Guarantor Information (Details) (USD $) | 3 Months Ended | | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Dec. 28, 2013 |
Net sales | $581.80 | | $663.20 | | | |
Other revenue | 0 | | 0 | | | |
Cost of products sold | 191.6 | | 221.6 | | | |
Gross margin | 390.2 | | 441.6 | | | |
Delivery, sales and administrative expense | 313.4 | | 344.5 | | | |
Re-engineering and impairment charges | 16.2 | [1] | 2.3 | [1] | | |
Gains on disposal of assets | 0.6 | | 1.8 | | | |
Operating income | 61.2 | | 96.6 | | | |
Interest income | 0.5 | | 0.7 | | | |
Interest expense | 13.3 | | 12.4 | | | |
Income from equity investments in subsidiaries | 0 | | 0 | | | |
Other expense | 7.2 | | 14.1 | | | |
Income before income taxes | 41.2 | | 70.8 | | | |
Provision (benefit) for income taxes | 11.7 | | 18.6 | | | |
Net income | 29.5 | | 52.2 | | | |
Comprehensive income (loss) | 6.8 | | 53.1 | | | |
ASSETS | | | | | | |
Cash and cash equivalents | 83.9 | | 99.6 | | 77 | 127.3 |
Accounts receivable, net | 167 | | | | 168.1 | |
Inventories | 300.7 | | | | 306 | |
Deferred income tax benefits, net | 115.4 | | | | 118.8 | |
Non-trade amounts receivable, net | 59.4 | | | | 61.8 | |
Intercompany receivables | 0 | | | | 0 | |
Prepaid expenses and other current assets | 27.4 | | | | 21 | |
Total current assets | 753.8 | | | | 752.7 | |
Deferred income tax benefits, net | 411.1 | | | | 416.7 | |
Property, plant and equipment, net | 264.7 | | | | 290.3 | |
Long-term receivables, net | 15 | | | | 17.3 | |
Trademarks and tradenames, net | 99.7 | | | | 104.2 | |
Other intangible assets, net | 1.1 | | | | 1.5 | |
Goodwill | 161.8 | | | | 164.7 | |
Investments in subsidiaries | 0 | | | | 0 | |
Intercompany notes receivable | 0 | | | | 0 | |
Other assets, net | 26 | | | | 30.5 | |
Total assets | 1,733.20 | | | | 1,777.90 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | |
Accounts payable | 97.1 | | | | 142.8 | |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 268.5 | | | | 219.3 | |
Intercompany payables | 0 | | | | 0 | |
Accrued liabilities | 374.1 | | | | 383.2 | |
Total current liabilities | 739.7 | | | | 745.3 | |
Long-term debt and capital lease obligations | 609.9 | | | | 612.1 | |
Intercompany notes payable | 0 | | | | 0 | |
Other liabilities | 218.4 | | | | 234.7 | |
Total shareholders' equity | 165.2 | | | | 185.8 | |
Total liabilities and shareholders' equity | 1,733.20 | | | | 1,777.90 | |
Operating Activities: | | | | | | |
Net cash used in operating activities | -11.8 | | -18.3 | | | |
Investing Activities: | | | | | | |
Capital expenditures | -13.9 | | -14.4 | | | |
Proceeds from disposal of property, plant and equipment | 2.1 | | 4.2 | | | |
Net intercompany loans | 0 | | 0 | | | |
Return of capital | 0 | | | | | |
Net cash used in investing activities | -11.8 | | -10.2 | | | |
Financing Activities: | | | | | | |
Dividend payments to shareholders | -35.7 | | -32.6 | | | |
Dividend payments to parent | 0 | | 0 | | | |
Proceeds from exercise of stock options | 3.1 | | 4.8 | | | |
Repurchase of common stock | -0.9 | | -16.9 | | | |
Repayment of capital lease obligations | -0.9 | | -1 | | | |
Net change in short-term debt | 71.7 | | 58.5 | | | |
Excess tax benefits from share-based payment arrangements | 0.8 | | 5.8 | | | |
Net intercompany borrowings | 0 | | 0 | | | |
Return of capital to parent | 0 | | | | | |
Net cash provided by financing activities | 38.1 | | 18.6 | | | |
Effect of exchange rate changes on cash and cash equivalents | -7.6 | | -17.8 | | | |
Net change in cash and cash equivalents | 6.9 | | -27.7 | | | |
Parent | | | | | | |
Net sales | 0 | | 0 | | | |
Other revenue | 0 | | 0 | | | |
Cost of products sold | 0 | | 0 | | | |
Gross margin | 0 | | 0 | | | |
Delivery, sales and administrative expense | 3.5 | | 4.6 | | | |
Re-engineering and impairment charges | 0 | | 0 | | | |
Gains on disposal of assets | 0 | | 0 | | | |
Operating income | -3.5 | | -4.6 | | | |
Interest income | 7.2 | | 0.1 | | | |
Interest expense | 12.8 | | 9.6 | | | |
Income from equity investments in subsidiaries | 35.3 | | 61.3 | | | |
Other expense | 0 | | 0 | | | |
Income before income taxes | 26.2 | | 47.2 | | | |
Provision (benefit) for income taxes | -3.3 | | -5 | | | |
Net income | 29.5 | | 52.2 | | | |
Comprehensive income (loss) | 6.8 | | 53.1 | | | |
ASSETS | | | | | | |
Cash and cash equivalents | 0 | | 0 | | 0 | 0 |
Accounts receivable, net | 0 | | | | 0 | |
Inventories | 0 | | | | 0 | |
Deferred income tax benefits, net | 6.2 | | | | 6.2 | |
Non-trade amounts receivable, net | 0 | | | | 0.1 | |
Intercompany receivables | 15.9 | | | | 11.8 | |
Prepaid expenses and other current assets | 0.2 | | | | 0.5 | |
Total current assets | 22.3 | | | | 18.6 | |
Deferred income tax benefits, net | 98.2 | | | | 97.5 | |
Property, plant and equipment, net | 0 | | | | 0 | |
Long-term receivables, net | 0 | | | | 0 | |
Trademarks and tradenames, net | 0 | | | | 0 | |
Other intangible assets, net | 0 | | | | 0 | |
Goodwill | 0 | | | | 0 | |
Investments in subsidiaries | 1,084.70 | | | | 1,479 | |
Intercompany notes receivable | 452.2 | | | | 48.4 | |
Other assets, net | 0 | | | | 0 | |
Total assets | 1,657.40 | | | | 1,643.50 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | |
Accounts payable | 0 | | | | 0 | |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 178.6 | | | | 108.8 | |
Intercompany payables | 549.1 | | | | 632 | |
Accrued liabilities | 147 | | | | 66.4 | |
Total current liabilities | 874.7 | | | | 807.2 | |
Long-term debt and capital lease obligations | 599.2 | | | | 599.2 | |
Intercompany notes payable | 1.2 | | | | 32.5 | |
Other liabilities | 17.1 | | | | 18.8 | |
Total shareholders' equity | 165.2 | | | | 185.8 | |
Total liabilities and shareholders' equity | 1,657.40 | | | | 1,643.50 | |
Operating Activities: | | | | | | |
Net cash used in operating activities | 470.8 | | 1 | | | |
Investing Activities: | | | | | | |
Capital expenditures | 0 | | 0 | | | |
Proceeds from disposal of property, plant and equipment | 0 | | 0 | | | |
Net intercompany loans | -403.2 | | 0.6 | | | |
Return of capital | 0 | | | | | |
Net cash used in investing activities | -403.2 | | 0.6 | | | |
Financing Activities: | | | | | | |
Dividend payments to shareholders | -35.7 | | -32.6 | | | |
Dividend payments to parent | 0 | | 0 | | | |
Proceeds from exercise of stock options | 3.1 | | 4.8 | | | |
Repurchase of common stock | -0.9 | | -16.9 | | | |
Repayment of capital lease obligations | 0 | | 0 | | | |
Net change in short-term debt | 80.5 | | 59.4 | | | |
Excess tax benefits from share-based payment arrangements | 0.8 | | 5.8 | | | |
Net intercompany borrowings | -115.4 | | -22.1 | | | |
Return of capital to parent | 0 | | | | | |
Net cash provided by financing activities | -67.6 | | -1.6 | | | |
Effect of exchange rate changes on cash and cash equivalents | 0 | | 0 | | | |
Net change in cash and cash equivalents | 0 | | 0 | | | |
Guarantor | | | | | | |
Equity Method Investment, Ownership Percentage | 100.00% | | | | | |
Net sales | 0 | | 0 | | | |
Other revenue | 28.3 | | 24.8 | | | |
Cost of products sold | 5.2 | | 5.8 | | | |
Gross margin | 23.1 | | 19 | | | |
Delivery, sales and administrative expense | 17.9 | | 15.1 | | | |
Re-engineering and impairment charges | 0 | | 0 | | | |
Gains on disposal of assets | 0 | | 0 | | | |
Operating income | 5.2 | | 3.9 | | | |
Interest income | 6.5 | | 7.2 | | | |
Interest expense | 8.1 | | 4.5 | | | |
Income from equity investments in subsidiaries | 34.7 | | 58.6 | | | |
Other expense | 0 | | 0.1 | | | |
Income before income taxes | 38.3 | | 65.1 | | | |
Provision (benefit) for income taxes | 1.6 | | 2.6 | | | |
Net income | 36.7 | | 62.5 | | | |
Comprehensive income (loss) | 7.6 | | 63.8 | | | |
ASSETS | | | | | | |
Cash and cash equivalents | 0.3 | | 0.8 | | 0 | 0.1 |
Accounts receivable, net | 0 | | | | 0 | |
Inventories | 0 | | | | 0 | |
Deferred income tax benefits, net | 36.9 | | | | 36.9 | |
Non-trade amounts receivable, net | 42.3 | | | | 9.2 | |
Intercompany receivables | 690 | | | | 755.2 | |
Prepaid expenses and other current assets | 3.3 | | | | 1.8 | |
Total current assets | 772.8 | | | | 803.1 | |
Deferred income tax benefits, net | 188.5 | | | | 189.2 | |
Property, plant and equipment, net | 44.7 | | | | 43.7 | |
Long-term receivables, net | 0.1 | | | | 0.1 | |
Trademarks and tradenames, net | 0 | | | | 0 | |
Other intangible assets, net | 0 | | | | 0 | |
Goodwill | 2.9 | | | | 2.9 | |
Investments in subsidiaries | 418.4 | | | | 575 | |
Intercompany notes receivable | 546.9 | | | | 554.1 | |
Other assets, net | 0.8 | | | | 0.6 | |
Total assets | 1,975.10 | | | | 2,168.70 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | |
Accounts payable | 2.4 | | | | 2.6 | |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | | | | 2.3 | |
Intercompany payables | 233.7 | | | | 225 | |
Accrued liabilities | 85.6 | | | | 144.1 | |
Total current liabilities | 321.7 | | | | 374 | |
Long-term debt and capital lease obligations | 0 | | | | 0 | |
Intercompany notes payable | 455.4 | | | | 204 | |
Other liabilities | 155.2 | | | | 155.5 | |
Total shareholders' equity | 1,042.80 | | | | 1,435.20 | |
Total liabilities and shareholders' equity | 1,975.10 | | | | 2,168.70 | |
Operating Activities: | | | | | | |
Net cash used in operating activities | -29.3 | | -0.6 | | | |
Investing Activities: | | | | | | |
Capital expenditures | -3.8 | | -2.1 | | | |
Proceeds from disposal of property, plant and equipment | 0 | | 0 | | | |
Net intercompany loans | 70.4 | | 130.1 | | | |
Return of capital | 105.5 | | | | | |
Net cash used in investing activities | 172.1 | | 128 | | | |
Financing Activities: | | | | | | |
Dividend payments to shareholders | 0 | | 0 | | | |
Dividend payments to parent | -400 | | 0 | | | |
Proceeds from exercise of stock options | 0 | | 0 | | | |
Repurchase of common stock | 0 | | 0 | | | |
Repayment of capital lease obligations | 0 | | 0 | | | |
Net change in short-term debt | -2.3 | | 0 | | | |
Excess tax benefits from share-based payment arrangements | 0 | | 0 | | | |
Net intercompany borrowings | 260 | | -126.1 | | | |
Return of capital to parent | 0 | | | | | |
Net cash provided by financing activities | -142.3 | | -126.1 | | | |
Effect of exchange rate changes on cash and cash equivalents | -0.2 | | -0.6 | | | |
Net change in cash and cash equivalents | 0.3 | | 0.7 | | | |
Non-Guarantors | | | | | | |
Net sales | 582 | | 663.6 | | | |
Other revenue | 5.2 | | 5.8 | | | |
Cost of products sold | 218.1 | | 244.4 | | | |
Gross margin | 369.1 | | 425 | | | |
Delivery, sales and administrative expense | 294 | | 327.2 | | | |
Re-engineering and impairment charges | 16.2 | | 2.3 | | | |
Gains on disposal of assets | 0.6 | | 1.8 | | | |
Operating income | 59.5 | | 97.3 | | | |
Interest income | 1 | | 1.1 | | | |
Interest expense | 6.6 | | 6 | | | |
Income from equity investments in subsidiaries | 0 | | 0 | | | |
Other expense | 7.2 | | 14 | | | |
Income before income taxes | 46.7 | | 78.4 | | | |
Provision (benefit) for income taxes | 13.4 | | 21 | | | |
Net income | 33.3 | | 57.4 | | | |
Comprehensive income (loss) | 4.8 | | 61.1 | | | |
ASSETS | | | | | | |
Cash and cash equivalents | 83.6 | | 98.8 | | 77 | 127.2 |
Accounts receivable, net | 167 | | | | 168.1 | |
Inventories | 300.7 | | | | 306 | |
Deferred income tax benefits, net | 72.3 | | | | 75.7 | |
Non-trade amounts receivable, net | 91.4 | | | | 90.7 | |
Intercompany receivables | 232.8 | | | | 227.6 | |
Prepaid expenses and other current assets | 90 | | | | 101.8 | |
Total current assets | 1,037.80 | | | | 1,046.90 | |
Deferred income tax benefits, net | 124.4 | | | | 130 | |
Property, plant and equipment, net | 220 | | | | 246.6 | |
Long-term receivables, net | 14.9 | | | | 17.2 | |
Trademarks and tradenames, net | 99.7 | | | | 104.2 | |
Other intangible assets, net | 1.1 | | | | 1.5 | |
Goodwill | 158.9 | | | | 161.8 | |
Investments in subsidiaries | 0 | | | | 0 | |
Intercompany notes receivable | 198.9 | | | | 236.5 | |
Other assets, net | 155.3 | | | | 160.1 | |
Total assets | 2,011 | | | | 2,104.80 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | |
Accounts payable | 94.7 | | | | 140.2 | |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 89.9 | | | | 108.2 | |
Intercompany payables | 155.9 | | | | 137.6 | |
Accrued liabilities | 281.9 | | | | 294 | |
Total current liabilities | 622.4 | | | | 680 | |
Long-term debt and capital lease obligations | 10.7 | | | | 12.9 | |
Intercompany notes payable | 741.4 | | | | 602.5 | |
Other liabilities | 176.2 | | | | 190.6 | |
Total shareholders' equity | 460.3 | | | | 618.8 | |
Total liabilities and shareholders' equity | 2,011 | | | | 2,104.80 | |
Operating Activities: | | | | | | |
Net cash used in operating activities | 42.7 | | -16 | | | |
Investing Activities: | | | | | | |
Capital expenditures | -10.1 | | -12.3 | | | |
Proceeds from disposal of property, plant and equipment | 2.1 | | 4.2 | | | |
Net intercompany loans | 29.1 | | 7.1 | | | |
Return of capital | 0 | | | | | |
Net cash used in investing activities | 21.1 | | -1 | | | |
Financing Activities: | | | | | | |
Dividend payments to shareholders | 0 | | 0 | | | |
Dividend payments to parent | -76.4 | | -2.5 | | | |
Proceeds from exercise of stock options | 0 | | 0 | | | |
Repurchase of common stock | 0 | | 0 | | | |
Repayment of capital lease obligations | -0.9 | | -1 | | | |
Net change in short-term debt | -6.5 | | -0.9 | | | |
Excess tax benefits from share-based payment arrangements | 0 | | 0 | | | |
Net intercompany borrowings | 139.5 | | 10.2 | | | |
Return of capital to parent | -105.5 | | | | | |
Net cash provided by financing activities | -49.8 | | 5.8 | | | |
Effect of exchange rate changes on cash and cash equivalents | -7.4 | | -17.2 | | | |
Net change in cash and cash equivalents | 6.6 | | -28.4 | | | |
Eliminations | | | | | | |
Net sales | -0.2 | | -0.4 | | | |
Other revenue | -33.5 | | -30.6 | | | |
Cost of products sold | -31.7 | | -28.6 | | | |
Gross margin | -2 | | -2.4 | | | |
Delivery, sales and administrative expense | -2 | | -2.4 | | | |
Re-engineering and impairment charges | 0 | | 0 | | | |
Gains on disposal of assets | 0 | | 0 | | | |
Operating income | 0 | | 0 | | | |
Interest income | -14.2 | | -7.7 | | | |
Interest expense | -14.2 | | -7.7 | | | |
Income from equity investments in subsidiaries | -70 | | -119.9 | | | |
Other expense | 0 | | 0 | | | |
Income before income taxes | -70 | | -119.9 | | | |
Provision (benefit) for income taxes | 0 | | 0 | | | |
Net income | -70 | | -119.9 | | | |
Comprehensive income (loss) | -12.4 | | -124.9 | | | |
ASSETS | | | | | | |
Cash and cash equivalents | 0 | | 0 | | 0 | 0 |
Accounts receivable, net | 0 | | | | 0 | |
Inventories | 0 | | | | 0 | |
Deferred income tax benefits, net | 0 | | | | 0 | |
Non-trade amounts receivable, net | -74.3 | | | | -38.2 | |
Intercompany receivables | -938.7 | | | | -994.6 | |
Prepaid expenses and other current assets | -66.1 | | | | -83.1 | |
Total current assets | -1,079.10 | | | | -1,115.90 | |
Deferred income tax benefits, net | 0 | | | | 0 | |
Property, plant and equipment, net | 0 | | | | 0 | |
Long-term receivables, net | 0 | | | | 0 | |
Trademarks and tradenames, net | 0 | | | | 0 | |
Other intangible assets, net | 0 | | | | 0 | |
Goodwill | 0 | | | | 0 | |
Investments in subsidiaries | -1,503.10 | | | | -2,054 | |
Intercompany notes receivable | -1,198 | | | | -839 | |
Other assets, net | -130.1 | | | | -130.2 | |
Total assets | -3,910.30 | | | | -4,139.10 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | |
Accounts payable | 0 | | | | 0 | |
Short-term borrowings and current portion of long-term debt and capital lease obligations | 0 | | | | 0 | |
Intercompany payables | -938.7 | | | | -994.6 | |
Accrued liabilities | -140.4 | | | | -121.3 | |
Total current liabilities | -1,079.10 | | | | -1,115.90 | |
Long-term debt and capital lease obligations | 0 | | | | 0 | |
Intercompany notes payable | -1,198 | | | | -839 | |
Other liabilities | -130.1 | | | | -130.2 | |
Total shareholders' equity | -1,503.10 | | | | -2,054 | |
Total liabilities and shareholders' equity | -3,910.30 | | | | -4,139.10 | |
Operating Activities: | | | | | | |
Net cash used in operating activities | -496 | | -2.7 | | | |
Investing Activities: | | | | | | |
Capital expenditures | 0 | | 0 | | | |
Proceeds from disposal of property, plant and equipment | 0 | | 0 | | | |
Net intercompany loans | 303.7 | | -137.8 | | | |
Return of capital | -105.5 | | | | | |
Net cash used in investing activities | 198.2 | | -137.8 | | | |
Financing Activities: | | | | | | |
Dividend payments to shareholders | 0 | | 0 | | | |
Dividend payments to parent | 476.4 | | 2.5 | | | |
Proceeds from exercise of stock options | 0 | | 0 | | | |
Repurchase of common stock | 0 | | 0 | | | |
Repayment of capital lease obligations | 0 | | 0 | | | |
Net change in short-term debt | 0 | | 0 | | | |
Excess tax benefits from share-based payment arrangements | 0 | | 0 | | | |
Net intercompany borrowings | -284.1 | | 138 | | | |
Return of capital to parent | 105.5 | | | | | |
Net cash provided by financing activities | 297.8 | | 140.5 | | | |
Effect of exchange rate changes on cash and cash equivalents | 0 | | 0 | | | |
Net change in cash and cash equivalents | $0 | | $0 | | | |
|
[1] | (a)See Note 7 to the unaudited Consolidated Financial Statements for a discussion of re-engineering and impairment charges. |