Quarterly Financial Data (unaudited)

12 Months Ended

Sep. 27, 2019

Quarterly Financial Data (unaudited)

21. Quarterly Financial Data (unaudited)

Summarized quarterly financial data was as follows:


	Fiscal
	2019								2018
	First		Second		Third		Fourth		First		Second		Third		Fourth
	Quarter⁽¹⁾		Quarter		Quarter⁽²⁾		Quarter		Quarter⁽³⁾		Quarter		Quarter		Quarter⁽⁴⁾
	(in millions, except per share data)
Net sales	$	3,347	$	3,412	$	3,389	$	3,300	$	3,336	$	3,562	$	3,581	$	3,509
Gross margin		1,114		1,118		1,110		1,052		1,164		1,212		1,187		1,182
Acquisition and integration costs		5		7		9		6		2		3		4		5
Restructuring and other charges, net		75		42		67		71		34		6		64		22
Income (loss) from continuing operations		383		429		758		376		(33)		490		453		1,674
Income (loss) from discontinued operations, net of income taxes		(107)		10		(1)		(4)		(7)		—		1		(13)
Net income (loss)		276		439		757		372		(40)		490		454		1,661
Basic earnings (loss) per share:
Income (loss) from continuing operations	$	1.12	$	1.27	$	2.25	$	1.12	$	(0.09)	$	1.40	$	1.30	$	4.82
Net income (loss)		0.81		1.30		2.25		1.11		(0.11)		1.40		1.30		4.79
Diluted earnings (loss) per share:
Income (loss) from continuing operations	$	1.11	$	1.26	$	2.24	$	1.11	$	(0.09)	$	1.38	$	1.29	$	4.78
Net income (loss)		0.80		1.29		2.23		1.10		(0.11)		1.38		1.29		4.75

(1)	Results for the quarter ended December 28, 2018 included a pre-tax loss of $86 million on the sale of our SubCom business which was reported as a discontinued operation on our Consolidated Financial Statements. See Note 4 for additional information regarding discontinued operations.

(2)

Results for the quarter ended June 28, 2019 included a $214 million income tax benefit related to the tax impacts of certain measures of Swiss Tax Reform and a $93 million income tax benefit related to the effective settlement of a tax audit in a non-U.S. jurisdiction. See Note 15 for additional information regarding income taxes.

(3)	Results for the quarter ended December 29, 2017 included $567 million of income tax expense related to the tax impacts of the Tax Cuts and Jobs Act. See Note 15 for additional information regarding income taxes.

(4)	Results for the quarter ended September 28, 2018 included a $1,222 million net income tax benefit associated with the tax impacts of certain legal entity restructurings and intercompany transactions. See Note 15 for additional information regarding income taxes.