melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan. Peserta memahami bahawa dia boleh, pada bila-bila masa, melihat Data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi wakil sumber manusia tempatan Peserta, dimana butir-butir hubungan adalah Kathy Chong, Senior HR Executive, Tupperware Malaysia, No. 6 Jalan SS 13/4, Subang Jaya Industrial Estate, 47500 Subang Jaya, Selangor, Malaysia. Selanjutnya, Peserta memahami bahawa dia telah memberikan persetujuan di sini secara sukarela. Jika Peserta tidak bersetuju, atau jika Peserta kemudian membatalkan persetujuan, pekerjaan atau perkhidmatan Peserta dengan Tupperware dan / atau Majikan tidak akan terjejas; satu-satu akibatnya jika tidak bersetuju atau menarik balik persetujuan adalah bahawa Tupperware tidak akan dapat memberikan Unit Saham Terbatas atau anugerah ekuiti yang lain kepada Peserta pada masa hadapan atau mentadbir atau mengekalkan anugerah tersebut. Oleh itu, Peserta memahami bahawa keengganan atau penarikan balik persetujuan boleh menjejaskan keupayaan Peserta untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganan Peserta untuk memberikan persetujuan atau penarikan balik persetujuan, Peserta memahami bahawa dia boleh menghubungi wakil sumber manusia tempatannya.

NOTIFICATIONS

Director Notification Obligation. If the Participant is a director of Tupperware’s Malaysian Subsidiary or affiliate, the Participant is subject to certain notification requirements under the Malaysian Companies Act. Among these requirements is an obligation to notify the Malaysian Subsidiary or affiliate in writing when the Participant receives or disposes of an interest (e.g., an Award under the Plan or Shares) in Tupperware or any related company. Such notifications must be made within 14 days of receiving or disposing of any interest in Tupperware or any related company.

MEXICO

TERMS AND CONDITIONS

Nature of Grant. The following provisions supplement Section 9 of this Agreement:

Acknowledgement of the Grant. In accepting the Award, the Participant acknowledges that the Participant has received a copy of the Plan and this Agreement, including this Appendix, has reviewed the Plan and this Agreement, including this Appendix, in their entirety and fully understands and accepts all provisions of the Plan and this Agreement, including this Appendix. The Participant further acknowledges that the Participant has read and specifically and expressly approves the terms and conditions of Section 9 of this Agreement, in which the following is clearly described and established:

        (1)  The Participant’s participation in the Plan does not constitute an acquired right.

(2)  The Plan and the Participant’s participation in the Plan are offered by Tupperware on a wholly discretionary basis.

        (3)  The Participant’s participation in the Plan is voluntary.

(4) Neither Tupperware nor any Subsidiary or affiliate of Tupperware is responsible for any decrease in the value of the Restricted Stock Units granted and/or Shares issued under the Plan.

Labor Law Acknowledgment and Policy Statement. In accepting the Award, the Participant expressly recognizes that Tupperware, with registered offices at 14901 S. Orange Blossom Trail, Orlando, Florida, 32837, U.S.A., is solely responsible for the administration of the Plan and that the Participant’s participation in the Plan and purchase of Shares does not constitute an employment relationship between the Participant and Tupperware since the Participant is participating in the Plan on a wholly commercial basis and the Participant’s sole employer is either Tupperware Brands Mexico, S. de R.L. de C.V. (“Tupperware Brands Mexico”), Dart, S.A. de C.V. (“Tupperware-Mexico”) or House of Fuller Holdings S. de R.L. de C.V. (“Fuller-Mexico”). Based on the foregoing, the Participant

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expressly recognizes that the Plan and the benefits that the Participant may derive from participation in the Plan do not establish any rights between the Participant and the Employer, Tupperware Brands Mexico, Tupperware-Mexico or Fuller Mexico, and do not form part of the conditions of the Participant’s employment and/or benefits provided by Tupperware Brands Mexico, Tupperware-Mexico or Fuller-Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of the Participant’s employment.

The Participant further understands that his or her participation in the Plan is as a result of a unilateral and discretionary decision of Tupperware; therefore, Tupperware reserves the absolute right to amend and/or discontinue the Participant’s participation in the Plan at any time, without any liability to the Participant.

Finally, the Participant hereby declares that the Participant does not reserve to himself or herself any action or right to bring any claim against Tupperware for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and the Participant therefore grants a full and broad release to Tupperware, its shareholders, officers, agents, legal representatives, and affiliates with respect to any claim that may arise.

Spanish Translation

TÉRMINOS Y CONDICIONES

Naturaleza del Otorgamiento: Las siguientes disposiciones complementan el Artículo 9 del Acuerdo:

Reconocimiento del Otorgamiento. Al aceptar el Premio, el Participante reconoce que ha recibido una copia del Plan y del Acuerdo, incluyendo este Apéndice, ha revisado el Plan y el Acuerdo, incluyendo este Apéndice, en su totalidad y plenamente comprende y acepta todas las disposiciones previstas en el Plan y el Acuerdo, incluyendo este Apéndice. Asimismo, el Participante reconoce que ha leído y específicamente y expresamente aprueba los términos y condiciones establecidos en la Sección 9 del Acuerdo, en el cual claramente se describe y establece lo siguiente:

        (1) La participación del Participante en el Plan no constituye un derecho adquirido.

(2)  El Plan y la participación del Participante en el Plan se ofrecen por Tupperware de forma completamente discrecional.

        (3)  La participación del Participante en el Plan es voluntaria.

        (4) Ni Tupperware ni sus subsidiarias o afiliadas son responsables por una reducción del valor de las Unidades de Acciones Restringidas y/o Acciones emitidas bajo el Plan.

Reconocimiento de la Legislación Laboral y Declaración de la Política. Al aceptar el Premio, el Participante expresamente reconoce que Tupperware, con domicilio ubicado en 14901 S. Orange Blossom Trail, Orlando, Florida, 32837, U.S.A., es el único responsable de la administración del Plan y que la participación del Participante en el Plan y compra de Acciones no constituye una relación de trabajo entre el Participante y Tupperware, toda vez que la participación del Participante en el Plan es de carácter comercial y el único patrón del Participante es Tupperware Brands Mexico, S. de R.L. de C.V. (“Tupperware Brands Mexico”), Dart, S.A. de C.V. (“Tupperware-México”) o House of Fuller S. de R.L. de C.V. (“Fuller-Mexico”). Derivado de lo anterior, el Participante expresamente reconoce que el Plan y los beneficios que el Participante obtenga por la participación en el Plan no establecen derecho alguno entre el Participante y el Patrón, Tupperware Brands Mexico, Tupperware-México o Fuller-Mexico, y no forman parte de las condiciones de los servicios del Participante y/o beneficios otorgados por Tupperware Brands Mexico, Tupperware-México o Fuller-Mexico y cualquier modificación del Plan o su terminación no constituyen un cambio o impedimento de los términos y condiciones del servicio del Participante.

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Asimismo, el Participante reconoce que su participación en el Plan es el resultado de una decisión unilateral y discrecional por parte de Tupperware, por lo que, Tupperware se reserva el derecho absoluto de modificar y/o dar por terminada la participación del Participante en el Plan en cualquier momento, sin responsabilidad alguna hacia el Participante.

Finalmente, el Participante manifiesta que no se reserva acción o derecho alguno que ejercitar en contra de Tupperware por cualquier daño o perjuicio en relación a las disposiciones del Plan o los beneficios establecidos en el mismo, por lo que, el Participante otorga el finiquito más amplio que en derecho proceda a Tupperware, sus accionistas, funcionarios, agentes, representantes legales y afiliados con respecto a cualquier demanda que pudiera surgir.

PHILIPPINES

TERMS AND CONDITIONS

Restricted Stock Units Settled in Cash. The following provision supplements Section 4 of this Agreement:

Due to securities restrictions in the Philippines, Awards will be settled in cash and the Participant will not be entitled to Shares when the Restricted Stock Units vest.

POLAND

NOTIFICATIONS

Exchange Control Information. Polish residents holding foreign securities (including Shares) and maintaining accounts abroad must report information to the National Bank of Poland on transactions and balances of the securities and cash deposited in such accounts if the value of such securities and cash (when combined with all other assets held abroad) exceeds PLN 7,000,000. If required, the reports must be filed on a quarterly basis on special forms available on the website of the National Bank of Poland. Any transfer of funds in excess of a specified threshold (currently €15,000 (or a lower threshold if such transfer of funds is connected with business activity of an entrepreneur)) must be effected through a bank account in Poland. The Participant should maintain evidence of such foreign exchange transactions for five years, in case of a request for their production by the National Bank of Poland.

PORTUGAL

TERMS AND CONDITIONS

Language Consent. The Participant hereby expressly declares that he or she has full knowledge of the English language and has read, understood and fully accepted and agreed with the terms and conditions established in the Plan and this Agreement.

Conhecimento da Lingua. O Contratado, pelo presente instrumento, declara expressamente que tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e concordou com os termos e condições estabelecidas no Plano e no Acordo de Atribuição (Agreement em inglês).

Notifications

Exchange Control Information. If the Participant receives Shares upon vesting of the Award, the acquisition of such shares should be reported to the Banco de Portugal for statistical purposes. If the Shares are deposited with a commercial bank or financial intermediary in Portugal, such bank or financial intermediary will submit the report

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on the Participant’s behalf. If the Shares are not deposited with a commercial bank or financial intermediary in Portugal, the Participant is responsible for submitting the report to the Banco de Portugal.

ROMANIA

TERMS AND CONDITIONS

Vesting Schedule. The following provision supplements Section 1 of this Agreement:

Notwithstanding anything to the contrary in the Agreement, no part of the Restricted Stock Unit Award will vest until the one-year anniversary of the Date of Grant.

Language Consent. By accepting the Restricted Stock Units Award, the Participant acknowledges that he or she is proficient in reading and understanding English or has consulted with an advisor who is sufficiently proficient in English as to allow the Participant to fully understand the terms of the documents related to the grant (this Agreement and the Plan), which were provided in the English language. The Participant accepts the terms of those documents accordingly.

Consimtamant cu privire la limba. Prin acceptarea de Acordare de Restricted Stock Units, Participantul confirma ca are un nivel proficient de cunoastere in ce priveste cititirea si intelegerea limbii engleze sau a consultat un consultant care este suficient de competent în limba engleză pentru a permite Participantul să inteleagă pe deplin termenii documentelor referitoare la Acordare (Acordul si Planul), care au fost furnizate în limba engleza. Participantul acceptă termenii acestor documente în consecinta.

NOTIFICATIONS

Exchange Control Information. If the Participant deposits the proceeds from the sale of Shares acquired under the Plan into a bank account in Romania, the Participant may be required to provide the Romanian bank with appropriate documentation explaining the source of funds. The Participant should consult with a personal legal advisor to determine whether such documentation will need to be submitted to the Romanian bank.

RUSSIA

TERMS AND CONDITIONS

Delivery of Shares or Cash.The following provision supplements Section 4 of this Agreement:

The Participant agrees that Tupperware is authorized, at its discretion, to instruct its designated broker to assist with the sale of the Shares acquired at vesting of the Restricted Stock Units (on the Participant’s behalf pursuant to this authorization and without further consent) should Tupperware determine that such sale is necessary or advisable under local securities law. The Participant expressly authorizes Tupperware’s designated broker to complete the sale of such Shares and acknowledges that Tupperware’s designated broker is under no obligation to arrange for the sale of the Shares at any particular price. Upon the sale of the Shares, Tupperware agrees to pay the Participant the cash proceeds from the sale of the Shares, less any brokerage fees, commissions and Tax-Related Items. The Participant acknowledges that he or she is not aware of any material nonpublic information with respect to Tupperware or any securities of Tupperware as of the date of the Award.

U.S. Transaction Information. The Participant’s acceptance of this Agreement results in a contract between the Participant and Tupperware completed in the United States and governed by the laws of the State of Delaware, without giving effect to the conflict of laws principles thereof. Further, any Shares issued to the Participant upon vesting and settlement of the Restricted Stock Units shall be delivered through a bank or brokerage account in the

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United States. The Participant is not permitted to sell or otherwise dispose of Shares directly to other Russian legal entities or individuals.

Securities Law Acknowledgement.TheParticipant acknowledges that the Award, this Agreement, the Plan and all other materials the Participant may receive regarding participation in the Plan do not constitute advertising or an offering of securities in Russia. The Shares acquired pursuant to the Plan have not and will not be registered in Russia nor admitted for listing on any Russian exchange for trading within Russia, and therefore, neither the Award nor the Shares may be used for offering or public or private circulation in Russia. The Participant acknowledges that he or she may hold Shares acquired upon vesting of the Restricted Stock Units in the Participant’s account with Tupperware’s third party broker/administrator in the United States. However, in no event will Shares issued to the Participant under the Plan be delivered to Participant in Russia. Further, the Participant is not permitted to sell or otherwise dispose of Shares directly to other Russian individuals.

Data Transfer and Privacy. The following provision supplements Section 6 of this Agreement:

The Participant understands and agrees that he or she must complete and return a Consent to Processing of Personal Data (the “Consent”) form to Tupperware. Further, the Participant understands and agrees that if the Participant does not complete and return a Consent form to Tupperware, Tupperware will not be able to grant Restricted Stock Units to the Participant or other awards or administer or maintain such awards. Therefore, the Participant understands that refusing to complete a Consent form or withdrawing his or her consent may affect the Participant’s ability to participate in the Plan.

Notifications

Exchange Control Information. All restrictions on the payment of funds by non-residents into a Russian resident’s declared foreign brokerage account, including dividends, dividend equivalents and proceeds from the sale of Shares, have been abolished as of January 1, 2020. The Participant can receive, hold and remit dividends, dividend equivalents and proceeds from the sale of Shares acquired under the Plan into and out of his or her brokerage account without any requirement to first repatriate such funds to an authorized bank in Russia. The Participant should be aware that the rules related to foreign bank accounts are different and that pursuant to changes effective December 2, 2019 (with retroactive effect to January 1, 2018), certain restrictions with respect to payments by non-residents into a Russian currency resident’s foreign bank account will continue to apply where the foreign bank account is located in the U.S. The Participant should consult his or her personal legal advisor before Restricted Stock Units vest, before Shares are sold and before any funds are remitted to Russia, as significant sanctions for violations of the Russian currency control laws may apply and such requirements are subject to change at any time, often without notice.

Foreign Asset/Account Reporting Information. Russian residents are required to report the opening, closing or change in account details of any foreign bank account to the Russian tax authorities within one month of the opening, closing or change of such account. Russian residents also are required to report to the Russian tax authorities on or before June 1 of the following year (i) the beginning and ending balances in a foreign bank account each year and (ii) transactions related to such a foreign account during the year. From January 1, 2020, foreign brokerage accounts and foreign accounts with other financial institutions (financial market organizations) are also subject to both of the above reporting requirements. Certain specific exceptions from the reporting requirements may apply. The Participant should consult with his or her personal legal advisor to determine how these reporting requirements apply to any account opened in connection with the Participant’s participation in the Plan.

Labor Law Information. If the Participant continues to hold Shares acquired at vesting of the Restricted Stock Units after an involuntary termination of the Participant’s Service, the Participant will not be eligible to receive unemployment benefits in Russia.

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Anti-Corruption Information. Anti-corruption laws prohibit certain public servants, their spouses and their dependent children from owning any foreign source financial instruments (e.g., shares of foreign companies such as Tupperware). Accordingly, the Participant should inform Tupperware if the Participant is covered by these laws because the Participant may not hold Shares acquired under the Plan.

SINGAPORE

Terms and Conditions

Restriction on Sale of Shares. To the extent the Restricted Stock Units vest within six months of the Date of Grant, the Participant may not dispose of the Shares issued upon settlement of the Restricted Stock Units, or otherwise offer the Shares to the public, prior to the six-month anniversary of the Date of Grant, unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chap. 289, 2006 Ed.) (“SFA”) and in accordance with any other applicable provisions of the SFA.

Notifications

Securities Law Information.The Award is being granted to the Participant pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the SFA and is not made with a view to the Restricted Stock Units or underlying Shares being subsequently offered for sale to any other party. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore.

Director Notification Obligation. The directors (including alternate, substitute, associate and shadow directors) of Tupperware or a Singapore Subsidiary or affiliate of Tupperware are subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify Tupperware or the Singaporean Subsidiary or affiliate in writing within two business days of any of the following events: (i) the acquisition or disposal of an interest (e.g., an Award, Shares) in Tupperware or any related companies; (ii) any change in previously-disclosed interests (e.g., sale of Shares), of (iii) becoming a director, an associate director or a shadow director of a Subsidiary or affiliate in Singapore, if the individual holds such an interest at that time. These notification requirements apply regardless of whether the director is resident of or employed in Singapore.

SOUTH AFRICA

TERMS AND CONDITIONS

Taxes. The following provision supplements Section 5 of this Agreement:

By accepting the Award, the Participant agrees that, immediately upon vesting and settlement of the Restricted Stock Units, the Participant will notify the Employer of the amount of any gain realized. If the Participant fails to advise the Employer of the gain realized, the Participant may be liable for a fine. The Participant will be solely responsible for paying any difference between the actual liability for Tax-Related Items and the amount withheld.

Deemed Acceptance of Award.  Pursuant to Section 96 of Companies Act 71 of 2008 (the “Companies Act”), the offer of the Award must be finalized within six months following the date the offer is communicated to the Participant.  If the Participant does not want to accept the Award, the Participant is required to decline the Award no later than six months following the date the offer is communicated to the Participant.  If the Participant does not reject the Award within six months following the date the offer is communicated to the Participant, the Participant will be deemed to accept the Award.

NOTIFICATIONS

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Securities Notification.  Neither the Restricted Stock Units nor the underlying Shares shall be publicly offered or listed on any stock exchange in South Africa.  The offer is intended to be private pursuant to Section 96 of the Companies Act and is not subject to the supervision of any South African governmental authority.

Exchange Control Information. The Award may be subject to exchange control regulations in South Africa. Because exchange control regulations are subject to frequent change, sometimes without notice, the Participant should consult his or her personal legal advisor prior to vesting and settlement of the Award to ensure compliance with current regulations. The Participant is solely responsible for ensuring compliance with all exchange control laws in South Africa.

SOUTH KOREA

NOTIFICATIONS

Foreign Assets Reporting Information. The Participant must declare all foreign financial accounts (e.g., non-Korean bank accounts, brokerage accounts holding Shares) to the Korean tax authority and file a report with respect to such accounts if the monthly balance of such accounts exceeds a certain limit (currently KRW 500 million) or an equivalent amount in foreign currency on any month-end date during the calendar year.

SPAIN

TERMS AND CONDITIONS

Nature of Grant. The following provision supplements Section 9 of this Agreement:

In accepting the Award, the Participant acknowledges that he or she consents to participation in the Plan and has received a copy of the Plan.

The Participant understands and agrees that, as a condition of the grant of the Award, except as provided for in Section 8 of this Agreement, the termination of the Participant’s employment for any reason (including for the reasons listed below) will automatically result in the forfeiture and loss of the Shares that have not vested on the date of termination.

In particular, the Participant understands and agrees that the Award will be forfeited without entitlement to the underlying Shares or to any amount as indemnification if the Participant’s employment is terminated prior to vesting by reason of, including, but not limited to: disability, resignation, retirement, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without good cause (i.e., subject to a “despido improcedente”), individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985.

Furthermore, the Participant understands that Tupperware has unilaterally, gratuitously and discretionally decided to grant Restricted Stock Units under the Plan to individuals who may be employees of Tupperware or any Subsidiary or affiliate of Tupperware throughout the world. The decision is a limited decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind Tupperware or any Subsidiary or affiliate of Tupperware on an ongoing basis. Consequently, the Participant understands that the Award is granted on the assumption and condition that the Award and the Shares issued upon vesting of the Restricted Stock Units shall not become a part of any employment or other contract (with Tupperware, the Employer, or any Subsidiary or affiliate of Tupperware) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever. In addition, the Participant understands that the Award would not be made to the Participant but for the assumptions and conditions referred to above; thus, the Participant acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any Award grant shall be null and void.

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NOTIFICATIONS

Securities Law Notification.The Award described in this Agreement (including this Appendix) does not qualify under Spanish regulations as securities.  No “offer of securities to the public,” as defined under Spanish law, has taken place or will take place in the Spanish territory. This Agreement (including this Appendix) has not been nor will it be registered with the Comisión Nacional del Mercado de Valores, and it does not constitute a public offering prospectus.

Exchange Control Information. The acquisition of Shares under the Plan must be declared for statistical purposes to the Spanish Dirección General de Comercio e Inversiones (the “DGCI”), the Bureau for Commerce and Investments, which is a department of the Ministry of Economy and Competiveness. The Participant must also declare ownership of any Shares with the Directorate of Foreign Transactions each January while the Shares are owned. In addition, the sale of any Shares must be declared on Form D-6 filed with the DGCI in January, unless the sale proceeds exceed the applicable threshold (currently €1,502,530), in which case, the filing is due within one month after the sale.

When receiving foreign currency payments derived from the ownership of Shares (i.e., sale proceeds), the Participant must inform the financial institution receiving the payment of the basis upon which such payment is made if the payment exceeds €50,000. The Participant will need to provide the following information: (i) the Participant’s name, address, and fiscal identification number; (ii) the name and corporate domicile of Tupperware; (iii) the amount of the payment and the currency used; (iv) the country of origin; (v) the reasons for the payment; and (vi) further information that may be required.

In addition, the Participant may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), any foreign instruments (including any Shares acquired under the Plan) and any transactions with non-Spanish residents (including any payments of Shares made to the Participant by Tupperware) depending on the value of such accounts and instruments and the amount of the transactions during the relevant year as of December 31 of the relevant year.

Foreign Asset/Account Reporting Information. If the Participant holds rights or assets (e.g., Shares or cash held in a bank or brokerage account) outside of Spain with a value in excess of €50,000 per type of right or asset (e.g., Shares, cash, etc.) as of December 31 each year, the Participant is required to report certain information regarding such rights and assets on tax form 720.  After such rights and/or assets are initially reported, the reporting obligation will apply for subsequent years only if the value of any previously-reported rights or assets increases by more than €20,000 or if the ownership of the asset is transferred or relinquished during the year.  The reporting must be completed by the March 31 each year. 

SWEDEN

TERMS AND CONDITIONS

Taxes. The following provision supplements Section 5 this Agreement:

Without limiting Tupperware’s and the Employer’s authority to satisfy their withholding obligations for Tax-Related Items as set forth in Section 5 of this Agreement, in accepting the grant of the Award, the Participant authorizes Tupperware and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to the Participant upon vesting and settlement of the Restricted Stock Units in order to satisfy Tax-Related Items, regardless of whether Tupperware and/or the Employer has an obligation to withhold such Tax-Related Items.

SWITZERLAND

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NOTIFICATIONS

Securities Law Notification. Neither this document nor any other materials relating to the Award (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services (“FinSA”), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of Tupperware or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority (including the Swiss Financial Market Supervisory Authority FINMA).

TURKEY

NOTIFICATIONS

Securities Law Information. Restricted Stock Units are made available only to employees of Tupperware and its Subsidiaries and affiliates, and the offer of participation in the Plan is a private offering. Under Turkish law, the Participant is not permitted to sell Shares acquired under the Plan in Turkey. The Shares are currently traded on the NYSE, which is located outside of Turkey, under the ticker symbol “TUP” and the Shares may be sold through this exchange.

Exchange Control Information. Under Turkish law, Turkish residents are permitted to purchase and sell securities or derivatives traded on exchanges abroad only through a financial intermediary licensed in Turkey.  Therefore, the Participant may be required to appoint a Turkish broker to assist with the sale of the Shares acquired under the Plan.  The Participant should consult his or her personal legal advisor before selling any Shares acquired under the Plan to confirm the applicability of this requirement to the Participant.

UNITED STATES

There are no country-specific provisions.

URUGUAY

There are no country-specific provisions.

VENEZUELA

TERMS AND CONDITIONS

Restricted Stock Units Settled in Cash. The following provision supplements Section 4 of this Agreement:

Awards will be settled in cash only and the Participant will not be entitled to Shares when the Restricted Stock Units vest.

Exchange Control Information. Exchange control restrictions may limit the ability to vest in the Award or to remit funds into Venezuela following the receipt of the cash payment upon settlement of the Award under the Plan. Tupperware reserves the right to further restrict the settlement of the Restricted Stock Units or to amend or cancel the Award at any time in order to comply with the applicable exchange control laws in Venezuela. The Participant is responsible for complying with exchange control laws in Venezuela and neither Tupperware nor the Employer will be liable for any fines or penalties resulting from the Participant’s failure to comply with applicable laws. Because exchange control laws and regulations change frequently and without notice, the Participant should consult with his or her personal legal advisor before accepting the Award to ensure compliance with current regulations.

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NOTIFICATIONS

Securities Law Notification. The Award and the Shares issued under the Plan are offered as a personal, private, exclusive transaction and are not subject to Venezuelan government securities regulations.

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EX-31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Miguel Fernandez, certify that:

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, 2020	/s/ Miguel Fernandez
		Miguel Fernandez
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Cassandra Harris, certify that:

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, 2020	/s/ Cassandra Harris
		Cassandra Harris
		Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Form of Certification Pursuant to Section 1350 of Chapter 63

of Title 18 of the United States Code

I, Miguel Fernandez, the chief executive officer of Tupperware Brands Corporation, certify that, to the best of my knowledge, (i) the Form 10-Q for the quarter ended June 27, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Tupperware Brands Corporation.

/s/ Miguel Fernandez

Miguel Fernandez

President and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Tupperware Brands Corporation and will be retained by Tupperware Brands Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Date: July 29, 2020

EX-32.2

Exhibit 32.2

Form of Certification Pursuant to Section 1350 of Chapter 63

of Title 18 of the United States Code

I, Cassandra Harris, the chief financial officer of Tupperware Brands Corporation, certify that, to the best of my knowledge, (i) the Form 10-Q for the quarter ended June 27, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Tupperware Brands Corporation.

/s/ Cassandra Harris

Cassandra Harris

Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Tupperware Brands Corporation and will be retained by Tupperware Brands Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

Date: July 29, 2020

XML

Document and Entity Information - $ / shares	6 Months Ended
	Jun. 27, 2020	Jul. 24, 2020	Dec. 28, 2019
Entity Information [Line Items]
Entity Registrant Name	TUPPERWARE BRANDS CORPORATION
Entity Central Index Key	0001008654
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2020
Current Fiscal Year End Date	--12-26
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	1-11657
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4062333
Entity Address, Address Line One	14901 South Orange Blossom Trail
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32837
City Area Code	407
Local Phone Number	826-5050
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TUP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,117,624
Common stock, par value	$ 0.01		$ 0.01

XML

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019
Net sales	$ 397.4		$ 475.3		$ 773.3	$ 962.6
Cost of Products Sold	133.5		154.6		263.2	315.8
Gross margin	263.9		320.7		510.1	646.8
Delivery, sales and administrative expense	208.1		247.7		451.0	510.4
Re-engineering charges	23.2		4.1		27.1	8.4
Gain (loss) on disposal of assets	13.9		(0.1)		13.8	(1.0)
Operating income (loss)	46.5		68.8		45.8	127.0
Interest income	0.2		0.4		0.7	1.0
Interest expense	12.1		10.8		22.3	21.0
Other expense (income), net	(48.0)		(3.4)		(50.1)	(6.7)
Income (loss) before income taxes	82.6		61.8		74.3	113.7
Provision (benefit) for income taxes	18.8		22.4		18.3	37.4
Net income (loss)	$ 63.8	$ (7.8)	$ 39.4	$ 36.9	$ 56.0	$ 76.3
Earnings per share:
Basic	$ 1.30		$ 0.81		$ 1.14	$ 1.57
Diluted	$ 1.30		$ 0.81		$ 1.14	$ 1.56
Weighted-average shares outstanding:
Basic	49.0		48.8		49.0	48.7
Diluted	49.2		48.8		49.2	48.8

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Net income (loss)	$ 63.8	$ 39.4	$ 56.0	$ 76.3
Other comprehensive income (loss):
Foreign currency translation adjustments	22.8	(6.8)	(70.8)	13.9
Deferred gain (loss) on cash flow hedges, net of tax benefit (provision) of $0.0, ($0.1), $0.0 and $0.5, respectively	(5.6)	(0.4)	4.5	(2.2)
Pension and other post-retirement benefit (costs), net of tax benefit (provision) of $0.3, $0.2, ($0.5) and $0.1, respectively	(0.9)	(0.5)	1.1	(0.4)
Other comprehensive income (loss)	16.3	(7.7)	(65.2)	11.3
Total comprehensive income (loss)	$ 80.1	$ 31.7	$ (9.2)	$ 87.6

XML

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Deferred gain (loss) on cash flow hedges tax benefit (provision)	$ 0.0	$ (0.1)	$ 0.0	$ 0.5
Pension and other post-retirement benefit (cost) tax benefit (provision)	$ 0.3	$ 0.2	$ (0.5)	$ 0.1

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 27, 2020	Dec. 28, 2019
Assets
Cash and cash equivalents	$ 120.0	$ 123.2
Accounts receivable, less allowances of $65.8 and $63.6, respectively	117.2	110.7
Inventories	216.1	245.2
Non-trade amounts receivable, net	39.0	39.1
Prepaid expenses and other current assets	21.3	20.3
Total current assets	513.6	538.5
Deferred Income Tax Assets, Net	187.8	186.1
Property, plant and equipment, net	242.1	267.5
Operating lease assets	79.2	84.1
Long-term receivables, less allowances of $13.8 and $13.9, respectively	13.9	15.0
Trademarks and tradenames, net	22.6	24.6
Goodwill	56.0	59.5
Other assets, net	79.1	87.1
Total identifiable assets	1,194.3	1,262.4
Liabilities And Shareholders' Equity
Accounts payable	92.6	125.4
Short-term borrowings and current portion of long-term debt and finance lease obligations	801.5	273.2
Accrued liabilities	350.3	290.3
Total current liabilities	1,244.4	688.9
Long-term debt and finance lease obligations	2.1	602.2
Operating Lease, Liability, Noncurrent	52.3	56.0
Other liabilities	177.8	192.3
Total liabilities	1,476.6	1,539.4
Shareholders' equity (deficit):
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued	0.6	0.6
Paid-in capital	215.2	215.0
Retained earnings	1,115.0	1,067.3
Treasury stock, 14,489,503 and 14,678,742 shares, respectively, at cost	(909.6)	(921.6)
Accumulated other comprehensive loss	(703.5)	(638.3)
Total shareholders' equity (deficit)	(282.3)	(277.0)
Total liabilities and shareholders' equity	$ 1,194.3	$ 1,262.4

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 27, 2020	Dec. 28, 2019
Accounts receivable, allowances	$ 65.8	$ 63.6
Long-term receivables, allowances	$ 13.8	$ 13.9
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	14,489,503	14,678,742

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Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent
Beginning Balance at Dec. 29, 2018	$ (235.2)	$ 0.6	$ (939.8)	$ 219.3	$ 1,086.8	$ (602.1)
Beginning Balance Shares, Issued at Dec. 29, 2018		63.6	15.0
Net income (loss)	36.9				36.9
Other Comprehensive Income (Loss), Net of Tax	19.0					19.0
Dividends, Common Stock, Cash	(12.9)				(12.9)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture			(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	1.1		$ 5.0	(2.8)	(1.1)
Ending Balance at Mar. 30, 2019	(184.0)	$ 0.6	$ (934.8)	216.5	1,121.8	(588.1)
Ending Balance Shares, Issued at Mar. 30, 2019		63.6	14.9
Beginning Balance at Dec. 29, 2018	(235.2)	$ 0.6	$ (939.8)	219.3	1,086.8	(602.1)
Beginning Balance Shares, Issued at Dec. 29, 2018		63.6	15.0
Net income (loss)	76.3
Other Comprehensive Income (Loss), Net of Tax	11.3
Ending Balance at Jun. 29, 2019	(163.1)	$ 0.6	$ (931.1)	216.3	1,146.9	(595.8)
Ending Balance Shares, Issued at Jun. 29, 2019		63.6	14.8
Cumulative Effect of New Accounting Principle in Period of Adoption					12.1	(5.0)	$ 7.1
Beginning Balance at Mar. 30, 2019	(184.0)	$ 0.6	$ (934.8)	216.5	1,121.8	(588.1)
Beginning Balance Shares, Issued at Mar. 30, 2019		63.6	14.9
Net income (loss)	39.4				39.4
Other Comprehensive Income (Loss), Net of Tax	(7.7)					(7.7)
Dividends, Common Stock, Cash	(13.2)				(13.2)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture			(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2.4		$ 3.7	(0.2)	(1.1)
Ending Balance at Jun. 29, 2019	(163.1)	$ 0.6	$ (931.1)	216.3	1,146.9	(595.8)
Ending Balance Shares, Issued at Jun. 29, 2019		63.6	14.8
Cumulative Effect of New Accounting Principle in Period of Adoption						(5.0)
Beginning Balance at Dec. 28, 2019	(277.0)	$ 0.6	$ (921.6)	215.0	1,067.3	(638.3)
Beginning Balance Shares, Issued at Dec. 28, 2019		63.6	14.7
Net income (loss)	(7.8)				(7.8)
Other Comprehensive Income (Loss), Net of Tax	(81.5)					(81.5)
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture			(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2.3		$ 5.2	1.9	(4.8)
Ending Balance at Mar. 28, 2020	(364.0)	$ 0.6	$ (916.4)	216.9	1,054.7	(719.8)
Ending Balance Shares, Issued at Mar. 28, 2020		63.6	14.6
Beginning Balance at Dec. 28, 2019	(277.0)	$ 0.6	$ (921.6)	215.0	1,067.3	(638.3)
Beginning Balance Shares, Issued at Dec. 28, 2019		63.6	14.7
Net income (loss)	56.0
Other Comprehensive Income (Loss), Net of Tax	(65.2)
Ending Balance at Jun. 27, 2020	(282.3)	$ 0.6	$ (909.6)	215.2	1,115.0	(703.5)
Ending Balance Shares, Issued at Jun. 27, 2020		63.6	14.5
Beginning Balance at Mar. 28, 2020	(364.0)	$ 0.6	$ (916.4)	216.9	1,054.7	(719.8)
Beginning Balance Shares, Issued at Mar. 28, 2020		63.6	14.6
Net income (loss)	63.8				63.8
Other Comprehensive Income (Loss), Net of Tax	16.3					16.3
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture			(0.1)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	1.6		$ 6.8	(1.7)	(3.5)
Ending Balance at Jun. 27, 2020	$ (282.3)	$ 0.6	$ (909.6)	$ 215.2	$ 1,115.0	$ (703.5)
Ending Balance Shares, Issued at Jun. 27, 2020		63.6	14.5

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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019
Statement of Stockholders' Equity (Parenthetical) [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0	$ 0	$ 0.27	$ 0.27

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Operating Activities
Net income (loss)	$ 56.0	$ 76.3
Depreciation and amortization	22.6	27.8
Unrealized foreign exchange loss	0.3	0.0
Equity compensation	3.9	4.5
Amortization of deferred debt costs	1.0	0.3
(Gain) loss on disposal of assets	(13.8)	1.0
Provision for bad debts	11.2	10.1
(Gain) on debt extinguishment	(40.0)	0.0
Write-down of inventories	6.7	4.6
Net change in deferred income taxes	(16.7)	11.0
Changes in assets and liabilities:
Accounts receivable	(25.3)	(25.2)
Inventories	6.1	(9.9)
Non-trade amounts receivable	2.2	(5.9)
Prepaid expenses	(2.7)	(2.4)
Other assets	(1.8)	(1.4)
Accounts payable and accrued liabilities	32.5	(38.9)
Income taxes payable	2.0	(40.8)
Other liabilities	(2.9)	(2.4)
Net cash impact from hedging activity	3.9	(7.5)
Other	0.1	0.1
Net cash provided by (used in) operating activities	45.3	1.3
Investing Activities
Capital expenditures	(14.1)	(27.2)
Proceeds from disposal of property, plant and equipment	15.9	4.7
Net cash provided by (used in) investing activities	1.8	(22.5)
Financing Activities
Common stock cash dividends paid	0.0	(47.3)
Common stock repurchase	0.0	(0.8)
Senior notes repayment	(56.4)	0.0
Finance lease repayments	(0.3)	(1.0)
Net increase (decrease) in short-term debt	(17.8)	(85.2)
Payments of Debt Issuance Costs	(2.0)	(2.2)
Net cash provided by (used in) financing activities	(40.9)	33.9
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(8.6)	2.0
Net change in cash, cash equivalents and restricted cash	(2.4)	14.7
Cash, cash equivalents and restricted cash at beginning of year	126.1	151.9
Cash, cash equivalents and restricted cash at end of period	$ 123.7	$ 166.6

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 27, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The 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 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 statement of the results for the interim periods.

Certain information and note disclosures normally included in the consolidated statements of income, consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of shareholders' equity and consolidated statements of cash flows prepared in conformity with accounting principles generally accepted in the United States of America for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, these consolidated financial statements and related notes should be read in conjunction with the audited 2019 consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2019. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year.

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 sales and expenses during the reporting period. Actual results could differ materially from these estimates.

For the second quarter ended June 27, 2020, the impact of the decline in business activity brought about by the Coronavirus pandemic (“COVID-19”) continues to evolve. As a result, many of the Company's estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods.

Liquidity and COVID-19

The global spread of the novel coronavirus (COVID-19), which has been declared by the World Health Organization to be a “pandemic,” has spread to many countries and is impacting worldwide economic activity. Many governments have implemented policies intended to stop or slow the further spread of the disease, such as shelter-in-place orders, resulting in the temporary closure of schools and non-essential businesses, and these measures may remain in place for a significant period of time. A top priority for the Company as it navigates through the global COVID-19 pandemic is the safety of its employees and their families, sales force and consumers, and to mitigate the impact on its operations and financial results. The Company will continue to proactively respond to the situation and may take further actions that alter the Company’s business operations as may be required by governmental authorities, or that the Company determines are in the best interests of its employees, sales force and consumers. In order to ensure safety and protect the health of the employees, and to comply with applicable government directives, the Company has modified its business practices to allow its employees to work remotely from home wherever possible, incorporate virtual meetings and restrict all non-essential employee travel.

Pursuant to ASC 205, Presentation of Financial Statements, the Company is required to and does evaluate at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of June 27, 2020 the Company has $501.3 million of Senior Notes that will mature on June 1, 2021, which is within one year of the date that the consolidated financial statements are issued for the second quarter ended June 27, 2020. Based on the definitions in the relevant accounting standards, management has determined that this condition raises substantial doubt about the Company’s ability to continue as a going concern. This evaluation does not consider the potential mitigating effect of management’s plans that have not been fully implemented. Management may evaluate the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern.

The Company expects to continue to address its outstanding current indebtedness through open-market purchases, future tender offers, exchange offers of debt for debt, cash or equity, or otherwise (“debt refinancing”). The Company has successfully retired $98.7 million of those Senior Notes at a discount to par during the second quarter and an additional $13.4 million subsequent to the end of second quarter and through July 29, 2020. In addition to the debt refinancing, the Company believes that its improved profitability and revenue growth through the Turnaround Plan, together with the anticipated sale of the Company's Orlando real estate

and other non-core assets, and its forecasted availability under its Credit Agreement, will enable the Company to meet all its future debt obligations. However, as the debt refinancing and sale of non-core assets is conditional upon the execution of agreements with new or existing investors or the execution of sales agreements with third parties, which are considered outside of the Company’s control, the debt refinancing and sales of assets are not considered probable of occurring until such time as they are completed. The Condensed Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. During the second quarter ended June 27, 2020 the Company generated $101.8 million of cash flows from operating activities, net of investing activities, through reductions in discretionary spending, revisiting investment strategies, improvements in working capital including inventory reductions, and reducing payroll costs, including through organizational redesign, employee furloughs, and permanent reductions in employee headcount. As of June 27, 2020, the Company is in compliance with its financial covenants under its Credit Agreement. The Company currently forecasts that it will be in compliance with its financial covenants for at least one year from the issuance of these interim financial statements, after taking into consideration the measures noted above. If the impact of COVID-19 is more severe than currently forecasted this may impact the Company’s compliance with its financial covenants which could have a material adverse effect on the Company. See Note 10 to the Consolidated Financial Statements for further discussion of the impact of an Event of Default.

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Shipping and Handling Costs

6 Months Ended

Jun. 27, 2020

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 expenses ("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.

Distribution costs were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Distribution costs	$	33.4	$	32.8	$	62.5	$	65.6

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Promotional Costs

6 Months Ended

Jun. 27, 2020

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 other activities, ancillary to the Company's business, but considered separate and distinct services from sales, which are measured by defined group/team 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 costs were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Promotional costs	$	54.1	$	71.6	$	112.6	$	150.2

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Inventories

6 Months Ended

Jun. 27, 2020

Inventory, Net [Abstract]

Inventories

Inventories

Inventories were:

(In millions)	June 27, 2020		December 28, 2019
Finished goods	$	166.2	$	197.1
Work in process	24.7		22.4
Raw materials and supplies	25.2		25.7
Total inventories	$	216.1	$	245.2

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Net Income Per Common Share

6 Months Ended

Jun. 27, 2020

Earnings Per Share [Abstract]

Net Income Per Common Share

Earnings per shareBasic per share information is calculated by dividing net income (loss) 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:

	13 weeks ended				26 weeks ended
(In millions, except per share amounts)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net income (loss)	$	63.8	$	39.4	$	56.0	$	76.3
Weighted-average shares of common stock outstanding	49.0		48.8		49.0		48.7
Common equivalent shares:
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units	0.2		—		0.2		0.1
Weighted-average common and common equivalent shares outstanding	49.2		48.8		49.2		48.8
Basic earnings per share	$	1.30	$	0.81	$	1.14	$	1.57
Diluted earnings per share	$	1.30	$	0.81	$	1.14	$	1.56
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive	4.7		3.9		4.4		3.9

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Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 27, 2020

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

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 28, 2019	$	(600.2)	$	(2.4)	$	(35.7)	$	(638.3)
Other comprehensive income (loss) before reclassifications	(70.8)		6.5		(0.5)		(64.8)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(2.0)		1.6		(0.4)
Other comprehensive income (loss)	(70.8)		4.5		1.1		(65.2)
Balance at June 27, 2020	$	(671.0)	$	2.1	$	(34.6)	$	(703.5)

(In millions, net of tax)	Foreign Currency Items		Cash Flow Hedges		Pension and Other Post-retirement Items		Total
Balance at December 29, 2018	$	(579.1)	$	1.7	$	(24.7)	$	(602.1)
Cumulative effect of change in accounting principle	(3.8)		(1.2)		—		(5.0)
Other comprehensive income (loss) before reclassifications	13.9		(3.0)		(0.3)		10.6
Amounts reclassified from accumulated other comprehensive income (loss)	—		0.8		(0.1)		0.7
Other comprehensive income (loss)	13.9		(2.2)		(0.4)		11.3
Balance at June 29, 2019	$	(569.0)	$	(1.7)	$	(25.1)	$	(595.8)

Amounts reclassified from accumulated other comprehensive income (loss) that related to cash flow hedges consisted of:

	Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Related To Cash Flow Hedges
(In millions)	2020		2019
Cash flow hedges	$	(2.5)	$	1.2
Tax effect	0.5		(0.4)
Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges	$	(2.0)	$	0.8

Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items consisted of:

	Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Related To Pension And Other Post-Retirement Items
(In millions)	2020		2019
Prior service costs/(benefit)	$	(0.1)	$	(0.6)
Settlements (gains) losses	0.4		(0.1)
Actuarial (gains) losses	0.9		—
Tax effect	0.4		0.6
	$	1.6	$	(0.1)

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Re-engineering Costs

6 Months Ended

Jun. 27, 2020

Restructuring Charges [Abstract]

Re-engineering Costs

Re-engineering Charges

Re-engineering charges are mainly related to the transformation program, which was announced in January 2019 and re-assessed in December 2019 (collectively the "Turnaround Plan") and the July 2017 revitalization program ("2017 program"). The Company continually reviews its business models and operating methods for opportunities to increase efficiencies and/or align costs with business performance. The Turnaround Plan charges primarily related to severance costs and outside consulting services. The 2017 program charges primarily related to severance costs.

The re-engineering charges were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Turnaround plan	22.4		4.2		25.7		5.4
2017 program	0.8		(0.5)		1.4		2.3
Other	—		0.4		—		0.7
Total re-engineering charges	$	23.2	$	4.1	$	27.1	$	8.4

The re-engineering charges related to the Turnaround Plan were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Europe	$	11.4	$	1.7	$	11.4	$	2.9
Asia Pacific	2.1		2.5		2.5		2.5
North America	2.4		—		2.4		—
South America	0.8		—		1.0		—
Corporate	5.7		—		8.4		—
Total turnaround plan charges	$	22.4	$	4.2	$	25.7	$	5.4

The balances included in accrued liabilities related to re-engineering charges for the Turnaround Plan were:

(In millions)	June 27, 2020		December 28, 2019
Beginning of the year balance	$	12.9	$	—
Provision	25.7		26.4
Adjustments and other charges	1.2		(1.7)
Cash expenditures:
Severance	(14.5)		(0.9)
Other	(1.3)		(10.9)
Currency translation adjustment	(0.2)		—
End of period balance	$	23.8	$	12.9

The re-engineering charges related to the 2017 program were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Europe	$	1.1	$	(0.3)	$	1.4	$	1.0
Asia Pacific	—		(0.2)		—		0.7
North America	(0.3)		—		—		0.6
Total 2017 program charges	$	0.8	$	(0.5)	$	1.4	$	2.3

The balances included in accrued liabilities related to re-engineering charges for the 2017 program were:

(In millions)	June 27, 2020		December 28, 2019
Beginning of the year balance	$	3.1	$	23.3
Provision	1.4		4.5
Adjustments and other charges	(0.7)		(0.3)
Cash expenditures:
Severance	(1.7)		(20.3)
Other	(0.9)		(3.6)
Currency translation adjustment	—		(0.5)
End of period balance	$	1.2	$	3.1

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Leases

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Leases Disclosure

Leases

The Company leases certain equipment, vehicles, office space, and manufacturing and distribution facilities, and recognizes the associated lease expense on a straight-line basis over the lease term.

Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years, or more. The exercise of lease renewal options is at the Company's discretion and renewal options that are reasonably certain to be exercised have been included in the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Certain lease agreements held by the Company include rental payments adjusted periodically for inflation. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Components of lease expense were as follows:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Operating lease cost (a) (c)	$	10.6	$	12.6	$	22.4	$	25.6
Amortization of right-of-use assets (a)	0.2		0.3		0.4		0.5
Interest on lease liabilities (b)	0.1		—		0.1		0.1
Total finance lease cost	$	0.3	$	0.3	$	0.5	$	0.6

____________________

^(a) Included in DS&A and cost of products sold.

^(b)  Included in interest expense.

^(c)  Includes immaterial amounts related to short-term rent expense and variable rent expense.

Supplemental cash flow information related to leases is as follows:

	26 weeks ended
(In millions)	June 27, 2020		June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(21.0)	$	(24.9)
Operating cash flows from finance leases	$	—	$	(0.1)
Financing cash flows from finance leases	$	(0.3)	$	(1.0)
Leased assets obtained in exchange for new operating lease liabilities	$	2.7	$	5.6

Supplemental balance sheet information related to leases is as follows:

(In millions, except lease term and discount rate)	June 27, 2020			December 28, 2019
Operating Leases
Operating lease assets	$	79.2		$	84.1
Accrued liabilities	$	28.4		$	29.2
Operating lease liabilities	52.3			56.0
Total Operating lease liabilities	$	80.7		$	85.2
Finance Leases
Property, plant and equipment, at cost	$	18.3		$	17.9
Accumulated amortization	(11.0)			(10.3)
Property, plant and equipment, net	$	7.3		$	7.6
Current portion of finance lease obligations	$	1.3		$	1.3
Long-term finance lease obligations	2.1			2.3
Total Finance lease liabilities	$	3.4		$	3.6
Weighted Average Remaining Lease Term
Operating Leases	4.3 years			4.5 years
Finance Leases	2.4 years			2.8 years
Weighted Average Discount Rate (a)
Operating Leases	4.6		%	5.2		%
Finance Leases	5.1		%	5.1		%

_________________________

^(a) Calculated using Company's incremental borrowing rate.

Maturities of lease liabilities as of June 27, 2020 and December 28, 2019 were as follows:

	June 27, 2020				December 28, 2019
(In millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
2020	$	17.4	$	1.1	$	32.8	$	1.4
2021	26.7		1.4		22.6		1.4
2022	15.7		1.1		13.0		1.0
2023	9.6		—		7.5		—
2024	6.4		—		5.6		—
Thereafter	13.0		—		13.0		—
Total undiscounted lease liability	$	88.8	$	3.6	$	94.5	$	3.8
Less imputed interest	(8.1)		(0.2)		(9.3)		(0.2)
Total	$	80.7	$	3.4	$	85.2	$	3.6

As of June 27, 2020, the Company had an immaterial amount of operating leases that had not yet commenced.

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Segment Information

6 Months Ended

Jun. 27, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company manufactures and distributes a broad portfolio of products, primarily through independent direct sales force members. Certain operating segments have been aggregated based upon consistency of economic substance, geography, products, production process, class of customers and distribution method.

The Company's reportable segments primarily sell 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. North America also includes the Fuller Mexico beauty and personal care products business and sells products under the Fuller Cosmetics® brand in that unit and in Central America. South America also sells beauty products under the Fuller®, Nutrimetics® and Nuvo® brands.

Worldwide sales of beauty and personal care products totaled $51.0 million and $61.7 million in the second quarters of 2020 and 2019, respectively, and $104.7 million and $120.7 million in the respective year-to-date periods.

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net sales
Europe	$	90.8	$	121.5	$	196.5	$	260.1
Asia Pacific	134.4		155.5		254.8		311.6
North America	124.0		124.7		225.3		244.3
South America	48.2		73.6		96.7		146.6
Total net sales	$	397.4	$	475.3	$	773.3	$	962.6
Segment profit
Europe	$	10.9	$	12.8	$	13.4	$	30.5
Asia Pacific	34.4		37.2		51.7		67.2
North America	18.7		20.4		25.2		37.8
South America	11.3		13.1		14.3		22.0
Total segment profit	75.3		83.5		104.6		157.5
Unallocated expenses	28.5		(7.1)		4.6		(14.4)
Re-engineering charges (a)	(23.2)		(4.1)		(27.1)		(8.4)
Gain (loss) on disposal of assets	13.9		(0.1)		13.8		(1.0)
Interest expense	(11.9)		(10.4)		(21.6)		(20.0)
Income (loss) before income taxes	$	82.6	$	61.8	$	74.3	$	113.7

(In millions)	June 27, 2020		December 28, 2019
Identifiable assets
Europe	$	264.4	$	269.7
Asia Pacific	276.1		300.3
North America	211.1		235.9
South America	107.5		125.2
Corporate	335.2		331.3
Total identifiable assets	$	1,194.3	$	1,262.4

_________________________

(a)See Note 7: Re-engineering Charges for further discussion.

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Debt

6 Months Ended

Jun. 27, 2020

Debt Disclosure [Abstract]

Debt

Debt

The debt portfolio consisted of:

(In millions)	June 27, 2020		December 28, 2019
Senior notes (including capitalized costs)	$	501.4	$	599.8
Credit agreement (a)	298.8		272.0
Finance leases	3.4		3.6
Total debt	$	803.6	$	875.4

____________________

^(a) $137.2 million and $174.9 million denominated in Euro as of June 27, 2020 and December 28, 2019, respectively.

Credit Agreement

On March 29, 2019, the Company and its wholly owned subsidiaries Tupperware Nederland B.V., Administradora Dart, S. de R.L. de C.V., and Tupperware Brands Asia Pacific Pte. Ltd. (the “Subsidiary Borrowers”), amended and restated its multicurrency Credit Agreement, amended by Amendment No. 1 dated August 28, 2019 (so as amended, the "Credit Agreement"), with JPMorgan Chase Bank, N.A. as administrative agent (the “Administrative Agent”), swingline lender, joint lead arranger and joint bookrunner, and Credit Agricole Corporate and Investment Bank, HSBC Securities (USA) Inc., Mizuho Bank, Ltd. and Wells Fargo Securities, LLC, as syndication agents, joint lead arrangers and joint bookrunners. The Credit Agreement replaces the credit agreement dated September 11, 2013 and as amended (the “Old Credit Agreement”) and, other than an increased aggregate amount that may be borrowed, an improvement in the consolidated leverage ratio covenant and a slightly more favorable commitment fee rate, has terms and conditions similar to that of the Old Credit Agreement. The Credit Agreement makes available to the Company and the Subsidiary Borrowers a committed credit facility in an aggregate amount of $650.0 million (the “Facility Amount”). The Credit Agreement provides (i) a revolving credit facility, available up to the full amount of the Facility Amount, (ii) a letter of credit facility, available up to $50.0 million of the Facility Amount, and (iii) a swingline facility, available up to $100.0 million of the Facility Amount. Each of such facilities is fully available to the Company and the Facility Amount is available to the Subsidiary Borrowers up to an aggregate amount not to exceed $325.0 million. With the agreement of its lenders, the Company is permitted to increase, on up to three occasions, the Facility Amount by a total of up to $200.0 million (for a maximum aggregate Facility Amount of $850.0 million), subject to certain conditions. As of June 27, 2020, the Company had total borrowings of $298.8 million outstanding under its Credit Agreement, with $137.2 million of that amount denominated in Euro.

Loans made under the Credit Agreement will be composed of (i) “Eurocurrency Borrowings”, bearing interest determined in reference to the London interbank offered rate ("LIBOR") or the EURIBOR rate for the applicable currency and interest period, plus a margin, and/or (ii) “ABR Borrowings”, bearing interest at the sum of (A) the greatest of (x) the Prime Rate, (y) the NYFRB rate plus 0.5 percent, and (z) adjusted LIBOR on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1 percent, and (B) a margin. The applicable margin in each case will be determined by reference to a pricing schedule and will be based upon the better for the Company of (a) the Consolidated Leverage Ratio (computed as consolidated funded indebtedness of the Company and its subsidiaries to the consolidated EBITDA (as defined in the Credit Agreement) of the Company and its subsidiaries for the four fiscal quarters then most recently ended) for the fiscal quarter referred to in the quarterly or annual financial statements most recently delivered, or (b) the Company’s then existing long-term debt securities rating by Moody’s Investor Service, Inc. or Standard and Poor’s Financial Services, Inc. Under the Credit Agreement, the applicable margin for ABR Borrowings ranges from 0.375 percent to 0.875 percent, the applicable margin for Eurocurrency Borrowings ranges from 1.375 percent to 1.875 percent, and the applicable margin for the commitment fee ranges from 0.150 percent to 0.275 percent. Loans made under the swingline facility will bear interest, if denominated in U.S. Dollars, at the same rate as an ABR Borrowing and, if denominated in another currency, at the same rate as a Eurocurrency Borrowing. As of June 27, 2020, the Company had a weighted average interest rate of 2.0 percent with a base rate spread of 188 basis points on LIBOR-based borrowings under the Credit Agreement that has a final maturity date of March 29, 2024.

Similar to the Old Credit Agreement, the Credit Agreement contains customary covenants that, among other things, limit the ability of the Company's subsidiaries to incur indebtedness and limit the ability of the Company and its subsidiaries to create liens on and sell assets, engage in certain liquidations or dissolutions, engage in certain mergers or consolidations, or change lines of business. These covenants are subject to significant exceptions and qualifications.

On February 28, 2020, the Company amended the Credit Agreement (the “Amendment”) in order to modify certain provisions, including the consolidated leverage ratio covenant. Previously, the Company had to maintain at specified measurement periods a Consolidated Leverage Ratio that was not greater than or equal to 3.75 to 1.00. Following the Amendment, the Company is required to maintain at the last day of each quarterly measurement period a Consolidated Leverage Ratio not greater than or equal to the ratio as set forth below opposite the period that includes such day (or, if such day does not end on the last day of the calendar quarter, that includes the last day of the calendar quarter that is nearest to such day):

Period	Consolidated Leverage Ratio
From the Amendment effective date to and including June 27, 2020	5.75 to 1.00
September 26, 2020	5.25 to 1.00
December 26, 2020	4.50 to 1.00
March 27, 2021	4.00 to 1.00
June 26, 2021 and thereafter	3.75 to 1.00

Under the Credit Agreement and consistent with the Old Credit Agreement, Dart Industries Inc. (the “Guarantor”) unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrowers relating to the Credit Agreement, supported by a security interest in certain "Tupperware" trademarks and service marks. The Amendment eliminated the requirement that a Non-Investment Grade Ratings Event, as defined in the Credit Agreement, must occur before the Company is required to cause the Additional Guarantee and Collateral Requirement, as defined in the Credit Agreement, to be satisfied. Pursuant to the Amendment, the Company is required to cause certain of its domestic subsidiaries to become guarantors and the Company and certain of its domestic subsidiaries are required to pledge additional collateral (the “Additional Guarantee and Collateral”).

For purposes of the Credit Agreement, consolidated EBITDA represents earnings before interest, income taxes, depreciation and amortization, as adjusted to exclude unusual, non-recurring gains as well as non-cash charges and certain other items. The Company is in compliance with the financial covenants in the Credit Agreement. The Credit Agreement was amended to prevent the Company from exceeding the Consolidated Leverage Ratio for the four fiscal quarters ending in March 2020, and continuing through the calculation for the four fiscal quarters ending in March 2021. If the Company had exceeded the Consolidated Leverage Ratio, this could have constituted an Event of Default, potentially resulting in a cross default under cross-default provisions with respect to other of the Company's debt obligations, giving the lenders the ability to terminate the revolving commitments, accelerate outstanding amounts under the Credit Agreement, exercise certain remedies relating to the collateral securing the Credit Agreement and require the Company to post cash collateral for all outstanding letters of credit. In addition to the relief provided in the Amendment, the Company has reduced certain operating expenses beginning in 2020 and could use available cash, including repatriating cash held outside of the United States, to make debt repayments to lower its Consolidated Leverage Ratio.

The Company routinely increases its revolver borrowings under the Credit Agreement during each quarter to fund operating, investing and financing activities and uses cash available at the end of each quarter to temporarily reduce borrowing levels. As a result, the Company incurs more interest expense and has higher foreign exchange exposure on the value of its cash and debt during each quarter than would relate solely to the quarter end balances.

At June 27, 2020, the Company had $403.4 million of unused lines of credit, including $345.6 million under the committed, secured Credit Agreement, and $57.8 million available under various uncommitted lines around the world.

Senior Notes

The Company currently has outstanding $501.3 million aggregate principal amount of 4.75% senior notes (the “Senior Notes”). The Senior Notes will mature on June 1, 2021. The Notes were issued under an indenture (the “Indenture”), by and among the Company, the “Guarantor and Wells Fargo Bank, N.A., as trustee. As security for its obligations under the guarantee of the Senior Notes, the Guarantor has granted a security interest in certain “Tupperware” trademarks and service marks. As security for its obligations under the guarantee of the Credit Agreement, the Guarantor has granted a security interest in those certain “Tupperware” trademarks and service marks as well. The Indenture includes, among others, covenants that limit the ability of the Company and its subsidiaries to (i) incur indebtedness secured by liens on certain real property, (ii) enter into certain sale and leaseback transactions, (iii) with respect to the Company only, consolidate or merge with another entity, or sell or transfer all or substantially all of its properties and assets and (iv) sell the capital stock of the Guarantor or sell or transfer all or substantially all of its assets or properties. See Note 8 to the Consolidated Financial Statements in Part II, Item 8 in the Company's Annual Report on Form 10-K for the year ended December 28, 2019 for further details regarding the Senior Notes.

Whether the Company will be able to repay or refinance the Senior Notes will depend on economic, financial, competitive and other factors that may be beyond its control, including the COVID-19 pandemic, and on the Company’s financial performance at the time. The COVID-19 pandemic and measures implemented to slow the spread of COVID-19 may negatively impact the Company's ability to repay or refinance the Senior Notes. The extent to which the COVID-19 pandemic ultimately impacts the Company’s ability to repay or refinance the Senior Notes will depend on future developments, which are highly uncertain and cannot be predicted with certainty. Any refinancing of the Senior Notes may be at a higher interest rate and may require the Company to comply with additional covenants and obligations, which could further restrict the Company's business operations. If the Company is unable to repay or refinance the Senior Notes, the holders of the Seniors Notes may pursue certain remedies relating to the collateral securing the guaranty of the Senior Notes or pursue other remedies, in each case in accordance with the Indenture and the documents relating to such collateral, all of which could have a material adverse effect on the Company.

Senior Notes Repurchase

During the second quarter ended June 27, 2020 the Company paid approximately $56.4 million through Tender Offers and open-market purchases for the purchase of Senior Notes with a face value of approximately $98.7 million. These transactions resulted in a pre-tax gain on debt extinguishment (including costs associated with the Senior Notes repurchase) of $40.0 million which was recorded in the Other expense (income), net line item. The gain on debt extinguishment resulted in basic earnings per share of $0.82 for the second quarter of 2020 and the respective year-to-date period. Any deferred debt issuance costs related to the purchased Senior Notes were expensed and recorded in the interest expense line item.

Since June 27, 2020 and through July 29, 2020, the Company paid $10.7 million through open-market purchases for the purchase of Senior Notes with a face value of $13.4 million

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 27, 2020

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, 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 investment 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, as of the beginning of 2019, the Company made the accounting policy election in accordance with ASU 2017-12 to exclude forward points and record their impact in the same income statement line item that is used to present the earnings effect of the hedged item for 2019, Other expense (income), net. The forward points on fair value hedges resulted in pretax income of $7.6 million and $4.4 million in the second quarters of 2020 and 2019, respectively and $12.6 million and $8.1 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. The majority of cash flow hedge contracts that the Company enters into relate to inventory purchases. At initiation, the Company's cash flow hedge contracts are generally for periods ranging from one month to fifteen months. The effective portion of the gain or loss on the open hedging instrument is recorded in other comprehensive income and is reclassified into earnings when settled through the same line item as the transaction being hedged. 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 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 made an accounting policy change as of the beginning of 2019 to include forward points in the assessment of effectiveness for cash flow hedges causing the impact from forward points to be recorded as part of other comprehensive income compared to interest expense as it previously had been recorded. Based on the interest expense incurred for open cash flow hedges as of December 30, 2018, the Company recorded an adjustment of $1.2 million, net of taxes, to accumulated comprehensive income and retained earnings to reflect this accounting policy change. There was an immaterial impact from forward points recorded in other comprehensive income for activity related to the second quarters and year-to-date periods of 2020 and 2019. The Company recognized $0.6 million and $1.1 million of manufacturing variances that will be capitalized and amortized over actual months of inventory turns related to the forward point impact from the settlement of cash flow hedges in the second quarters of 2020 and 2019, respectively and $1.4 million and $2.1 million for the respective year-to-date periods.

The Company uses derivative financial instruments, such as forward contracts and certain Euro denominated borrowings under its Credit Agreement, to hedge a portion of its net equity investment in international operations and classifies these as net investment 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 loss of $43.7 million and a net loss of $2.1 million associated with these hedges in the second quarters of 2020 and 2019, respectively and net gain of $12.5 million and loss of $15.2 million for the respective year-to-date periods. 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 made an accounting policy change as of the beginning of 2019 to include forward points in the assessment of effectiveness for net investment hedges causing the impact from forward points to be recorded as part of other comprehensive income compared to interest expense as it previously had been recorded. The impact of forward points is being recorded in other comprehensive income and will remain there indefinitely since that is where the gains and losses on hedges of net equity are recorded. Based on the interest expense associated with forward points incurred for open net investment hedges as of December 30, 2018, the Company recorded an adjustment of $3.8 million, net of taxes, to accumulated comprehensive income to reflect this accounting policy change. The impact related to forward points on hedges of net equity investment recorded as a component of other comprehensive income in the second quarters of 2020 and 2019 was a loss of $6.4 million and a gain of $4.6 million, respectively and a loss of $12.8 million and a gain of $8.9 million for the respective year-to-date periods.

The net cash flow impact from hedging activity for the year-to-date periods ended June 27, 2020 and June 29, 2019 was inflows of $3.9 million and an outflow of $7.5 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 27, 2020 and December 28, 2019, the notional amounts of outstanding forward contracts to purchase currencies were $174.2 million and $137.7 million, respectively, and the notional amounts of outstanding forward contracts to sell currencies were $176.9 million and $143.5 million, respectively. As of June 27, 2020, the notional values of the largest positions outstanding were to purchase $74.2 million of U.S. dollars and $28.3 million of South Korean Won, and to sell $125.8 million of Euros and $24.7 million of Mexican pesos.

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 27, 2020 and December 28, 2019. Fair values were determined based on third party quotations (Level 2 fair value measurement):

	Asset derivatives					Liability derivatives
		Fair value					Fair value
Derivatives designated as hedging instruments (in millions)	Balance sheet  location	Jun 27, 2020		Dec 28, 2019		Balance sheet  location	Jun 27, 2020		Dec 28, 2019
Foreign exchange contracts	Non-trade amounts receivable	$	32.9	$	16.0	Accrued liabilities	$	35.6	$	19.8

The following table summarizes the impact on the results of operations for the second quarters of 2020 and 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions:

Derivatives designated as fair value hedges (in millions)	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized  in income on  derivatives				Location of (loss) gain recognized in income on related hedged items	Amount of (loss) gain recognized  in income on related hedged items
		2020		2019			2020		2019
Foreign exchange contracts	Other expense	$	42.4	$	(4.6)	Other expense	$	(40.4)	$	4.6

The following table summarizes the impact of the Company's hedging activities on comprehensive income for the second quarters of 2020 and 2019:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain (loss) recognized in OCI on derivatives (effective portion)				Location of gain (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)
Cash flow hedging relationships	2020		2019			2020		2019
Foreign exchange contracts	$	(3.5)	$	(0.8)	Cost of products sold	$	2.0	$	(0.7)
Net investment hedging relationships
Foreign exchange contracts	$	(52.3)	$	(1.8)
Euro denominated debt	$	(4.0)	$	(0.9)

The following table summarizes the impact on the results of operations for the year-to-date periods ended June 27, 2020 and June 29, 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions:

Derivatives designated as fair value hedges (in millions)	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized  in income on  derivatives				Location of (loss) gain recognized in income on related hedged items	Amount of (loss) gain recognized  in income on related hedged items
		2020		2019			2020		2019
Foreign exchange contracts	Other expense	$	(33.0)	$	9.0	Other expense	$	35.0	$	(9.0)

The following table summarizes the impact of the Company's hedging activities on comprehensive income for the year-to-date periods ended June 27, 2020 and June 29, 2019:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain (loss) recognized in OCI on derivatives (effective portion)				Location of gain (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)
Cash flow hedging relationships	2020		2019			2020		2019
Foreign exchange contracts	$	7.1	$	(3.6)	Cost of products sold	$	2.5	$	(1.2)
Net investment hedging relationships
Foreign exchange contracts	$	18.4	$	(19.5)
Euro denominated debt	$	(2.2)	$	(0.1)

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Fair Value Measurements	6 Months Ended
	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsDue to their short maturities or their insignificance, the carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable, accrued liabilities, leased assets and liabilities and short-term borrowings approximated their fair values at June 27, 2020 and December 28, 2019. The Company estimates that, based on current market conditions, the value of its Senior Notes (including capitalized costs) was approximately $300.9 million at June 27, 2020, compared with the carrying value of $501.4 million. The lower fair value resulted from changes, since issuance, in the corporate debt markets 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 11: Derivative Instruments and Hedging Activities for discussion of the Company's derivative instruments and related fair value measurements.

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Retirement Benefit Plans

6 Months Ended

Jun. 27, 2020

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 quarters ended June 27, 2020 and June 29, 2019 were as follows:

	Second Quarter								Year-to-Date
	Pension benefits				Post-retirement benefits				Pension benefits				Post-retirement benefits
(In millions)	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	2.1	$	1.9	$	—	$	0.1	$	4.2	$	3.8	$	—	$	0.1
Interest cost	1.1		1.5		0.1		0.2		2.2		3.0		0.2		0.3
Expected return on plan assets	(1.0)		(1.1)		—		—		(2.0)		(2.2)		—		—
Settlement/curtailment	0.4		(0.1)		—		—		0.4		(0.1)		—		—
Net amortization	0.7		—		(0.3)		(0.3)		1.4		—		(0.6)		(0.6)
Net periodic benefit cost	$	3.3	$	2.2	$	(0.2)	$	—	$	6.2	$	4.5	$	(0.4)	$	(0.2)

During the year-to-date periods ended June 27, 2020 and June 29, 2019, approximately $1.2 million of pretax loss and $0.7 million of pretax gain were reclassified from other comprehensive income to a component of net periodic benefit cost, respectively. 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. The Company included $1.6 million and $0.4 million related to the components of net periodic benefit cost, excluding service cost, in other expense in the year-to-date periods ended June 27, 2020 and June 29, 2019, respectively.

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Income Taxes

6 Months Ended

Jun. 27, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate was:

	13 weeks ended				26 weeks ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Effective tax rate	22.8	%	36.2	%	24.6	%	32.9	%

The change in effective tax rate in the second quarters of 2020 and 2019, respectively, and in the respective year-to-date periods was due to a change in the jurisdictional mix of earnings between the periods compared and the Company’s ability to offset the taxable gain from gain on debt extinguishment with a mixture of assets previously reserved and global intangible low-taxed income (“GILTI”) credits that would have otherwise been lost.

Accrual for uncertain tax positions and interest and penalties related to uncertain tax positions were:

(In millions)	June 27, 2020		December 28, 2019
Accrual for uncertain tax positions	$	13.5	$	13.5
Interest and penalties related to uncertain tax positions	$	0.7	$	4.0

The Company estimates that as of June 27, 2020, approximately $13.2 million of the unrecognized tax benefits, if recognized, will impact the effective tax rate.

In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is currently under examination or contesting proposed adjustments by various state and international tax authorities for fiscal years ranging from 2004 through 2018. It is reasonably possible that there could be a significant decrease or increase to the unrecognized tax benefit balance during the course of the next twelve months as these examinations continue, other tax examinations commence or various statutes of limitations expire. 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. An estimate of the range of possible changes cannot be made for remaining unrecognized tax benefits because of the significant number of jurisdictions in which the Company does business and the number of open tax periods.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by the President of the U.S. on March 27, 2020. This legislation is aimed at providing relief for individuals and businesses impacted by the Coronavirus outbreak. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses (NOL) and allow businesses to carry back NOLs arising in 2018, 2019, and 2020 to the five prior tax years, suspend the excess business loss rules, accelerate refunds of previously generated corporate Alternative Minimum Tax credits, loosen the business interest limitation under section 163(j) from 30 percent to 50 percent, allow for deferral of payroll taxes and establish an employer retention credit. While the enactment period impacts to the Company are expected to be minimal to none to income taxes, the Company continues to assess other aspects of the CARES Act, such as employee retention credits, payroll tax deferrals and the alternative minimum tax acceleration, for applicability.

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Statement of Cash Flow Supplemental Disclosure

6 Months Ended

Jun. 27, 2020

Supplemental Cash Flow Elements [Abstract]

Statement of Cash Flow Supplemental Disclosure

Statement of Cash Flow Supplemental Disclosure

Under the Company's stock incentive programs, in certain jurisdictions, employees are allowed to use shares retained by the Company to satisfy minimum statutorily required withholding taxes. In the year-to-date periods ended June 27, 2020 and June 29, 2019, 1,699 and 25,673 shares, respectively, were retained to fund withholding taxes, with values totaling $0.01 million and $0.80 million, respectively, which were included as stock repurchases in the Consolidated Statements of Cash Flows.

Restricted cash is recorded in prepaid and other current assets or in the long-term other assets balance sheet line items.

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Stock Based Compensation

6 Months Ended

Jun. 27, 2020

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

Stock-based Compensation

Stock option activity for 2020 is summarized in the following table:

	Shares  subject to option	Weighted average  exercise price per share		Aggregate intrinsic value (in millions)
Outstanding at December 28, 2019	3,340,739	$	56.28
Granted	1,000,000	2.61
Expired / Forfeited	(91,484)	45.98
Outstanding at June 27, 2020	4,249,255	$	43.87	$	—
Exercisable at June 27, 2020	2,875,945	$	57.82	$	—

The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2020 is summarized in the following table:

	Shares outstanding	Weighted  average grant date  fair value
December 28, 2019	528,289	$	28.82
Time-vested shares granted	2,709,286	4.34
Market-vested shares granted	1,715,566	1.70
Performance shares granted	743,770	3.01
Performance share adjustments	(610,188)	2.38
Vested	(68,937)	23.10
Forfeited	(634,490)	12.92
June 27, 2020	4,383,296	$	4.77

Stock-based compensation for the second quarter ended June 27, 2020 and June 29, 2019 were as follows:

	Second Quarter				Year-to-Date
(In millions)	2020		2019		2020		2019
Stock options	$	0.2	$	0.6	$	0.5	$	1.2
Time, performance and market vested share awards	1.4		2.0		3.3		3.3

As of June 27, 2020, total unrecognized stock-based compensation expense related to all stock-based awards was $15.9 million, which is expected to be recognized over a weighted average period of 2.2 years.

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Allowance for Long-Term Receivables

6 Months Ended

Jun. 27, 2020

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Allowance For Long-Term Receivables

Allowance for Long-Term Receivables

As of June 27, 2020, $13.5 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 27, 2020 was as follows:

(In millions)
Balance at December 28, 2019	$	13.9
Write-offs	(3.4)
Provision and reclassifications	3.4
Currency translation adjustment	(0.1)
Balance at June 27, 2020	$	13.8

XML

Guarantor Information

6 Months Ended

Jun. 27, 2020

Guarantor Information [Abstract]

Guarantor Information

Guarantor Information

The Company's payment obligations under the Senior Notes are fully and unconditionally guaranteed, on a senior secured basis, by the Guarantor. The guarantee is secured by certain "Tupperware" trademarks and service marks owned by the Guarantor, as discussed in Note 10: Debt. In addition, under the Credit Agreement and consistent with the Old Credit Agreement, the Guarantor unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrowers relating to the Credit Agreement, supported by a security interest in those certain "Tupperware" trademarks and service marks as well.

Condensed consolidated financial information as of June 27, 2020 and December 28, 2019, and for the quarter ended June 27, 2020 and June 29, 2019, for Tupperware Brands Corporation (the "Parent"), 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 which the Parent owns directly. There are no significant restrictions on the ability of either the Parent or the Guarantor from obtaining 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.

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	13 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	397.5	$	(0.1)	$	397.4
Other revenue	—		19.4		—		(19.4)		—
Cost of products sold	—		—		153.2		(19.7)		133.5
Gross margin	—		19.4		244.3		0.2		263.9
Delivery, sales and administrative expense	1.4		25.9		180.6		0.2		208.1
Re-engineering charges	—		3.1		20.1		—		23.2
Gain (loss) on disposal of assets	—		—		13.9		—		13.9
Operating income (loss)	(1.4)		(9.6)		57.5		—		46.5
Interest income	4.5		0.1		6.2		(10.6)		0.2
Interest expense	10.9		9.3		2.5		(10.6)		12.1
Income (loss) from equity investments in subsidiaries	29.6		53.5		—		(83.1)		—
Other expense (income), net	(41.6)		7.5		(13.9)		—		(48.0)
Income (loss) before income taxes	63.4		27.2		75.1		(83.1)		82.6
Provision (benefit) for income taxes	(0.4)		(0.3)		19.5		—		18.8
Net income (loss)	$	63.8	$	27.5	$	55.6	$	(83.1)	$	63.8
Comprehensive income (loss)	$	80.1	$	46.5	$	101.7	$	(148.2)	$	80.1

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	13 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	477.5	$	(2.2)	$	475.3
Other revenue	—		31.9		4.1		(36.0)		—
Cost of products sold	—		4.0		186.1		(35.5)		154.6
Gross margin	—		27.9		295.5		(2.7)		320.7
Delivery, sales and administrative expense	2.2		17.6		230.6		(2.7)		247.7
Re-engineering charges	—		0.2		3.9		—		4.1
Gain (loss) on disposal of assets	—		—		(0.1)		—		(0.1)
Operating income (loss)	(2.2)		10.1		60.9		—		68.8
Interest income	4.8		0.5		9.5		(14.4)		0.4
Interest expense	10.3		12.6		2.3		(14.4)		10.8
Income (loss) from equity investments in subsidiaries	45.1		43.7		—		(88.8)		—
Other expense (income), net	(0.6)		(1.7)		(1.1)		—		(3.4)
Income (loss) before income taxes	38.0		43.4		69.2		(88.8)		61.8
Provision (benefit) for income taxes	(1.4)		(0.4)		24.2		—		22.4
Net income (loss)	$	39.4	$	43.8	$	45.0	$	(88.8)	$	39.4
Comprehensive income (loss)	$	31.7	$	36.3	$	42.0	$	(78.3)	$	31.7

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	26 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	774.2	$	(0.9)	$	773.3
Other revenue	—		39.0		6.2		(45.2)		—
Cost of products sold	—		6.2		303.2		(46.2)		263.2
Gross margin	—		32.8		477.2		0.1		510.1
Delivery, sales and administrative expense	3.2		58.3		389.4		0.1		451.0
Re-engineering charges	—		5.6		21.5		—		27.1
Gain (loss) on disposal of assets	—		—		13.8		—		13.8
Operating income (loss)	(3.2)		(31.1)		80.1		—		45.8
Interest income	9.2		0.6		13.2		(22.3)		0.7
Interest expense	20.4		19.3		4.9		(22.3)		22.3
Income (loss) from equity investments in subsidiaries	28.9		54.3		—		(83.2)		—
Other expense (income), net	(41.6)		(22.1)		13.6		—		(50.1)
Income (loss) before income taxes	56.1		26.6		74.8		(83.2)		74.3
Provision (benefit) for income taxes	0.1		(0.2)		18.4		—		18.3
Net income (loss)	$	56.0	$	26.8	$	56.4	$	(83.2)	$	56.0
Comprehensive income (loss)	$	(9.2)	$	(36.4)	$	(22.1)	$	58.5	$	(9.2)

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	26 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	965.8	$	(3.2)	$	962.6
Other revenue	—		51.8		13.6		(65.4)		—
Cost of products sold	—		13.6		368.1		(65.9)		315.8
Gross margin	—		38.2		611.3		(2.7)		646.8
Delivery, sales and administrative expense	3.7		36.5		472.9		(2.7)		510.4
Re-engineering charges	—		0.8		7.6		—		8.4
Gain (loss) on disposal of assets	—		—		(1.0)		—		(1.0)
Operating income (loss)	(3.7)		0.9		129.8		—		127.0
Interest income	10.3		1.2		19.6		(30.1)		1.0
Interest expense	19.8		25.8		5.5		(30.1)		21.0
Income (loss) from equity investments in subsidiaries	85.9		104.0		—		(189.9)		—
Other expense (income), net	(1.1)		1.3		(6.9)		—		(6.7)
Income (loss) before income taxes	73.8		79.0		150.8		(189.9)		113.7
Provision (benefit) for income taxes	(2.5)		(3.8)		43.7		—		37.4
Net income (loss)	$	76.3	$	82.8	$	107.1	$	(189.9)	$	76.3
Comprehensive income (loss)	$	87.6	$	93.9	$	135.0	$	(228.9)	$	87.6

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Assets
Cash and cash equivalents	$	4.0	$	0.5	$	115.5	$	—	$	120.0
Accounts receivable, net	—		—		117.2		—		117.2
Inventories	—		—		216.1		—		216.1
Non-trade amounts receivable, net	—		175.2		92.5		(228.7)		39.0
Intercompany receivables	326.1		1,568.8		254.2		(2,149.1)		—
Prepaid expenses and other current assets	0.6		16.7		42.4		(38.4)		21.3
Total current assets	330.7		1,761.2		837.9		(2,416.2)		513.6
Deferred income tax benefits, net	41.7		42.1		112.0		(8.0)		187.8
Property, plant and equipment, net	—		84.9		157.2		—		242.1
Operating lease assets	—		4.3		74.9		—		79.2
Long-term receivables, net	—		0.1		13.7		0.1		13.9
Trademarks and tradenames, net	—		—		22.6		—		22.6
Goodwill	—		2.9		53.1		—		56.0
Investments in subsidiaries	1,270.1		1,138.8		—		(2,408.9)		—
Intercompany loan receivables	507.0		95.0		976.4		(1,578.4)		—
Other assets, net	3.9		10.5		142.3		(77.6)		79.1
Total assets	$	2,153.4	$	3,139.8	$	2,390.1	$	(6,489.0)	$	1,194.3
Liabilities And Shareholders' Equity
Accounts payable	$	1.1	$	9.5	$	81.9	$	0.1	$	92.6
Short-term borrowings and current portion of long-term debt and finance lease obligations	754.8		—		46.7		—		801.5
Intercompany payables	1,441.7		450.4		257.0		(2,149.1)		—
Accrued liabilities	237.4		83.0		297.0		(267.1)		350.3
Total current liabilities	2,435.0		542.9		682.6		(2,416.1)		1,244.4
Long-term debt and finance lease obligations	—		—		2.1		—		2.1
Intercompany notes payable	—		1,298.6		279.8		(1,578.4)		—
Operating lease liabilities	—		3.7		48.5		0.1		52.3
Other liabilities	0.7		106.5		156.3		(85.7)		177.8
Total liabilities	2,435.7		1,951.7		1,169.3		(4,080.1)		1,476.6
Total shareholders' equity (deficit)	(282.3)		1,188.1		1,220.8		(2,408.9)		(282.3)
Total liabilities and shareholders' equity	$	2,153.4	$	3,139.8	$	2,390.1	$	(6,489.0)	$	1,194.3

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 28, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Assets
Cash and cash equivalents	$	—	$	0.3	$	122.9	$	—	$	123.2
Accounts receivable, net	—		—		110.7		—		110.7
Inventories	—		—		245.2		—		245.2
Non-trade amounts receivable, net	—		166.2		84.9		(212.0)		39.1
Intercompany receivables	325.9		1,546.3		209.9		(2,082.1)		—
Prepaid expenses and other current assets	1.2		16.0		41.1		(38.0)		20.3
Total current assets	327.1		1,728.8		814.7		(2,332.1)		538.5
Deferred income tax benefits, net	41.7		42.2		105.6		(3.4)		186.1
Property, plant and equipment, net	—		85.7		181.8		—		267.5
Operating lease assets	—		4.7		79.4		—		84.1
Long-term receivables, net	—		0.1		14.9		—		15.0
Trademarks and tradenames, net	—		—		24.6		—		24.6
Goodwill	—		2.9		56.6		—		59.5
Investments in subsidiaries	1,305.2		1,208.8		—		(2,514.0)		—
Intercompany loan receivables	514.8		95.7		1,046.1		(1,656.6)		—
Other assets, net	1.9		12.7		150.0		(77.5)		87.1
Total assets	$	2,190.7	$	3,181.6	$	2,473.7	$	(6,583.6)	$	1,262.4
Liabilities And Shareholders' Equity
Accounts payable	$	—	$	8.3	$	117.1	$	—	$	125.4
Short-term borrowings and current portion of long-term debt and finance lease obligations	186.8		—		86.4		—		273.2
Intercompany payables	1,440.8		406.2		235.1		(2,082.1)		—
Accrued liabilities	239.1		65.6		235.6		(250.0)		290.3
Total current liabilities	1,866.7		480.1		674.2		(2,332.1)		688.9
Long-term debt and finance lease obligations	599.8		—		2.4		—		602.2
Intercompany notes payable	—		1,362.2		294.4		(1,656.6)		—
Operating lease liabilities	—		4.0		52.0		—		56.0
Other liabilities	1.2		110.7		161.3		(80.9)		192.3
Total liabilities	2,467.7		1,957.0		1,184.3		(4,069.6)		1,539.4
Total shareholders' equity (deficit)	(277.0)		1,224.6		1,289.4		(2,514.0)		(277.0)
Total liabilities and shareholders' equity	$	2,190.7	$	3,181.6	$	2,473.7	$	(6,583.6)	$	1,262.4

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Operating Activities
Net cash provided by (used in) operating activities	$	(10.8)	$	29.8	$	35.3	$	(9.0)	$	45.3
Investing Activities
Capital expenditures	—		(8.9)		(5.1)		(0.1)		(14.1)
Proceeds from disposal of property, plant and equipment	—		—		15.9		—		15.9
Net intercompany loans	7.8		1.2		45.3		(54.3)		—
Net cash provided by (used in) investing activities	7.8		(7.7)		56.1		(54.4)		1.8
Financing Activities
Common stock cash dividends paid	0.1		—		—		(0.1)		—
Dividend payments to parent	—		—		(46.9)		46.9		—
Common stock repurchase	—		—		—		—		—
Senior notes repayment	(56.4)		—		—		—		(56.4)
Finance lease repayments	—		—		(0.3)		—		(0.3)
Net increase (decrease) in short-term debt	64.4		—		(46.6)		—		17.8
Debt issuance costs	(2.0)		—		—		—		(2.0)
Net intercompany borrowings	0.9		(21.9)		4.4		16.6		—
Net cash provided by (used in) financing activities	7.0		(21.9)		(89.4)		63.4		(40.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		(8.6)		—		(8.6)
Net change in cash, cash equivalents and restricted cash	4.0		0.2		(6.6)		—		(2.4)
Cash, cash equivalents and restricted cash at beginning of year	—		0.3		125.8		—		126.1
Cash, cash equivalents and restricted cash at end of period	$	4.0	$	0.5	$	119.2	$	—	$	123.7

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Operating Activities
Net cash provided by (used in) operating activities	$	(7.8)	$	90.5	$	143.4	$	(224.8)	$	1.3
Investing Activities
Capital expenditures	—		(14.9)		(12.3)		—		(27.2)
Proceeds from disposal of property, plant and equipment	—		—		4.7		—		4.7
Net intercompany loans	59.1		79.6		157.9		(296.6)		—
Net cash provided by (used in) investing activities	59.1		64.7		150.3		(296.6)		(22.5)
Financing Activities
Common stock cash dividends paid	(47.3)		—		—		—		(47.3)
Dividend payments to parent	—		—		(218.4)		218.4		—
Common stock repurchase	(0.8)		—		—		—		(0.8)
Repayment of finance lease obligations	—		—		(1.0)		—		(1.0)
Net change in short-term debt	76.9		—		8.3		—		85.2
Debt issuance costs	(2.2)		—		—		—		(2.2)
Net intercompany borrowings	(77.9)		(155.4)		(69.7)		303.0		—
Net cash (used in) provided by financing activities	(51.3)		(155.4)		(280.8)		521.4		33.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		2.0		—		2.0
Net change in cash, cash equivalents and restricted cash	—		(0.2)		14.9		—		14.7
Cash, cash equivalents and restricted cash at beginning of year	—		0.3		151.6		—		151.9
Cash, cash equivalents and restricted cash at end of period	$	—	$	0.1	$	166.5	$	—	$	166.6

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New Accounting Pronouncements

6 Months Ended

Jun. 27, 2020

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

Standards recently adopted

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this guidance at the beginning of the second quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements.

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract”, an amendment to existing guidance on the accounting for implementation, setup, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor that is a service contract. Under the amendment, the requirement for capitalizing implementation costs incurred in a hosting environment that is a service contract is aligned with the requirements for capitalizing implementation costs incurred for an internal-use software license. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”, an amendment to existing guidance on disclosure requirements on fair value measurement as part of its broader disclosure framework project, which aims to improve the effectiveness of disclosures in the notes to the financial statements. Under this amendment, certain disclosure requirements for fair value measurement were eliminated, modified and added. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have any impact on its Consolidated Financial Statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, an amendment to existing guidance for the measurement of credit losses on financial instruments and subsequent updates to that amendment. This guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information when recording credit loss estimates. The new standard is effective for fiscal years and interim periods beginning after December 15, 2019. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements.

Standards not yet adopted

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, an optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The amendments should be applied on a prospective basis. The Company is currently evaluating the impact of the potential adoption of this amendment on its Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans”, an amendment to existing guidance on disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. Under the amendment, the entity is required to disclose the weighted-average interest crediting rates used, reasons for significant gains and losses affecting the benefit obligation and an explanation of any other significant changes in the benefit obligation or plan assets. The amendment also removed certain required disclosures that no longer are considered cost beneficial. This guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company has evaluated the impact of adoption of this amendment and does not expect any impact on its Consolidated Financial Statements.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 27, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The 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 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 statement of the results for the interim periods.

Certain information and note disclosures normally included in the consolidated statements of income, consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of shareholders' equity and consolidated statements of cash flows prepared in conformity with accounting principles generally accepted in the United States of America for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, these consolidated financial statements and related notes should be read in conjunction with the audited 2019 consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2019. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year.

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 sales and expenses during the reporting period. Actual results could differ materially from these estimates.

For the second quarter ended June 27, 2020, the impact of the decline in business activity brought about by the Coronavirus pandemic (“COVID-19”) continues to evolve. As a result, many of the Company's estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods.

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Shipping and Handling (Tables)

6 Months Ended

Jun. 27, 2020

Shipping and Handling Costs [Abstract]

shipping and handling costs

Distribution costs were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Distribution costs	$	33.4	$	32.8	$	62.5	$	65.6

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Promotional Costs (Tables)

6 Months Ended

Jun. 27, 2020

Promotional Costs [Abstract]

promotional cost, table

Promotional costs were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Promotional costs	$	54.1	$	71.6	$	112.6	$	150.2

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Inventories (Tables)

6 Months Ended

Jun. 27, 2020

Inventory, Net [Abstract]

Components of Inventories

Inventories were:

(In millions)	June 27, 2020		December 28, 2019
Finished goods	$	166.2	$	197.1
Work in process	24.7		22.4
Raw materials and supplies	25.2		25.7
Total inventories	$	216.1	$	245.2

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Net Income Per Common Share (Tables)

6 Months Ended

Jun. 27, 2020

Earnings Per Share [Abstract]

Elements of Earnings per Share Computations

The elements of the earnings per share computations were as follows:

	13 weeks ended				26 weeks ended
(In millions, except per share amounts)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net income (loss)	$	63.8	$	39.4	$	56.0	$	76.3
Weighted-average shares of common stock outstanding	49.0		48.8		49.0		48.7
Common equivalent shares:
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units	0.2		—		0.2		0.1
Weighted-average common and common equivalent shares outstanding	49.2		48.8		49.2		48.8
Basic earnings per share	$	1.30	$	0.81	$	1.14	$	1.57
Diluted earnings per share	$	1.30	$	0.81	$	1.14	$	1.56
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive	4.7		3.9		4.4		3.9

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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 27, 2020

Accumulated Other Comprehensive Loss [Abstract]

Rollforward of 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 28, 2019	$	(600.2)	$	(2.4)	$	(35.7)	$	(638.3)
Other comprehensive income (loss) before reclassifications	(70.8)		6.5		(0.5)		(64.8)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(2.0)		1.6		(0.4)
Other comprehensive income (loss)	(70.8)		4.5		1.1		(65.2)
Balance at June 27, 2020	$	(671.0)	$	2.1	$	(34.6)	$	(703.5)

(In millions, net of tax)	Foreign Currency Items		Cash Flow Hedges		Pension and Other Post-retirement Items		Total
Balance at December 29, 2018	$	(579.1)	$	1.7	$	(24.7)	$	(602.1)
Cumulative effect of change in accounting principle	(3.8)		(1.2)		—		(5.0)
Other comprehensive income (loss) before reclassifications	13.9		(3.0)		(0.3)		10.6
Amounts reclassified from accumulated other comprehensive income (loss)	—		0.8		(0.1)		0.7
Other comprehensive income (loss)	13.9		(2.2)		(0.4)		11.3
Balance at June 29, 2019	$	(569.0)	$	(1.7)	$	(25.1)	$	(595.8)

Amounts reclassified from accumulated other comprehensive income (loss) that related to cash flow hedges consisted of:

	Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Related To Cash Flow Hedges
(In millions)	2020		2019
Cash flow hedges	$	(2.5)	$	1.2
Tax effect	0.5		(0.4)
Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges	$	(2.0)	$	0.8

Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items consisted of:

	Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Related To Pension And Other Post-Retirement Items
(In millions)	2020		2019
Prior service costs/(benefit)	$	(0.1)	$	(0.6)
Settlements (gains) losses	0.4		(0.1)
Actuarial (gains) losses	0.9		—
Tax effect	0.4		0.6
	$	1.6	$	(0.1)

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Re-engineering Costs (Tables)

6 Months Ended

Jun. 27, 2020

Restructuring Charges [Abstract]

Restructuring and Related Costs

The re-engineering charges were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Turnaround plan	22.4		4.2		25.7		5.4
2017 program	0.8		(0.5)		1.4		2.3
Other	—		0.4		—		0.7
Total re-engineering charges	$	23.2	$	4.1	$	27.1	$	8.4

The re-engineering charges related to the Turnaround Plan were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Europe	$	11.4	$	1.7	$	11.4	$	2.9
Asia Pacific	2.1		2.5		2.5		2.5
North America	2.4		—		2.4		—
South America	0.8		—		1.0		—
Corporate	5.7		—		8.4		—
Total turnaround plan charges	$	22.4	$	4.2	$	25.7	$	5.4

The re-engineering charges related to the 2017 program were:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Europe	$	1.1	$	(0.3)	$	1.4	$	1.0
Asia Pacific	—		(0.2)		—		0.7
North America	(0.3)		—		—		0.6
Total 2017 program charges	$	0.8	$	(0.5)	$	1.4	$	2.3

Accrued Liabilities, Re-engineering Charges Rollforward

The balances included in accrued liabilities related to re-engineering charges for the Turnaround Plan were:

(In millions)	June 27, 2020		December 28, 2019
Beginning of the year balance	$	12.9	$	—
Provision	25.7		26.4
Adjustments and other charges	1.2		(1.7)
Cash expenditures:
Severance	(14.5)		(0.9)
Other	(1.3)		(10.9)
Currency translation adjustment	(0.2)		—
End of period balance	$	23.8	$	12.9

The balances included in accrued liabilities related to re-engineering charges for the 2017 program were:

(In millions)	June 27, 2020		December 28, 2019
Beginning of the year balance	$	3.1	$	23.3
Provision	1.4		4.5
Adjustments and other charges	(0.7)		(0.3)
Cash expenditures:
Severance	(1.7)		(20.3)
Other	(0.9)		(3.6)
Currency translation adjustment	—		(0.5)
End of period balance	$	1.2	$	3.1

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Leases (Tables)

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Lease, Expense

Components of lease expense were as follows:

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Operating lease cost (a) (c)	$	10.6	$	12.6	$	22.4	$	25.6
Amortization of right-of-use assets (a)	0.2		0.3		0.4		0.5
Interest on lease liabilities (b)	0.1		—		0.1		0.1
Total finance lease cost	$	0.3	$	0.3	$	0.5	$	0.6

____________________

^(a) Included in DS&A and cost of products sold.

^(b)  Included in interest expense.

^(c)  Includes immaterial amounts related to short-term rent expense and variable rent expense.

Schedule of Supplemental Cash Flow information related to Leases

Supplemental cash flow information related to leases is as follows:

	26 weeks ended
(In millions)	June 27, 2020		June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(21.0)	$	(24.9)
Operating cash flows from finance leases	$	—	$	(0.1)
Financing cash flows from finance leases	$	(0.3)	$	(1.0)
Leased assets obtained in exchange for new operating lease liabilities	$	2.7	$	5.6

Supplemental Balance Sheet information related to Leases

Supplemental balance sheet information related to leases is as follows:

(In millions, except lease term and discount rate)	June 27, 2020			December 28, 2019
Operating Leases
Operating lease assets	$	79.2		$	84.1
Accrued liabilities	$	28.4		$	29.2
Operating lease liabilities	52.3			56.0
Total Operating lease liabilities	$	80.7		$	85.2
Finance Leases
Property, plant and equipment, at cost	$	18.3		$	17.9
Accumulated amortization	(11.0)			(10.3)
Property, plant and equipment, net	$	7.3		$	7.6
Current portion of finance lease obligations	$	1.3		$	1.3
Long-term finance lease obligations	2.1			2.3
Total Finance lease liabilities	$	3.4		$	3.6
Weighted Average Remaining Lease Term
Operating Leases	4.3 years			4.5 years
Finance Leases	2.4 years			2.8 years
Weighted Average Discount Rate (a)
Operating Leases	4.6		%	5.2		%
Finance Leases	5.1		%	5.1		%

_________________________

^(a) Calculated using Company's incremental borrowing rate.

Schedule of Maturities of Lease Liabilities [Table Text Block]

Maturities of lease liabilities as of June 27, 2020 and December 28, 2019 were as follows:

	June 27, 2020				December 28, 2019
(In millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
2020	$	17.4	$	1.1	$	32.8	$	1.4
2021	26.7		1.4		22.6		1.4
2022	15.7		1.1		13.0		1.0
2023	9.6		—		7.5		—
2024	6.4		—		5.6		—
Thereafter	13.0		—		13.0		—
Total undiscounted lease liability	$	88.8	$	3.6	$	94.5	$	3.8
Less imputed interest	(8.1)		(0.2)		(9.3)		(0.2)
Total	$	80.7	$	3.4	$	85.2	$	3.6

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Segment Information (Tables)

6 Months Ended

Jun. 27, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

	13 weeks ended				26 weeks ended
(In millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net sales
Europe	$	90.8	$	121.5	$	196.5	$	260.1
Asia Pacific	134.4		155.5		254.8		311.6
North America	124.0		124.7		225.3		244.3
South America	48.2		73.6		96.7		146.6
Total net sales	$	397.4	$	475.3	$	773.3	$	962.6
Segment profit
Europe	$	10.9	$	12.8	$	13.4	$	30.5
Asia Pacific	34.4		37.2		51.7		67.2
North America	18.7		20.4		25.2		37.8
South America	11.3		13.1		14.3		22.0
Total segment profit	75.3		83.5		104.6		157.5
Unallocated expenses	28.5		(7.1)		4.6		(14.4)
Re-engineering charges (a)	(23.2)		(4.1)		(27.1)		(8.4)
Gain (loss) on disposal of assets	13.9		(0.1)		13.8		(1.0)
Interest expense	(11.9)		(10.4)		(21.6)		(20.0)
Income (loss) before income taxes	$	82.6	$	61.8	$	74.3	$	113.7

(In millions)	June 27, 2020		December 28, 2019
Identifiable assets
Europe	$	264.4	$	269.7
Asia Pacific	276.1		300.3
North America	211.1		235.9
South America	107.5		125.2
Corporate	335.2		331.3
Total identifiable assets	$	1,194.3	$	1,262.4

_________________________

(a)See Note 7: Re-engineering Charges for further discussion.

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Debt (Tables)

6 Months Ended

Jun. 27, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The debt portfolio consisted of:

(In millions)	June 27, 2020		December 28, 2019
Senior notes (including capitalized costs)	$	501.4	$	599.8
Credit agreement (a)	298.8		272.0
Finance leases	3.4		3.6
Total debt	$	803.6	$	875.4

____________________

^(a) $137.2 million and $174.9 million denominated in Euro as of June 27, 2020 and December 28, 2019, respectively.

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 27, 2020

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

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 27, 2020 and December 28, 2019. Fair values were determined based on third party quotations (Level 2 fair value measurement):

	Asset derivatives					Liability derivatives
		Fair value					Fair value
Derivatives designated as hedging instruments (in millions)	Balance sheet  location	Jun 27, 2020		Dec 28, 2019		Balance sheet  location	Jun 27, 2020		Dec 28, 2019
Foreign exchange contracts	Non-trade amounts receivable	$	32.9	$	16.0	Accrued liabilities	$	35.6	$	19.8

The following table summarizes the impact on the results of operations for the second quarters of 2020 and 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions:

Derivatives designated as fair value hedges (in millions)	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized  in income on  derivatives				Location of (loss) gain recognized in income on related hedged items	Amount of (loss) gain recognized  in income on related hedged items
		2020		2019			2020		2019
Foreign exchange contracts	Other expense	$	42.4	$	(4.6)	Other expense	$	(40.4)	$	4.6

The following table summarizes the impact of the Company's hedging activities on comprehensive income for the second quarters of 2020 and 2019:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain (loss) recognized in OCI on derivatives (effective portion)				Location of gain (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)
Cash flow hedging relationships	2020		2019			2020		2019
Foreign exchange contracts	$	(3.5)	$	(0.8)	Cost of products sold	$	2.0	$	(0.7)
Net investment hedging relationships
Foreign exchange contracts	$	(52.3)	$	(1.8)
Euro denominated debt	$	(4.0)	$	(0.9)

The following table summarizes the impact on the results of operations for the year-to-date periods ended June 27, 2020 and June 29, 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions:

Derivatives designated as fair value hedges (in millions)	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized  in income on  derivatives				Location of (loss) gain recognized in income on related hedged items	Amount of (loss) gain recognized  in income on related hedged items
		2020		2019			2020		2019
Foreign exchange contracts	Other expense	$	(33.0)	$	9.0	Other expense	$	35.0	$	(9.0)

The following table summarizes the impact of the Company's hedging activities on comprehensive income for the year-to-date periods ended June 27, 2020 and June 29, 2019:

Derivatives designated as cash flow and net equity hedges (in millions)	Amount of gain (loss) recognized in OCI on derivatives (effective portion)				Location of gain (loss) reclassified from accumulated OCI into income (effective portion)	Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)
Cash flow hedging relationships	2020		2019			2020		2019
Foreign exchange contracts	$	7.1	$	(3.6)	Cost of products sold	$	2.5	$	(1.2)
Net investment hedging relationships
Foreign exchange contracts	$	18.4	$	(19.5)
Euro denominated debt	$	(2.2)	$	(0.1)

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Retirement Benefit Plans (Tables)

6 Months Ended

Jun. 27, 2020

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 quarters ended June 27, 2020 and June 29, 2019 were as follows:

	Second Quarter								Year-to-Date
	Pension benefits				Post-retirement benefits				Pension benefits				Post-retirement benefits
(In millions)	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	2.1	$	1.9	$	—	$	0.1	$	4.2	$	3.8	$	—	$	0.1
Interest cost	1.1		1.5		0.1		0.2		2.2		3.0		0.2		0.3
Expected return on plan assets	(1.0)		(1.1)		—		—		(2.0)		(2.2)		—		—
Settlement/curtailment	0.4		(0.1)		—		—		0.4		(0.1)		—		—
Net amortization	0.7		—		(0.3)		(0.3)		1.4		—		(0.6)		(0.6)
Net periodic benefit cost	$	3.3	$	2.2	$	(0.2)	$	—	$	6.2	$	4.5	$	(0.4)	$	(0.2)

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Income Taxes (Tables)

6 Months Ended

Jun. 27, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The effective tax rate was:

	13 weeks ended				26 weeks ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Effective tax rate	22.8	%	36.2	%	24.6	%	32.9	%

Schedule of Unrecognized Tax Benefits Roll Forward

Accrual for uncertain tax positions and interest and penalties related to uncertain tax positions were:

(In millions)	June 27, 2020		December 28, 2019
Accrual for uncertain tax positions	$	13.5	$	13.5
Interest and penalties related to uncertain tax positions	$	0.7	$	4.0

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Stock Based Compensation (Tables)

6 Months Ended

Jun. 27, 2020

Share-based Payment Arrangement [Abstract]

Stock Option Activity

Stock option activity for 2020 is summarized in the following table:

	Shares  subject to option	Weighted average  exercise price per share		Aggregate intrinsic value (in millions)
Outstanding at December 28, 2019	3,340,739	$	56.28
Granted	1,000,000	2.61
Expired / Forfeited	(91,484)	45.98
Outstanding at June 27, 2020	4,249,255	$	43.87	$	—
Exercisable at June 27, 2020	2,875,945	$	57.82	$	—

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 2020 is summarized in the following table:

	Shares outstanding	Weighted  average grant date  fair value
December 28, 2019	528,289	$	28.82
Time-vested shares granted	2,709,286	4.34
Market-vested shares granted	1,715,566	1.70
Performance shares granted	743,770	3.01
Performance share adjustments	(610,188)	2.38
Vested	(68,937)	23.10
Forfeited	(634,490)	12.92
June 27, 2020	4,383,296	$	4.77

Schedule of Compensation Expense

Stock-based compensation for the second quarter ended June 27, 2020 and June 29, 2019 were as follows:

	Second Quarter				Year-to-Date
(In millions)	2020		2019		2020		2019
Stock options	$	0.2	$	0.6	$	0.5	$	1.2
Time, performance and market vested share awards	1.4		2.0		3.3		3.3

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Allowance for Long-Term Receivables (Tables)

6 Months Ended

Jun. 27, 2020

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 27, 2020 was as follows:

(In millions)
Balance at December 28, 2019	$	13.9
Write-offs	(3.4)
Provision and reclassifications	3.4
Currency translation adjustment	(0.1)
Balance at June 27, 2020	$	13.8

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Guarantor Information (Tables)

6 Months Ended

Jun. 27, 2020

Guarantor Information [Abstract]

Consolidating Statement of Income

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	13 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	397.5	$	(0.1)	$	397.4
Other revenue	—		19.4		—		(19.4)		—
Cost of products sold	—		—		153.2		(19.7)		133.5
Gross margin	—		19.4		244.3		0.2		263.9
Delivery, sales and administrative expense	1.4		25.9		180.6		0.2		208.1
Re-engineering charges	—		3.1		20.1		—		23.2
Gain (loss) on disposal of assets	—		—		13.9		—		13.9
Operating income (loss)	(1.4)		(9.6)		57.5		—		46.5
Interest income	4.5		0.1		6.2		(10.6)		0.2
Interest expense	10.9		9.3		2.5		(10.6)		12.1
Income (loss) from equity investments in subsidiaries	29.6		53.5		—		(83.1)		—
Other expense (income), net	(41.6)		7.5		(13.9)		—		(48.0)
Income (loss) before income taxes	63.4		27.2		75.1		(83.1)		82.6
Provision (benefit) for income taxes	(0.4)		(0.3)		19.5		—		18.8
Net income (loss)	$	63.8	$	27.5	$	55.6	$	(83.1)	$	63.8
Comprehensive income (loss)	$	80.1	$	46.5	$	101.7	$	(148.2)	$	80.1

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	13 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	477.5	$	(2.2)	$	475.3
Other revenue	—		31.9		4.1		(36.0)		—
Cost of products sold	—		4.0		186.1		(35.5)		154.6
Gross margin	—		27.9		295.5		(2.7)		320.7
Delivery, sales and administrative expense	2.2		17.6		230.6		(2.7)		247.7
Re-engineering charges	—		0.2		3.9		—		4.1
Gain (loss) on disposal of assets	—		—		(0.1)		—		(0.1)
Operating income (loss)	(2.2)		10.1		60.9		—		68.8
Interest income	4.8		0.5		9.5		(14.4)		0.4
Interest expense	10.3		12.6		2.3		(14.4)		10.8
Income (loss) from equity investments in subsidiaries	45.1		43.7		—		(88.8)		—
Other expense (income), net	(0.6)		(1.7)		(1.1)		—		(3.4)
Income (loss) before income taxes	38.0		43.4		69.2		(88.8)		61.8
Provision (benefit) for income taxes	(1.4)		(0.4)		24.2		—		22.4
Net income (loss)	$	39.4	$	43.8	$	45.0	$	(88.8)	$	39.4
Comprehensive income (loss)	$	31.7	$	36.3	$	42.0	$	(78.3)	$	31.7

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	26 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	774.2	$	(0.9)	$	773.3
Other revenue	—		39.0		6.2		(45.2)		—
Cost of products sold	—		6.2		303.2		(46.2)		263.2
Gross margin	—		32.8		477.2		0.1		510.1
Delivery, sales and administrative expense	3.2		58.3		389.4		0.1		451.0
Re-engineering charges	—		5.6		21.5		—		27.1
Gain (loss) on disposal of assets	—		—		13.8		—		13.8
Operating income (loss)	(3.2)		(31.1)		80.1		—		45.8
Interest income	9.2		0.6		13.2		(22.3)		0.7
Interest expense	20.4		19.3		4.9		(22.3)		22.3
Income (loss) from equity investments in subsidiaries	28.9		54.3		—		(83.2)		—
Other expense (income), net	(41.6)		(22.1)		13.6		—		(50.1)
Income (loss) before income taxes	56.1		26.6		74.8		(83.2)		74.3
Provision (benefit) for income taxes	0.1		(0.2)		18.4		—		18.3
Net income (loss)	$	56.0	$	26.8	$	56.4	$	(83.2)	$	56.0
Comprehensive income (loss)	$	(9.2)	$	(36.4)	$	(22.1)	$	58.5	$	(9.2)

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	26 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Net sales	$	—	$	—	$	965.8	$	(3.2)	$	962.6
Other revenue	—		51.8		13.6		(65.4)		—
Cost of products sold	—		13.6		368.1		(65.9)		315.8
Gross margin	—		38.2		611.3		(2.7)		646.8
Delivery, sales and administrative expense	3.7		36.5		472.9		(2.7)		510.4
Re-engineering charges	—		0.8		7.6		—		8.4
Gain (loss) on disposal of assets	—		—		(1.0)		—		(1.0)
Operating income (loss)	(3.7)		0.9		129.8		—		127.0
Interest income	10.3		1.2		19.6		(30.1)		1.0
Interest expense	19.8		25.8		5.5		(30.1)		21.0
Income (loss) from equity investments in subsidiaries	85.9		104.0		—		(189.9)		—
Other expense (income), net	(1.1)		1.3		(6.9)		—		(6.7)
Income (loss) before income taxes	73.8		79.0		150.8		(189.9)		113.7
Provision (benefit) for income taxes	(2.5)		(3.8)		43.7		—		37.4
Net income (loss)	$	76.3	$	82.8	$	107.1	$	(189.9)	$	76.3
Comprehensive income (loss)	$	87.6	$	93.9	$	135.0	$	(228.9)	$	87.6

Condensed Consolidating Balance Sheet

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Assets
Cash and cash equivalents	$	4.0	$	0.5	$	115.5	$	—	$	120.0
Accounts receivable, net	—		—		117.2		—		117.2
Inventories	—		—		216.1		—		216.1
Non-trade amounts receivable, net	—		175.2		92.5		(228.7)		39.0
Intercompany receivables	326.1		1,568.8		254.2		(2,149.1)		—
Prepaid expenses and other current assets	0.6		16.7		42.4		(38.4)		21.3
Total current assets	330.7		1,761.2		837.9		(2,416.2)		513.6
Deferred income tax benefits, net	41.7		42.1		112.0		(8.0)		187.8
Property, plant and equipment, net	—		84.9		157.2		—		242.1
Operating lease assets	—		4.3		74.9		—		79.2
Long-term receivables, net	—		0.1		13.7		0.1		13.9
Trademarks and tradenames, net	—		—		22.6		—		22.6
Goodwill	—		2.9		53.1		—		56.0
Investments in subsidiaries	1,270.1		1,138.8		—		(2,408.9)		—
Intercompany loan receivables	507.0		95.0		976.4		(1,578.4)		—
Other assets, net	3.9		10.5		142.3		(77.6)		79.1
Total assets	$	2,153.4	$	3,139.8	$	2,390.1	$	(6,489.0)	$	1,194.3
Liabilities And Shareholders' Equity
Accounts payable	$	1.1	$	9.5	$	81.9	$	0.1	$	92.6
Short-term borrowings and current portion of long-term debt and finance lease obligations	754.8		—		46.7		—		801.5
Intercompany payables	1,441.7		450.4		257.0		(2,149.1)		—
Accrued liabilities	237.4		83.0		297.0		(267.1)		350.3
Total current liabilities	2,435.0		542.9		682.6		(2,416.1)		1,244.4
Long-term debt and finance lease obligations	—		—		2.1		—		2.1
Intercompany notes payable	—		1,298.6		279.8		(1,578.4)		—
Operating lease liabilities	—		3.7		48.5		0.1		52.3
Other liabilities	0.7		106.5		156.3		(85.7)		177.8
Total liabilities	2,435.7		1,951.7		1,169.3		(4,080.1)		1,476.6
Total shareholders' equity (deficit)	(282.3)		1,188.1		1,220.8		(2,408.9)		(282.3)
Total liabilities and shareholders' equity	$	2,153.4	$	3,139.8	$	2,390.1	$	(6,489.0)	$	1,194.3

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	December 28, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Assets
Cash and cash equivalents	$	—	$	0.3	$	122.9	$	—	$	123.2
Accounts receivable, net	—		—		110.7		—		110.7
Inventories	—		—		245.2		—		245.2
Non-trade amounts receivable, net	—		166.2		84.9		(212.0)		39.1
Intercompany receivables	325.9		1,546.3		209.9		(2,082.1)		—
Prepaid expenses and other current assets	1.2		16.0		41.1		(38.0)		20.3
Total current assets	327.1		1,728.8		814.7		(2,332.1)		538.5
Deferred income tax benefits, net	41.7		42.2		105.6		(3.4)		186.1
Property, plant and equipment, net	—		85.7		181.8		—		267.5
Operating lease assets	—		4.7		79.4		—		84.1
Long-term receivables, net	—		0.1		14.9		—		15.0
Trademarks and tradenames, net	—		—		24.6		—		24.6
Goodwill	—		2.9		56.6		—		59.5
Investments in subsidiaries	1,305.2		1,208.8		—		(2,514.0)		—
Intercompany loan receivables	514.8		95.7		1,046.1		(1,656.6)		—
Other assets, net	1.9		12.7		150.0		(77.5)		87.1
Total assets	$	2,190.7	$	3,181.6	$	2,473.7	$	(6,583.6)	$	1,262.4
Liabilities And Shareholders' Equity
Accounts payable	$	—	$	8.3	$	117.1	$	—	$	125.4
Short-term borrowings and current portion of long-term debt and finance lease obligations	186.8		—		86.4		—		273.2
Intercompany payables	1,440.8		406.2		235.1		(2,082.1)		—
Accrued liabilities	239.1		65.6		235.6		(250.0)		290.3
Total current liabilities	1,866.7		480.1		674.2		(2,332.1)		688.9
Long-term debt and finance lease obligations	599.8		—		2.4		—		602.2
Intercompany notes payable	—		1,362.2		294.4		(1,656.6)		—
Operating lease liabilities	—		4.0		52.0		—		56.0
Other liabilities	1.2		110.7		161.3		(80.9)		192.3
Total liabilities	2,467.7		1,957.0		1,184.3		(4,069.6)		1,539.4
Total shareholders' equity (deficit)	(277.0)		1,224.6		1,289.4		(2,514.0)		(277.0)
Total liabilities and shareholders' equity	$	2,190.7	$	3,181.6	$	2,473.7	$	(6,583.6)	$	1,262.4

Condensed Consolidating Statement of Cash Flows

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended June 27, 2020
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Operating Activities
Net cash provided by (used in) operating activities	$	(10.8)	$	29.8	$	35.3	$	(9.0)	$	45.3
Investing Activities
Capital expenditures	—		(8.9)		(5.1)		(0.1)		(14.1)
Proceeds from disposal of property, plant and equipment	—		—		15.9		—		15.9
Net intercompany loans	7.8		1.2		45.3		(54.3)		—
Net cash provided by (used in) investing activities	7.8		(7.7)		56.1		(54.4)		1.8
Financing Activities
Common stock cash dividends paid	0.1		—		—		(0.1)		—
Dividend payments to parent	—		—		(46.9)		46.9		—
Common stock repurchase	—		—		—		—		—
Senior notes repayment	(56.4)		—		—		—		(56.4)
Finance lease repayments	—		—		(0.3)		—		(0.3)
Net increase (decrease) in short-term debt	64.4		—		(46.6)		—		17.8
Debt issuance costs	(2.0)		—		—		—		(2.0)
Net intercompany borrowings	0.9		(21.9)		4.4		16.6		—
Net cash provided by (used in) financing activities	7.0		(21.9)		(89.4)		63.4		(40.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		(8.6)		—		(8.6)
Net change in cash, cash equivalents and restricted cash	4.0		0.2		(6.6)		—		(2.4)
Cash, cash equivalents and restricted cash at beginning of year	—		0.3		125.8		—		126.1
Cash, cash equivalents and restricted cash at end of period	$	4.0	$	0.5	$	119.2	$	—	$	123.7

TUPPERWARE BRANDS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	26 weeks ended June 29, 2019
(In millions)	Parent		Guarantor		Non-Guarantors		Eliminations		Total
Operating Activities
Net cash provided by (used in) operating activities	$	(7.8)	$	90.5	$	143.4	$	(224.8)	$	1.3
Investing Activities
Capital expenditures	—		(14.9)		(12.3)		—		(27.2)
Proceeds from disposal of property, plant and equipment	—		—		4.7		—		4.7
Net intercompany loans	59.1		79.6		157.9		(296.6)		—
Net cash provided by (used in) investing activities	59.1		64.7		150.3		(296.6)		(22.5)
Financing Activities
Common stock cash dividends paid	(47.3)		—		—		—		(47.3)
Dividend payments to parent	—		—		(218.4)		218.4		—
Common stock repurchase	(0.8)		—		—		—		(0.8)
Repayment of finance lease obligations	—		—		(1.0)		—		(1.0)
Net change in short-term debt	76.9		—		8.3		—		85.2
Debt issuance costs	(2.2)		—		—		—		(2.2)
Net intercompany borrowings	(77.9)		(155.4)		(69.7)		303.0		—
Net cash (used in) provided by financing activities	(51.3)		(155.4)		(280.8)		521.4		33.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—		—		2.0		—		2.0
Net change in cash, cash equivalents and restricted cash	—		(0.2)		14.9		—		14.7
Cash, cash equivalents and restricted cash at beginning of year	—		0.3		151.6		—		151.9
Cash, cash equivalents and restricted cash at end of period	$	—	$	0.1	$	166.5	$	—	$	166.6

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Summary of Significant Accounting Policies (Summary of Significant Accounting Policies) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 29, 2020	Jun. 27, 2020
Debt Instrument [Line Items]
Senior Notes, Current		$ 501.3
Cash provided by (used in ) operations net of investing activitives		101.8
Subsequent Event [Member]
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 13.4
Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Extinguishment of Debt, Amount		$ 98.7

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Shipping and Handling Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Shipping and Handling [Line Items]
Delivery, sales and administrative expense	$ 208.1	$ 247.7	$ 451.0	$ 510.4
Shipping and Handling
Shipping and Handling [Line Items]
Delivery, sales and administrative expense	$ 33.4	$ 32.8	$ 62.5	$ 65.6

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Promotional Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Promotional Costs [Abstract]
Promotional and other sales force compensation expenses	$ 54.1	$ 71.6	$ 112.6	$ 150.2

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Inventories (Details) - USD ($) $ in Millions	Jun. 27, 2020	Dec. 28, 2019
Inventory, Net [Abstract]
Finished goods	$ 166.2	$ 197.1
Work in process	24.7	22.4
Raw materials and supplies	25.2	25.7
Total inventories	$ 216.1	$ 245.2

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Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019
Net Income Per Common Share [Line Items]
Net income (loss)	$ 63.8	$ (7.8)	$ 39.4	$ 36.9	$ 56.0	$ 76.3
Weighted-average shares of common stock outstanding	49.0		48.8		49.0	48.7
Common equivalent shares:
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units	0.2		0.0		0.2	0.1
Weighted-average common and common equivalent shares outstanding	49.2		48.8		49.2	48.8
Basic earnings per share	$ 1.30		$ 0.81		$ 1.14	$ 1.57
Diluted earnings per share	$ 1.30		$ 0.81		$ 1.14	$ 1.56
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive	4.7		3.9		4.4	3.9

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Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019	Dec. 29, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (703.5)		$ (595.8)		$ (703.5)	$ (595.8)	$ (638.3)	$ (602.1)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax					(64.8)	10.6
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					(0.4)	0.7
Other Comprehensive Income (Loss), Net of Tax	16.3	$ (81.5)	(7.7)	$ 19.0	(65.2)	11.3
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax					(2.5)	1.2
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives, Tax					0.5	(0.4)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax					(0.1)	(0.6)
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax					0.4	(0.1)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax					0.9	0.0
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, tax					0.4	0.6
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(671.0)		(569.0)		(671.0)	(569.0)	(600.2)	(579.1)
Cumulative Effect of New Accounting Principle in Period of Adoption			(3.8)			(3.8)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax					(70.8)	13.9
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					0.0	0.0
Other Comprehensive Income (Loss), Net of Tax					(70.8)	13.9
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	2.1		(1.7)		2.1	(1.7)	(2.4)	1.7
Cumulative Effect of New Accounting Principle in Period of Adoption			(1.2)			(1.2)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax					6.5	(3.0)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					(2.0)	0.8
Other Comprehensive Income (Loss), Net of Tax					4.5	(2.2)
Pension and Other Post-retirement Items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(34.6)		(25.1)		(34.6)	(25.1)	$ (35.7)	$ (24.7)
Cumulative Effect of New Accounting Principle in Period of Adoption			0.0			0.0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax					(0.5)	(0.3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					1.6	(0.1)
Other Comprehensive Income (Loss), Net of Tax					$ 1.1	(0.4)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			(5.0)	(5.0)		$ (5.0)
Other Comprehensive Income (Loss), Net of Tax	$ 16.3	$ (81.5)	$ (7.7)	$ 19.0

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Re-engineering Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Restructuring Reserve [Roll Forward]
Re-engineering charges	$ 23.2	$ 4.1	$ 27.1	$ 8.4
Turnaround Plan
Restructuring Reserve [Roll Forward]
Beginning of the year balance			12.9	0.0	$ 0.0
Re-engineering charges	22.4	4.2	25.7	5.4	26.4
Restructuring Reserve, Accrual Adjustment			1.2		(1.7)
Restructuring Reserve, Foreign Currency Translation Gain (Loss)			(0.2)		0.0
End of period balance	23.8		23.8		12.9
Turnaround Plan | Europe
Restructuring Reserve [Roll Forward]
Re-engineering charges	11.4	1.7	11.4	2.9
Turnaround Plan | Asia Pacific
Restructuring Reserve [Roll Forward]
Re-engineering charges	2.1	2.5	2.5	2.5
Turnaround Plan | North America
Restructuring Reserve [Roll Forward]
Re-engineering charges	2.4	0.0	2.4	0.0
Turnaround Plan | South America
Restructuring Reserve [Roll Forward]
Re-engineering charges	0.8	0.0	1.0	0.0
Turnaround Plan | Corporate, Non-Segment [Member]
Restructuring Reserve [Roll Forward]
Re-engineering charges	5.7	0.0	8.4	0.0
Revitalization Plan July 2017 [Member]
Restructuring Reserve [Roll Forward]
Beginning of the year balance			3.1	23.3	23.3
Re-engineering charges	0.8	(0.5)	1.4	2.3	4.5
Restructuring Reserve, Accrual Adjustment			(0.7)		(0.3)
Restructuring Reserve, Foreign Currency Translation Gain (Loss)			0.0		(0.5)
End of period balance	1.2		1.2		3.1
Revitalization Plan July 2017 [Member] | Europe
Restructuring Reserve [Roll Forward]
Re-engineering charges	1.1	(0.3)	1.4	1.0
Revitalization Plan July 2017 [Member] | Asia Pacific
Restructuring Reserve [Roll Forward]
Re-engineering charges	0.0	(0.2)	0.0	0.7
Revitalization Plan July 2017 [Member] | North America
Restructuring Reserve [Roll Forward]
Re-engineering charges	(0.3)	0.0	0.0	0.6
Other Programs [Domain]
Restructuring Reserve [Roll Forward]
Re-engineering charges	$ 0.0	$ 0.4	0.0	$ 0.7
Severance | Turnaround Plan
Restructuring Reserve [Roll Forward]
Cash expenditures			(14.5)		(0.9)
Severance | Revitalization Plan July 2017 [Member]
Restructuring Reserve [Roll Forward]
Cash expenditures			(1.7)		(20.3)
Other | Turnaround Plan
Restructuring Reserve [Roll Forward]
Cash expenditures			(1.3)		(10.9)
Other | Revitalization Plan July 2017 [Member]
Restructuring Reserve [Roll Forward]
Cash expenditures			$ (0.9)		$ (3.6)

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Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Lease Expense Disclosure [Abstract]
Operating Lease, Expense	$ 10.6	$ 12.6	$ 22.4	$ 25.6
Finance Lease, Right-of-Use Asset, Amortization	0.2	0.3	0.4	0.5
Finance Lease, Interest Expense	0.1	0.0	0.1	0.1
Finance Lease, cost	0.3	$ 0.3	0.5	0.6
Leases Supplemental Cash Flow Disclosure [Abstract]
Operating Lease, Payments			(21.0)	(24.9)
Finance Lease, Interest Payment on Liability			0.0	(0.1)
Finance Lease, Principal Payments			(0.3)	(1.0)
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			2.7	$ 5.6
Lease Balance Sheet Disclosure [Abstract]
Operating lease assets	79.2		79.2		$ 84.1
Operating Lease, Liability, Current	28.4		28.4		29.2
Operating Lease, Liability, Noncurrent	52.3		52.3		56.0
Operating Lease, Liability	80.7		80.7		85.2
Finance Lease, Gross PPE	18.3		18.3		17.9
Finance Lease, Accumulated Amortization ROU	(11.0)		(11.0)		(10.3)
Finance Lease, Right-of-Use Asset	7.3		7.3		7.6
Finance Lease, Liability, Current	1.3		1.3		1.3
Finance Lease, Liability, Noncurrent	2.1		2.1		2.3
Finance Lease, Liability	$ 3.4		$ 3.4		$ 3.6
Operating Lease, Weighted Average Remaining Lease Term	4 years 3 months 18 days		4 years 3 months 18 days		4 years 6 months
Finance Lease, Weighted Average Remaining Lease Term	2 years 4 months 24 days		2 years 4 months 24 days		2 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.60%		4.60%		5.20%
Finance Lease, Weighted Average Discount Rate, Percent	5.10%		5.10%		5.10%
Lease Liability Maturity Schedule
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 17.4		$ 17.4		$ 32.8
Lessee, Operating Lease, Liability, Payments, Due Year Two	26.7		26.7		22.6
Lessee, Operating Lease, Liability, Payments, Due Year Three	15.7		15.7		13.0
Lessee, Operating Lease, Liability, Payments, Due Year Four	9.6		9.6		7.5
Lessee, Operating Lease, Liability, Payments, Due Year Five	6.4		6.4		5.6
Lessee, Operating Lease, Liability, Payments, Due after Year Five	13.0		13.0		13.0
Lessee, Operating Lease, Liability, Payments, Due	88.8		88.8		94.5
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(8.1)		(8.1)		(9.3)
Finance Lease, Liability, Payments, Due Next Twelve Months	1.1		1.1		1.4
Finance Lease, Liability, Payments, Due Year Two	1.4		1.4		1.4
Finance Lease, Liability, Payments, Due Year Three	1.1		1.1		1.0
Finance Lease, Liability, Payments, Due Year Four	0.0		0.0		0.0
Finance Lease, Liability, Payments, Due Year Five	0.0		0.0		0.0
Finance Lease, Liability, Payments, Due after Year Five	0.0		0.0		0.0
Finance Lease, Liability, Payment, Due	3.6		3.6		3.8
Finance Lease, Liability, Undiscounted Excess Amount	$ (0.2)		$ (0.2)		$ (0.2)
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	1 year		1 year
Lessee, Finance Lease, Renewal Term	1 year		1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	5 years		5 years
Lessee, Finance Lease, Renewal Term	5 years		5 years

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Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Segment Reporting Information [Line Items]
Net sales	$ 397.4	$ 475.3	$ 773.3	$ 962.6
Segment profit	75.3	83.5	104.6	157.5
Unallocated expenses	28.5	(7.1)	4.6	(14.4)
Re-engineering charges (a)	(23.2)	(4.1)	(27.1)	(8.4)
Gain (loss) on disposal of assets	13.9	(0.1)	13.8	(1.0)
Interest expense	(11.9)	(10.4)	(21.6)	(20.0)
Income (loss) before income taxes	82.6	61.8	74.3	113.7
Total identifiable assets	1,194.3		1,194.3		$ 1,262.4
Europe
Segment Reporting Information [Line Items]
Net sales	90.8	121.5	196.5	260.1
Segment profit	10.9	12.8	13.4	30.5
Total identifiable assets	264.4		264.4		269.7
Asia Pacific
Segment Reporting Information [Line Items]
Net sales	134.4	155.5	254.8	311.6
Segment profit	34.4	37.2	51.7	67.2
Total identifiable assets	276.1		276.1		300.3
North America
Segment Reporting Information [Line Items]
Net sales	124.0	124.7	225.3	244.3
Segment profit	18.7	20.4	25.2	37.8
Total identifiable assets	211.1		211.1		235.9
South America
Segment Reporting Information [Line Items]
Net sales	48.2	73.6	96.7	146.6
Segment profit	11.3	13.1	14.3	22.0
Total identifiable assets	107.5		107.5		125.2
Corporate
Segment Reporting Information [Line Items]
Total identifiable assets	335.2		335.2		$ 331.3
Beauty and Personal Care Products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 51.0	$ 61.7	$ 104.7	$ 120.7

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Debt (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended
		Feb. 28, 2020	Jul. 29, 2020	Jun. 27, 2020	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Debt Instrument [Line Items]
Short-term borrowings and current portion of long-term debt and finance lease obligations				$ 801.5	$ 801.5		$ 273.2
Finance Lease, Liability				3.4	3.4		3.6
Debt and Lease Obligation				803.6	$ 803.6		875.4
Line of Credit Facility, Interest Rate Description					Loans made under the Credit Agreement will be composed of (i) “Eurocurrency Borrowings”, bearing interest determined in reference to the London interbank offered rate ("LIBOR") or the EURIBOR rate for the applicable currency and interest period, plus a margin, and/or (ii) “ABR Borrowings”, bearing interest at the sum of (A) the greatest of (x) the Prime Rate, (y) the NYFRB rate plus 0.5 percent, and (z) adjusted LIBOR on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1 percent, and (B) a margin.
Debt Instrument, Covenant, Consolidated Leverage Ratio						3.75%
Debt Instrument, Covenant Compliance					The Company is in compliance with the financial covenants in the Credit Agreement.
Unused lines of credit				403.4	$ 403.4
Senior Notes, Current				501.3	501.3
Payment for Debt Extinguishment or Debt Prepayment Cost				56.4	56.4	$ 0.0
Gain (Loss) on Extinguishment of Debt					40.0	$ 0.0
Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Short-term borrowings and current portion of long-term debt and finance lease obligations				$ 501.4	$ 501.4
Long-term Debt							599.8
Stated interest rate				4.75%	4.75%
Extinguishment of Debt, Amount				$ 98.7
Gain (Loss) on Extinguishment of Debt				$ 40.0
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax				$ 0.82
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	[1]			$ 298.8	$ 298.8		272.0
Line of Credit Facility, Current Borrowing Capacity				650.0	650.0
Line of Credit Facility, Maximum Borrowing Capacity				850.0	$ 850.0
Line of Credit Facility, Number of Occasions Permitted to Increase Borrowing Capacity					3
Line of Credit Facility, Additional Borrowing Capacity				200.0	$ 200.0
Variable rate basis					LIBOR
Unused lines of credit				$ 345.6	$ 345.6
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.88%
Weighted average interest rate on LIBOR-based borrowings				2.00%	2.00%
Uncommitted Lines of credit [Member]
Debt Instrument [Line Items]
Unused lines of credit				$ 57.8	$ 57.8
Letter of Credit [Member] | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				50.0	50.0
Swingline [Member] | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				100.0	100.0
Subsidiaries [Member] | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				325.0	$ 325.0
Minimum [Member] | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.375%
Line of Credit Facility, Commitment Fee Percentage					0.15%
Minimum [Member] | Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.375%
Maximum [Member] | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.875%
Line of Credit Facility, Commitment Fee Percentage					0.275%
Maximum [Member] | Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.875%
Euro | Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding				$ 137.2	$ 137.2		$ 174.9
Subsequent Event [Member]
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost			$ 10.7
Extinguishment of Debt, Amount			$ 13.4
Period 1 [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Consolidated Leverage Ratio		5.75%
Period 2 [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Consolidated Leverage Ratio		5.25%
Period 3 [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Consolidated Leverage Ratio		4.50%
Period 4 [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Consolidated Leverage Ratio		4.00%
Period 5 [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant, Consolidated Leverage Ratio		3.75%

[1] ^(a) $137.2 million and $174.9 million denominated in Euro as of June 27, 2020 and December 28, 2019, respectively.

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Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 0.6	$ 1.1		$ 1.4	$ 2.1
Other Comprehensive Income (Loss) impact from Net Investment Hedging, Forward Points	(6.4)	4.6		(12.8)	8.9
Net cash impact from hedging activity				3.9	(7.5)
Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on Foreign Currency Fair Value Hedging Instruments	7.6	4.4		$ 12.6	8.1
Cash Flow Hedging [Member] | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer				12 months
Net Equity Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	$ (43.7)	$ (2.1)		$ 12.5	$ (15.2)
Minimum [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Remaining Maturity Range				1 month
Maximum [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Remaining Maturity Range				15 months
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification			$ 1.2
Other Comprehensive Income (Loss) [Member] | Net Equity Hedging [Member] | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification			$ 3.8

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Derivative Instruments and Hedging Activities (Outstanding Derivative Financial Instruments at Notional Value) (Details) - Forward Contracts [Member] - USD ($) $ in Millions	Jun. 27, 2020	Dec. 28, 2019
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 174.2	$ 137.7
Derivative Liability, Notional Amount	176.9	$ 143.5
U.S. dollars | Long [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	74.2
Euro | Short [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	125.8
Mexico, Pesos | Short [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	24.7
Korea (South), Won | Long [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 28.3

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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. 27, 2020	Dec. 28, 2019
Non-Trade Amounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 32.9	$ 16.0
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 35.6	$ 19.8

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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. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax			$ 2.5	$ (1.2)
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	$ 42.4	$ (4.6)	(33.0)	9.0
Amount of gain or (loss) recognized in income on related hedged items	(40.4)	4.6	35.0	(9.0)
Cash Flow Hedging [Member] | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(3.5)	(0.8)	7.1	(3.6)
Cash Flow Hedging [Member] | Cost of products sold | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax	2.0	(0.7)	2.5	(1.2)
Net Equity Hedging [Member] | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	(52.3)	(1.8)	18.4	(19.5)
Net Equity Hedging [Member] | Euro Denominated Debt
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	$ (4.0)	$ (0.9)	$ (2.2)	$ (0.1)

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Jun. 27, 2020	Dec. 28, 2019
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Debt, Carrying Value	$ 801.5	$ 273.2
Senior Notes Due 2021 [Member]
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Debt, Carrying Value	501.4
Significant Other Observable Inputs (Level 2) | Senior Notes Due 2021 [Member]
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 300.9

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Retirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amortization			$ 1.2	$ (0.7)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.1	$ 1.9	4.2	3.8
Interest cost	1.1	1.5	2.2	3.0
Expected return on plan assets	(1.0)	(1.1)	(2.0)	(2.2)
Settlements and Curtailments	0.4	(0.1)	0.4	(0.1)
Net amortization	0.7	0.0	1.4	0.0
Net periodic benefit cost	3.3	2.2	6.2	4.5
Post-retirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.1	0.0	0.1
Interest cost	0.1	0.2	0.2	0.3
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	(0.3)	(0.3)	(0.6)	(0.6)
Net periodic benefit cost	$ (0.2)	$ 0.0	(0.4)	(0.2)
Other Nonoperating Income (Expense) [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost			$ 1.6	$ 0.4

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	22.80%	36.20%	24.60%	32.90%
Gross unrecognized tax benefit	$ 13.5		$ 13.5		$ 13.5
Accrued interest and penalties related to uncertain tax positions	0.7		0.7		$ 4.0
Unrecognized tax benefits that would impact effective tax rate, if recognized	$ 13.2		$ 13.2

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Statement of Cash Flow Supplemental Disclosure (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Other Significant Noncash Transactions [Line Items]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	1,699	25,673
Shares Paid For Tax Withholding For Share Based Compensation, Value	$ 10	$ 800

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Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
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	$ 15.9	$ 15.9		$ 15.9
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at December 28, 2019				3,340,739
Weighted Average Exercise Price Per Share Outstanding, Beginning of Period				$ 56.28
Granted				1,000,000
Weighted Average Exercise Price Per Share, Granted				$ 2.61
Expired / Forfeited				(91,484)
Weighted Average Exercise Price Per Share Outstanding, Expired/Forfeited				$ 45.98
Outstanding at June 27, 2020	4,249,255	4,249,255		4,249,255
Weighted Average Exercise Price Per Share Outstanding, End of Period	$ 43.87	$ 43.87		$ 43.87
Outstanding Shares Subject to Option, Aggregate Intrinsic Value	$ 0.0	$ 0.0		$ 0.0
Exercisable at June 27, 2020	2,875,945	2,875,945		2,875,945
Weighted Average Exercise Price Per Share Exercisable, End of Period	$ 57.82	$ 57.82		$ 57.82
Options Exercisable at End of Period, Aggregate Intrinsic Value	$ 0.0	$ 0.0		$ 0.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock Option Expense		$ 0.2	$ 0.6	$ 0.5	$ 1.2
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				528,289
Weighted Average Grant Date Fair Value, Beginning of Period				$ 28.82
Shares Outstanding, Vested				(68,937)
Weighted Average Grant Date Fair Value, Vested				$ 23.10
Shares Outstanding, Forfeited				(634,490)
Weighted Average Grant Date Fair Value, Forfeited				$ 12.92
Shares Outstanding, End of Period	4,383,296	4,383,296		4,383,296
Weighted Average Grant Date Fair Value, End of Period	$ 4.77	$ 4.77		$ 4.77
Time, Performance and Market Vested Share Awards Expense		$ 1.4	$ 2.0	$ 3.3	$ 3.3
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				2,709,286
Weighted Average Grant Date Fair Value, Granted				$ 4.34
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				1,715,566
Weighted Average Grant Date Fair Value, Granted				$ 1.70
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				743,770
Weighted Average Grant Date Fair Value, Granted				$ 3.01
Shares Outstanding, Performance Share Adjustments				(610,188)
Weighted Average Grant Date Fair Value, Performance Share Adjustments				$ 2.38

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Allowance for Long-Term Receivables (Details) $ in Millions	6 Months Ended
	Jun. 27, 2020 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Past Due	$ 13.5
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 28, 2019	13.9
Write-offs	(3.4)
Provision and reclassifications	3.4
Currency translation adjustment	(0.1)
Balance at June 27, 2020	$ 13.8

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Guarantor Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019	Dec. 29, 2018
Net sales	$ 397.4		$ 475.3		$ 773.3	$ 962.6
Other revenue	0.0		0.0		0.0	0.0
Cost of Products Sold	133.5		154.6		263.2	315.8
Gross margin	263.9		320.7		510.1	646.8
Delivery, sales and administrative expense	208.1		247.7		451.0	510.4
Re-engineering charges	23.2		4.1		27.1	8.4
Gain (loss) on disposal of assets	13.9		(0.1)		13.8	(1.0)
Operating income (loss)	46.5		68.8		45.8	127.0
Interest income	0.2		0.4		0.7	1.0
Interest expense	12.1		10.8		22.3	21.0
Income from equity investments in subsidiaries	0.0		0.0		0.0	0.0
Other expense (income), net	(48.0)		(3.4)		(50.1)	(6.7)
Income (loss) before income taxes	82.6		61.8		74.3	113.7
Provision (benefit) for income taxes	18.8		22.4		18.3	37.4
Net income (loss)	63.8	$ (7.8)	39.4	$ 36.9	56.0	76.3
Comprehensive income	80.1		31.7		(9.2)	87.6
Assets
Cash and cash equivalents	120.0				120.0		$ 123.2
Accounts Receivable, after Allowance for Credit Loss, Current	117.2				117.2		110.7
Inventories	216.1				216.1		245.2
Non-trade amounts receivable, net	39.0				39.0		39.1
Due from Related Parties, Current	0.0				0.0		0.0
Prepaid expenses and other current assets	21.3				21.3		20.3
Total current assets	513.6				513.6		538.5
Deferred Income Tax Assets, Net	187.8				187.8		186.1
Property, plant and equipment, net	242.1				242.1		267.5
Operating lease assets	79.2				79.2		84.1
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	13.9				13.9		15.0
Trademarks and tradenames, net	22.6				22.6		24.6
Goodwill	56.0				56.0		59.5
Equity Method Investments	0.0				0.0		0.0
Notes Receivable, Related Parties, Noncurrent	0.0				0.0		0.0
Other assets, net	79.1				79.1		87.1
Total assets	1,194.3				1,194.3		1,262.4
Liabilities And Shareholders' Equity
Accounts payable	92.6				92.6		125.4
Short-term borrowings and current portion of long-term debt and finance lease obligations	801.5				801.5		273.2
Due to Related Parties, Current	0.0				0.0		0.0
Accrued liabilities	350.3				350.3		290.3
Total current liabilities	1,244.4				1,244.4		688.9
Long-term debt and finance lease obligations	2.1				2.1		602.2
Notes Payable, Related Parties, Noncurrent	0.0				0.0		0.0
Operating Lease, Liability, Noncurrent	52.3				52.3		56.0
Other liabilities	177.8				177.8		192.3
Total liabilities	1,476.6				1,476.6		1,539.4
Total shareholders' equity (deficit)	(282.3)	(364.0)	(163.1)	(184.0)	(282.3)	(163.1)	(277.0)	$ (235.2)
Total liabilities and shareholders' equity	1,194.3				1,194.3		1,262.4
Operating Activities
Net cash used in operating activities					45.3	1.3
Investing Activities
Capital expenditures					(14.1)	(27.2)
Proceeds from disposal of property, plant and equipment					15.9	4.7
Net intercompany loans					0.0	0.0
Net cash provided by (used in) investing activities					1.8	(22.5)
Financing Activities
Common stock cash dividends paid					0.0	(47.3)
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees					0.0	0.0
Common stock repurchase					0.0	(0.8)
Senior notes repayment	(56.4)				(56.4)	0.0
Finance lease repayments					(0.3)	(1.0)
Net increase (decrease) in short-term debt					17.8	85.2
Payments of Debt Issuance Costs					(2.0)	(2.2)
Net intercompany borrowings					0.0	0.0
Net cash provided by (used in) financing activities					(40.9)	33.9
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents					(8.6)	2.0
Net change in cash, cash equivalents and restricted cash					(2.4)	14.7
Cash, cash equivalents and restricted cash at beginning of year		126.1		151.9	126.1	151.9	151.9
Cash, cash equivalents and restricted cash at end of period	123.7		166.6		123.7	166.6	126.1
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	1.4		2.2		3.2	3.7
Re-engineering charges	0.0		0.0		0.0	0.0
Gain (loss) on disposal of assets	0.0		0.0		0.0	0.0
Operating income (loss)	(1.4)		(2.2)		(3.2)	(3.7)
Interest income	4.5		4.8		9.2	10.3
Interest expense	10.9		10.3		20.4	19.8
Income from equity investments in subsidiaries	29.6		45.1		28.9	85.9
Other expense (income), net	(41.6)		(0.6)		(41.6)	(1.1)
Income (loss) before income taxes	63.4		38.0		56.1	73.8
Provision (benefit) for income taxes	(0.4)		(1.4)		0.1	(2.5)
Net income (loss)	63.8		39.4		56.0	76.3
Comprehensive income	80.1		31.7		(9.2)	87.6
Assets
Cash and cash equivalents	4.0				4.0		0.0
Accounts Receivable, after Allowance for Credit Loss, Current	0.0				0.0		0.0
Inventories	0.0				0.0		0.0
Non-trade amounts receivable, net	0.0				0.0		0.0
Due from Related Parties, Current	326.1				326.1		325.9
Prepaid expenses and other current assets	0.6				0.6		1.2
Total current assets	330.7				330.7		327.1
Deferred Income Tax Assets, Net	41.7				41.7		41.7
Property, plant and equipment, net	0.0				0.0		0.0
Operating lease assets	0.0				0.0		0.0
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	0.0				0.0		0.0
Trademarks and tradenames, net	0.0				0.0		0.0
Goodwill	0.0				0.0		0.0
Equity Method Investments	1,270.1				1,270.1		1,305.2
Notes Receivable, Related Parties, Noncurrent	507.0				507.0		514.8
Other assets, net	3.9				3.9		1.9
Total assets	2,153.4				2,153.4		2,190.7
Liabilities And Shareholders' Equity
Accounts payable	1.1				1.1		0.0
Short-term borrowings and current portion of long-term debt and finance lease obligations	754.8				754.8		186.8
Due to Related Parties, Current	1,441.7				1,441.7		1,440.8
Accrued liabilities	237.4				237.4		239.1
Total current liabilities	2,435.0				2,435.0		1,866.7
Long-term debt and finance lease obligations	0.0				0.0		599.8
Notes Payable, Related Parties, Noncurrent	0.0				0.0		0.0
Operating Lease, Liability, Noncurrent	0.0				0.0		0.0
Other liabilities	0.7				0.7		1.2
Total liabilities	2,435.7				2,435.7		2,467.7
Total shareholders' equity (deficit)	(282.3)				(282.3)		(277.0)
Total liabilities and shareholders' equity	2,153.4				2,153.4		2,190.7
Operating Activities
Net cash used in operating activities					(10.8)	(7.8)
Investing Activities
Capital expenditures					0.0	0.0
Proceeds from disposal of property, plant and equipment					0.0	0.0
Net intercompany loans					7.8	59.1
Net cash provided by (used in) investing activities					7.8	59.1
Financing Activities
Common stock cash dividends paid					0.1	(47.3)
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees					0.0	0.0
Common stock repurchase					0.0	(0.8)
Senior notes repayment					(56.4)
Finance lease repayments					0.0	0.0
Net increase (decrease) in short-term debt					64.4	76.9
Payments of Debt Issuance Costs					(2.0)	(2.2)
Net intercompany borrowings					0.9	(77.9)
Net cash provided by (used in) financing activities					7.0	(51.3)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents					0.0	0.0
Net change in cash, cash equivalents and restricted cash					4.0	0.0
Cash, cash equivalents and restricted cash at beginning of year		0.0		0.0	0.0	0.0	0.0
Cash, cash equivalents and restricted cash at end of period	$ 4.0		0.0		$ 4.0	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	19.4		31.9		39.0	51.8
Cost of Products Sold	0.0		4.0		6.2	13.6
Gross margin	19.4		27.9		32.8	38.2
Delivery, sales and administrative expense	25.9		17.6		58.3	36.5
Re-engineering charges	3.1		0.2		5.6	0.8
Gain (loss) on disposal of assets	0.0		0.0		0.0	0.0
Operating income (loss)	(9.6)		10.1		(31.1)	0.9
Interest income	0.1		0.5		0.6	1.2
Interest expense	9.3		12.6		19.3	25.8
Income from equity investments in subsidiaries	53.5		43.7		54.3	104.0
Other expense (income), net	7.5		(1.7)		(22.1)	1.3
Income (loss) before income taxes	27.2		43.4		26.6	79.0
Provision (benefit) for income taxes	(0.3)		(0.4)		(0.2)	(3.8)
Net income (loss)	27.5		43.8		26.8	82.8
Comprehensive income	46.5		36.3		(36.4)	93.9
Assets
Cash and cash equivalents	0.5				0.5		0.3
Accounts Receivable, after Allowance for Credit Loss, Current	0.0				0.0		0.0
Inventories	0.0				0.0		0.0
Non-trade amounts receivable, net	175.2				175.2		166.2
Due from Related Parties, Current	1,568.8				1,568.8		1,546.3
Prepaid expenses and other current assets	16.7				16.7		16.0
Total current assets	1,761.2				1,761.2		1,728.8
Deferred Income Tax Assets, Net	42.1				42.1		42.2
Property, plant and equipment, net	84.9				84.9		85.7
Operating lease assets	4.3				4.3		4.7
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	0.1				0.1		0.1
Trademarks and tradenames, net	0.0				0.0		0.0
Goodwill	2.9				2.9		2.9
Equity Method Investments	1,138.8				1,138.8		1,208.8
Notes Receivable, Related Parties, Noncurrent	95.0				95.0		95.7
Other assets, net	10.5				10.5		12.7
Total assets	3,139.8				3,139.8		3,181.6
Liabilities And Shareholders' Equity
Accounts payable	9.5				9.5		8.3
Short-term borrowings and current portion of long-term debt and finance lease obligations	0.0				0.0		0.0
Due to Related Parties, Current	450.4				450.4		406.2
Accrued liabilities	83.0				83.0		65.6
Total current liabilities	542.9				542.9		480.1
Long-term debt and finance lease obligations	0.0				0.0		0.0
Notes Payable, Related Parties, Noncurrent	1,298.6				1,298.6		1,362.2
Operating Lease, Liability, Noncurrent	3.7				3.7		4.0
Other liabilities	106.5				106.5		110.7
Total liabilities	1,951.7				1,951.7		1,957.0
Total shareholders' equity (deficit)	1,188.1				1,188.1		1,224.6
Total liabilities and shareholders' equity	3,139.8				3,139.8		3,181.6
Operating Activities
Net cash used in operating activities					29.8	90.5
Investing Activities
Capital expenditures					(8.9)	(14.9)
Proceeds from disposal of property, plant and equipment					0.0	0.0
Net intercompany loans					1.2	79.6
Net cash provided by (used in) investing activities					(7.7)	64.7
Financing Activities
Common stock cash dividends paid					0.0	0.0
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees					0.0	0.0
Common stock repurchase					0.0	0.0
Senior notes repayment					0.0
Finance lease repayments					0.0	0.0
Net increase (decrease) in short-term debt					0.0	0.0
Payments of Debt Issuance Costs					0.0	0.0
Net intercompany borrowings					(21.9)	(155.4)
Net cash provided by (used in) financing activities					(21.9)	(155.4)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents					0.0	0.0
Net change in cash, cash equivalents and restricted cash					0.2	(0.2)
Cash, cash equivalents and restricted cash at beginning of year		0.3		0.3	0.3	0.3	0.3
Cash, cash equivalents and restricted cash at end of period	0.5		0.1		0.5	0.1	0.3
Non-Guarantors
Net sales	397.5		477.5		774.2	965.8
Other revenue	0.0		4.1		6.2	13.6
Cost of Products Sold	153.2		186.1		303.2	368.1
Gross margin	244.3		295.5		477.2	611.3
Delivery, sales and administrative expense	180.6		230.6		389.4	472.9
Re-engineering charges	20.1		3.9		21.5	7.6
Gain (loss) on disposal of assets	13.9		(0.1)		13.8	(1.0)
Operating income (loss)	57.5		60.9		80.1	129.8
Interest income	6.2		9.5		13.2	19.6
Interest expense	2.5		2.3		4.9	5.5
Income from equity investments in subsidiaries	0.0		0.0		0.0	0.0
Other expense (income), net	(13.9)		(1.1)		13.6	(6.9)
Income (loss) before income taxes	75.1		69.2		74.8	150.8
Provision (benefit) for income taxes	19.5		24.2		18.4	43.7
Net income (loss)	55.6		45.0		56.4	107.1
Comprehensive income	101.7		42.0		(22.1)	135.0
Assets
Cash and cash equivalents	115.5				115.5		122.9
Accounts Receivable, after Allowance for Credit Loss, Current	117.2				117.2		110.7
Inventories	216.1				216.1		245.2
Non-trade amounts receivable, net	92.5				92.5		84.9
Due from Related Parties, Current	254.2				254.2		209.9
Prepaid expenses and other current assets	42.4				42.4		41.1
Total current assets	837.9				837.9		814.7
Deferred Income Tax Assets, Net	112.0				112.0		105.6
Property, plant and equipment, net	157.2				157.2		181.8
Operating lease assets	74.9				74.9		79.4
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	13.7				13.7		14.9
Trademarks and tradenames, net	22.6				22.6		24.6
Goodwill	53.1				53.1		56.6
Equity Method Investments	0.0				0.0		0.0
Notes Receivable, Related Parties, Noncurrent	976.4				976.4		1,046.1
Other assets, net	142.3				142.3		150.0
Total assets	2,390.1				2,390.1		2,473.7
Liabilities And Shareholders' Equity
Accounts payable	81.9				81.9		117.1
Short-term borrowings and current portion of long-term debt and finance lease obligations	46.7				46.7		86.4
Due to Related Parties, Current	257.0				257.0		235.1
Accrued liabilities	297.0				297.0		235.6
Total current liabilities	682.6				682.6		674.2
Long-term debt and finance lease obligations	2.1				2.1		2.4
Notes Payable, Related Parties, Noncurrent	279.8				279.8		294.4
Operating Lease, Liability, Noncurrent	48.5				48.5		52.0
Other liabilities	156.3				156.3		161.3
Total liabilities	1,169.3				1,169.3		1,184.3
Total shareholders' equity (deficit)	1,220.8				1,220.8		1,289.4
Total liabilities and shareholders' equity	2,390.1				2,390.1		2,473.7
Operating Activities
Net cash used in operating activities					35.3	143.4
Investing Activities
Capital expenditures					(5.1)	(12.3)
Proceeds from disposal of property, plant and equipment					15.9	4.7
Net intercompany loans					45.3	157.9
Net cash provided by (used in) investing activities					56.1	150.3
Financing Activities
Common stock cash dividends paid					0.0	0.0
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees					(46.9)	(218.4)
Common stock repurchase					0.0	0.0
Senior notes repayment					0.0
Finance lease repayments					(0.3)	(1.0)
Net increase (decrease) in short-term debt					(46.6)	8.3
Payments of Debt Issuance Costs					0.0	0.0
Net intercompany borrowings					4.4	(69.7)
Net cash provided by (used in) financing activities					(89.4)	(280.8)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents					(8.6)	2.0
Net change in cash, cash equivalents and restricted cash					(6.6)	14.9
Cash, cash equivalents and restricted cash at beginning of year		125.8		151.6	125.8	151.6	151.6
Cash, cash equivalents and restricted cash at end of period	119.2		166.5		119.2	166.5	125.8
Eliminations
Net sales	(0.1)		(2.2)		(0.9)	(3.2)
Other revenue	(19.4)		(36.0)		(45.2)	(65.4)
Cost of Products Sold	(19.7)		(35.5)		(46.2)	(65.9)
Gross margin	0.2		(2.7)		0.1	(2.7)
Delivery, sales and administrative expense	0.2		(2.7)		0.1	(2.7)
Re-engineering charges	0.0		0.0		0.0	0.0
Gain (loss) on disposal of assets	0.0		0.0		0.0	0.0
Operating income (loss)	0.0		0.0		0.0	0.0
Interest income	(10.6)		(14.4)		(22.3)	(30.1)
Interest expense	(10.6)		(14.4)		(22.3)	(30.1)
Income from equity investments in subsidiaries	(83.1)		(88.8)		(83.2)	(189.9)
Other expense (income), net	0.0		0.0		0.0	0.0
Income (loss) before income taxes	(83.1)		(88.8)		(83.2)	(189.9)
Provision (benefit) for income taxes	0.0		0.0		0.0	0.0
Net income (loss)	(83.1)		(88.8)		(83.2)	(189.9)
Comprehensive income	(148.2)		(78.3)		58.5	(228.9)
Assets
Cash and cash equivalents	0.0				0.0		0.0
Accounts Receivable, after Allowance for Credit Loss, Current	0.0				0.0		0.0
Inventories	0.0				0.0		0.0
Non-trade amounts receivable, net	(228.7)				(228.7)		(212.0)
Due from Related Parties, Current	(2,149.1)				(2,149.1)		(2,082.1)
Prepaid expenses and other current assets	(38.4)				(38.4)		(38.0)
Total current assets	(2,416.2)				(2,416.2)		(2,332.1)
Deferred Income Tax Assets, Net	(8.0)				(8.0)		(3.4)
Property, plant and equipment, net	0.0				0.0		0.0
Operating lease assets	0.0				0.0		0.0
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	0.1				0.1		0.0
Trademarks and tradenames, net	0.0				0.0		0.0
Goodwill	0.0				0.0		0.0
Equity Method Investments	(2,408.9)				(2,408.9)		(2,514.0)
Notes Receivable, Related Parties, Noncurrent	(1,578.4)				(1,578.4)		(1,656.6)
Other assets, net	(77.6)				(77.6)		(77.5)
Total assets	(6,489.0)				(6,489.0)		(6,583.6)
Liabilities And Shareholders' Equity
Accounts payable	0.1				0.1		0.0
Short-term borrowings and current portion of long-term debt and finance lease obligations	0.0				0.0		0.0
Due to Related Parties, Current	(2,149.1)				(2,149.1)		(2,082.1)
Accrued liabilities	(267.1)				(267.1)		(250.0)
Total current liabilities	(2,416.1)				(2,416.1)		(2,332.1)
Long-term debt and finance lease obligations	0.0				0.0		0.0
Notes Payable, Related Parties, Noncurrent	(1,578.4)				(1,578.4)		(1,656.6)
Operating Lease, Liability, Noncurrent	0.1				0.1		0.0
Other liabilities	(85.7)				(85.7)		(80.9)
Total liabilities	(4,080.1)				(4,080.1)		(4,069.6)
Total shareholders' equity (deficit)	(2,408.9)				(2,408.9)		(2,514.0)
Total liabilities and shareholders' equity	(6,489.0)				(6,489.0)		(6,583.6)
Operating Activities
Net cash used in operating activities					(9.0)	(224.8)
Investing Activities
Capital expenditures					(0.1)	0.0
Proceeds from disposal of property, plant and equipment					0.0	0.0
Net intercompany loans					(54.3)	(296.6)
Net cash provided by (used in) investing activities					(54.4)	(296.6)
Financing Activities
Common stock cash dividends paid					(0.1)	0.0
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees					46.9	218.4
Common stock repurchase					0.0	0.0
Senior notes repayment					0.0
Finance lease repayments					0.0	0.0
Net increase (decrease) in short-term debt					0.0	0.0
Payments of Debt Issuance Costs					0.0	0.0
Net intercompany borrowings					16.6	303.0
Net cash provided by (used in) financing activities					63.4	521.4
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents					0.0	0.0
Net change in cash, cash equivalents and restricted cash					0.0	0.0
Cash, cash equivalents and restricted cash at beginning of year		$ 0.0		$ 0.0	0.0	0.0	0.0
Cash, cash equivalents and restricted cash at end of period	$ 0.0		$ 0.0		$ 0.0	$ 0.0	$ 0.0