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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL INFORMATION (Unaudited)

23.

QUARTERLY FINANCIAL INFORMATION (Unaudited)

Financial information for each quarter in the fiscal years ended December 31, 2016 and January 2, 2016, is set forth below (in thousands, except per share data):

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

 

 

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Fiscal Year

 

 

 

(In thousands)

 

Fiscal year ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

5,593,149

 

 

$

5,806,758

 

 

$

5,840,963

 

 

$

5,677,938

 

 

$

22,918,808

 

Cost of goods sold

 

 

4,633,381

 

 

 

4,772,721

 

 

 

4,808,426

 

 

 

4,651,008

 

 

 

18,865,536

 

Gross profit

 

 

959,768

 

 

 

1,034,037

 

 

 

1,032,537

 

 

 

1,026,930

 

 

 

4,053,272

 

Operating expenses

 

 

875,091

 

 

 

935,600

 

 

 

917,446

 

 

 

911,314

 

 

 

3,639,451

 

Interest expense—net

 

 

70,559

 

 

 

70,245

 

 

 

48,956

 

 

 

39,320

 

 

 

229,080

 

Loss on extinguishment of debt

 

 

—

 

 

 

42,149

 

 

 

11,483

 

 

 

—

 

 

 

53,632

 

Income (loss) before income taxes

 

 

14,118

 

 

 

(13,957

)

 

 

54,652

 

 

 

76,296

 

 

 

131,109

 

Income tax provision (benefit)

 

 

807

 

 

 

(565

)

 

 

(78,359

)

 

 

(568

)

 

 

(78,685

)

Net income (loss)

 

$

13,311

 

 

$

(13,392

)

 

$

133,011

 

 

$

76,864

 

 

$

209,794

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

(0.07

)

 

$

0.60

 

 

$

0.35

 

 

$

1.05

 

Diluted

 

$

0.08

 

 

$

(0.07

)

 

$

0.59

 

 

$

0.34

 

 

$

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal year ended January 2, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

5,553,638

 

 

$

5,842,547

 

 

$

5,796,066

 

 

$

5,935,281

 

 

$

23,127,532

 

Cost of goods sold

 

 

4,624,574

 

 

 

4,849,862

 

 

 

4,782,971

 

 

 

4,856,886

 

 

 

19,114,293

 

Gross profit

 

 

929,064

 

 

 

992,685

 

 

 

1,013,095

 

 

 

1,078,395

 

 

 

4,013,239

 

Operating expenses

 

 

886,729

 

 

 

970,726

 

 

 

939,844

 

 

 

1,026,112

 

 

 

3,823,411

 

Acquisition termination fees—net

 

 

—

 

 

 

287,500

 

 

 

—

 

 

 

—

 

 

 

287,500

 

Interest expense—net

 

 

70,913

 

 

 

69,981

 

 

 

69,927

 

 

 

74,354

 

 

 

285,175

 

(Loss) income before income taxes

 

 

(28,578

)

 

 

239,478

 

 

 

3,324

 

 

 

(22,071

)

 

 

192,153

 

Income tax (benefit) provision

 

 

(35,693

)

 

 

74,517

 

 

 

(2,063

)

 

 

(12,126

)

 

 

24,635

 

Net income (loss)

 

$

7,115

 

 

$

164,961

 

 

$

5,387

 

 

$

(9,945

)

 

$

167,518

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.04

 

 

$

0.97

 

 

$

0.03

 

 

$

(0.06

)

 

$

0.99

 

Diluted

 

$

0.04

 

 

$

0.97

 

 

$

0.03

 

 

$

(0.06

)

 

$

0.98