

2.	Transition Period

The Company is presenting audited financial statements for the three month period ended December 30, 2016. The following tables provide certain unaudited comparative financial information for the same period of the prior year.



Consolidated Statements of Income	Three Months Ended
	December 30, 2016			(unaudited) December 25, 2015
Net sales	$	829.9		$	811.2
Cost of sales	384.1			360.3
Gross profit	445.8			450.9

Selling, general and administrative expenses	368.3			223.3
Research and development expenses	66.2			61.4
Restructuring charges, net	3.8			4.1
Non-restructuring impairment charges	214.3			—
Operating (loss) income	(206.8		)	162.1

Interest expense	(91.3		)	(97.8		)
Interest income	0.5			0.2
Other (expense) income, net	(0.9		)	2.0
(Loss) income from continuing operations before income taxes	(298.5		)	66.5

Benefit from income taxes	(121.7		)	(37.3		)
(Loss) income from continuing operations	(176.8		)	103.8

Income from discontinued operations	23.6			107.3

Net (loss) income	$	(153.2	)	$	211.1

Basic earnings per share (Note 9):
(Loss) income from continuing operations	$	(1.67	)	$	0.90
Income from discontinued operations, net of income taxes	0.22			0.93
Net (loss) income	$	(1.45	)	$	1.83

Basic weighted-average shares outstanding	105.7			115.4

Diluted earnings per share (Note 9):
(Loss) income from continuing operations	$	(1.67	)	$	0.89
Income from discontinued operations, net of income taxes	0.22			0.92
Net (loss) income	$	(1.45	)	$	1.82

Diluted weighted-average shares outstanding	105.7			116.3



Consolidated Statements of Cash Flows	Three Months Ended
	December 30, 2016			(unaudited) December 25, 2015
Cash Flows From Operating Activities:
Net (loss) income	$	(153.2	)	$	211.1
Adjustments to reconcile net cash provided by operating activities:
Depreciation and amortization	203.2			206.0
Share-based compensation	11.0			8.5
Deferred income taxes	(204.3		)	(108.9		)
Non-cash impairment charges	214.3			—
Inventory provisions	8.5			1.2
Gain on disposal of discontinued operations	—			(97.0		)
Other non-cash items	(9.2		)	2.9
Changes in assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net	36.5			68.4
Inventories	(26.3		)	(14.5		)
Accounts payable	5.4			(13.0		)
Income taxes	0.6			82.3
Other	109.1			(35.6		)
Net cash from operating activities	195.6			311.4
Cash Flows From Investing Activities:
Capital expenditures	(65.2		)	(49.0		)
Acquisitions and intangibles, net of cash acquired	(1.8		)	—
Proceeds from disposal of discontinued operations, net of cash	—			263.7
Other	(10.2		)	0.7
Net cash from investing activities	(77.2		)	215.4
Cash Flows From Financing Activities:
Issuance of external debt	190.0			62.0
Repayment of external debt and capital leases	(86.7		)	(129.6		)
Debt financing costs	—			(0.1		)
Proceeds from exercise of share options	0.4			3.6
Repurchase of shares	(158.8		)	(275.4		)
Other	1.2			(30.0		)
Net cash from financing activities	(53.9		)	(369.5		)
Effect of currency rate changes on cash	(3.0		)	(1.5		)
Net change in cash, cash equivalents and restricted cash	61.5			155.8
Cash, cash equivalents and restricted cash at beginning of period	299.6			432.6
Cash, cash equivalents and restricted cash at end of period	$	361.1		$	588.4

Cash and cash equivalents at end of period	$	342.0		$	521.9
Restricted cash included in prepaid expenses and other assets at end of period	$	0.1		$	47.5
Restricted cash included in other long-term assets at end of period	$	19.0		$	19.0
Cash, cash equivalents and restricted cash at end of period	$	361.1		$	588.4