QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | |||||||||||||||||||
Smaller reporting company | Emerging growth company |
Item | Page | ||||
13 weeks ended | |||||||||||
(In millions, except per share amounts) | March 26, 2022 | March 27, 2021 | |||||||||
Net sales | $ | $ | |||||||||
Cost of products sold | |||||||||||
Gross profit | |||||||||||
Selling, general and administrative expense | |||||||||||
Re-engineering charges | |||||||||||
(Gain) on disposal of assets | ( | ( | |||||||||
Operating income | |||||||||||
Loss on debt extinguishment | |||||||||||
Interest expense | |||||||||||
Interest income | ( | ( | |||||||||
Other expense (income), net | ( | ||||||||||
Income from continuing operations before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Income from continuing operations | |||||||||||
Income from operations of discontinued operations before income taxes | |||||||||||
(Loss) gain on held for sale assets and dispositions | ( | ||||||||||
Provision for income taxes | |||||||||||
(Loss) gain on discontinued operations | ( | ||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Basic earnings from continuing operations - per share | $ | $ | |||||||||
Basic (loss) earnings from discontinued operations - per share | $ | ( | $ | ||||||||
Basic (loss) earnings per share - Total | $ | $ | |||||||||
Diluted earnings from continuing operations - per share | $ | $ | |||||||||
Diluted (loss) earnings from discontinued operations - per share | $ | ( | $ | ||||||||
Diluted (loss) earnings per share - Total | $ | $ | |||||||||
Basic weighted-average shares | |||||||||||
Diluted weighted-average shares |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Net (loss) income | $ | ( | $ | ||||||||
Other comprehensive income | |||||||||||
Foreign currency translation adjustments | |||||||||||
Deferred gain on cash flow hedges, net of tax | |||||||||||
Pension and other post-retirement (costs) benefit, net of tax | ( | ||||||||||
Other comprehensive income | |||||||||||
Total comprehensive income | $ | $ |
As of | |||||||||||
(In millions, except share amounts) | March 26, 2022 | December 25, 2021 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventory, net | |||||||||||
Non-trade accounts receivable, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Current assets held for sale | |||||||||||
Total current assets | |||||||||||
Deferred tax assets, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Long-term receivables, net | |||||||||||
Trade names, net | |||||||||||
Goodwill | |||||||||||
Other assets, net | |||||||||||
Assets held for sale | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities And Shareholders' Equity | |||||||||||
Accounts payable | $ | $ | |||||||||
Current debt and finance lease obligations | |||||||||||
Accrued liabilities | |||||||||||
Current liabilities held for sale | |||||||||||
Total current liabilities | |||||||||||
Long-term debt and finance lease obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Liabilities held for sale | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 19) | |||||||||||
Shareholders' equity (deficit): | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders' equity (deficit) | ( | ( | |||||||||
Total liabilities and shareholders' equity | $ | $ |
Common Stock | Treasury Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||||||||||||||||||||
December 25, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||
Net (loss) | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock and options issued for incentive plans | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
March 26, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||
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 26, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock and options issued for incentive plans | — | — | ( | ( | ( | — | |||||||||||||||||||||||||||||||||||||||||
March 27, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Operating Activities | |||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Less: Loss (income) from discontinued operations | — | ( | |||||||||
Income from continuing operations | $ | $ | |||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Unrealized foreign exchange (gain) | ( | ||||||||||
Stock-based compensation | |||||||||||
Amortization of deferred debt issuance costs | |||||||||||
(Gain) on disposal of assets | ( | ( | |||||||||
Provision for credit losses | |||||||||||
Loss on debt extinguishment | |||||||||||
Write-down of inventories | |||||||||||
Net change in deferred taxes | ( | ||||||||||
Net cash settlement from hedging activity | ( | ( | |||||||||
Other | ( | ( | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Non-trade accounts receivable | ( | ( | |||||||||
Prepaid expenses | |||||||||||
Other assets | ( | ||||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||
Income taxes payable | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Net cash (used in) operating activities | $ | ( | $ | ( | |||||||
Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Net proceeds from divestiture | |||||||||||
Proceeds from disposal of assets | |||||||||||
Net cash (used in) provided by investing activities | $ | ( | $ | ||||||||
Financing Activities | |||||||||||
Term loan repayment | ( | ||||||||||
Borrowings on revolver facility | |||||||||||
Repayment of revolver facility | ( | ||||||||||
Net increase in short-term debt | |||||||||||
Debt issuance costs payment | ( | ||||||||||
Finance lease repayments | ( | ( | |||||||||
Common stock repurchase | ( | ||||||||||
Cash payments of employee withholding tax for stock awards | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Net cash provided by (used in) financing activities | $ | $ | ( |
Discontinued Operations | |||||||||||
Cash provided by (used in) operating activities | ( | ||||||||||
Cash (used in) provided by investing activities | ( | ||||||||||
Cash (used in) provided by discontinued operations | $ | $ | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Net change in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of year | |||||||||||
Cash, cash equivalents and restricted cash at end of period (a) | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Distribution costs | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Promotional costs | $ | $ |
Stock Options | Weighted Average Exercise Price Per Share | Aggregate Intrinsic Value (in millions) | |||||||||||||||
Outstanding at December 25, 2021 | $ | $ | |||||||||||||||
Expired / Forfeited | ( | — | |||||||||||||||
Outstanding at March 26, 2022 | $ | $ | |||||||||||||||
Exercisable at March 26, 2022 | $ | $ |
Shares outstanding | Weighted average grant date fair value | ||||||||||
Outstanding at December 25, 2021 | $ | ||||||||||
Time-vested shares granted | |||||||||||
Performance and market shares granted | |||||||||||
Performance and market share adjustments | ( | ||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding at March 26, 2022 | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Stock options | $ | $ | |||||||||
Time, performance, and market vested share awards | $ | $ |
As of | |||||
(In millions) | March 26, 2022 | ||||
Unrecognized stock-based compensation expense | $ | ||||
Weighted average years to recognize the unrecognized stock-based compensation |
13 weeks ended | |||||||||||
(In millions, except share amounts) | March 26, 2022 | March 27, 2021 | |||||||||
Shares retained to fund withholding taxes | |||||||||||
Value of shares retained to fund withholding taxes | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Turnaround plan | $ | $ | |||||||||
Other | |||||||||||
Total re-engineering charges | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Asia Pacific | |||||||||||
Europe | |||||||||||
North America | |||||||||||
South America | |||||||||||
Corporate | |||||||||||
Total re-engineering charges by segment | $ | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Beginning balance | $ | $ | |||||||||
Provision | |||||||||||
Currency translation adjustment | ( | ( | |||||||||
Cash expenditures: | |||||||||||
Severance | ( | ( | |||||||||
Other | ( | ( | |||||||||
Ending balance | $ | $ |
13 weeks ended | |||||||||||
March 26, 2022 | March 27, 2021 | ||||||||||
Effective tax rate | % | % |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Accrual for uncertain tax positions | $ | 31.0 | $ | ||||||||
Uncertain tax positions impacting effective tax rate if recognized | $ | 25.4 | $ | 25.4 | |||||||
Interest and penalties related to uncertain tax positions | $ | $ |
13 weeks ended | |||||||||||
(In millions, except per share amounts) | March 26, 2022 | March 27, 2021 | |||||||||
Income from continuing operations | $ | $ | |||||||||
(Loss) Income on discontinued operations | $ | ( | $ | ||||||||
Net (loss) income | $ | ( | $ | ||||||||
Basic weighted-average shares | |||||||||||
Effect of dilutive securities | |||||||||||
Diluted weighted-average shares | |||||||||||
Basic earnings from continuing operations - per share | $ | $ | |||||||||
Basic (loss) earnings from discontinued operations - per share | $ | ( | $ | ||||||||
Basic (loss) earnings per share - Total | $ | $ | |||||||||
Diluted earnings from continuing operations - per share | $ | $ | |||||||||
Diluted (loss) earnings from discontinued operations - per share | $ | ( | $ | ||||||||
Diluted (loss) earnings per share - Total | $ | $ | |||||||||
Excluded anti-dilutive shares |
(In millions, net of tax) | Foreign Currency Items (a) (d) | Cash Flow Hedges (b) | Pension and Other Post-retirement Items (c) | Total | |||||||||||||||||||
Balance at December 25, 2021 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance at March 26, 2022 | $ | ( | $ | $ | ( | $ | ( |
(In millions, net of tax) | Foreign Currency Items (a) | Cash Flow Hedges (b) | Pension and Other Post-retirement Items (c) | Total | |||||||||||||||||||
Balance at December 26, 2020 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Balance at March 27, 2021 | $ | ( | $ | $ | ( | $ | ( |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Cash flow hedges (gain) losses | $ | $ | |||||||||
Tax (benefit) provision | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Prior service costs (benefit) | $ | $ | ( | ||||||||
Actuarial (gains) losses | ( | ||||||||||
Tax provision (benefit) | ( | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items | $ | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Account receivable | $ | $ | |||||||||
Allowance for credit losses | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Finished goods | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials and supplies | |||||||||||
Inventory, net | $ | $ | |||||||||
As of | |||||
(In millions) | March 26, 2022 | ||||
Long-term receivables, gross | $ | ||||
Beginning balance for allowance for long-term receivables | $ | ( | |||
Write-offs | |||||
Recoveries | |||||
Provision | ( | ||||
Currency translation adjustment | |||||
Allowance for long-term receivables | $ | ( | |||
Long-term receivables, net | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Long-term receivables past due | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Net sales | $ | $ | |||||||||
Cost of products sold | |||||||||||
Gross profit | $ | $ | |||||||||
Selling and administrative expenses | |||||||||||
Re-engineering charges | |||||||||||
Other expense, net | |||||||||||
Income from operations of discontinued operations before income taxes | $ | 0.4 | $ | 0.4 | |||||||
Loss (gain) on disposal of assets | 2.6 | (1.0) | |||||||||
(Loss) income from discontinued operations before income taxes | $ | ( | $ | ||||||||
Provision for income taxes | |||||||||||
Net (loss) income from discontinued operations | $ | ( | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventory, net | |||||||||||
Non-trade accounts receivable, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Accumulated translation adjustment losses, current | ( | ( | |||||||||
Total assets of discontinued operations - current | $ | $ | |||||||||
Deferred tax assets, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Trade names, net | |||||||||||
Goodwill | |||||||||||
Other assets, net | |||||||||||
Accumulated translation adjustment losses | ( | ( | |||||||||
Assets held for sale | $ | $ | |||||||||
Total assets of discontinued operations | $ | $ | |||||||||
Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Accumulated translation adjustment losses, current | |||||||||||
Total liabilities of discontinued operations - current | $ | $ | |||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Liabilities held for sale | $ | $ | |||||||||
Total liabilities of discontinued operations | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
(Loss) gain on fair value hedges | $ | ( | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Pre-tax gain recorded in other comprehensive income | $ | $ | |||||||||
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Pre-tax (loss) gain recorded in other comprehensive income | $ | ( | $ | ||||||||
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Notional value of forward contracts to purchase currencies | $ | $ | |||||||||
Notional value of forward contracts to sell currencies | $ | $ |
As of | |||||
(In millions) | March 26, 2022 | ||||
Sell Chinese Renminbi | $ | ||||
Sell Korean Won | $ | ||||
Purchase Euros | $ | ||||
Purchase United States Dollars | $ | ||||
As of | |||||
(In millions) | December 25, 2021 | ||||
Purchase Japanese Yen | $ | ||||
Purchase United States Dollars | $ | ||||
Sell Swiss Francs | $ | ||||
Sell Euros | $ |
As of | |||||||||||||||||
Derivatives designated as hedging instruments (in millions) | Balance sheet location | March 26, 2022 | December 25, 2021 | ||||||||||||||
Derivative assets: | |||||||||||||||||
Foreign exchange contracts | Non-trade accounts receivable, net | $ | $ | ||||||||||||||
Derivative liabilities: | |||||||||||||||||
Foreign exchange contracts | Accrued liabilities | $ | $ | ( |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Net derivative asset (liability) | $ | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Deferred revenue | $ | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Term loan | $ | $ | |||||||||
Revolver facility | |||||||||||
Finance leases (a) | |||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||
Total debt | $ | $ | |||||||||
Current debt and finance lease obligations | $ | $ | |||||||||
Long-term debt and finance lease obligations | |||||||||||
Total debt | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Operating lease costs: | |||||||||||
Operating lease cost (a) (b) | $ | $ | |||||||||
Finance lease costs: | |||||||||||
Amortization of right-of-use assets (a) | $ | $ | |||||||||
Total finance lease cost | $ | $ |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | ( | $ | ( | |||||||
Financing cash flows from finance leases | $ | ( | $ | ( | |||||||
Right-of-use assets obtained in exchange for operating lease obligations | $ | $ |
As of | |||||||||||
(In millions, except lease term and discount rate) | March 26, 2022 | December 25, 2021 | |||||||||
Operating Leases: | |||||||||||
Operating lease right-of-use assets, net | $ | $ | |||||||||
Accrued liabilities | $ | $ | |||||||||
Operating lease liabilities | |||||||||||
Total operating lease liabilities | $ | $ | |||||||||
Finance Leases: | |||||||||||
Property, plant and equipment, at cost | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ | |||||||||
Current portion of finance lease obligations | $ | $ | |||||||||
Long-term finance lease obligations | |||||||||||
Total finance lease liabilities | $ | 1.4 | $ | ||||||||
Weighted average remaining lease term (in years): | |||||||||||
Operating leases | |||||||||||
Finance leases | |||||||||||
Weighted average discount rate: | |||||||||||
Operating leases | % | % | |||||||||
Finance leases | % | % |
As of | As of | ||||||||||||||||||||||
March 26, 2022 | December 25, 2021 | ||||||||||||||||||||||
(In millions) | Operating Leases | Finance Leases | Operating Leases | Finance Leases | |||||||||||||||||||
2022 | $ | $ | $ | $ | |||||||||||||||||||
2023 | |||||||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
2026 | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
Total undiscounted lease liability | $ | $ | $ | $ | |||||||||||||||||||
Less imputed interest | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
Pension benefits | Post-retirement benefits | ||||||||||||||||||||||
13 weeks ended | 13 weeks ended | ||||||||||||||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | March 26, 2022 | March 27, 2021 | |||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Return on plan assets | ( | ( | |||||||||||||||||||||
Settlement/curtailment | |||||||||||||||||||||||
Net amortization | ( | ( | |||||||||||||||||||||
Net periodic cost (benefit) | $ | $ | $ | ( | $ | ||||||||||||||||||
As of | As of | ||||||||||||||||||||||
March 26, 2022 | December 25, 2021 | ||||||||||||||||||||||
(In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Term loan | $ | $ | $ | $ | |||||||||||||||||||
Revolver facility | 417.0 | 417.0 | 312.0 | 312.0 | |||||||||||||||||||
Total | $ | 811.2 | $ | 811.2 | $ | 710.5 | $ | 710.5 |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Net sales: | |||||||||||
Asia Pacific | $ | $ | |||||||||
Europe | |||||||||||
North America | |||||||||||
South America | |||||||||||
Total net sales | $ | $ | |||||||||
Segment profit: | |||||||||||
Asia Pacific | $ | $ | |||||||||
Europe | |||||||||||
North America | |||||||||||
South America | |||||||||||
Total segment profit | |||||||||||
Unallocated expenses | |||||||||||
Re-engineering charges (a) | |||||||||||
(Gain) on disposal of assets | ( | ( | |||||||||
Loss on debt extinguishment | — | 2.1 | |||||||||
Interest expense | |||||||||||
Interest income | ( | ( | |||||||||
Other expense (income) net | 4.3 | (1.3) | |||||||||
Income from continuing operations before income taxes | $ | $ |
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Identifiable assets | |||||||||||
Asia Pacific | $ | 240.6 | $ | ||||||||
Europe | 211.1 | ||||||||||
North America | 194.8 | ||||||||||
South America | 110.3 | ||||||||||
Corporate | 486.6 | ||||||||||
Total identifiable assets | $ | 1,243.4 | $ | ||||||||
13 weeks ended | Change | Foreign exchange impact | Change excluding the foreign exchange impact | ||||||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | Mar 26, 2022 | Mar 27, 2021 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||
Net sales | $ | 348.1 | $ | 413.9 | $ | (65.8) | (16) | % | $ | (11.4) | $ | (54.4) | (14) | % | |||||||||||||||||||||||||||
Gross margin as percent of sales | 63.8 | % | 71.0 | % | N/A | (7.2) pp | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Selling, general and administrative expense as percent of net sales | 58.4 | % | 53.4 | % | N/A | 5.0 pp | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Operating income | $ | 17.5 | $ | 77.0 | $ | (59.5) | (77) | % | $ | (2.0) | $ | (57.5) | (77) | % | |||||||||||||||||||||||||||
Income from continuing operations | $ | 2.5 | $ | 44.0 | $ | (41.5) | (94) | % | $ | (1.7) | $ | (39.8) | (94) | % | |||||||||||||||||||||||||||
Diluted earnings from continuing operations - per share | $ | 0.05 | $ | 0.82 | $ | (0.77) | (94) | % | $ | (0.03) | $ | (0.74) | (94) | % | |||||||||||||||||||||||||||
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Turnaround plan | $ | 1.5 | $ | 1.6 | |||||||
Other | — | 1.5 | |||||||||
Total re-engineering charges | $ | 1.5 | $ | 3.1 |
Change excluding the foreign exchange impact | Percent of total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 13 weeks ended | Change | Foreign exchange impact | 13 weeks ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Mar 26, 2022 | Mar 27, 2021 | Amount | Percent | Amount | Percent | Mar 26, 2022 | Mar 27, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 97.7 | $ | 116.3 | $ | (18.6) | (16) | % | $ | (1.9) | $ | (16.7) | (15) | % | 28 | % | 28 | % | |||||||||||||||||||||||||||||||||||
Segment profit | $ | 12.3 | $ | 28.9 | $ | (16.6) | (57) | % | $ | 0.3 | $ | (16.9) | (58) | % | 33 | % | 31 | % | |||||||||||||||||||||||||||||||||||
Segment profit as percent of net sales | 12.6 | % | 24.8 | % | N/A | (12.2) pp | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Change excluding the foreign exchange impact | Percent of total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 13 weeks ended | Change | Foreign exchange impact | 13 weeks ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Mar 26, 2022 | Mar 27, 2021 | Amount | Percent | Amount | Percent | Mar 26, 2022 | Mar 27, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 90.9 | $ | 121.8 | $ | (30.9) | (25) | % | $ | (10.2) | $ | (20.7) | (19) | % | 26 | % | 29 | % | |||||||||||||||||||||||||||||||||||
Segment profit | $ | 7.4 | $ | 33.3 | $ | (25.9) | (78) | % | $ | (2.8) | $ | (23.1) | (76) | % | 20 | % | 36 | % | |||||||||||||||||||||||||||||||||||
Segment profit as percent of net sales | 8.1 | % | 27.3 | % | N/A | (19.2) pp | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Change excluding the foreign exchange impact | Percent of total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 13 weeks ended | Change | Foreign exchange impact | 13 weeks ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Mar 26, 2022 | Mar 27, 2021 | Amount | Percent | Amount | Percent | Mar 26, 2022 | Mar 27, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 101.8 | $ | 117.7 | $ | (15.9) | (13) | % | $ | — | $ | (15.9) | (14) | % | 29 | % | 28 | % | |||||||||||||||||||||||||||||||||||
Segment profit | $ | 9.9 | $ | 18.9 | $ | (9.0) | (48) | % | $ | 0.1 | $ | (9.1) | (48) | % | 27 | % | 20 | % | |||||||||||||||||||||||||||||||||||
Segment profit as percent of net sales | 9.7 | % | 16.1 | % | N/A | (6.4) pp | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Change excluding the foreign exchange impact | Percent of total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 13 weeks ended | Change | Foreign exchange impact | 13 weeks ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Mar 26, 2022 | Mar 27, 2021 | Amount | Percent | Amount | Percent | Mar 26, 2022 | Mar 27, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 57.7 | $ | 58.1 | $ | (0.4) | (1) | % | $ | 0.6 | $ | (1.0) | (2) | % | 17 | % | 14 | % | |||||||||||||||||||||||||||||||||||
Segment profit | $ | 7.6 | $ | 11.6 | $ | (4.0) | (34) | % | $ | 0.3 | $ | (4.3) | (36) | % | 20 | % | 13 | % | |||||||||||||||||||||||||||||||||||
Segment profit as percent of net sales | 13.2 | % | 20.0 | % | N/A | (6.8) pp | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||
(In millions) | March 26, 2022 | December 25, 2021 | |||||||||
Term loan | $ | 394.2 | $ | 398.5 | |||||||
Revolver facility | 417.0 | 312.0 | |||||||||
Finance leases (a) | 1.4 | 1.8 | |||||||||
Unamortized debt issuance costs | (2.8) | (2.9) | |||||||||
Total debt | $ | 809.8 | $ | 709.4 | |||||||
Current debt and finance lease obligations | $ | 10.6 | $ | 8.9 | |||||||
Long-term debt and finance lease obligations | 799.2 | 700.5 | |||||||||
Total debt | $ | 809.8 | $ | 709.4 |
13 weeks ended | |||||||||||
(In millions) | March 26, 2022 | March 27, 2021 | |||||||||
Net cash (used in) operating activities | $ | (41.3) | $ | (11.6) | |||||||
Net cash (used in) provided by investing activities | $ | (5.5) | $ | 4.9 | |||||||
Net cash provided by (used in) financing activities | $ | 28.9 | $ | (3.1) | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | (2.9) | $ | (4.1) | |||||||
Net change in cash, cash equivalents and restricted cash | $ | (20.8) | $ | 12.2 |
3.1 | |||||
3.2 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 26, 2022, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Income (Loss), (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Balance Sheets; (iv) Condensed Consolidated Statements of Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (iv) Notes to Condensed 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)* | ||||
* Filed herewith. | |||||
** Furnished herewith. |
TUPPERWARE BRANDS CORPORATION | ||||||||
By: | /s/ Cassandra Harris | |||||||
Cassandra Harris | ||||||||
Chief Financial Officer and Chief Operating Officer (Principal Financial Officer) | ||||||||
By: | /s/ Madeline Otero | |||||||
Madeline Otero | ||||||||
Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) |
Date: | May 4, 2022 | /s/ Miguel Fernandez | ||||||
Miguel Fernandez | ||||||||
President and Chief Executive Officer |
Date: | May 4, 2022 | /s/ Cassandra Harris | ||||||
Cassandra Harris | ||||||||
Chief Financial Officer and Chief Operating Officer |
/s/ Miguel Fernandez | |||||
Miguel Fernandez | |||||
President and Chief Executive Officer |
/s/ Cassandra Harris | |||||
Cassandra Harris | |||||
Chief Financial Officer and Chief Operating Officer |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Net (loss) income | $ (0.1) | $ 45.3 |
Other comprehensive income | ||
Foreign currency translation adjustments | 14.9 | 3.9 |
Deferred gain on cash flow hedges, net of tax | 0.4 | 0.0 |
Pension and other post-retirement (costs) benefit, net of tax | (1.3) | 1.4 |
Other comprehensive income | 14.0 | 5.3 |
Total comprehensive income | $ 13.9 | $ 50.6 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 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 | 17,864,659 | 14,726,849 |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 26, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively the “Company” or “Tupperware”, with all intercompany transactions and balances having been eliminated. The Company prepared the unaudited Condensed Consolidated Financial Statements in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair statement of results. Certain information and note disclosures normally included in the financial statements prepared in conformity with GAAP for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, the accompanying unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited 2021 Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 25, 2021. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. Discontinued Operations Discontinued operations include certain key brands of the Company’s beauty business including House of Fuller, Nutrimetics, and Nuvo. Avroy Shlain was sold in the first quarter of 2021. As of the first quarter of 2022, the Company was completing final customary closing arrangements with the buyer for House of Fuller. The sale closed in the second quarter of 2022. For more information, see Note 22: Subsequent Event. The Company is evaluating the non-binding offers received for Nutrimetics with the intent of entering into a definitive agreement in the second quarter of 2022. The Company continues to actively explore strategic alternatives for Nuvo. In the third quarter of 2021, the Company determined that these dispositions represented a strategic shift that would have a major effect on its results of operations. As such, the results of the beauty businesses are reflected as discontinued operations including all comparative prior period information in these Condensed Consolidated Financial Statements. Certain costs previously allocated to the beauty businesses for segment reporting purposes do not qualify for classification within discontinued operations and have been reallocated to continuing operations. See Note 13: Held for Sale Assets and Discontinued Operations, for additional information. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP 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 Condensed Consolidated Financial Statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ materially from these estimates. Economic Uncertainties For the first quarter ended March 26, 2022, the Company's business activities continue to be impacted by the Coronavirus pandemic (“COVID-19”), most notably in Asia where lockdowns persist and infection rates have increased. In addition, the Company's business activities, particularly in Europe, experienced volatility and were impacted by the Russia/Ukraine conflict. As a result, many of the Company's estimates and assumptions require 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. Since early 2020, the Company has followed guidance from the Centers for Disease Control and Prevention ("CDC") and the World Health Organization ("WHO") on actions required by individuals and businesses following the declaration of COVID-19 as a pandemic. Since 2020 the pandemic has impacted worldwide economic activity and many governments have implemented policies intended to stop or slow the further spread of the disease. These policies, such as shelter-in-place orders, travel restrictions, and quarantine requirements, remained in place for a significant period of time, resulting in the temporary closure of schools and non-essential businesses and restrictions on travel and in-person gatherings. The Company has continued to respond by taking actions to keep employees protected, support the Company's global sales force and their communities, and maintain business continuity. Equity On February 28, 2022, the Company entered into a new Accelerated Share Repurchase ("ASR") agreement with Wells Fargo Bank, National Association ("Wells Fargo"), under which the Company paid $75.0 million and received an initial share delivery of 3,438,264 shares of the Company's outstanding common stock, which were immediately retired. The initial number of shares received was calculated as 75% of the $75.0 million divided by the price of the Company's common stock on February 25, 2022 of $16.36. Pursuant to the terms of the ASR agreement, the final number of shares for the remaining 25% of $75.0 million to be repurchased by the Company will be determined upon settlement of the agreement on or before June 28, 2022. Wells Fargo has the right to invoke an accelerated valuation date of May 27, 2022. The final number of shares to be repurchased will be based on the volume-weighted average price of its common stock over the duration of the ASR agreement, less a discount. New Accounting Pronouncements 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 transition from the London interbank offered rate ("LIBOR") to an alternative reference rate. The ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. The amendments should be applied on a prospective basis. In addition, the FASB also issued ASU 2021-01, "Reference Rate Reform (Topic 848)" to refine the scope of ASC 848 and ASU 2020-04 in response to Reference Rate Reform in January 2021. ASU 2021-01 adds guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that will be discontinued, but are modified as a result of the discontinuing transition. This guidance was effective upon issuance through December 31, 2022. The Company continues to evaluate the impact of the potential adoption of these amendments and expects that they will not have a material impact on its Consolidated Financial Statements.
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Shipping and Handling Costs |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs | Note 2: Distribution 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 the selling, general and administrative expense line item. 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:
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Promotional Costs |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Promotional Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Promotional Costs | 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. These activities are 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. Programs are generally designed to recognize Sales Force members for achieving a primary objective. An example is holding a certain number of product demonstrations. In this situation, the Company offers a prize to Sales Force members that achieve the targeted number of product demonstrations over a specified period. The period runs from a couple of weeks to several months. The prizes are generally graded, in that meeting one level may result in receiving a piece of jewelry, with higher achievement resulting in more valuable prizes such as a television or a trip. Similar programs are designed to reward current Sales Force members who reach certain goals by promoting them to a higher level in the organization where their earning opportunity would be expanded, and they would take on additional responsibilities for adding new Sales Force members and providing training and motivation to new and existing Sales Force members. Other business drivers, such as scheduling product demonstrations, increasing the number of Sales Force members, holding product demonstrations, or increasing end consumer attendance at product demonstrations, may also be the focus of a program. The Company also offers commissions for achieving targeted sales levels. These types of awards are generally based upon the sales achievement of at least a mid-level member of the Sales Force, and her or his down-line members. The down-line consists of those Sales Force members that have been directly added to the Sales Force by a given Sales Force member, as well as those added by her or his down-line member. In this manner, Sales Force members can build an extensive organization over time if they are committed to adding and developing their units. In addition to the commission, the positive performance of a unit may also entitle its leader to the use of a Company-provided vehicle and in some cases, the permanent awarding of a vehicle. Similar to the prize programs noted earlier, these programs generally offer varying levels of vehicles that are dependent upon performance. 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 selling, general and administrative 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:
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Incentive Compensation Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Compensation Plans | Note 4: Incentive Compensation Plans Stock Options Stock option activity for 2022, under all of the Company's incentive plans, is summarized in the following table:
Market and Performance Awards, Restricted Stock and Restricted Stock Units The Company also grants restricted stock, restricted stock units, performance-vested awards, and market-vested awards to employees and directors, which typically have initial vesting periods ranging from one year to three years. The activity for such awards in 2022 is summarized in the following table:
Stock-based compensation expense was:
Unrecognized stock-based compensation expense and the weighted average years to recognize the unrecognized stock-based compensation was as follows:
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. Shares retained to fund withholding taxes and the value of shares retained to fund withholding taxes was as follows:
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Re-engineering Charges |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Re-engineering Charges | Note 5: Re-engineering Charges Re-engineering charges are mainly related to the “Turnaround Plan” which launched in mid-2020 with the new leadership. The key elements of the Turnaround Plan include: increasing the Company's right-sizing plans to improve profitability, accelerating the divestiture of non-core assets to strengthen the balance sheet, restructuring the Company’s debt to enhance liquidity, and structurally fixing the Company’s core business to create a more sustainable business model. Re-engineering charges are primarily related to severance costs, outside consulting services, and facility costs. The Company expects re-engineering expenses to continue this year and next year related to the Turnaround Plan. Total charges incurred to date related to the Turnaround Plan are approximately $44.5 million, $37.7 million related to severance charges, and $6.8 million related to other charges, primarily consulting costs. The Company expects to incur $15.0 million to $20.0 million of Turnaround Plan charges in 2022. Re-engineering charges were:
Total re-engineering charges by segments Total re-engineering charges by segment were:
The balance included in accrued liabilities related to the Turnaround Plan was:
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Income Taxes |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 6: Income Taxes The effective tax rate was:
The change in the effective tax rate for the first quarter of 2022 as compared to first quarter of 2021, was primarily due to: •negative impact of the Global Intangible Low Taxed Income (GILTI) regime, which results in no benefit for any losses incurred in the U.S. •unfavorable mix of income between our U.S. and Non U.S. operations that drive the Company’s tax expense •additional valuation allowance on disallowed interest expense due to the change in 163j rules from EBIDTA to EBIT. The Company maintains a full valuation allowance on deferred tax assets for interest carryforwards. Uncertain tax positions and related interest and penalties were:
There was no change in the first quarter of 2022 to the uncertain tax position reserves. 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 2020. 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.
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Earnings Per Share |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Note 7: Earnings (Loss) Per Share Basic (loss) earnings per share - Total is calculated by dividing net loss by the basic weighted-average shares. Diluted (loss) earnings per share - Total is calculated by also considering the impact of dilutive securities such as stock options, restricted shares, restricted stock units and performance share units on both net loss and the basic weighted-average shares. The elements of the earnings per share computations were as follows:
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Accumulated Other Comprehensive Loss |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Note 8: Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) was as follows:
____________________ (a) Foreign currency item amounts reclassified from accumulated other comprehensive income (loss) impact the other (income) expense, net line item in the Condensed Consolidated Statements of Income (Loss). (b) Cash flow hedge amounts reclassified from accumulated other comprehensive income (loss) impact the cost of products sold line item in the Condensed Consolidated Statements of Income (Loss). See additional information for cash flow hedges at Note 14: Derivative Financial Instruments and Hedging Activities. (c) See additional information for pension and other post-retirement items at Note 18: Retirement Benefit Plans. (d) Included in the ending balance as of March 26, 2022 is $140.4 million of accumulated foreign currency losses that have been included in the calculation of the loss on assets held for sale recorded in 2021 and will reduce the accumulated foreign currency losses upon completion of the sale of the disposal group.
____________________ (a) Foreign currency item amounts reclassified from accumulated other comprehensive income (loss) impact the other (income) expense, net line item in the Condensed Consolidated Statements of Income (Loss). (b) Cash flow hedge amounts reclassified from accumulated other comprehensive income (loss) impact the cost of products sold line item in the Condensed Consolidated Statements of Income (Loss). See additional information for cash flow hedges at Note 14: Derivative Financial Instruments and Hedging Activities. (c) See additional information for pension and other post-retirement items at Note 18: Retirement Benefit Plans. Amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of:
Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items consisted of:
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Cash, Cash Equivalents, and Restricted Cash |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents Disclosure | Note 9: Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include time deposits, certificates of deposit, or similar instruments. Any funds that the Company is legally restricted to withdraw, including compensating balances, are classified as restricted cash. Restricted cash is recorded in prepaid expenses and other current assets and in the other assets, net line items in the Condensed Consolidated Balance Sheet. A reconciliation of the Company’s cash and cash equivalents in the Condensed Consolidated Balance Sheet to cash, cash equivalents, and restricted cash at end of period in the Condensed Consolidated Statement of Cash Flows is as follows:
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Accounts Receivable |
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Mar. 26, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | Note 10: Accounts Receivable The accounts receivable and allowance for credit losses balance was:
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Inventories |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 11: Inventories Inventories balance net of any inventory allowance was:
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Long-Term Receivables |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Receivables | Note 12: Long-Term Receivables The long-term receivables and allowance for long-term receivables balance was as follows:
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Held for Sale Assets and Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held for Sale Assets and Discontinued Operations | Held for Sale Assets and Discontinued Operations Discontinued operations include certain key brands of the Company’s beauty business including House of Fuller, Nutrimetics, and Nuvo. Avroy Shlain was sold in the first quarter of 2021. As of the first quarter of 2022, the Company was completing final customary closing arrangements with the buyer for House of Fuller. The sale closed in the second quarter of 2022. For more information, see Note 22: Subsequent Event. The Company is evaluating the non-binding offers received for Nutrimetics with the intent of entering into a definitive agreement in the second quarter of 2022. The Company continues to actively explore strategic alternatives for Nuvo. The Company has determined that these dispositions represent a strategic shift that will have a major effect on its results of operations. As such, reflected below are the results of the beauty businesses as discontinued operations including all comparative prior period information in these Condensed Consolidated Financial Statements. Certain costs previously allocated to the beauty businesses for segment reporting purposes do not qualify for classification within discontinued operations and have been reallocated to continuing operations. In 2021, the Company recognized a loss on the classification of held for sale assets of House Fuller, Nutrimetics, and Nuvo of $133.5 million based on total expected proceeds less costs to sell. The loss primarily relates to currency translation losses of $140.4 million which remain in accumulated other comprehensive income. In connection with the loss, the Company recorded a contra-asset and liability on the balance sheet which will be derecognized and the related currency translation removed from accumulated other comprehensive income upon completion of the sales. Financial Information of Discontinued Operations The results of operations are presented as discontinued operations as summarized below:
The carrying amount of major classes of assets and liabilities classified as held for sale that were included in discontinued operations at March 26, 2022 and December 25, 2021 are shown in the table below.
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Derivative Financial Instruments and Hedging Activities |
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General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Financial 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 United States 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 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. The change in fair value of hedged items results in adjustments to their carrying amounts.
Cash Flow Hedges The Company also uses derivative financial instruments to hedge foreign currency exposures resulting from certain forecasted transactions or purchases and classifies these as cash flow hedges. The majority of cash flow hedge contracts that the Company enters into relate to inventory purchases or intercompany dividends. At initiation, the Company’s cash flow hedge contracts are generally for periods ranging from one month to fifteen months. The portion of the gain or loss included in the assessment of hedge effectiveness is recorded in other comprehensive income (loss) and is reclassified into earnings through the same line item as the transaction being hedged at the time the hedged transaction impacts earnings. As such, the balance at the end of the current reporting period in other comprehensive income (loss), 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.
Net Investment Hedges 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 designates these as net investment hedges. Changes in the value of these financial instruments are included in foreign currency translation adjustments within accumulated other comprehensive income (loss). 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. Changes in fair value, net of tax, recorded in other comprehensive income (loss) and the pretax income on forward points was as follows:
Notional Value The Company considers the total notional value of its forward contracts as the best measure of the volume of derivative transactions. The notional value of forward contracts to purchase and sell currencies was:
The notional value of largest outstanding positions to purchase and sell currencies was:
Fair Value Measurement Fair values of the Company's derivative positions were determined based on third party quotations (Level 2 fair value measurement). The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis:
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Deferred Revenue |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue | Note 15: Deferred Revenue Deferred revenue is recorded in the accrued liabilities line item in the Condensed Consolidated Balance Sheets. Deferred revenue balance, which was primarily related to payments received in advance for orders not yet shipped, was as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Note 16: Debt The debt portfolio consisted of:
____________________ (a)See Note 17: Leases for further details. Credit Agreement On November 23, 2021, the Company and its wholly owned subsidiaries, Tupperware Products AG, Administradora Dart, S. de R.L. de C.V., and Tupperware Brands Asia Pacific Pte. Ltd. (the "Subsidiary Borrowers"), entered into a credit agreement ("Credit Agreement") with Wells Fargo Bank, N.A. as administrative agent (the "Administrative Agent"), swingline lender, and issuing bank; Wells Fargo Securities, LLC, BMO Capital Markets Corp., Fifth Third Bank, and Truist Securities Inc. as joint lead arrangers and joint bookrunners; and BMO Harris Bank, N.A, Fifth Third Bank, National Association, and Truist Bank, as syndication agents. The Credit Agreement provides for (i) a revolving credit facility ("Revolver Facility") in an aggregate principal amount available to the Company and the Subsidiary Borrowers of up to $480.0 million, (ii) a term facility available to the Company in U.S. dollars in an aggregate principal amount of $200.0 million (“USD Term Loan”) and (iii) a term facility available to the Company and the or the Swiss subsidiary borrower in Euros in an aggregate principal amount of €176.0 million, (“Euro Term Loan”). The USD Term Loan and Euro Term Loan are collectively defined as the "Term Loan". The Revolver Facility is divided into (a) global tranche, Mexican tranche, and Singaporean tranche commitments, with the aggregate amount of borrowings under each tranche not to exceed $450.0 million, $15.0 million, and $15.0 million, respectively, (b) a global tranche letter of credit facility, available up to $50.0 million of the amount of the Revolver Facility, and (c) a global tranche swingline facility, available up to $100.0 million of the amount of the Revolver Facility. Each of such tranches is available to the Company and the applicable Subsidiary Borrowers, with extensions of credit to the Subsidiary Borrowers not to exceed $325.0 million in the aggregate at any time outstanding. The Company is permitted to increase, subject to certain conditions, the Revolver Facility, the USD Term Loan and/or the Euro Term Loan so long as (i) the Revolver Facility is increased by no more than $250.0 million (for a maximum aggregate Revolver Facility of $730.0 million) and (ii) all facilities are increased by no more than $250.0 million, plus certain repayments of the loans under the Credit Agreement with Wells Fargo Bank, N.A., and the other parties, plus an unlimited amount provided that the incurrence of such amount does not cause the Consolidated Net Leverage Ratio (as defined in the Credit Agreement and which shall be calculated net of up to $100.0 million of unrestricted cash and cash equivalents (“Cash Netting”)) for the four (4) consecutive fiscal quarters then most recently ended to exceed 3.00 to 1.00. Each of the Revolver Facility, the USD Term Loan, and the Euro Term Loan will mature on November 23, 2026. The obligations under the Credit Agreement are (a) guaranteed by (i) with respect to the Subsidiary Borrowers, the Parent Borrower and (ii) with respect to both the Parent Borrower and the Subsidiary Borrowers, each existing and subsequently acquired or organized direct or indirect material wholly-owned U.S. subsidiary of the Parent Borrower (each a “Guarantor’) and (b) secured by substantially all tangible and intangible personal property of the Parent Borrower and each Guarantor and all products, profits and proceeds of the foregoing, in each case, subject to certain exceptions. The Company has prepayment options, as well as mandatory quarterly prepayments starting March 31, 2022. As of March 26, 2022, the Company had a weighted average interest rate of 2.35% with a base rate spread of 200 basis points on LIBOR-based borrowings under the Credit Agreement. Interest is payable in arrears and at maturity. The Credit Agreement contains customary covenants that includes a financial covenant as well as customary affirmative and negative covenants, including, among other things, compliance with laws, delivery of quarterly and annual financial statements, restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants. The Credit Agreement also includes events of default relating to customary matters (and customary notice and cure periods), including, among other things, nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross-payment default and cross acceleration with respect to material indebtedness; bankruptcy; material judgments; and certain ERISA events. Under the Credit Agreement, the Company shall not permit as of the last day of any fiscal quarter of the Company (a) the Consolidated Net Leverage Ratio for the four (4) consecutive fiscal quarters then most recently ended to be greater than or equal to 3.75 to 1.00 (subject to Cash Netting) which may be increased two times during the term of the Credit Agreement by 0.25 to 1.00 in connection with any acquisition permitted by the Credit Agreement having aggregate cash consideration in excess of $75 million or (b) the Consolidated Interest Coverage Ratio for the four (4) consecutive fiscal quarters then ended to be less than or equal to 3.00 to 1.00. 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. Consolidated Net Leverage Ratio is the ratio of (a) consolidated funded indebtedness minus up to $100.0 million of unrestricted cash and cash equivalents on the last day of each measurement period to (b) consolidated EBITDA for such measurement period, and Consolidated Interest Coverage Ratio is the ratio of (x) consolidated EBITDA on the last day of each measurement period to (y) the Consolidated Interest Charges for such measurement period. As of March 26, 2022 the Company is in compliance with the financial covenants in the Credit Agreement. with a Consolidated Net Leverage Ratio of 2.88 and a Consolidated Interest Coverage Ratio of 8.81. As of December 25, 2021, the Company had a Consolidated Net Leverage Ratio of 2.11 and a Consolidated Interest Coverage Ratio of 8.23. The first quarter 2022 financial results have resulted in an increase in the consolidated net leverage ratio and additional deterioration in net income in the remaining quarters of the year ending December 31, 2022 could result in the Company approaching the consolidated leverage ratio covenant threshold which could require the Company to take actions, which may include implementing cost saving measures, to maintain compliance with the Consolidated Net Leverage Ratio. The Company routinely increases its Revolver Facility 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 on the value of its cash and debt during each quarter than would relate solely to the quarter end balances. At March 26, 2022, the Company had $48.8 million of unused lines of credit, including $44.8 million under the committed, secured Credit Agreement, and $4.0 million available under various uncommitted lines around the world.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases Disclosure | Note 17: Leases The Company leases certain equipment, vehicles, office space, and manufacturing and distribution facilities, and recognizes the associated lease expense for operating leases 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 year 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:
____________________ (a) Included in selling, general and administrative expense and cost of products sold. (b) Includes short-term lease cost of $0.3 million and $0.6 million in the first quarter of 2022 and 2021, respectively. Also includes variable lease cost of $0.4 million in both the first quarters of 2022 and 2021. Supplemental cash flow information related to leases is as follows:
Supplemental information related to leases is as follows:
Maturities of lease liabilities as of March 26, 2022 and December 25, 2021 were as follows:
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Leases, Disclosure | Note 17: Leases The Company leases certain equipment, vehicles, office space, and manufacturing and distribution facilities, and recognizes the associated lease expense for operating leases 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 year 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:
____________________ (a) Included in selling, general and administrative expense and cost of products sold. (b) Includes short-term lease cost of $0.3 million and $0.6 million in the first quarter of 2022 and 2021, respectively. Also includes variable lease cost of $0.4 million in both the first quarters of 2022 and 2021. Supplemental cash flow information related to leases is as follows:
Supplemental information related to leases is as follows:
Maturities of lease liabilities as of March 26, 2022 and December 25, 2021 were as follows:
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Retirement Benefit Plans |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | Note 18: Retirement Benefit Plans Components of net periodic cost (benefit) for the first quarters ended March 26, 2022 and March 27, 2021 were as follows:
During the first quarter of 2022 and 2021, approximately $0.1 million and $0.5 million of pretax loss 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 $0.3 million and $0.6 million related to the components of net periodic (benefit) cost, excluding service cost, in other (income) expense, net in the first quarter of 2022 and 2021, respectively.
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Commitment and Contingencies |
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Mar. 26, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company and certain subsidiaries are involved in litigation and various legal matters that are being defended and handled in the ordinary course of business. Included among these matters are environmental issues. The Company does not include estimated future legal costs in accruals recorded related to these matters. The Company believes that it is remote that the Company's contingencies will have a material adverse effect on its financial position, results of operations or cash flow. Kraft Foods, Inc., which was formerly affiliated with Premark International, Inc., the Company's former parent, has assumed any liabilities arising out of certain divested or discontinued businesses. The liabilities assumed include matters alleging product liability, environmental liability, and infringement of patents. In February 2020, putative stockholder class actions were filed against the Company and certain current and former officers and directors in the United States District Court for the Central District of California and in the United States District Court for the Middle District of Florida. The actions were consolidated in the United States District Court for the Middle District of Florida, and a lead plaintiff was appointed. On July 31, 2020, the lead plaintiff filed a consolidated amended complaint, which alleges that statements in public filings between January 31, 2018 and February 24, 2020 (the "potential class period") regarding the Company’s disclosure of controls and procedures, as well as the need for an amendment of its credit facility, violated Section 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 stock during the potential class period and demand unspecified monetary damages. The Company's motion to dismiss the complaint was granted on January 25, 2021, but the court permitted the lead plaintiff to file an amended complaint, which the plaintiff filed on February 16, 2021. The Company filed a motion to dismiss the second amended complaint on April 2, 2021. The Court granted the Company’s motion to dismiss the second amended complaint on August 9, 2021, but again permitted the lead plaintiff to file an amended complaint, which the plaintiff filed on August 30, 2021. The Company filed a motion to dismiss the third amended complaint on October 14, 2021, and on February 4, 2022, the Court dismissed the third amended complaint with prejudice. The plaintiff filed an appeal on April 11, 2022, and the Company's reply is due (unless an extension is granted) on May 11, 2022. 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. Additionally, several putative stockholders filed stockholder derivative complaints in the United States District Court for the Middle District of Florida against certain of the Company’s current and former officers and directors. The cases were consolidated, and plaintiffs filed a consolidated amended complaint on August 5, 2020. The consolidated amended complaint asserts claims against certain current and former officers and directors for breach of fiduciary duty, unjust enrichment, and contribution for violations of the securities laws based on allegations that the officers and directors allowed the Company to make false or misleading statements in violation of the securities laws. The Court stayed proceedings in this action pending resolution of the third motion to dismiss in the putative stockholder class action. A similar stockholder derivative complaint was filed in the Ninth Judicial Circuit Court of Florida. The parties reached an agreement to stay this action pending the resolution of the third motion to dismiss in the putative stockholder class action. 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. The United States Securities and Exchange Commission (“SEC”) is conducting an inquiry into our accounting practices relating to the Company’s Tupperware Mexico and Fuller Mexico locations. The Company is fully cooperating with this SEC inquiry. As it is ongoing, the Company is unable to predict how long the inquiry will continue or whether, at its conclusion, the SEC will bring an enforcement action against the Company and, if it does, what fines or other remedies it may seek. Furthermore, publicity surrounding the inquiry or any enforcement action that may result from it could have an adverse impact on our reputation, business, financial condition, results of operations and cash flows. Leases Lease costs for operating leases and approximate minimum rental commitments under non-cancelable operating leases are disclosed in Note 17: Leases to the Condensed Consolidated Financial Statements. Leases, including the minimum rental commitments for 2021 and 2022, primarily are for automobiles that generally have a lease term of 1 year to 4 years, with the remaining leases related to office, manufacturing and distribution space. It is common for lease agreements to contain various provisions for items such as step rent or other escalation clauses and lease concessions, which may offer a period of no rent payment. These types of items are considered by the Company, and are recorded into expense on a straight-line basis over the minimum lease terms for operating leases. There are no lease agreements containing material renewal options. Certain leases require the Company to pay property taxes, insurance and routine maintenance.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring | Note 20: Fair Value Measurements The Company applies the applicable accounting guidance for fair value measurements. This guidance provides the definition of fair value, describes the method used to appropriately measure fair value in accordance with generally accepted accounting principles, and outlines fair value disclosure requirements. The fair value hierarchy established under this guidance prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: •Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. •Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted prices, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. . •Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value from the perspective of a market participant. The Company does not have any recurring Level 3 fair value measurements. Due to their short maturities or their insignificance, the carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable, accrued liabilities, and leased assets and liabilities approximated their fair values at March 26, 2022 and December 25, 2021. The fair value of the term loan and revolver facility are classified as Level 2 liabilities and are estimated using a market approach. The fair value of the term loan and revolver facility were as follows:
See Note 14: Derivative Financial Instruments and Hedging Activities for discussion of the Company’s derivative financial instruments and related fair value measurements.
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Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 21: Segment Information The Company manufactures and distributes a broad portfolio of products, primarily through the Sales Force. 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 under the Tupperware brand name. Segment details were as follows:
____________________ (a) See Note 5: Re-engineering Charges for further discussion. Total identifiable assets by segment were:
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Subsequent Events |
3 Months Ended |
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Mar. 26, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent Event |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 26, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively the “Company” or “Tupperware”, with all intercompany transactions and balances having been eliminated. The Company prepared the unaudited Condensed Consolidated Financial Statements in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair statement of results. Certain information and note disclosures normally included in the financial statements prepared in conformity with GAAP for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, the accompanying unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited 2021 Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 25, 2021. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. Discontinued Operations Discontinued operations include certain key brands of the Company’s beauty business including House of Fuller, Nutrimetics, and Nuvo. Avroy Shlain was sold in the first quarter of 2021. As of the first quarter of 2022, the Company was completing final customary closing arrangements with the buyer for House of Fuller. The sale closed in the second quarter of 2022. For more information, see Note 22: Subsequent Event. The Company is evaluating the non-binding offers received for Nutrimetics with the intent of entering into a definitive agreement in the second quarter of 2022. The Company continues to actively explore strategic alternatives for Nuvo. In the third quarter of 2021, the Company determined that these dispositions represented a strategic shift that would have a major effect on its results of operations. As such, the results of the beauty businesses are reflected as discontinued operations including all comparative prior period information in these Condensed Consolidated Financial Statements. Certain costs previously allocated to the beauty businesses for segment reporting purposes do not qualify for classification within discontinued operations and have been reallocated to continuing operations. See Note 13: Held for Sale Assets and Discontinued Operations, for additional information.
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Use of Estimates | Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with GAAP 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 Condensed Consolidated Financial Statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ materially from these estimates. Economic Uncertainties For the first quarter ended March 26, 2022, the Company's business activities continue to be impacted by the Coronavirus pandemic (“COVID-19”), most notably in Asia where lockdowns persist and infection rates have increased. In addition, the Company's business activities, particularly in Europe, experienced volatility and were impacted by the Russia/Ukraine conflict. As a result, many of the Company's estimates and assumptions require 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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New Accounting Pronouncements | New Accounting Pronouncements 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 transition from the London interbank offered rate ("LIBOR") to an alternative reference rate. The ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. The amendments should be applied on a prospective basis. In addition, the FASB also issued ASU 2021-01, "Reference Rate Reform (Topic 848)" to refine the scope of ASC 848 and ASU 2020-04 in response to Reference Rate Reform in January 2021. ASU 2021-01 adds guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that will be discontinued, but are modified as a result of the discontinuing transition. This guidance was effective upon issuance through December 31, 2022. The Company continues to evaluate the impact of the potential adoption of these amendments and expects that they will not have a material impact on its Consolidated Financial Statements.
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Shipping and Handling Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shipping and Handling Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Shipping and Handling [Table] | Distribution costs were:
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Promotional Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Promotional Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
promotional cost, table | Promotional costs were:
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Incentive Compensation Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Option, Activity | Stock option activity for 2022, under all of the Company's incentive plans, is summarized in the following table:
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Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The activity for such awards in 2022 is summarized in the following table:
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Share-based Payment Arrangement, Cost by Plan | Stock-based compensation expense was:
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Unrecognized Stock Based Compensation Expense | Unrecognized stock-based compensation expense and the weighted average years to recognize the unrecognized stock-based compensation was as follows:
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Shares Retained to Fund Withholding Taxes | 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. Shares retained to fund withholding taxes and the value of shares retained to fund withholding taxes was as follows:
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Re-engineering Charges (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | Re-engineering charges were:
Total re-engineering charges by segments Total re-engineering charges by segment were:
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Accrued Liabilities, Re-engineering Charges Rollforward | The balance included in accrued liabilities related to the Turnaround Plan was:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The effective tax rate was:
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Schedule of Unrecognized Tax Benefits Roll Forward | Uncertain tax positions and related interest and penalties were:
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Earnings Per Share (Tables) |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elements of Earnings per Share Computations | The elements of the earnings per share computations were as follows:
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Accumulated Other Comprehensive Loss (Tables) |
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of accumulated other comprehensive loss | The change in accumulated other comprehensive income (loss) was as follows:
____________________ (a) Foreign currency item amounts reclassified from accumulated other comprehensive income (loss) impact the other (income) expense, net line item in the Condensed Consolidated Statements of Income (Loss). (b) Cash flow hedge amounts reclassified from accumulated other comprehensive income (loss) impact the cost of products sold line item in the Condensed Consolidated Statements of Income (Loss). See additional information for cash flow hedges at Note 14: Derivative Financial Instruments and Hedging Activities. (c) See additional information for pension and other post-retirement items at Note 18: Retirement Benefit Plans. (d) Included in the ending balance as of March 26, 2022 is $140.4 million of accumulated foreign currency losses that have been included in the calculation of the loss on assets held for sale recorded in 2021 and will reduce the accumulated foreign currency losses upon completion of the sale of the disposal group.
____________________ (a) Foreign currency item amounts reclassified from accumulated other comprehensive income (loss) impact the other (income) expense, net line item in the Condensed Consolidated Statements of Income (Loss). (b) Cash flow hedge amounts reclassified from accumulated other comprehensive income (loss) impact the cost of products sold line item in the Condensed Consolidated Statements of Income (Loss). See additional information for cash flow hedges at Note 14: Derivative Financial Instruments and Hedging Activities. (c) See additional information for pension and other post-retirement items at Note 18: Retirement Benefit Plans. Amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of:
Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items consisted of:
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Cash, Cash Equivalents, and Restricted Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | A reconciliation of the Company’s cash and cash equivalents in the Condensed Consolidated Balance Sheet to cash, cash equivalents, and restricted cash at end of period in the Condensed Consolidated Statement of Cash Flows is as follows:
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Accounts Receivable (Tables) |
3 Months Ended |
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Mar. 26, 2022 | |
Receivables [Abstract] | |
Accounts Receivable [Table] | The accounts receivable and allowance for credit losses balance was: |
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | Inventories balance net of any inventory allowance was:
|
Long-Term Receivables (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Long-Term Receivables Rollforward | The long-term receivables and allowance for long-term receivables balance was as follows:
|
Held for Sale Assets and Discontinued Operations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gain (Loss) Recorded on Divestitures | The results of operations are presented as discontinued operations as summarized below:
The carrying amount of major classes of assets and liabilities classified as held for sale that were included in discontinued operations at March 26, 2022 and December 25, 2021 are shown in the table below.
|
Derivative Financial Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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Schedule of Notional Amounts of Outstanding Derivative Positions | The notional value of largest outstanding positions to purchase and sell currencies was:
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Derivative Instruments, Gain (Loss) | Changes in fair value, net of tax, recorded in other comprehensive income (loss) and the pretax income on forward points was as follows:
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Schedule of Notional Value of Forward Contracts | The notional value of forward contracts to purchase and sell currencies was:
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Schedule of Net Derivative Position | Including the effect of master netting arrangements that provide a right of offset upon default of the counterparty, the Company’s net derivative position amounts were:
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Deferred Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue, by Arrangement, Disclosure | Deferred revenue balance, which was primarily related to payments received in advance for orders not yet shipped, was as follows:
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The debt portfolio consisted of:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Expense | Components of lease expense were as follows:
____________________ (a) Included in selling, general and administrative expense and cost of products sold. (b) Includes short-term lease cost of $0.3 million and $0.6 million in the first quarter of 2022 and 2021, respectively. Also includes variable lease cost of $0.4 million in both the first quarters of 2022 and 2021.
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Schedule of Supplemental Cash Flow information related to Leases | Supplemental cash flow information related to leases is as follows:
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Supplemental Balance Sheet information related to Leases | Supplemental information related to leases is as follows:
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Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of March 26, 2022 and December 25, 2021 were as follows:
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Retirement Benefit Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of net periodic cost (benefit) for the first quarters ended March 26, 2022 and March 27, 2021 were as follows:
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Senior Notes [Table] |
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 26, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
____________________ (a) See Note 5: Re-engineering Charges for further discussion. Total identifiable assets by segment were:
|
Shipping and Handling Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Shipping and Handling [Line Items] | ||
Selling, general and administrative expense | $ 203.4 | $ 221.2 |
Shipping and Handling | ||
Shipping and Handling [Line Items] | ||
Selling, general and administrative expense | $ 32.9 | $ 40.0 |
Promotional Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Promotional Costs [Abstract] | ||
Promotional and other sales force compensation expenses | $ 52.0 | $ 63.2 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
Dec. 25, 2021 |
|
Valuation Allowance [Line Items] | |||
Effective tax rate | 73.10% | 32.00% | |
Gross unrecognized tax benefit | $ 31.0 | ||
Accrued interest and penalties related to uncertain tax positions | $ 3.3 | $ 3.3 |
Earnings Per Share (Details) - $ / shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Net Income Per Common Share [Line Items] | ||
Basic weighted-average shares | 48.0 | 49.4 |
Common equivalent shares: | ||
Effect of dilutive securities | 3.3 | 4.0 |
Diluted weighted-average shares | 51.3 | 53.4 |
Basic earnings from continuing operations - per share | $ 0.05 | $ 0.89 |
Basic (loss) earnings from discontinued operations - per share | 0.05 | (0.03) |
Basic (loss) earnings per share - Total | 0 | 0.92 |
Diluted earnings from continuing operations - per share | 0.05 | 0.82 |
Diluted (loss) earnings from discontinued operations - per share | 0.05 | (0.03) |
Diluted (loss) earnings per share - Total | $ 0 | $ 0.85 |
Excluded anti-dilutive shares | 2.7 | 2.9 |
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 245.6 | $ 267.2 |
Restricted Cash | 7.4 | 6.6 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 253.0 | $ 273.8 |
Accounts Receivable (Details) - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Receivables [Abstract] | ||
Account receivable | $ 118.2 | $ 117.3 |
Accounts Receivable, Allowance for Credit Loss | (31.7) | (31.1) |
Accounts receivable, net | $ 86.5 | $ 86.2 |
Inventories (Details) - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Inventory, Net [Abstract] | ||
Finished goods | $ 179.3 | $ 181.2 |
Work in process | 35.8 | 28.4 |
Raw materials and supplies | 31.1 | 22.6 |
Inventory, net | $ 246.2 | $ 232.2 |
Long-Term Receivables (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Dec. 25, 2021 |
|
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Financing Receivable, before Allowance for Credit Loss | $ 32.0 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance for allowance for long-term receivables | (25.6) | |
Write-offs | 0.0 | |
Recoveries | 0.1 | |
Provision | (2.3) | |
Currency translation adjustment | 0.7 | |
Ending balance | (27.1) | |
Long-term receivables, net | 4.9 | |
Financing Receivable, Past Due [Line Items] | ||
Long-term receivables, net | 4.9 | |
Financial Asset, Past Due | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Long-term receivables, net | 28.2 | $ 29.2 |
Financing Receivable, Past Due [Line Items] | ||
Long-term receivables, net | $ 28.2 | $ 29.2 |
Held for Sale Assets and Discontinued Operations - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
Dec. 25, 2021 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ (2.6) | $ 1.0 | $ (133.5) |
Derivative Instruments and Hedging Activities (Outstanding Derivative Financial Instruments at Notional Value) (Details) - Forward Contracts - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 52.4 | $ 96.4 |
Derivative Liability, Notional Amount | 52.2 | 99.2 |
Korea (South), Won | Long | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 29.1 | 14.3 |
Switzerland, Francs | Long | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 23.3 | 63.1 |
U.S. dollars | Short | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 34.2 | 32.6 |
Philippines, Pesos | Short | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 11.6 | |
Euro | Short | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 35.7 |
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 - Foreign exchange contracts - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Non-Trade Amounts Receivable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 0.5 | $ 8.5 |
Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 0.0 | $ (7.3) |
Deferred Revenue (Details) - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred Revenue | $ 10.1 | $ 4.5 |
Debt - Components of debt (Details) - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Finance leases | $ 1.4 | $ 1.8 |
Unamortized debt issuance costs | (2.8) | (2.9) |
Current debt and finance lease obligations | 10.6 | 8.9 |
Long-term debt and finance lease obligations | 799.2 | 700.5 |
Total debt | 809.8 | 709.4 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Term loan | 394.2 | |
Revolver facility | ||
Debt Instrument [Line Items] | ||
Revolver facility | $ 417.0 | $ 312.0 |
Debt -Term Loan (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Debt Instrument [Line Items] | ||
Borrowings on revolver facility | $ 128.0 | $ 0.0 |
Debt - Schedule of Debt Extinguishment (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Extinguishment of Debt [Line Items] | ||
Extinguishment of Debt, Amount | $ 0.0 | |
Term loan prepayments | 0.0 | |
Payment for debt extinguishment cost | 0.0 | |
Loss on debt extinguishment | $ 0.0 | $ (2.1) |
Term Loan | Term Loan Facility | Term Loan | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | $ 0 |
Debt - Credit Agreement (Details) - Revolver facility - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Dec. 25, 2021 |
|
Debt Instrument [Line Items] | ||
Revolver facility | $ 417.0 | $ 312.0 |
LIBOR | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 200.00% | |
Weighted average interest rate on LIBOR-based borrowings | 2.35% |
Debt - Senior Notes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Debt Instrument [Line Items] | ||
Loss on debt extinguishment | $ 0.0 | $ (2.1) |
Retirement Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 26, 2022 |
Mar. 27, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amortization | $ 0.1 | $ 0.5 |
Other expense (income) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic cost (benefit) | 0.3 | 0.6 |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1.2 | 1.6 |
Interest cost | 0.7 | 0.9 |
Return on plan assets | (0.6) | (0.9) |
Net amortization | 0.3 | 0.6 |
Settlement/curtailment | 0.0 | 0.0 |
Net periodic cost (benefit) | 1.6 | 2.2 |
Post-retirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.0 | 0.0 |
Interest cost | 0.1 | 0.1 |
Return on plan assets | 0.0 | 0.0 |
Net amortization | (0.2) | (0.1) |
Settlement/curtailment | 0.0 | 0.0 |
Net periodic cost (benefit) | $ (0.1) | $ 0.0 |
Commitment and Contingencies (Details) |
Mar. 26, 2022 |
---|---|
Minimum | |
Other Commitments [Line Items] | |
Lease, term | 1 year |
Maximum | |
Other Commitments [Line Items] | |
Lease, term | 4 years |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions |
Mar. 26, 2022 |
Dec. 25, 2021 |
---|---|---|
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Debt, Carrying Value | $ 10.6 | $ 8.9 |
Significant Other Observable Inputs (Level 2) | Term Loan | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Debt, Carrying Value | 394.2 | 398.5 |
Debt Instrument, Fair Value Disclosure | $ 394.2 | $ 398.5 |
Label | Element | Value |
---|---|---|
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue | $ 12,600,000 |
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