Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | ||
Mar. 28, 2020 | Apr. 24, 2020 | Dec. 28, 2019 | |
Entity Information [Line Items] | |||
Entity Registrant Name | TUPPERWARE BRANDS CORPORATION | ||
Entity Central Index Key | 0001008654 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 28, 2020 | ||
Current Fiscal Year End Date | --12-26 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q1 | ||
Document Transition Report | false | ||
Entity File Number | 1-11657 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-4062333 | ||
Entity Address, Address Line One | 14901 South Orange Blossom Trail, | ||
Entity Address, City or Town | Orlando, | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32837 | ||
City Area Code | 407 | ||
Local Phone Number | 826-5050 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | TUP | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 49,013,959 | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net sales | $ 375.9 | $ 487.3 |
Cost of Products Sold | 129.7 | 161.2 |
Gross margin | 246.2 | 326.1 |
Delivery, sales and administrative expense | 242.9 | 262.7 |
Restructuring Charges | 3.9 | 4.3 |
Loss on disposal of assets | (0.1) | (0.9) |
Operating income (loss) | (0.7) | 58.2 |
Interest income | 0.5 | 0.6 |
Interest expense | 10.2 | 10.2 |
Other income, net | (2.1) | (3.3) |
Income (Loss) before income taxes | (8.3) | 51.9 |
Provision (Benefit) for income taxes | (0.5) | 15 |
Net income (loss) | $ (7.8) | $ 36.9 |
Earnings (Loss) per share: | ||
Basic | $ (0.16) | $ 0.76 |
Diluted | $ (0.16) | $ 0.76 |
Weighted-average shares outstanding: | ||
Basic | 48.9 | 48.7 |
Diluted | 48.9 | 48.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net income (loss) | $ (7.8) | $ 36.9 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (93.6) | 20.7 |
Deferred gain (loss) on cash flow hedges, net of tax benefit (provision) of $0 and $0.6, respectively | 10.1 | (1.8) |
Pension and other post-retirement benefit, net of tax provision of $0.8 and $0.1, respectively | 2 | 0.1 |
Other comprehensive income (loss) | (81.5) | 19 |
Total comprehensive income (loss) | $ (89.3) | $ 55.9 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Deferred gain (loss) on cash flow hedges tax benefit (provision) | $ 0 | $ 0.6 |
Pension and other post-retirement benefit (cost) tax benefit (provision) | $ (0.8) | $ (0.1) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 174.5 | $ 123.2 |
Accounts receivable, less allowances of $61.3 and $63.6, respectively | 97.5 | 110.7 |
Inventories | 226 | 245.2 |
Non-trade amounts receivable, net | 118.9 | 39.1 |
Prepaid expenses and other current assets | 20.7 | 20.3 |
Total current assets | 637.6 | 538.5 |
Deferred Income Tax Assets, Net | 169.2 | 186.1 |
Property, plant and equipment, net | 241.6 | 267.5 |
Long-term receivables, less allowances of $10.3 and $13.9, respectively | 13.1 | 15 |
Trademarks and tradenames, net | 21.5 | 24.6 |
Goodwill | 53.6 | 59.5 |
Operating Lease, Right-of-Use Asset | 80.4 | 84.1 |
Other assets, net | 78.2 | 87.1 |
Total assets | 1,295.2 | 1,262.4 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 80.4 | 125.4 |
Short-term borrowings and current portion of long-term debt and finance lease obligations | 389.7 | 273.2 |
Accrued liabilities | 359.8 | 290.3 |
Total current liabilities | 829.9 | 688.9 |
Long-term debt and finance lease obligations | 601.8 | 602.2 |
Operating Lease, Liability, Noncurrent | 53.7 | 56 |
Other liabilities | 173.8 | 192.3 |
Shareholders' deficit: | ||
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued | 0.6 | 0.6 |
Paid-in capital | 216.9 | 215 |
Retained earnings | 1,054.7 | 1,067.3 |
Treasury stock, 14,597,007 and 14,678,742 shares, respectively, at cost | (916.4) | (921.6) |
Accumulated other comprehensive loss | (719.8) | (638.3) |
Total shareholders' deficit | (364) | (277) |
Total liabilities and shareholders' deficit | $ 1,295.2 | $ 1,262.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 |
Accounts receivable, allowances | $ 61.3 | $ 63.6 |
Long-term receivables, allowances | $ 10.3 | $ 13.9 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 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 | 14,597,007 | 14,678,742 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Common Stock, Dividends, Per Share, Declared | $ 0.27 | |||||
Beginning Balance at Dec. 29, 2018 | $ (235.2) | $ 0.6 | $ (939.8) | $ 219.3 | $ 1,086.8 | $ (602.1) |
Beginning Balance Shares, Issued at Dec. 29, 2018 | 63.6 | 15 | ||||
Net income (loss) | 36.9 | 36.9 | ||||
Other Comprehensive Income (Loss), Net of Tax | 19 | |||||
Dividends, Common Stock, Cash | (12.9) | (12.9) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (0.1) | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 1.1 | $ 5 | (2.8) | (1.1) | ||
Ending Balance at Mar. 30, 2019 | (184) | $ 0.6 | $ (934.8) | 216.5 | 1,121.8 | (588.1) |
Ending Balance Shares, Issued at Mar. 30, 2019 | 63.6 | 14.9 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 7.1 | 12.1 | (5) | |||
Common Stock, Dividends, Per Share, Declared | $ 0 | |||||
Beginning Balance at Dec. 28, 2019 | $ (277) | $ 0.6 | $ (921.6) | 215 | 1,067.3 | (638.3) |
Beginning Balance Shares, Issued at Dec. 28, 2019 | 63.6 | 14.7 | ||||
Net income (loss) | (7.8) | (7.8) | ||||
Other Comprehensive Income (Loss), Net of Tax | (81.5) | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | (0.1) | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2.3 | $ 5.2 | 1.9 | (4.8) | ||
Ending Balance at Mar. 28, 2020 | $ (364) | $ 0.6 | $ (916.4) | $ 216.9 | $ 1,054.7 | $ (719.8) |
Ending Balance Shares, Issued at Mar. 28, 2020 | 63.6 | 14.6 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Statement of Stockholders' Equity (Parenthetical) [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.27 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Document Period End Date | Mar. 28, 2020 | |
Operating Activities: | ||
Net income (loss) | $ (7.8) | $ 36.9 |
Depreciation and amortization | 11.7 | 14.1 |
Foreign Currency Transaction Gain (Loss), Unrealized | (0.1) | 0 |
Equity compensation | 2.2 | 1.9 |
Amortization of deferred debt costs | 0.4 | 0.2 |
Gain (Loss) on Disposition of Other Assets | 0 | (0.8) |
Provision for bad debts | 7 | 5 |
Write-down of inventories | 2.9 | 2.7 |
Increase (Decrease) in Deferred Income Taxes | 14.3 | 4.5 |
Accounts and notes receivable | 6.5 | 25 |
Inventories | 10.5 | 11.5 |
Non-trade amounts receivable | 3.2 | 11.5 |
Prepaid expenses | 1.2 | 0.5 |
Other assets | 1.2 | 0.1 |
Accounts payable and accrued liabilities | (19.2) | (32.5) |
Income taxes payable | (0.3) | (14.5) |
Other liabilities | (4.9) | (2.5) |
Net cash impact from hedging activity | 1.9 | (0.8) |
Other | 0.3 | (0.1) |
Net cash used in operating activities | (47) | (40.1) |
Investing Activities: | ||
Capital expenditures | (8.2) | (12.9) |
Proceeds from disposal of property, plant and equipment | 0.5 | 0.6 |
Net cash used in investing activities | (7.7) | (12.3) |
Financing Activities: | ||
Dividend payments to shareholders | 0 | (33.9) |
Repurchase of common stock | 0 | (0.7) |
Repayment of finance lease obligations | (0.3) | (0.3) |
Net increase in short-term debt | 121 | 84.1 |
Payments of Debt Issuance Costs | 1.7 | 1.3 |
Net cash provided by financing activities | 119 | 47.9 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (12.4) | 3.1 |
Net change in cash, cash equivalents and restricted cash | 51.9 | (1.4) |
Cash, cash equivalents and restricted cash at beginning of year | 126.1 | 151.9 |
Cash, cash equivalents and restricted cash at end of period | $ 178 | $ 150.5 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The consolidated financial statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively “Tupperware” or the “Company”, with all intercompany transactions and balances having been eliminated. These consolidated financial statements are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair statement of the results for the interim periods. Certain information and note disclosures normally included in the balance sheet, statements of income, comprehensive income, statements of shareholder’s equity and cash flows prepared in conformity with accounting principles generally accepted in the United States of America for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, these consolidated financial statements and related notes should be read in conjunction with the audited 2019 consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2019 . Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. Liquidity and Impact of COVID-19: The global spread of the novel coronavirus (COVID-19), which has been declared by the World Health Organization to be a “pandemic,” has spread to many countries and is impacting worldwide economic activity. Many governments have implemented policies intended to stop or slow the further spread of the disease, such as shelter-in-place orders, resulting in the temporary closure of schools and non-essential businesses, and these measures may remain in place for a significant period of time. During the first quarter of 2020, the impact of COVID-19 on the Company’s business was most pronounced in Europe and Asia Pacific where the Company experienced partial or country-wide lockdowns of operations in various markets, including China, France, Italy, and the Philippines. The first quarter impact of COVID-19 largely affected March revenues, financial results and liquidity, specifically in the second half of the month. While the duration and severity of this pandemic is uncertain, the Company currently expects that its results of operations in the second quarter of 2020 will have the most significant impact of the effects of COVID-19, and that subsequent periods will also be negatively impacted. The extent to which the COVID-19 pandemic ultimately impacts the Company’s business, financial condition, results of operations, cash flows, and liquidity may differ from management’s current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, its severity, actions taken to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. A top priority for the Company as it navigates through the global COVID-19 pandemic is the safety of its employees and their families, sales force and consumers, and to mitigate the impact on its operations and financial results. The Company will continue to proactively respond to the situation and may take further actions that alter the Company’s business operations as may be required by governmental authorities, or that the Company determines are in the best interests of its employees, sales force and consumers. In order to ensure safety and protect the health of the employees, and to comply with applicable government directives, the Company has modified its business practices to allow its employees to work remotely from home wherever possible, incorporate virtual meetings and restrict all employee travel. The Company has taken, and plans to continue to take, certain measures, to enhance its liquidity position and provide additional financial flexibility, including in response to the impact of COVID-19, including reductions in discretionary spending, revisiting investment strategies, the potential sale of land, and reducing payroll costs, including through organizational redesign, employee furloughs and permanent reductions in employee headcount. As of March 28, 2020, the Company is in compliance with its financial covenants under its Credit Agreement. The Company currently forecasts that it will be in compliance with its financial covenants for at least one year from the issuance of these interim financial statements, after taking into consideration the measures noted above. If the impact of COVID-19 is more severe than currently forecasted this may impact the Company’s compliance with its financial covenants which could have a material adverse effect on the Company. See Note 10 to the Consolidated Financial Statements for further discussion of the impact of an Event of Default. Additionally, during the beginning of the second quarter of 2020, on March 30, 2020, the Company drew $225.0 million of revolving loans under its Credit Agreement, $175.0 million |
Shipping and Handling Costs
Shipping and Handling Costs | 3 Months Ended |
Mar. 28, 2020 | |
Shipping and Handling Costs [Abstract] | |
Shipping and Handling Costs | Shipping and Handling 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 delivery, sales and administrative expenses ("DS&A"). 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. The distribution costs included in DS&A were $29.1 million and $32.8 million for the first quarters of 2020 and 2019 , respectively. |
Promotional Costs
Promotional Costs | 3 Months Ended |
Mar. 28, 2020 | |
Promotional Costs [Abstract] | |
Promotional Costs | 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, 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. 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 DS&A 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 and other sales force compensation expenses included in DS&A expense totaled $58.5 million and $78.6 million for the first quarters of 2020 and 2019 , respectively. |
Inventories
Inventories | 3 Months Ended |
Mar. 28, 2020 | |
Inventory, Net [Abstract] | |
Inventories | Inventories (In millions) March 28, December 28, Finished goods $ 178.4 $ 197.1 Work in process 22.3 22.4 Raw materials and supplies 25.3 25.7 Total inventories $ 226.0 $ 245.2 |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income (Loss) Per Common Share Basic per share information is calculated by dividing net income by the weighted average number of shares outstanding. Diluted per share information is calculated by also considering the impact of potential common stock on both net income and the weighted average number of shares outstanding. The elements of the earnings per share computations were as follows: 13 weeks ended (In millions, except per share amounts) March 28, March 30, Net income (loss) $ (7.8 ) $ 36.9 Weighted-average shares of common stock outstanding 48.9 48.7 Common equivalent shares: Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units — 0.1 Weighted-average common and common equivalent shares outstanding 48.9 48.8 Basic earnings per share $ (0.16 ) $ 0.76 Diluted earnings per share $ (0.16 ) $ 0.76 Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive 4.2 3.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 28, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss (In millions, net of tax) Foreign Currency Items Cash Flow Hedges Pension and Other Post-retirement Items Total Balance at December 28, 2019 $ (600.2 ) $ (2.4 ) $ (35.7 ) $ (638.3 ) Other comprehensive income (loss) before reclassifications (93.6 ) 10.5 1.7 (81.4 ) Amounts reclassified from accumulated other comprehensive income (loss) — (0.4 ) 0.3 (0.1 ) Net current-period other comprehensive income (loss) (93.6 ) 10.1 2.0 (81.5 ) Balance at March 28, 2020 $ (693.8 ) $ 7.7 $ (33.7 ) $ (719.8 ) (In millions, net of tax) Foreign Currency Items Cash Flow Hedges Pension and Other Post-retirement Items Total Balance at December 29, 2018 $ (579.1 ) $ 1.7 $ (24.7 ) $ (602.1 ) Cumulative effect of change in accounting principle (3.8 ) (1.2 ) — (5.0 ) Other comprehensive income (loss) before reclassifications 20.7 (2.1 ) 0.2 18.8 Amounts reclassified from accumulated other comprehensive loss — 0.3 (0.1 ) 0.2 Net current-period other comprehensive income (loss) 20.7 (1.8 ) 0.1 19.0 Balance at March 30, 2019 $ (562.2 ) $ (1.3 ) $ (24.6 ) $ (588.1 ) Pretax amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of net gain of $0.5 million and a loss of $0.5 million in the first quarters of 2020 and 2019 , respectively. Associated with these items was a tax provision of $0.1 million and a benefit of $0.2 million , respectively. See Note 11 for further discussion of derivatives. For the first quarters of 2020 and 2019 , pretax amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of prior service benefits of $0.1 million and $0.3 million , and in 2020 , an actuarial loss of $0.5 million . Associated with these items was a tax benefit of $0.1 million and a provision of $0.2 million in 2020 and 2019 , respectively. See Note 13 to the Consolidated Financial Statements for further discussion of pension and other post-retirement benefit costs. |
Re-engineering Costs
Re-engineering Costs | 3 Months Ended |
Mar. 28, 2020 | |
Restructuring Charges [Abstract] | |
Re-engineering Costs | Re-engineering Costs The Company recorded $3.9 million and $4.3 million in re-engineering charges during the first quarters of 2020 and 2019 , respectively. These re-engineering costs were mainly related to the transformation program, which was announced in January 2019 and re-assessed in December 2019 (collectively the "Turnaround Plan") and the July 2017 revitalization program ("2017 program"). The Company continually reviews its business models and operating methods for opportunities to increase efficiencies and/or align costs with business performance. In relation to the turnaround plan, the Company incurred $3.3 million and $1.2 million of charges in the first quarters of 2020 and 2019 , respectively, primarily related to severance costs, outside consulting services, project team expenses, and distributor support. The re-engineering charges related to the turnaround plan by segment during the first quarters of 2020 and 2019 were as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Europe $ — $ 1.2 Asia Pacific 0.4 — South America 0.2 — Corporate 2.7 — Total re-engineering charges $ 3.3 $ 1.2 The balances included in accrued liabilities related to re-engineering charges for the turnaround plan as of March 28, 2020 and December 28, 2019 were as follows: (In millions) March 28, December 28, Beginning of the year balance $ 12.9 $ — Provision 3.3 26.4 Adjustments and other charges 1.7 (1.7 ) Cash expenditures: Severance (2.9 ) (0.9 ) Other (1.0 ) (10.9 ) Currency translation adjustment 0.2 — End of period balance $ 14.2 $ 12.9 In relation to the 2017 program, the Company incurred $0.6 million and $3.1 million of charges in the first quarters of 2020 and 2019 , respectively. The re-engineering charges related to the 2017 program by segment during the first quarters of 2020 and 2019 were as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Europe $ 0.3 $ 1.3 Asia Pacific — 0.9 North America 0.3 0.5 South America — 0.4 Total re-engineering charges $ 0.6 $ 3.1 The balances included in accrued liabilities related to re-engineering charges for the 2017 program as of March 28, 2020 and December 28, 2019 were as follows: (In millions) March 28, December 28, Beginning of the year balance $ 3.1 $ 23.3 Provision 0.6 4.5 Adjustments and other charges (0.9 ) (0.3 ) Cash expenditures: Severance (1.3 ) (20.3 ) Other (0.4 ) (3.6 ) Currency translation adjustment — (0.5 ) End of period balance $ 1.1 $ 3.1 The accrual balance as of March 28, 2020 , related primarily to payments to be made during 2020. |
Leases
Leases | 3 Months Ended |
Mar. 28, 2020 | |
Leases [Abstract] | |
Leases Disclosure | Leases The Company leases certain equipment, vehicles, office space, and manufacturing and distribution facilities, and recognizes the associated lease expense 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 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. The components of lease expense in the first quarters of 2020 and 2019 were as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Operating lease cost (a) (c) $ 11.8 $ 13.0 Finance lease cost Amortization of right-of-use assets (a) 0.2 0.2 Interest on lease liabilities (b) — 0.1 Total finance lease cost $ 0.2 $ 0.3 ____________________ (a) Included in DS&A and cost of products sold. (b) Included in interest expense. (c) Includes immaterial amounts related to short-term rent expense and variable rent expense. Supplemental cash flow information related to leases is as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (11.7 ) $ (12.6 ) Operating cash flows from finance leases — (0.1 ) Financing cash flows from finance leases (0.3 ) (0.3 ) Leased assets obtained in exchange for new operating lease liabilities $ 7.5 $ 7.7 Supplemental balance sheet information related to leases is as follows: (In millions, except lease term and discount rate) March 28, 2020 December 28, 2019 Operating Leases Operating lease right-of-use assets $ 80.4 $ 84.1 Accrued liabilities $ 27.8 $ 29.2 Operating lease liabilities 53.7 56.0 Total Operating lease liabilities $ 81.5 $ 85.2 Finance Leases Property, plant and equipment, at cost $ 17.5 $ 17.9 Accumulated amortization (10.3 ) (10.3 ) Property, plant and equipment, net $ 7.2 $ 7.6 Current portion of finance lease obligations $ 1.3 $ 1.3 Long-term finance lease obligations 2.0 2.3 Total Finance lease liabilities $ 3.3 $ 3.6 Weighted Average Remaining Lease Term Operating Leases 4.3 years 4.5 years Finance Leases 2.4 years 2.8 years Weighted Average Discount Rate (a) Operating Leases 4.9 % 5.2 % Finance Leases 5.1 % 5.1 % _________________________ (a) Calculated using Company's incremental borrowing rate. Maturities of lease liabilities as of March 28, 2020 and December 28, 2019 were as follows: March 28, 2020 December 28, 2019 (In millions) Operating Leases Finance Leases Operating Leases Finance Leases 2020 $ 24.5 $ 1.1 $ 32.8 $ 1.4 2021 24.0 1.4 22.6 1.4 2022 14.0 1.0 13.0 1.0 2023 8.6 — 7.5 — 2024 5.8 — 5.6 — Thereafter 12.8 — 13.0 — Total lease payments $ 89.7 $ 3.5 $ 94.5 $ 3.8 Less imputed interest 8.2 0.2 9.3 0.2 Total $ 81.5 $ 3.3 $ 85.2 $ 3.6 As of March 28, 2020 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company manufactures and distributes a broad portfolio of products, primarily through independent direct sales force members. 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 through the Tupperware® brand. Europe also includes Avroy Shlain® in South Africa and Nutrimetics® in France, which sell beauty and personal care products. Some units in Asia Pacific also sell beauty and personal care products under the NaturCare®, Nutrimetics® and Fuller® brands. North America also includes the Fuller Mexico beauty and personal care products business and sells products under the Fuller Cosmetics® brand in that unit and in Central America. South America also sells beauty products under the Fuller®, Nutrimetics® and Nuvo® brands. Worldwide sales of beauty and personal care products totaled $53.6 million and $66.1 million in the first quarters of 2020 and 2019 , respectively. 13 weeks ended (In millions) March 28, March 30, Net sales: Europe $ 105.7 $ 138.6 Asia Pacific 120.4 156.1 North America 101.3 119.6 South America 48.5 73.0 Total net sales $ 375.9 $ 487.3 Segment profit: Europe $ 2.5 $ 17.7 Asia Pacific 17.3 30.0 North America 6.5 17.4 South America 3.0 8.9 Total segment profit $ 29.3 $ 74.0 Unallocated expenses (23.9 ) (7.3 ) Re-engineering charges (a) (3.9 ) (4.3 ) Loss on disposal of assets (0.1 ) (0.9 ) Interest expense, net (9.7 ) (9.6 ) Income (Loss) before taxes $ (8.3 ) $ 51.9 (In millions) March 28, December 28, Identifiable assets: Europe $ 264.7 $ 269.7 Asia Pacific 276.7 300.3 North America 198.5 235.9 South America 105.9 125.2 Corporate 449.4 331.3 Total identifiable assets $ 1,295.2 $ 1,262.4 _________________________ (a) See Note 7 |
Debt
Debt | 3 Months Ended |
Mar. 28, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt Obligations (In millions) March 28, December 28, 2019 Fixed rate senior notes due 2021 $ 599.8 $ 599.8 Revolving Credit Agreement (a) 388.1 272.0 Finance lease 3.3 3.6 Other 0.3 — Total debt obligations $ 991.5 $ 875.4 ____________________ (a) $245.1 million and $174.9 million denominated in Euro as of March 28, 2020 and December 28, 2019 , respectively. Credit Agreement On March 29, 2019, the Company and its wholly owned subsidiaries Tupperware Nederland B.V., Administradora Dart, S. de R.L. de C.V., and Tupperware Brands Asia Pacific Pte. Ltd. (the “Subsidiary Borrowers”), amended and restated its multicurrency Credit Agreement, amended by Amendment No. 1 dated August 28, 2019 (so as amended, the "Credit Agreement"), with JPMorgan Chase Bank, N.A. as administrative agent (the “Administrative Agent”), swingline lender, joint lead arranger and joint bookrunner, and Credit Agricole Corporate and Investment Bank, HSBC Securities (USA) Inc., Mizuho Bank, Ltd. and Wells Fargo Securities, LLC, as syndication agents, joint lead arrangers and joint bookrunners. The Credit Agreement replaces the credit agreement dated September 11, 2013 and as amended (the “Old Credit Agreement”) and, other than an increased aggregate amount that may be borrowed, an improvement in the consolidated leverage ratio covenant and a slightly more favorable commitment fee rate, has terms and conditions similar to that of the Old Credit Agreement. The Credit Agreement makes available to the Company and the Subsidiary Borrowers a committed credit facility in an aggregate amount of $650.0 million (the “Facility Amount”). The Credit Agreement provides (i) a revolving credit facility, available up to the full amount of the Facility Amount, (ii) a letter of credit facility, available up to $50.0 million of the Facility Amount, and (iii) a swingline facility, available up to $100.0 million of the Facility Amount. Each of such facilities is fully available to the Company and the Facility Amount is available to the Subsidiary Borrowers up to an aggregate amount not to exceed $325.0 million . With the agreement of its lenders, the Company is permitted to increase, on up to three occasions, the Facility Amount by a total of up to $200.0 million (for a maximum aggregate Facility Amount of $850.0 million ), subject to certain conditions. As of March 28, 2020 , the Company had total borrowings of $388.1 million outstanding under its Credit Agreement, with $245.1 million of that amount denominated in Euro. Loans made under the Credit Agreement will be composed of (i) “Eurocurrency Borrowings”, bearing interest determined in reference to the London interbank offered rate ("LIBOR") or the EURIBOR rate for the applicable currency and interest period, plus a margin, and/or (ii) “ABR Borrowings”, bearing interest at the sum of (A) the greatest of (x) the Prime Rate, (y) the NYFRB rate plus 0.5 percent, and (z) adjusted LIBOR on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1 percent, and (B) a margin. The applicable margin in each case will be determined by reference to a pricing schedule and will be based upon the better for the Company of (a) the Consolidated Leverage Ratio (computed as consolidated funded indebtedness of the Company and its subsidiaries to the consolidated EBITDA (as defined in the Credit Agreement) of the Company and its subsidiaries for the four fiscal quarters then most recently ended) for the fiscal quarter referred to in the quarterly or annual financial statements most recently delivered, or (b) the Company’s then existing long-term debt securities rating by Moody’s Investor Service, Inc. or Standard and Poor’s Financial Services, Inc. Under the Credit Agreement, the applicable margin for ABR Borrowings ranges from 0.375 percent to 0.875 percent , the applicable margin for Eurocurrency Borrowings ranges from 1.375 percent to 1.875 percent , and the applicable margin for the commitment fee ranges from 0.150 percent to 0.275 percent . Loans made under the swingline facility will bear interest, if denominated in U.S. Dollars, at the same rate as an ABR Borrowing and, if denominated in another currency, at the same rate as a Eurocurrency Borrowing. As of March 28, 2020 , the Company had a weighted average interest rate of 2.0 percent with a base rate spread of 150 basis points on LIBOR -based borrowings under the Credit Agreement that has a final maturity date of March 29, 2024. Similar to the Old Credit Agreement, the Credit Agreement contains customary covenants that, among other things, limit the ability of the Company's subsidiaries to incur indebtedness and limit the ability of the Company and its subsidiaries to create liens on and sell assets, engage in certain liquidations or dissolutions, engage in certain mergers or consolidations, or change lines of business. These covenants are subject to significant exceptions and qualifications. On February 28, 2020, the Company amended the Credit Agreement (the “Amendment”) in order to modify certain provisions, including the financial covenant. Previously, the Company had to maintain at specified measurement periods a Consolidated Leverage Ratio that was not greater than or equal to 3.75 to 1.00. Following the Amendment, the Company is required to maintain at the last day of each quarterly measurement period a Consolidated Leverage Ratio not greater than or equal to the ratio as set forth below opposite the period that includes such day (or, if such day does not end on the last day of the calendar quarter, that includes the last day of the calendar quarter that is nearest to such day): Period Consolidated Leverage Ratio From the Amendment effective date to and including June 27, 2020 5.75 to 1.00 September 26, 2020 5.25 to 1.00 December 26, 2020 4.50 to 1.00 March 27, 2021 4.00 to 1.00 June 26, 2021 and thereafter 3.75 to 1.00 Under the Credit Agreement and consistent with the Old Credit Agreement, Dart Industries Inc. (the “Guarantor”) unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrowers relating to the Credit Agreement, supported by a security interest in certain "Tupperware" trademarks and service marks. The Amendment eliminated the requirement that a Non-Investment Grade Ratings Event, as defined in the Credit Agreement, must occur before the Company is required to cause the Additional Guarantee and Collateral Requirement, as defined in the Credit Agreement, to be satisfied. Pursuant to the Amendment, the Company is required to cause certain of its domestic subsidiaries to become guarantors and the Company and certain of its domestic subsidiaries are required to pledge additional collateral (the “Additional Guarantee and Collateral”). 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. As of March 28, 2020, and currently, the Company was in compliance with the financial covenants in the Credit Agreement. The Credit Agreement was amended to prevent the Company from exceeding the Consolidated Leverage Ratio for the four fiscal quarters ending in March 2020. If the Company had exceeded the Consolidated Leverage Ratio, this could have constituted an Event of Default, potentially resulting in a cross default under cross-default provisions with respect to other of the Company's debt obligations, giving the lenders the ability to terminate the revolving commitments, accelerate outstanding amounts under the Credit Agreement, exercise certain remedies relating to the collateral securing the Credit Agreement and require the Company to post cash collateral for all outstanding letters of credit. In addition to the relief provided in the Amendment, the Company has reduced certain operating expenses beginning in 2020 and could use available cash, including repatriating cash held outside of the United States, to make debt repayments to lower its Consolidated Leverage Ratio. The Company routinely increases its revolver 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 and has higher foreign exchange exposure on the value of its cash and debt during each quarter than would relate solely to the quarter end balances. At March 28, 2020 , the Company had $318.4 million of unused lines of credit, including $260.6 million under the committed, secured Credit Agreement, and $57.8 million available under various uncommitted lines around the world. Senior Notes The Company has outstanding approximately $600.0 million aggregate principal amount of 4.75% senior notes (the “Senior Notes”). The Senior Notes will mature on June 1, 2021. The Notes were issued under an indenture (the “Indenture”), by and among the Company, the “Guarantor and Wells Fargo Bank, N.A., as trustee. As security for its obligations under the guarantee of the Senior Notes, the Guarantor has granted a security interest in certain “Tupperware” trademarks and service marks. As security for its obligations under the guarantee of the Credit Agreement, the Guarantor has granted a security interest in those certain “Tupperware” trademarks and service marks as well. The Indenture includes, among others, covenants that limit the ability of the Company and its subsidiaries to (i) incur indebtedness secured by liens on certain real property, (ii) enter into certain sale and leaseback transactions, (iii) with respect to the Company only, consolidate or merge with another entity, or sell or transfer all or substantially all of its properties and assets and (iv) sell the capital stock of the Guarantor or sell or transfer all or substantially all of its assets or properties . See Note 8 to the Consolidated Financial Statements in Part II, Item 8 in the Company's Annual Report on Form 10-K for the year ended December 28, 2019 for further details regarding the Senior Notes. Whether the Company will be able to repay or refinance the Senior Notes will depend on economic, financial, competitive and other factors that may be beyond its control, including the COVID-19 pandemic, and on the Company’s financial performance at the time. The COVID-19 pandemic and measures implemented to slow the spread of COVID-19 may negatively impact the Company's ability to repay or refinance the Senior Notes. The extent to which the COVID-19 pandemic ultimately impacts the Company’s ability to repay or refinance the Senior Notes will depend on future developments, which are highly uncertain and cannot be predicted with certainty. Any refinancing of the Senior Notes may be at a higher interest rate and may require the Company to comply with additional covenants and obligations, which could further restrict the Company's business operations. If the Company is unable to repay or refinance the Senior Notes, the holders of the Seniors Notes may pursue certain remedies relating to the collateral securing the guaranty of the Senior Notes or pursue other remedies, in each case in accordance with the Indenture and the documents relating to such collateral, all of which could have a material adverse effect on the Company. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 28, 2020 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative 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 U.S. 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 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. In assessing hedge effectiveness, as of the beginning of 2019, the Company made the accounting policy election in accordance with ASU 2017-12 to exclude forward points and record their impact in the same income statement line item that is used to present the earnings effect of the hedged item for 2019, Other income, net . The forward points on fair value hedges resulted in pretax income of $5.0 million and $3.7 million in the first quarters of 2020 and 2019 , respectively. The Company also uses derivative financial instruments to hedge foreign currency exposures resulting from certain forecasted purchases and classifies these as cash flow hedges. The majority of cash flow hedge contracts that the Company enters into relate to inventory purchases. At initiation, the Company's cash flow hedge contracts are generally for periods ranging from one month to fifteen months . The effective portion of the gain or loss on the open hedging instrument is recorded in other comprehensive income and is reclassified into earnings when settled through the same line item as the transaction being hedged. As such, the balance at the end of the current reporting period in other comprehensive income, 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. In assessing hedge effectiveness, the Company made an accounting policy change as of the beginning of 2019 to include forward points in the assessment of effectiveness for cash flow hedges causing the impact from forward points to be recorded as part of other comprehensive income compared to interest expense as it previously had been recorded. Based on the interest expense incurred for open cash flow hedges as of December 30, 2018, the Company recorded an adjustment of $1.2 million , net of taxes, to accumulated comprehensive income and retained earnings to reflect this accounting policy change. There was an immaterial impact from forward points recorded in other comprehensive income for activity related to the first quarters of 2020 and 2019 . The Company recognized $0.8 million and $1.0 million of manufacturing variances that will be capitalized and amortized over actual months of inventory turns related to the forward point impact from the settlement of cash flow hedges in the first quarters of 2020 and 2019 , respectively. The Company also uses 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 classifies these as net investment hedges. Changes in the value of these financial instruments, excluding any ineffective portion of the hedges, are included in foreign currency translation adjustments within accumulated other comprehensive loss . The Company recorded, net of tax, in other comprehensive income a net gain of $56.2 million and a net loss of $13.1 million associated with these hedges in the first quarters of 2020 and 2019 , respectively. 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. In assessing hedge effectiveness, the Company made an accounting policy change as of the beginning of 2019 to include forward points in the assessment of effectiveness for net investment hedges causing the impact from forward points to be recorded as part of other comprehensive income compared to interest expense as it previously had been recorded. The impact of forward points is being recorded in other comprehensive income and will remain there indefinitely since that is where the gains and losses on hedges of net equity are recorded. Based on the interest expense associated with forward points incurred for open net investment hedges as of December 30, 2018, the Company recorded an adjustment of $3.8 million , net of taxes, to accumulated comprehensive income to reflect this accounting policy change. The impact related to forward points on hedges of net equity investment recorded as a component of other comprehensive income in the first quarters of 2020 and 2019 was a loss of $6.3 million and a gain of $4.3 million , respectively. The net cash flow impact from hedging activity for the first quarters of 2020 and 2019 was an outflow of $1.9 million and an inflow of $0.8 million , respectively. The Company considers the total notional value of its forward contracts as the best measure of the volume of derivative transactions. As of March 28, 2020 and December 28, 2019 , the notional amounts of outstanding forward contracts to purchase currencies were $90.8 million and $137.7 million , respectively, and the notional amounts of outstanding forward contracts to sell currencies were $82.5 million and $143.5 million , respectively. As of March 28, 2020 , the notional values of the largest positions outstanding were to purchase $69.8 million of U.S. dollars and $12.2 million of euros, and to sell $19.6 million of Swiss francs and $16.3 million of Mexican pesos. The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of March 28, 2020 and December 28, 2019 . Fair values were determined based on third party quotations (Level 2 fair value measurement): Asset derivatives Liability derivatives Fair value Fair value Derivatives designated as hedging Balance sheet Mar 28, Dec 28, Balance sheet Mar 28, Dec 28, Foreign exchange contracts Non-trade amounts receivable $ 95.5 $ 16.0 Accrued liabilities $ 86.5 $ 19.8 The following table summarizes the impact on the results of operations for the first quarters of 2020 and 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions: Derivatives designated as fair value hedges (in millions) Location of (loss) gain recognized in income on derivatives Amount of (loss) gain recognized Location of gain (loss) recognized in income on related hedged items Amount of gain (loss) recognized 2020 2019 2020 2019 Foreign exchange contracts Other expense $ (75.3 ) $ 17.3 Other expense $ 75.3 $ (17.3 ) The following table summarizes the impact of the Company's hedging activities on comprehensive income for the first quarters of 2020 and 2019 : Derivatives designated Amount of gain (loss) recognized in Location of gain (loss) reclassified Amount of gain (loss) reclassified Cash flow hedging relationships 2020 2019 2020 2019 Foreign exchange contracts $ 10.6 (2.8 ) Cost of products sold $ 0.5 $ (0.5 ) Net investment hedging relationships Foreign exchange contracts 70.7 (17.7 ) Euro denominated debt 1.8 0.8 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Due to their short maturities or their insignificance, the carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable, accrued liabilities, leased assets and liabilities and short-term borrowings approximated their fair values at March 28, 2020 and December 28, 2019 . The Company estimates that, based on current market conditions, the value of its Senior Notes was $386.9 million at March 28, 2020 , compared with the carrying value of $599.8 million . The lower fair value resulted from changes, since issuance, in the corporate debt markets and investor preferences. The fair value of debt is classified as a Level 2 liability and is estimated using quoted market prices as provided in secondary markets that consider the Company's credit risk and market related conditions. See Note 11 to the Consolidated Financial Statements for discussion of the Company's derivative instruments and related fair value measurements. |
Retirement Benefit Plans
Retirement Benefit Plans | 3 Months Ended |
Mar. 28, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Components of net periodic benefit cost for the first quarters ended March 28, 2020 and March 30, 2019 were as follows: First Quarter Pension benefits Post-retirement benefits (In millions) 2020 2019 2020 2019 Service cost $ 2.1 $ 1.9 $ — $ — Interest cost 1.1 1.5 0.1 0.1 Expected return on plan assets (1.0 ) (1.1 ) — — Net amortization 0.7 — (0.3 ) (0.3 ) Net periodic benefit cost $ 2.9 $ 2.3 $ (0.2 ) $ (0.2 ) During the first quarters of 2020 and 2019 , approximately $0.4 million of pretax loss and $0.3 million of pretax gain 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 $0.6 million and $0.2 million related to the components of net periodic benefit cost, excluding service cost, in other expense in the first quarters of 2020 and 2019 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the first quarter of 2020 was 5.4 percent compared with 28.9 percent for 2019. The decrease in the rate was primarily attributable to the overall decline in profitability for the quarter ended March 28, 2020 as compared to the same period last year and lower cash tax costs driven by lower profits. As of March 28, 2020 and December 28, 2019 , the Company's accrual for uncertain tax positions was $13.5 million . The Company estimates that as of March 28, 2020 , approximately $13.2 million of the unrecognized tax benefits, if recognized, will impact the effective tax rate. Interest and penalties related to uncertain tax positions in the Company's global operations are recorded as a component of the provision for income taxes. Accrued interest and penalties were $0.7 million and $4.0 million as of the periods ended March 28, 2020 and December 28, 2019 , respectively. 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 2018. 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. |
Statement of Cash Flow Suppleme
Statement of Cash Flow Supplemental Disclosure | 3 Months Ended |
Mar. 28, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flow Supplemental Disclosure | Statement of Cash Flow Supplemental Disclosure 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. In the first quarters of 2020 and 2019 , 1,127 and 23,088 shares, respectively, were retained to fund withholding taxes, with values totaling $0.01 million and $0.70 million , respectively, which were included as stock repurchases in the Consolidated Statements of Cash Flows. Restricted cash is recorded in prepaid and other current assets or in the long-term other assets balance sheet line items. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation Stock option activity for 2020 is summarized in the following table: Shares Weighted Aggregate intrinsic value (in millions) Outstanding at December 28, 2019 3,340,739 $ 56.28 Granted 1,000,000 2.61 Expired / Forfeited (62,824 ) 50.01 Outstanding at March 28, 2020 4,277,915 $ 43.83 $ — Exercisable at March 28, 2020 2,875,945 $ 57.82 $ — The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2020 is summarized in the following table: Shares Weighted average December 28, 2019 528,289 $ 28.82 Time-vested shares granted 1,461,510 5.90 Market-vested shares granted 900,053 1.82 Performance shares granted 265,046 5.90 Vested (3,801 ) 52.62 Forfeited (59,210 ) 46.70 March 28, 2020 3,091,887 $ 7.79 Compensation expense related to the Company's stock-based compensation for the first quarter ended March 28, 2020 and March 30, 2019 were as follows: First Quarter (In millions) 2020 2019 Stock options $ 0.3 $ 0.6 Time, performance and market vested share awards 1.9 1.3 As of March 28, 2020 , total unrecognized stock-based compensation expense related to all stock-based awards was $19.6 million , which is expected to be recognized over a weighted average period of 2.3 years |
Allowance for Long-Term Receiva
Allowance for Long-Term Receivables | 3 Months Ended |
Mar. 28, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance For Long-Term Receivables | Allowance for Long-Term Receivables As of March 28, 2020 , $9.7 million of long-term receivables from both active and inactive customers were considered past due, the majority of which were reserved through the Company's allowance for uncollectible accounts. The balance of the allowance for long-term receivables as of March 28, 2020 was as follows: (In millions) Balance at December 28, 2019 $ 13.9 Write-offs (3.0 ) Provision and reclassifications 0.4 Currency translation adjustment (1.0 ) Balance at March 28, 2020 $ 10.3 |
Guarantor Information
Guarantor Information | 3 Months Ended |
Mar. 28, 2020 | |
Guarantor Information [Abstract] | |
Guarantor Information | Guarantor Information The Company's payment obligations under the Senior Notes are fully and unconditionally guaranteed, on a senior secured basis, by the Guarantor. The guarantee is secured by certain "Tupperware" trademarks and service marks owned by the Guarantor, as discussed in Note 10 to the Consolidated Financial Statements. In addition, under the Credit Agreement and consistent with the Old Credit Agreement, the Guarantor unconditionally guarantees all obligations and liabilities of the Company and the Subsidiary Borrowers relating to the Credit Agreement, supported by a security interest in those certain "Tupperware" trademarks and service marks as well. Condensed consolidated financial information as of March 28, 2020 and December 28, 2019 , and for the quarter ended March 28, 2020 and March 30, 2019 , for Tupperware Brands Corporation (the "Parent"), Guarantor and all other subsidiaries (the "Non-Guarantors") is as follows. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent and Guarantor of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The Guarantor is 100% owned by the Parent, and there are certain entities within the Non-Guarantors’ classification which the Parent owns directly. There are no significant restrictions on the ability of either the Parent or the Guarantor from obtaining adequate funds from their respective subsidiaries by dividend or loan that should interfere with their ability to meet their operating needs or debt repayment obligations. Consolidating Statement of Income 13 weeks ended March 28, 2020 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 376.7 $ (0.8 ) $ 375.9 Other revenue — 19.6 6.2 (25.8 ) — Cost of products sold — 6.2 150.0 (26.5 ) 129.7 Gross margin — 13.4 232.9 (0.1 ) 246.2 Delivery, sales and administrative expense 1.8 32.4 208.8 (0.1 ) 242.9 Re-engineering charges — 2.5 1.4 — 3.9 Loss on disposal of assets — — (0.1 ) — (0.1 ) Operating income (loss) (1.8 ) (21.5 ) 22.6 — (0.7 ) Interest income 4.7 0.5 7.0 (11.7 ) 0.5 Interest expense 9.5 10.0 2.4 (11.7 ) 10.2 (Loss) Income from equity investments in subsidiaries (0.7 ) 0.8 — (0.1 ) — Other expense (income) — (29.6 ) 27.5 — (2.1 ) Income (Loss) before income taxes (7.3 ) (0.6 ) (0.3 ) (0.1 ) (8.3 ) Provision (benefit) for income taxes 0.5 0.1 (1.1 ) — (0.5 ) Net income (loss) $ (7.8 ) $ (0.7 ) $ 0.8 $ (0.1 ) $ (7.8 ) Comprehensive loss $ (89.3 ) $ (82.9 ) $ (123.8 ) $ 206.7 $ (89.3 ) Consolidating Statement of Income 13 weeks ended March 30, 2019 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 488.3 $ (1.0 ) $ 487.3 Other revenue — 19.9 9.5 (29.4 ) — Cost of products sold — 9.6 182.0 (30.4 ) 161.2 Gross margin — 10.3 315.8 — 326.1 Delivery, sales and administrative expense 1.5 18.9 242.3 — 262.7 Re-engineering charges — 0.6 3.7 — 4.3 Loss on disposal of assets — — (0.9 ) — (0.9 ) Operating income (loss) (1.5 ) (9.2 ) 68.9 — 58.2 Interest income 5.5 0.7 10.1 (15.7 ) 0.6 Interest expense 9.5 13.2 3.2 (15.7 ) 10.2 Income from equity investments in subsidiaries 40.8 60.3 — (101.1 ) — Other expense (income) (0.5 ) 3.0 (5.8 ) — (3.3 ) Income before income taxes 35.8 35.6 81.6 (101.1 ) 51.9 Provision (Benefit) for income taxes (1.1 ) (3.4 ) 19.5 — 15.0 Net income $ 36.9 $ 39.0 $ 62.1 $ (101.1 ) $ 36.9 Comprehensive income $ 55.9 $ 57.6 $ 93.0 $ (150.6 ) $ 55.9 Condensed Consolidating Balance Sheet March 28, 2020 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ 3.9 $ 170.6 $ — $ 174.5 Accounts receivable, net — — 97.5 — 97.5 Inventories — — 226.0 — 226.0 Non-trade amounts receivable, net — 214.7 118.0 (213.8 ) 118.9 Intercompany receivables 325.9 1,495.2 207.0 (2,028.1 ) — Prepaid expenses and other current assets 0.8 17.0 41.4 (38.5 ) 20.7 Total current assets 326.7 1,730.8 860.5 (2,280.4 ) 637.6 Deferred income tax benefits, net 41.7 42.2 89.0 (3.7 ) 169.2 Property, plant and equipment, net — 84.8 156.8 — 241.6 Operating lease assets — 4.5 75.9 — 80.4 Long-term receivables, net — 0.1 13.0 — 13.1 Trademarks and tradenames, net — — 21.5 — 21.5 Goodwill — 2.9 50.7 — 53.6 Investments in subsidiaries 1,221.8 1,083.8 — (2,305.6 ) — Intercompany loan receivables 512.3 82.6 963.4 (1,558.3 ) — Other assets, net 3.3 10.5 142.0 (77.6 ) 78.2 Total assets $ 2,105.8 $ 3,042.2 $ 2,372.8 $ (6,225.6 ) $ 1,295.2 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 3.5 $ 76.9 $ — $ 80.4 Short-term borrowings and current portion of long-term debt and finance lease obligations 230.8 — 158.9 — 389.7 Intercompany payables 1,391.6 403.3 233.2 (2,028.1 ) — Accrued liabilities 246.4 101.4 264.3 (252.3 ) 359.8 Total current liabilities 1,868.8 508.2 733.3 (2,280.4 ) 829.9 Long-term debt and finance lease obligations 599.8 — 2.0 — 601.8 Intercompany notes payable — 1,282.5 275.8 (1,558.3 ) — Operating lease liabilities — 3.8 49.9 — 53.7 Other liabilities 1.2 106.1 147.8 (81.3 ) 173.8 Shareholders' (deficit) equity (364.0 ) 1,141.6 1,164.0 (2,305.6 ) (364.0 ) Total liabilities and shareholders' equity $ 2,105.8 $ 3,042.2 $ 2,372.8 $ (6,225.6 ) $ 1,295.2 Condensed Consolidating Balance Sheet December 28, 2019 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ 0.3 $ 122.9 $ — $ 123.2 Accounts receivable, net — — 110.7 — 110.7 Inventories — — 245.2 — 245.2 Non-trade amounts receivable, net — 166.2 84.9 (212.0 ) 39.1 Intercompany receivables 325.9 1,546.3 209.9 (2,082.1 ) — Prepaid expenses and other current assets 1.2 16.0 41.1 (38.0 ) 20.3 Total current assets 327.1 1,728.8 814.7 (2,332.1 ) 538.5 Deferred income tax benefits, net 41.7 42.2 105.6 (3.4 ) 186.1 Property, plant and equipment, net — 85.7 181.8 — 267.5 Operating lease assets — 4.7 79.4 — 84.1 Long-term receivables, net — 0.1 14.9 — 15.0 Trademarks and tradenames, net — — 24.6 — 24.6 Goodwill — 2.9 56.6 — 59.5 Investments in subsidiaries 1,305.2 1,208.8 — (2,514.0 ) — Intercompany loan receivables 514.8 95.7 1,046.1 (1,656.6 ) — Other assets, net 1.9 12.7 150.0 (77.5 ) 87.1 Total assets $ 2,190.7 $ 3,181.6 $ 2,473.7 $ (6,583.6 ) $ 1,262.4 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 8.3 $ 117.1 $ — $ 125.4 Short-term borrowings and current portion of long-term debt and finance lease obligations 186.8 — 86.4 — 273.2 Intercompany payables 1,440.8 406.2 235.1 (2,082.1 ) — Accrued liabilities 239.1 65.6 235.6 (250.0 ) 290.3 Total current liabilities 1,866.7 480.1 674.2 (2,332.1 ) 688.9 Long-term debt and finance lease obligations 599.8 — 2.4 — 602.2 Intercompany notes payable — 1,362.2 294.4 (1,656.6 ) — Operating lease liabilities — 4.0 52.0 — 56.0 Other liabilities 1.2 110.7 161.3 (80.9 ) 192.3 Shareholders' (deficit) equity (277.0 ) 1,224.6 1,289.4 (2,514.0 ) (277.0 ) Total liabilities and shareholders' equity $ 2,190.7 $ 3,181.6 $ 2,473.7 $ (6,583.6 ) $ 1,262.4 Condensed Consolidating Statement of Cash Flows 13 weeks ended March 28, 2020 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 2.9 $ 16.1 $ (98.8 ) $ 32.8 $ (47.0 ) Investing Activities: Capital expenditures — (5.2 ) (3.0 ) — (8.2 ) Proceeds from disposal of property, plant and equipment — — 0.5 — 0.5 Net intercompany loans 2.5 67.0 83.9 (153.4 ) — Net cash provided by (used in) investing activities 2.5 61.8 81.4 (153.4 ) (7.7 ) Financing Activities: Dividend payments to parent — — (1.9 ) 1.9 — Repayment of finance lease obligations — — (0.3 ) — (0.3 ) Net change in short-term debt 45.9 — 75.1 — 121.0 Debt issuance costs (1.7 ) — — — (1.7 ) Net intercompany borrowings (49.6 ) (74.3 ) 5.2 118.7 — Net cash (used in) provided by financing activities (5.4 ) (74.3 ) 78.1 120.6 119.0 Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (12.4 ) — (12.4 ) Net change in cash, cash equivalents and restricted cash — 3.6 48.3 — 51.9 Cash, cash equivalents and restricted cash at beginning of year — 0.3 125.8 — 126.1 Cash, cash equivalents and restricted cash at end of period $ — $ 3.9 $ 174.1 $ — $ 178.0 Condensed Consolidating Statement of Cash Flows 13 weeks ended March 30, 2019 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 3.8 $ (115.4 ) $ 74.4 $ (2.9 ) $ (40.1 ) Investing Activities: Capital expenditures — (7.5 ) (5.4 ) — (12.9 ) Proceeds from disposal of property, plant and equipment — — 0.6 — 0.6 Net intercompany loans 22.2 53.6 (64.3 ) (11.5 ) — Net cash provided by (used in) investing activities 22.2 46.1 (69.1 ) (11.5 ) (12.3 ) Financing Activities: Dividend payments to shareholders (33.9 ) — — — (33.9 ) Dividend payments to parent — — (2.7 ) 2.7 — Repurchase of common stock (0.7 ) — — — (0.7 ) Repayment of finance lease obligations — — (0.3 ) — (0.3 ) Net change in short-term debt 64.6 — 19.5 — 84.1 Debt issuance costs (1.3 ) — — — (1.3 ) Net intercompany borrowings (54.7 ) 69.3 (26.3 ) 11.7 — Net cash (used in) provided by financing activities (26.0 ) 69.3 (9.8 ) 14.4 47.9 Effect of exchange rate changes on cash, cash equivalents and restricted cash — — 3.1 — 3.1 Net change in cash, cash equivalents and restricted cash — — (1.4 ) — (1.4 ) Cash, cash equivalents and restricted cash at beginning of year — 0.3 151.6 — 151.9 Cash, cash equivalents and restricted cash at end of period $ — $ 0.3 $ 150.2 $ — $ 150.5 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 28, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract”, an amendment to existing guidance on the accounting for implementation, setup, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor that is a service contract. Under the amendment, the requirement for capitalizing implementation costs incurred in a hosting environment that is a service contract is aligned with the requirements for capitalizing implementation costs incurred for an internal-use software license. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”, an amendment to existing guidance on disclosure requirements on fair value measurement as part of its broader disclosure framework project, which aims to improve the effectiveness of disclosures in the notes to the financial statements. Under this amendment, certain disclosure requirements for fair value measurement were eliminated, modified and added. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have any impact on its Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, an amendment to existing guidance for the measurement of credit losses on financial instruments and subsequent updates to that amendment. This guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information when recording credit loss estimates. The new standard is effective for fiscal years and interim periods beginning after December 15, 2019. The Company adopted this guidance at the beginning of the first quarter of 2020 and the adoption did not have a material impact on its Consolidated Financial Statements. Recently Issued Accounting Pronouncements 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 potential burden in accounting for reference rate reform on financial reporting. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The amendments should be applied on a prospective basis. The Company is currently evaluating the impact of the potential adoption of this amendment on its Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this amendment on its Consolidated Financial Statements, including accounting policies and processes. In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans”, an amendment to existing guidance on disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. Under the amendment, the entity is required to disclose the weighted-average interest crediting rates used, reasons for significant gains and losses affecting the benefit obligation and an explanation of any other significant changes in the benefit obligation or plan assets. The amendment also removed certain required disclosures that no longer are considered cost beneficial. This guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company has evaluated the impact of adoption of this amendment and does not expect any impact on its Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The consolidated financial statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively “Tupperware” or the “Company”, with all intercompany transactions and balances having been eliminated. These consolidated financial statements are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary for a fair statement of the results for the interim periods. Certain information and note disclosures normally included in the balance sheet, statements of income, comprehensive income, statements of shareholder’s equity and cash flows prepared in conformity with accounting principles generally accepted in the United States of America for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, these consolidated financial statements and related notes should be read in conjunction with the audited 2019 consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2019 . Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Inventory, Net [Abstract] | |
Components of Inventories | Inventories (In millions) March 28, December 28, Finished goods $ 178.4 $ 197.1 Work in process 22.3 22.4 Raw materials and supplies 25.3 25.7 Total inventories $ 226.0 $ 245.2 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Elements of Earnings per Share Computations | The elements of the earnings per share computations were as follows: 13 weeks ended (In millions, except per share amounts) March 28, March 30, Net income (loss) $ (7.8 ) $ 36.9 Weighted-average shares of common stock outstanding 48.9 48.7 Common equivalent shares: Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units — 0.1 Weighted-average common and common equivalent shares outstanding 48.9 48.8 Basic earnings per share $ (0.16 ) $ 0.76 Diluted earnings per share $ (0.16 ) $ 0.76 Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive 4.2 3.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Rollforward of accumulated other comprehensive loss | Accumulated Other Comprehensive Loss (In millions, net of tax) Foreign Currency Items Cash Flow Hedges Pension and Other Post-retirement Items Total Balance at December 28, 2019 $ (600.2 ) $ (2.4 ) $ (35.7 ) $ (638.3 ) Other comprehensive income (loss) before reclassifications (93.6 ) 10.5 1.7 (81.4 ) Amounts reclassified from accumulated other comprehensive income (loss) — (0.4 ) 0.3 (0.1 ) Net current-period other comprehensive income (loss) (93.6 ) 10.1 2.0 (81.5 ) Balance at March 28, 2020 $ (693.8 ) $ 7.7 $ (33.7 ) $ (719.8 ) (In millions, net of tax) Foreign Currency Items Cash Flow Hedges Pension and Other Post-retirement Items Total Balance at December 29, 2018 $ (579.1 ) $ 1.7 $ (24.7 ) $ (602.1 ) Cumulative effect of change in accounting principle (3.8 ) (1.2 ) — (5.0 ) Other comprehensive income (loss) before reclassifications 20.7 (2.1 ) 0.2 18.8 Amounts reclassified from accumulated other comprehensive loss — 0.3 (0.1 ) 0.2 Net current-period other comprehensive income (loss) 20.7 (1.8 ) 0.1 19.0 Balance at March 30, 2019 $ (562.2 ) $ (1.3 ) $ (24.6 ) $ (588.1 ) |
Re-engineering Costs (Tables)
Re-engineering Costs (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Costs | The re-engineering charges related to the turnaround plan by segment during the first quarters of 2020 and 2019 were as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Europe $ — $ 1.2 Asia Pacific 0.4 — South America 0.2 — Corporate 2.7 — Total re-engineering charges $ 3.3 $ 1.2 The re-engineering charges related to the 2017 program by segment during the first quarters of 2020 and 2019 were as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Europe $ 0.3 $ 1.3 Asia Pacific — 0.9 North America 0.3 0.5 South America — 0.4 Total re-engineering charges $ 0.6 $ 3.1 |
Accrued Liabilities, Re-engineering Charges Rollforward | The balances included in accrued liabilities related to re-engineering charges for the turnaround plan as of March 28, 2020 and December 28, 2019 were as follows: (In millions) March 28, December 28, Beginning of the year balance $ 12.9 $ — Provision 3.3 26.4 Adjustments and other charges 1.7 (1.7 ) Cash expenditures: Severance (2.9 ) (0.9 ) Other (1.0 ) (10.9 ) Currency translation adjustment 0.2 — End of period balance $ 14.2 $ 12.9 The balances included in accrued liabilities related to re-engineering charges for the 2017 program as of March 28, 2020 and December 28, 2019 were as follows: (In millions) March 28, December 28, Beginning of the year balance $ 3.1 $ 23.3 Provision 0.6 4.5 Adjustments and other charges (0.9 ) (0.3 ) Cash expenditures: Severance (1.3 ) (20.3 ) Other (0.4 ) (3.6 ) Currency translation adjustment — (0.5 ) End of period balance $ 1.1 $ 3.1 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Leases [Abstract] | |
Lease, Expense | The components of lease expense in the first quarters of 2020 and 2019 were as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Operating lease cost (a) (c) $ 11.8 $ 13.0 Finance lease cost Amortization of right-of-use assets (a) 0.2 0.2 Interest on lease liabilities (b) — 0.1 Total finance lease cost $ 0.2 $ 0.3 ____________________ (a) Included in DS&A and cost of products sold. (b) Included in interest expense. (c) Includes immaterial amounts related to short-term rent expense and variable rent expense. |
Schedule of Supplemental Cash Flow information related to Leases | Supplemental cash flow information related to leases is as follows: 13 weeks ended (In millions) March 28, 2020 March 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (11.7 ) $ (12.6 ) Operating cash flows from finance leases — (0.1 ) Financing cash flows from finance leases (0.3 ) (0.3 ) Leased assets obtained in exchange for new operating lease liabilities $ 7.5 $ 7.7 |
Supplemental Balance Sheet information related to Leases | Supplemental balance sheet information related to leases is as follows: (In millions, except lease term and discount rate) March 28, 2020 December 28, 2019 Operating Leases Operating lease right-of-use assets $ 80.4 $ 84.1 Accrued liabilities $ 27.8 $ 29.2 Operating lease liabilities 53.7 56.0 Total Operating lease liabilities $ 81.5 $ 85.2 Finance Leases Property, plant and equipment, at cost $ 17.5 $ 17.9 Accumulated amortization (10.3 ) (10.3 ) Property, plant and equipment, net $ 7.2 $ 7.6 Current portion of finance lease obligations $ 1.3 $ 1.3 Long-term finance lease obligations 2.0 2.3 Total Finance lease liabilities $ 3.3 $ 3.6 Weighted Average Remaining Lease Term Operating Leases 4.3 years 4.5 years Finance Leases 2.4 years 2.8 years Weighted Average Discount Rate (a) Operating Leases 4.9 % 5.2 % Finance Leases 5.1 % 5.1 % _________________________ (a) Calculated using Company's incremental borrowing rate. |
Schedule of Maturities of Lease Liabilities [Table Text Block] | Maturities of lease liabilities as of March 28, 2020 and December 28, 2019 were as follows: March 28, 2020 December 28, 2019 (In millions) Operating Leases Finance Leases Operating Leases Finance Leases 2020 $ 24.5 $ 1.1 $ 32.8 $ 1.4 2021 24.0 1.4 22.6 1.4 2022 14.0 1.0 13.0 1.0 2023 8.6 — 7.5 — 2024 5.8 — 5.6 — Thereafter 12.8 — 13.0 — Total lease payments $ 89.7 $ 3.5 $ 94.5 $ 3.8 Less imputed interest 8.2 0.2 9.3 0.2 Total $ 81.5 $ 3.3 $ 85.2 $ 3.6 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | 13 weeks ended (In millions) March 28, March 30, Net sales: Europe $ 105.7 $ 138.6 Asia Pacific 120.4 156.1 North America 101.3 119.6 South America 48.5 73.0 Total net sales $ 375.9 $ 487.3 Segment profit: Europe $ 2.5 $ 17.7 Asia Pacific 17.3 30.0 North America 6.5 17.4 South America 3.0 8.9 Total segment profit $ 29.3 $ 74.0 Unallocated expenses (23.9 ) (7.3 ) Re-engineering charges (a) (3.9 ) (4.3 ) Loss on disposal of assets (0.1 ) (0.9 ) Interest expense, net (9.7 ) (9.6 ) Income (Loss) before taxes $ (8.3 ) $ 51.9 (In millions) March 28, December 28, Identifiable assets: Europe $ 264.7 $ 269.7 Asia Pacific 276.7 300.3 North America 198.5 235.9 South America 105.9 125.2 Corporate 449.4 331.3 Total identifiable assets $ 1,295.2 $ 1,262.4 _________________________ (a) See Note 7 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Total Debt Obligations | (In millions) March 28, December 28, 2019 Fixed rate senior notes due 2021 $ 599.8 $ 599.8 Revolving Credit Agreement (a) 388.1 272.0 Finance lease 3.3 3.6 Other 0.3 — Total debt obligations $ 991.5 $ 875.4 ____________________ (a) $245.1 million and $174.9 million denominated in Euro as of March 28, 2020 and December 28, 2019 , respectively. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule Of Company's Derivative Position And Its Impact On Company Table | The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis, and the impact they had on the Company's financial position as of March 28, 2020 and December 28, 2019 . Fair values were determined based on third party quotations (Level 2 fair value measurement): Asset derivatives Liability derivatives Fair value Fair value Derivatives designated as hedging Balance sheet Mar 28, Dec 28, Balance sheet Mar 28, Dec 28, Foreign exchange contracts Non-trade amounts receivable $ 95.5 $ 16.0 Accrued liabilities $ 86.5 $ 19.8 The following table summarizes the impact on the results of operations for the first quarters of 2020 and 2019 for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions: Derivatives designated as fair value hedges (in millions) Location of (loss) gain recognized in income on derivatives Amount of (loss) gain recognized Location of gain (loss) recognized in income on related hedged items Amount of gain (loss) recognized 2020 2019 2020 2019 Foreign exchange contracts Other expense $ (75.3 ) $ 17.3 Other expense $ 75.3 $ (17.3 ) The following table summarizes the impact of the Company's hedging activities on comprehensive income for the first quarters of 2020 and 2019 : Derivatives designated Amount of gain (loss) recognized in Location of gain (loss) reclassified Amount of gain (loss) reclassified Cash flow hedging relationships 2020 2019 2020 2019 Foreign exchange contracts $ 10.6 (2.8 ) Cost of products sold $ 0.5 $ (0.5 ) Net investment hedging relationships Foreign exchange contracts 70.7 (17.7 ) Euro denominated debt 1.8 0.8 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost for the first quarters ended March 28, 2020 and March 30, 2019 were as follows: First Quarter Pension benefits Post-retirement benefits (In millions) 2020 2019 2020 2019 Service cost $ 2.1 $ 1.9 $ — $ — Interest cost 1.1 1.5 0.1 0.1 Expected return on plan assets (1.0 ) (1.1 ) — — Net amortization 0.7 — (0.3 ) (0.3 ) Net periodic benefit cost $ 2.9 $ 2.3 $ (0.2 ) $ (0.2 ) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Activity | Stock option activity for 2020 is summarized in the following table: Shares Weighted Aggregate intrinsic value (in millions) Outstanding at December 28, 2019 3,340,739 $ 56.28 Granted 1,000,000 2.61 Expired / Forfeited (62,824 ) 50.01 Outstanding at March 28, 2020 4,277,915 $ 43.83 $ — Exercisable at March 28, 2020 2,875,945 $ 57.82 $ — |
Time Vested, Performance Vested and Market Vested Share Awards Activity | The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2020 is summarized in the following table: Shares Weighted average December 28, 2019 528,289 $ 28.82 Time-vested shares granted 1,461,510 5.90 Market-vested shares granted 900,053 1.82 Performance shares granted 265,046 5.90 Vested (3,801 ) 52.62 Forfeited (59,210 ) 46.70 March 28, 2020 3,091,887 $ 7.79 |
Schedule of Compensation Expense | Compensation expense related to the Company's stock-based compensation for the first quarter ended March 28, 2020 and March 30, 2019 were as follows: First Quarter (In millions) 2020 2019 Stock options $ 0.3 $ 0.6 Time, performance and market vested share awards 1.9 1.3 |
Allowance for Long-Term Recei_2
Allowance for Long-Term Receivables (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Long-Term Receivables Rollforward | The balance of the allowance for long-term receivables as of March 28, 2020 was as follows: (In millions) Balance at December 28, 2019 $ 13.9 Write-offs (3.0 ) Provision and reclassifications 0.4 Currency translation adjustment (1.0 ) Balance at March 28, 2020 $ 10.3 |
Guarantor Information (Tables)
Guarantor Information (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Guarantor Information [Abstract] | |
Consolidating Statement of Income | Consolidating Statement of Income 13 weeks ended March 28, 2020 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 376.7 $ (0.8 ) $ 375.9 Other revenue — 19.6 6.2 (25.8 ) — Cost of products sold — 6.2 150.0 (26.5 ) 129.7 Gross margin — 13.4 232.9 (0.1 ) 246.2 Delivery, sales and administrative expense 1.8 32.4 208.8 (0.1 ) 242.9 Re-engineering charges — 2.5 1.4 — 3.9 Loss on disposal of assets — — (0.1 ) — (0.1 ) Operating income (loss) (1.8 ) (21.5 ) 22.6 — (0.7 ) Interest income 4.7 0.5 7.0 (11.7 ) 0.5 Interest expense 9.5 10.0 2.4 (11.7 ) 10.2 (Loss) Income from equity investments in subsidiaries (0.7 ) 0.8 — (0.1 ) — Other expense (income) — (29.6 ) 27.5 — (2.1 ) Income (Loss) before income taxes (7.3 ) (0.6 ) (0.3 ) (0.1 ) (8.3 ) Provision (benefit) for income taxes 0.5 0.1 (1.1 ) — (0.5 ) Net income (loss) $ (7.8 ) $ (0.7 ) $ 0.8 $ (0.1 ) $ (7.8 ) Comprehensive loss $ (89.3 ) $ (82.9 ) $ (123.8 ) $ 206.7 $ (89.3 ) Consolidating Statement of Income 13 weeks ended March 30, 2019 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Net sales $ — $ — $ 488.3 $ (1.0 ) $ 487.3 Other revenue — 19.9 9.5 (29.4 ) — Cost of products sold — 9.6 182.0 (30.4 ) 161.2 Gross margin — 10.3 315.8 — 326.1 Delivery, sales and administrative expense 1.5 18.9 242.3 — 262.7 Re-engineering charges — 0.6 3.7 — 4.3 Loss on disposal of assets — — (0.9 ) — (0.9 ) Operating income (loss) (1.5 ) (9.2 ) 68.9 — 58.2 Interest income 5.5 0.7 10.1 (15.7 ) 0.6 Interest expense 9.5 13.2 3.2 (15.7 ) 10.2 Income from equity investments in subsidiaries 40.8 60.3 — (101.1 ) — Other expense (income) (0.5 ) 3.0 (5.8 ) — (3.3 ) Income before income taxes 35.8 35.6 81.6 (101.1 ) 51.9 Provision (Benefit) for income taxes (1.1 ) (3.4 ) 19.5 — 15.0 Net income $ 36.9 $ 39.0 $ 62.1 $ (101.1 ) $ 36.9 Comprehensive income $ 55.9 $ 57.6 $ 93.0 $ (150.6 ) $ 55.9 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 28, 2020 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ 3.9 $ 170.6 $ — $ 174.5 Accounts receivable, net — — 97.5 — 97.5 Inventories — — 226.0 — 226.0 Non-trade amounts receivable, net — 214.7 118.0 (213.8 ) 118.9 Intercompany receivables 325.9 1,495.2 207.0 (2,028.1 ) — Prepaid expenses and other current assets 0.8 17.0 41.4 (38.5 ) 20.7 Total current assets 326.7 1,730.8 860.5 (2,280.4 ) 637.6 Deferred income tax benefits, net 41.7 42.2 89.0 (3.7 ) 169.2 Property, plant and equipment, net — 84.8 156.8 — 241.6 Operating lease assets — 4.5 75.9 — 80.4 Long-term receivables, net — 0.1 13.0 — 13.1 Trademarks and tradenames, net — — 21.5 — 21.5 Goodwill — 2.9 50.7 — 53.6 Investments in subsidiaries 1,221.8 1,083.8 — (2,305.6 ) — Intercompany loan receivables 512.3 82.6 963.4 (1,558.3 ) — Other assets, net 3.3 10.5 142.0 (77.6 ) 78.2 Total assets $ 2,105.8 $ 3,042.2 $ 2,372.8 $ (6,225.6 ) $ 1,295.2 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 3.5 $ 76.9 $ — $ 80.4 Short-term borrowings and current portion of long-term debt and finance lease obligations 230.8 — 158.9 — 389.7 Intercompany payables 1,391.6 403.3 233.2 (2,028.1 ) — Accrued liabilities 246.4 101.4 264.3 (252.3 ) 359.8 Total current liabilities 1,868.8 508.2 733.3 (2,280.4 ) 829.9 Long-term debt and finance lease obligations 599.8 — 2.0 — 601.8 Intercompany notes payable — 1,282.5 275.8 (1,558.3 ) — Operating lease liabilities — 3.8 49.9 — 53.7 Other liabilities 1.2 106.1 147.8 (81.3 ) 173.8 Shareholders' (deficit) equity (364.0 ) 1,141.6 1,164.0 (2,305.6 ) (364.0 ) Total liabilities and shareholders' equity $ 2,105.8 $ 3,042.2 $ 2,372.8 $ (6,225.6 ) $ 1,295.2 Condensed Consolidating Balance Sheet December 28, 2019 (In millions) Parent Guarantor Non-Guarantors Eliminations Total ASSETS Cash and cash equivalents $ — $ 0.3 $ 122.9 $ — $ 123.2 Accounts receivable, net — — 110.7 — 110.7 Inventories — — 245.2 — 245.2 Non-trade amounts receivable, net — 166.2 84.9 (212.0 ) 39.1 Intercompany receivables 325.9 1,546.3 209.9 (2,082.1 ) — Prepaid expenses and other current assets 1.2 16.0 41.1 (38.0 ) 20.3 Total current assets 327.1 1,728.8 814.7 (2,332.1 ) 538.5 Deferred income tax benefits, net 41.7 42.2 105.6 (3.4 ) 186.1 Property, plant and equipment, net — 85.7 181.8 — 267.5 Operating lease assets — 4.7 79.4 — 84.1 Long-term receivables, net — 0.1 14.9 — 15.0 Trademarks and tradenames, net — — 24.6 — 24.6 Goodwill — 2.9 56.6 — 59.5 Investments in subsidiaries 1,305.2 1,208.8 — (2,514.0 ) — Intercompany loan receivables 514.8 95.7 1,046.1 (1,656.6 ) — Other assets, net 1.9 12.7 150.0 (77.5 ) 87.1 Total assets $ 2,190.7 $ 3,181.6 $ 2,473.7 $ (6,583.6 ) $ 1,262.4 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ — $ 8.3 $ 117.1 $ — $ 125.4 Short-term borrowings and current portion of long-term debt and finance lease obligations 186.8 — 86.4 — 273.2 Intercompany payables 1,440.8 406.2 235.1 (2,082.1 ) — Accrued liabilities 239.1 65.6 235.6 (250.0 ) 290.3 Total current liabilities 1,866.7 480.1 674.2 (2,332.1 ) 688.9 Long-term debt and finance lease obligations 599.8 — 2.4 — 602.2 Intercompany notes payable — 1,362.2 294.4 (1,656.6 ) — Operating lease liabilities — 4.0 52.0 — 56.0 Other liabilities 1.2 110.7 161.3 (80.9 ) 192.3 Shareholders' (deficit) equity (277.0 ) 1,224.6 1,289.4 (2,514.0 ) (277.0 ) Total liabilities and shareholders' equity $ 2,190.7 $ 3,181.6 $ 2,473.7 $ (6,583.6 ) $ 1,262.4 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows 13 weeks ended March 28, 2020 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 2.9 $ 16.1 $ (98.8 ) $ 32.8 $ (47.0 ) Investing Activities: Capital expenditures — (5.2 ) (3.0 ) — (8.2 ) Proceeds from disposal of property, plant and equipment — — 0.5 — 0.5 Net intercompany loans 2.5 67.0 83.9 (153.4 ) — Net cash provided by (used in) investing activities 2.5 61.8 81.4 (153.4 ) (7.7 ) Financing Activities: Dividend payments to parent — — (1.9 ) 1.9 — Repayment of finance lease obligations — — (0.3 ) — (0.3 ) Net change in short-term debt 45.9 — 75.1 — 121.0 Debt issuance costs (1.7 ) — — — (1.7 ) Net intercompany borrowings (49.6 ) (74.3 ) 5.2 118.7 — Net cash (used in) provided by financing activities (5.4 ) (74.3 ) 78.1 120.6 119.0 Effect of exchange rate changes on cash, cash equivalents and restricted cash — — (12.4 ) — (12.4 ) Net change in cash, cash equivalents and restricted cash — 3.6 48.3 — 51.9 Cash, cash equivalents and restricted cash at beginning of year — 0.3 125.8 — 126.1 Cash, cash equivalents and restricted cash at end of period $ — $ 3.9 $ 174.1 $ — $ 178.0 Condensed Consolidating Statement of Cash Flows 13 weeks ended March 30, 2019 (In millions) Parent Guarantor Non-Guarantors Eliminations Total Operating Activities: Net cash provided by (used in) operating activities $ 3.8 $ (115.4 ) $ 74.4 $ (2.9 ) $ (40.1 ) Investing Activities: Capital expenditures — (7.5 ) (5.4 ) — (12.9 ) Proceeds from disposal of property, plant and equipment — — 0.6 — 0.6 Net intercompany loans 22.2 53.6 (64.3 ) (11.5 ) — Net cash provided by (used in) investing activities 22.2 46.1 (69.1 ) (11.5 ) (12.3 ) Financing Activities: Dividend payments to shareholders (33.9 ) — — — (33.9 ) Dividend payments to parent — — (2.7 ) 2.7 — Repurchase of common stock (0.7 ) — — — (0.7 ) Repayment of finance lease obligations — — (0.3 ) — (0.3 ) Net change in short-term debt 64.6 — 19.5 — 84.1 Debt issuance costs (1.3 ) — — — (1.3 ) Net intercompany borrowings (54.7 ) 69.3 (26.3 ) 11.7 — Net cash (used in) provided by financing activities (26.0 ) 69.3 (9.8 ) 14.4 47.9 Effect of exchange rate changes on cash, cash equivalents and restricted cash — — 3.1 — 3.1 Net change in cash, cash equivalents and restricted cash — — (1.4 ) — (1.4 ) Cash, cash equivalents and restricted cash at beginning of year — 0.3 151.6 — 151.9 Cash, cash equivalents and restricted cash at end of period $ — $ 0.3 $ 150.2 $ — $ 150.5 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Summary of Significant Accounting Policies) (Details) - Revolving Credit Agreement [Member] - USD ($) $ in Millions | Mar. 30, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | [1] | $ 388.1 | $ 272 | |
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility Draw Down | $ 225 | |||
Credit Facility Draw down as preventive measure for COVID-19 | $ 175 | |||
[1] | (a) $245.1 million and $174.9 million denominated in Euro as of March 28, 2020 and December 28, 2019 , respectively. |
Shipping and Handling Costs (De
Shipping and Handling Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Shipping and Handling [Line Items] | ||
Delivery, sales and administrative expense | $ 242.9 | $ 262.7 |
Shipping and Handling | ||
Shipping and Handling [Line Items] | ||
Delivery, sales and administrative expense | $ 29.1 | $ 32.8 |
Promotional Costs (Details)
Promotional Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Promotional Costs [Abstract] | ||
Promotional and other sales force compensation expenses | $ 58.5 | $ 78.6 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 |
Inventory, Net [Abstract] | ||
Finished goods | $ 178.4 | $ 197.1 |
Work in process | 22.3 | 22.4 |
Raw materials and supplies | 25.3 | 25.7 |
Total inventories | $ 226 | $ 245.2 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net Income Per Common Share [Line Items] | ||
Net income (loss) | $ (7.8) | $ 36.9 |
Weighted-average shares of common stock outstanding | 48.9 | 48.7 |
Common equivalent shares: | ||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 0 | 0.1 |
Weighted-average common and common equivalent shares outstanding | 48.9 | 48.8 |
Basic earnings per share | $ (0.16) | $ 0.76 |
Diluted earnings per share | $ (0.16) | $ 0.76 |
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 4.2 | 3.9 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (719.8) | $ (588.1) | $ (638.3) | $ (602.1) |
Cumulative Effect of New Accounting Principle in Period of Adoption | 7.1 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (81.4) | 18.8 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.1) | 0.2 | ||
Other Comprehensive Income (Loss), Net of Tax | (81.5) | 19 | ||
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax | 0.5 | (0.5) | ||
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives, Tax | 0.1 | (0.2) | ||
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, prior service benefit, before tax | 0.1 | 0.3 | ||
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, actuarial losses, before tax | 0.5 | |||
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, tax | 0.1 | (0.2) | ||
Foreign Currency Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (693.8) | (562.2) | (600.2) | (579.1) |
Cumulative Effect of New Accounting Principle in Period of Adoption | (3.8) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (93.6) | 20.7 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | (93.6) | 20.7 | ||
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 7.7 | (1.3) | (2.4) | 1.7 |
Cumulative Effect of New Accounting Principle in Period of Adoption | (1.2) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 10.5 | (2.1) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.4) | 0.3 | ||
Other Comprehensive Income (Loss), Net of Tax | 10.1 | (1.8) | ||
Pension and Other Post-retirement Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (33.7) | (24.6) | $ (35.7) | $ (24.7) |
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1.7 | 0.2 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.3 | (0.1) | ||
Other Comprehensive Income (Loss), Net of Tax | $ 2 | 0.1 | ||
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (5) |
Re-engineering Costs (Details)
Re-engineering Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | $ 3.9 | $ 4.3 | |
Write-down of inventories | 2.9 | 2.7 | |
Provision for bad debts | 7 | 5 | |
Revitalization Plan July 2017 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning of the year balance | 3.1 | 23.3 | $ 23.3 |
Restructuring Charges | 0.6 | 3.1 | 4.5 |
Restructuring Reserve, Accrual Adjustment | (0.9) | (0.3) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | (0.5) | |
End of period balance | 1.1 | 3.1 | |
Revitalization Plan July 2017 [Member] | North America | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0.3 | 0.5 | |
Revitalization Plan July 2017 [Member] | Europe | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0.3 | 1.3 | |
Revitalization Plan July 2017 [Member] | Asia Pacific | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 0.9 | |
Revitalization Plan July 2017 [Member] | South America | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 0.4 | |
Turnaround Plan | |||
Restructuring Reserve [Roll Forward] | |||
Beginning of the year balance | 12.9 | 0 | 0 |
Restructuring Charges | 3.3 | 1.2 | 26.4 |
Restructuring Reserve, Accrual Adjustment | 1.7 | (1.7) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0.2 | 0 | |
End of period balance | 14.2 | 12.9 | |
Turnaround Plan | Europe | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0 | 1.2 | |
Turnaround Plan | Asia Pacific | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0.4 | 0 | |
Turnaround Plan | South America | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0.2 | 0 | |
Turnaround Plan | Corporate, Non-Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 2.7 | $ 0 | |
Severance | Revitalization Plan July 2017 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures | (1.3) | (20.3) | |
Severance | Turnaround Plan | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures | (2.9) | (0.9) | |
Other | Revitalization Plan July 2017 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures | (0.4) | (3.6) | |
Other | Turnaround Plan | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures | $ (1) | $ (10.9) |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Accumulated Amortization ROU | $ (10.3) | $ (10.3) | |
Lease Expense Disclosure [Abstract] | |||
Operating Lease, Expense | 11.8 | $ 13 | |
Finance Lease, Right-of-Use Asset, Amortization | 0.2 | 0.2 | |
Finance Lease, Interest Expense | 0 | 0.1 | |
Leases Supplemental Cash Flow Disclosure [Abstract] | |||
Operating Lease, Payments | (11.7) | (12.6) | |
Finance Lease, Interest Payment on Liability | 0 | (0.1) | |
Finance Lease, Principal Payments | (0.3) | (0.3) | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 7.5 | 7.7 | |
Lease Balance Sheet Disclosure [Abstract] | |||
Operating Lease, Right-of-Use Asset | 80.4 | 84.1 | |
Operating Lease, Liability, Current | 27.8 | 29.2 | |
Operating Lease, Liability, Noncurrent | 53.7 | 56 | |
Operating Lease, Liability | 81.5 | 85.2 | |
Finance Lease, Gross PPE | 17.5 | 17.9 | |
Finance Lease, Right-of-Use Asset | 7.2 | 7.6 | |
Finance Lease, Liability, Current | 1.3 | 1.3 | |
Finance Lease, Liability, Noncurrent | 2 | 2.3 | |
Finance Lease, Liability | $ 3.3 | $ 3.6 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 3 months 18 days | 4 years 6 months | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 4 months 24 days | 2 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.90% | 5.20% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.10% | 5.10% | |
Lease Liability Maturity Schedule | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 24.5 | $ 32.8 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 24 | 22.6 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 14 | 13 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 8.6 | 7.5 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5.8 | 5.6 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 12.8 | 13 | |
Lessee, Operating Lease, Liability, Payments, Due | 89.7 | 94.5 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 8.2 | 9.3 | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 1.1 | 1.4 | |
Finance Lease, Liability, Payments, Due Year Two | 1.4 | 1.4 | |
Finance Lease, Liability, Payments, Due Year Three | 1 | 1 | |
Finance Lease, Liability, Payments, Due Year Four | 0 | 0 | |
Finance Lease, Liability, Payments, Due Year Five | 0 | 0 | |
Finance Lease, Liability, Payments, Due after Year Five | 0 | 0 | |
Finance Lease, Liability, Payment, Due | 3.5 | 3.8 | |
Finance Lease, Liability, Undiscounted Excess Amount | 0.2 | $ 0.2 | |
Finance Lease, cost | $ 0.2 | $ 0.3 | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Lessee, Finance Lease, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Lessee, Finance Lease, Renewal Term | 5 years |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 |
Goodwill and Intangible Assets [Line Items] | ||
Goodwill | $ 53.6 | $ 59.5 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 375.9 | $ 487.3 | |
Segment profit | 29.3 | 74 | |
Unallocated expenses | (23.9) | (7.3) | |
Restructuring Charges | 3.9 | 4.3 | |
Loss on disposal of assets | (0.1) | (0.9) | |
Interest expense, net | (9.7) | (9.6) | |
Income (Loss) before income taxes | (8.3) | 51.9 | |
Total identifiable assets | 1,295.2 | $ 1,262.4 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 105.7 | 138.6 | |
Segment profit | 2.5 | 17.7 | |
Total identifiable assets | 264.7 | 269.7 | |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 120.4 | 156.1 | |
Segment profit | 17.3 | 30 | |
Total identifiable assets | 276.7 | 300.3 | |
North America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 101.3 | 119.6 | |
Segment profit | 6.5 | 17.4 | |
Total identifiable assets | 198.5 | 235.9 | |
South America | |||
Segment Reporting Information [Line Items] | |||
Net sales | 48.5 | 73 | |
Segment profit | 3 | 8.9 | |
Total identifiable assets | 105.9 | 125.2 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | 449.4 | $ 331.3 | |
Beauty and Personal Care Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 53.6 | $ 66.1 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Feb. 28, 2020 | Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | Jun. 02, 2011 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 3.75% | |||||
Debt Instrument, Covenant Compliance | As of March 28, 2020, and currently, the Company was in compliance with the financial covenants in the Credit Agreement. | |||||
Finance Lease, Liability | $ 3.3 | $ 3.6 | ||||
Debt and Lease Obligation | $ 991.5 | 875.4 | ||||
Line of Credit Facility, Interest Rate Description | Loans made under the Credit Agreement will be composed of (i) “Eurocurrency Borrowings”, bearing interest determined in reference to the London interbank offered rate ("LIBOR") or the EURIBOR rate for the applicable currency and interest period, plus a margin, and/or (ii) “ABR Borrowings”, bearing interest at the sum of (A) the greatest of (x) the Prime Rate, (y) the NYFRB rate plus 0.5 percent, and (z) adjusted LIBOR on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1 percent, and (B) a margin. | |||||
Unused lines of credit | $ 318.4 | |||||
Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | 599.8 | 599.8 | ||||
Debt Instrument, Face Amount | $ 600 | |||||
Stated interest rate | 4.75% | |||||
Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | [1] | 388.1 | 272 | |||
Line of Credit Facility, Current Borrowing Capacity | 650 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 850 | |||||
Line of Credit Facility, Number of Occasions Permitted to Increase Borrowing Capacity | 3 | |||||
Line of Credit Facility, Additional Borrowing Capacity | $ 200 | |||||
Variable rate basis | LIBOR | |||||
Unused lines of credit | $ 260.6 | |||||
Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Weighted average interest rate on LIBOR-based borrowings | 2.00% | |||||
Other Debt Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 0.3 | 0 | ||||
Uncommitted Lines of credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused lines of credit | 57.8 | |||||
Letter of Credit [Member] | Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | |||||
Swingline [Member] | Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||||
Subsidiaries [Member] | Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 325 | |||||
Minimum [Member] | Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||||
Minimum [Member] | Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||
Maximum [Member] | Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.275% | |||||
Maximum [Member] | Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||
Euro | Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | $ 245.1 | $ 174.9 | ||||
Period 1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 5.75% | |||||
Period 2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 5.25% | |||||
Period 3 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 4.50% | |||||
Period 4 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 4.00% | |||||
Period 5 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 3.75% | |||||
[1] | (a) $245.1 million and $174.9 million denominated in Euro as of March 28, 2020 and December 28, 2019 , respectively. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss) impact from Net Investment Hedging, Forward Points | $ (6.3) | $ 4.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0.8 | 1 |
Net cash impact from hedging activity | (1.9) | 0.8 |
Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Foreign Currency Fair Value Hedging Instruments | $ 5 | 3.7 |
Cash Flow Hedging [Member] | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |
Net Equity Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $ 56.2 | (13.1) |
Minimum [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Remaining Maturity Range | 1 month | |
Maximum [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Remaining Maturity Range | 15 months | |
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedging [Member] | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1.2 | |
Other Comprehensive Income (Loss) [Member] | Net Equity Hedging [Member] | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 3.8 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Outstanding Derivative Financial Instruments at Notional Value) (Details) - Forward Contracts [Member] - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 90.8 | $ 137.7 |
Derivative Liability, Notional Amount | 82.5 | $ 143.5 |
U.S. dollars | Long [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 69.8 | |
Euro | Long [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 12.2 | |
Switzerland, Francs | Short [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 19.6 | |
Mexico, Pesos | Short [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 16.3 |
Derivative Instruments and He_5
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 [Member] - Foreign Exchange Contract [Member] - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 |
Non-Trade Amounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 95.5 | $ 16 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 86.5 | $ 19.8 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Company's Derivative Positions and Their Impact on Company's Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax | $ 0.5 | $ (0.5) |
Fair Value Hedging [Member] | Other expense | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | (75.3) | 17.3 |
Amount of gain or (loss) recognized in income on related hedged items | 75.3 | (17.3) |
Cash Flow Hedging [Member] | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 10.6 | (2.8) |
Cash Flow Hedging [Member] | Cost of products sold | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax | 0.5 | (0.5) |
Net Equity Hedging [Member] | Foreign exchange contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 70.7 | (17.7) |
Net Equity Hedging [Member] | Euro Denominated Debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | $ 1.8 | $ 0.8 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Senior Notes Due 2021 [Member] - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 | Jun. 02, 2011 |
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||
Stated interest rate | 4.75% | ||
Long-term Debt | $ 599.8 | $ 599.8 | |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | |||
Long-term Debt, Fair Value | $ 386.9 |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amortization | $ 0.4 | $ (0.3) |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2.1 | 1.9 |
Interest cost | 1.1 | 1.5 |
Expected return on plan assets | (1) | (1.1) |
Net amortization | 0.7 | 0 |
Net periodic benefit cost | 2.9 | 2.3 |
Post-retirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0.1 | 0.1 |
Expected return on plan assets | 0 | 0 |
Net amortization | (0.3) | (0.3) |
Net periodic benefit cost | (0.2) | (0.2) |
Other Nonoperating Income (Expense) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost | $ 0.6 | $ 0.2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Income Taxes [Line Items] | |||
Effective tax rate | 5.40% | 28.90% | |
Gross unrecognized tax benefit | $ 13.5 | $ 13.5 | |
Unrecognized tax benefits that would impact effective tax rate, if recognized | 13.2 | ||
Accrued interest and penalties related to uncertain tax positions | $ 0.7 | $ 4 |
Statement of Cash Flow Supple_2
Statement of Cash Flow Supplemental Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Other Significant Noncash Transactions [Line Items] | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 1,127 | 23,088 |
Shares Paid For Tax Withholding For Share Based Compensation, Value | $ 10 | $ 700 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 28, 2020 | Mar. 28, 2020 | Mar. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 19.6 | $ 19.6 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at December 28, 2019 | 3,340,739 | ||
Weighted Average Exercise Price Per Share Outstanding, Beginning of Period | $ 56.28 | ||
Granted | 1,000,000 | ||
Weighted Average Exercise Price Per Share, Granted | $ 2.61 | ||
Expired / Forfeited | (62,824) | ||
Weighted Average Exercise Price Per Share Outstanding, Expired/Forfeited | $ 50.01 | ||
Outstanding at March 28, 2020 | 4,277,915 | 4,277,915 | |
Weighted Average Exercise Price Per Share Outstanding, End of Period | $ 43.83 | $ 43.83 | |
Outstanding Shares Subject to Option, Aggregate Intrinsic Value | $ 0 | $ 0 | |
Exercisable at March 28, 2020 | 2,875,945 | 2,875,945 | |
Weighted Average Exercise Price Per Share Exercisable, End of Period | $ 57.82 | $ 57.82 | |
Options Exercisable at End of Period, Aggregate Intrinsic Value | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock Option Expense | $ 0.3 | $ 0.6 | |
Time Vested, Performance Vested and Market Vested Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares Outstanding, Beginning of Period | 528,289 | ||
Weighted Average Grant Date Fair Value, Beginning of Period | $ 28.82 | ||
Shares Outstanding, Vested | (3,801) | ||
Weighted Average Grant Date Fair Value, Vested | $ 52.62 | ||
Shares Outstanding, Forfeited | (59,210) | ||
Weighted Average Grant Date Fair Value, Forfeited | $ 46.70 | ||
Shares Outstanding, End of Period | 3,091,887 | 3,091,887 | |
Weighted Average Grant Date Fair Value, End of Period | $ 7.79 | $ 7.79 | |
Time, Performance and Market Vested Share Awards Expense | $ 1.9 | $ 1.3 | |
Time Vested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares Outstanding, Granted | 1,461,510 | ||
Weighted Average Grant Date Fair Value, Granted | $ 5.90 | ||
Market Vested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares Outstanding, Granted | 900,053 | ||
Weighted Average Grant Date Fair Value, Granted | $ 1.82 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares Outstanding, Granted | 265,046 | ||
Weighted Average Grant Date Fair Value, Granted | $ 5.90 |
Allowance for Long-Term Recei_3
Allowance for Long-Term Receivables (Details) $ in Millions | 3 Months Ended |
Mar. 28, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Past Due | $ 9.7 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at December 28, 2019 | 13.9 |
Write-offs | (3) |
Provision and reclassifications | 0.4 |
Currency translation adjustment | (1) |
Balance at March 28, 2020 | $ 10.3 |
Guarantor Information (Details)
Guarantor Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | |
Net sales | $ 375.9 | $ 487.3 | ||
Other revenue | 0 | 0 | ||
Cost of Products Sold | 129.7 | 161.2 | ||
Gross margin | 246.2 | 326.1 | ||
Delivery, sales and administrative expense | 242.9 | 262.7 | ||
Restructuring Charges | 3.9 | 4.3 | ||
Loss on disposal of assets | (0.1) | (0.9) | ||
Operating income (loss) | (0.7) | 58.2 | ||
Interest income | 0.5 | 0.6 | ||
Interest expense | 10.2 | 10.2 | ||
Income from equity investments in subsidiaries | 0 | 0 | ||
Other income, net | (2.1) | (3.3) | ||
Income (Loss) before income taxes | (8.3) | 51.9 | ||
Provision (benefit) for income taxes | (0.5) | 15 | ||
Net income (loss) | (7.8) | 36.9 | ||
Comprehensive income | (89.3) | 55.9 | ||
ASSETS | ||||
Cash and cash equivalents | 174.5 | $ 123.2 | ||
Accounts receivable, net | 97.5 | 110.7 | ||
Inventories | 226 | 245.2 | ||
Non-trade amounts receivable, net | 118.9 | 39.1 | ||
Intercompany receivables | 0 | 0 | ||
Prepaid expenses and other current assets | 20.7 | 20.3 | ||
Total current assets | 637.6 | 538.5 | ||
Deferred Income Tax Assets, Net | 169.2 | 186.1 | ||
Property, plant and equipment, net | 241.6 | 267.5 | ||
Operating Lease, Right-of-Use Asset | 80.4 | 84.1 | ||
Long-term receivables, net | 13.1 | 15 | ||
Trademarks and tradenames, net | 21.5 | 24.6 | ||
Goodwill | 53.6 | 59.5 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany loan receivables | 0 | 0 | ||
Other assets, net | 78.2 | 87.1 | ||
Total assets | 1,295.2 | 1,262.4 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 80.4 | 125.4 | ||
Short-term borrowings and current portion of long-term debt and finance lease obligations | 389.7 | 273.2 | ||
Intercompany payables | 0 | 0 | ||
Accrued liabilities | 359.8 | 290.3 | ||
Total current liabilities | 829.9 | 688.9 | ||
Long-term debt and finance lease obligations | 601.8 | 602.2 | ||
Intercompany notes payable | 0 | 0 | ||
Operating Lease, Liability, Noncurrent | 53.7 | 56 | ||
Other liabilities | 173.8 | 192.3 | ||
Total shareholders' deficit | (364) | (184) | (277) | $ (235.2) |
Total liabilities and shareholders' deficit | 1,295.2 | 1,262.4 | ||
Operating Activities: | ||||
Net cash used in operating activities | (47) | (40.1) | ||
Investing Activities: | ||||
Capital expenditures | (8.2) | (12.9) | ||
Proceeds from disposal of property, plant and equipment | 0.5 | 0.6 | ||
Net intercompany loans | 0 | 0 | ||
Net cash used in investing activities | (7.7) | (12.3) | ||
Financing Activities: | ||||
Dividend payments to shareholders | 0 | (33.9) | ||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 | ||
Repurchase of common stock | 0 | (0.7) | ||
Repayment of finance lease obligations | (0.3) | (0.3) | ||
Net increase in short-term debt | 121 | 84.1 | ||
Payments of Debt Issuance Costs | (1.7) | (1.3) | ||
Net intercompany borrowings | 0 | 0 | ||
Net cash provided by financing activities | 119 | 47.9 | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (12.4) | 3.1 | ||
Net change in cash, cash equivalents and restricted cash | 51.9 | (1.4) | ||
Cash, cash equivalents and restricted cash at beginning of year | 126.1 | 151.9 | 151.9 | |
Cash, cash equivalents and restricted cash at end of period | 178 | 150.5 | 126.1 | |
Parent | ||||
Net sales | 0 | 0 | ||
Other revenue | 0 | 0 | ||
Cost of Products Sold | 0 | 0 | ||
Gross margin | 0 | 0 | ||
Delivery, sales and administrative expense | 1.8 | 1.5 | ||
Restructuring Charges | 0 | 0 | ||
Loss on disposal of assets | 0 | 0 | ||
Operating income (loss) | (1.8) | (1.5) | ||
Interest income | 4.7 | 5.5 | ||
Interest expense | 9.5 | 9.5 | ||
Income from equity investments in subsidiaries | (0.7) | 40.8 | ||
Other income, net | 0 | (0.5) | ||
Income (Loss) before income taxes | (7.3) | 35.8 | ||
Provision (benefit) for income taxes | 0.5 | (1.1) | ||
Net income (loss) | (7.8) | 36.9 | ||
Comprehensive income | (89.3) | 55.9 | ||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Non-trade amounts receivable, net | 0 | 0 | ||
Intercompany receivables | 325.9 | 325.9 | ||
Prepaid expenses and other current assets | 0.8 | 1.2 | ||
Total current assets | 326.7 | 327.1 | ||
Deferred Income Tax Assets, Net | 41.7 | 41.7 | ||
Property, plant and equipment, net | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 0 | 0 | ||
Long-term receivables, net | 0 | 0 | ||
Trademarks and tradenames, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in subsidiaries | 1,221.8 | 1,305.2 | ||
Intercompany loan receivables | 512.3 | 514.8 | ||
Other assets, net | 3.3 | 1.9 | ||
Total assets | 2,105.8 | 2,190.7 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings and current portion of long-term debt and finance lease obligations | 230.8 | 186.8 | ||
Intercompany payables | 1,391.6 | 1,440.8 | ||
Accrued liabilities | 246.4 | 239.1 | ||
Total current liabilities | 1,868.8 | 1,866.7 | ||
Long-term debt and finance lease obligations | 599.8 | 599.8 | ||
Intercompany notes payable | 0 | 0 | ||
Operating Lease, Liability, Noncurrent | 0 | 0 | ||
Other liabilities | 1.2 | 1.2 | ||
Total shareholders' deficit | (364) | (277) | ||
Total liabilities and shareholders' deficit | 2,105.8 | 2,190.7 | ||
Operating Activities: | ||||
Net cash used in operating activities | 2.9 | 3.8 | ||
Investing Activities: | ||||
Capital expenditures | 0 | 0 | ||
Proceeds from disposal of property, plant and equipment | 0 | 0 | ||
Net intercompany loans | 2.5 | 22.2 | ||
Net cash used in investing activities | 2.5 | 22.2 | ||
Financing Activities: | ||||
Dividend payments to shareholders | (33.9) | |||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 | ||
Repurchase of common stock | (0.7) | |||
Repayment of finance lease obligations | 0 | 0 | ||
Net increase in short-term debt | 45.9 | 64.6 | ||
Payments of Debt Issuance Costs | (1.7) | (1.3) | ||
Net intercompany borrowings | (49.6) | (54.7) | ||
Net cash provided by financing activities | (5.4) | (26) | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | ||
Net change in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash at end of period | $ 0 | 0 | 0 | |
Guarantor | ||||
Equity Method Investment, Ownership Percentage | 100.00% | |||
Net sales | $ 0 | 0 | ||
Other revenue | 19.6 | 19.9 | ||
Cost of Products Sold | 6.2 | 9.6 | ||
Gross margin | 13.4 | 10.3 | ||
Delivery, sales and administrative expense | 32.4 | 18.9 | ||
Restructuring Charges | 2.5 | 0.6 | ||
Loss on disposal of assets | 0 | 0 | ||
Operating income (loss) | (21.5) | (9.2) | ||
Interest income | 0.5 | 0.7 | ||
Interest expense | 10 | 13.2 | ||
Income from equity investments in subsidiaries | 0.8 | 60.3 | ||
Other income, net | (29.6) | 3 | ||
Income (Loss) before income taxes | (0.6) | 35.6 | ||
Provision (benefit) for income taxes | 0.1 | (3.4) | ||
Net income (loss) | (0.7) | 39 | ||
Comprehensive income | (82.9) | 57.6 | ||
ASSETS | ||||
Cash and cash equivalents | 3.9 | 0.3 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Non-trade amounts receivable, net | 214.7 | 166.2 | ||
Intercompany receivables | 1,495.2 | 1,546.3 | ||
Prepaid expenses and other current assets | 17 | 16 | ||
Total current assets | 1,730.8 | 1,728.8 | ||
Deferred Income Tax Assets, Net | 42.2 | 42.2 | ||
Property, plant and equipment, net | 84.8 | 85.7 | ||
Operating Lease, Right-of-Use Asset | 4.5 | 4.7 | ||
Long-term receivables, net | 0.1 | 0.1 | ||
Trademarks and tradenames, net | 0 | 0 | ||
Goodwill | 2.9 | 2.9 | ||
Investments in subsidiaries | 1,083.8 | 1,208.8 | ||
Intercompany loan receivables | 82.6 | 95.7 | ||
Other assets, net | 10.5 | 12.7 | ||
Total assets | 3,042.2 | 3,181.6 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 3.5 | 8.3 | ||
Short-term borrowings and current portion of long-term debt and finance lease obligations | 0 | 0 | ||
Intercompany payables | 403.3 | 406.2 | ||
Accrued liabilities | 101.4 | 65.6 | ||
Total current liabilities | 508.2 | 480.1 | ||
Long-term debt and finance lease obligations | 0 | 0 | ||
Intercompany notes payable | 1,282.5 | 1,362.2 | ||
Operating Lease, Liability, Noncurrent | 3.8 | 4 | ||
Other liabilities | 106.1 | 110.7 | ||
Total shareholders' deficit | 1,141.6 | 1,224.6 | ||
Total liabilities and shareholders' deficit | 3,042.2 | 3,181.6 | ||
Operating Activities: | ||||
Net cash used in operating activities | 16.1 | (115.4) | ||
Investing Activities: | ||||
Capital expenditures | (5.2) | (7.5) | ||
Proceeds from disposal of property, plant and equipment | 0 | 0 | ||
Net intercompany loans | 67 | 53.6 | ||
Net cash used in investing activities | 61.8 | 46.1 | ||
Financing Activities: | ||||
Dividend payments to shareholders | 0 | |||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | 0 | ||
Repurchase of common stock | 0 | |||
Repayment of finance lease obligations | 0 | 0 | ||
Net increase in short-term debt | 0 | 0 | ||
Payments of Debt Issuance Costs | 0 | 0 | ||
Net intercompany borrowings | (74.3) | 69.3 | ||
Net cash provided by financing activities | (74.3) | 69.3 | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | ||
Net change in cash, cash equivalents and restricted cash | 3.6 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of year | 0.3 | 0.3 | 0.3 | |
Cash, cash equivalents and restricted cash at end of period | 3.9 | 0.3 | 0.3 | |
Non-Guarantors | ||||
Net sales | 376.7 | 488.3 | ||
Other revenue | 6.2 | 9.5 | ||
Cost of Products Sold | 150 | 182 | ||
Gross margin | 232.9 | 315.8 | ||
Delivery, sales and administrative expense | 208.8 | 242.3 | ||
Restructuring Charges | 1.4 | 3.7 | ||
Loss on disposal of assets | (0.1) | (0.9) | ||
Operating income (loss) | 22.6 | 68.9 | ||
Interest income | 7 | 10.1 | ||
Interest expense | 2.4 | 3.2 | ||
Income from equity investments in subsidiaries | 0 | 0 | ||
Other income, net | 27.5 | (5.8) | ||
Income (Loss) before income taxes | (0.3) | 81.6 | ||
Provision (benefit) for income taxes | (1.1) | 19.5 | ||
Net income (loss) | 0.8 | 62.1 | ||
Comprehensive income | (123.8) | 93 | ||
ASSETS | ||||
Cash and cash equivalents | 170.6 | 122.9 | ||
Accounts receivable, net | 97.5 | 110.7 | ||
Inventories | 226 | 245.2 | ||
Non-trade amounts receivable, net | 118 | 84.9 | ||
Intercompany receivables | 207 | 209.9 | ||
Prepaid expenses and other current assets | 41.4 | 41.1 | ||
Total current assets | 860.5 | 814.7 | ||
Deferred Income Tax Assets, Net | 89 | 105.6 | ||
Property, plant and equipment, net | 156.8 | 181.8 | ||
Operating Lease, Right-of-Use Asset | 75.9 | 79.4 | ||
Long-term receivables, net | 13 | 14.9 | ||
Trademarks and tradenames, net | 21.5 | 24.6 | ||
Goodwill | 50.7 | 56.6 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany loan receivables | 963.4 | 1,046.1 | ||
Other assets, net | 142 | 150 | ||
Total assets | 2,372.8 | 2,473.7 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 76.9 | 117.1 | ||
Short-term borrowings and current portion of long-term debt and finance lease obligations | 158.9 | 86.4 | ||
Intercompany payables | 233.2 | 235.1 | ||
Accrued liabilities | 264.3 | 235.6 | ||
Total current liabilities | 733.3 | 674.2 | ||
Long-term debt and finance lease obligations | 2 | 2.4 | ||
Intercompany notes payable | 275.8 | 294.4 | ||
Operating Lease, Liability, Noncurrent | 49.9 | 52 | ||
Other liabilities | 147.8 | 161.3 | ||
Total shareholders' deficit | 1,164 | 1,289.4 | ||
Total liabilities and shareholders' deficit | 2,372.8 | 2,473.7 | ||
Operating Activities: | ||||
Net cash used in operating activities | (98.8) | 74.4 | ||
Investing Activities: | ||||
Capital expenditures | (3) | (5.4) | ||
Proceeds from disposal of property, plant and equipment | 0.5 | 0.6 | ||
Net intercompany loans | 83.9 | (64.3) | ||
Net cash used in investing activities | 81.4 | (69.1) | ||
Financing Activities: | ||||
Dividend payments to shareholders | 0 | |||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (1.9) | (2.7) | ||
Repurchase of common stock | 0 | |||
Repayment of finance lease obligations | (0.3) | (0.3) | ||
Net increase in short-term debt | 75.1 | 19.5 | ||
Payments of Debt Issuance Costs | 0 | 0 | ||
Net intercompany borrowings | 5.2 | (26.3) | ||
Net cash provided by financing activities | 78.1 | (9.8) | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (12.4) | 3.1 | ||
Net change in cash, cash equivalents and restricted cash | 48.3 | (1.4) | ||
Cash, cash equivalents and restricted cash at beginning of year | 125.8 | 151.6 | 151.6 | |
Cash, cash equivalents and restricted cash at end of period | 174.1 | 150.2 | 125.8 | |
Eliminations | ||||
Net sales | (0.8) | (1) | ||
Other revenue | (25.8) | (29.4) | ||
Cost of Products Sold | (26.5) | (30.4) | ||
Gross margin | (0.1) | 0 | ||
Delivery, sales and administrative expense | (0.1) | 0 | ||
Restructuring Charges | 0 | 0 | ||
Loss on disposal of assets | 0 | 0 | ||
Operating income (loss) | 0 | 0 | ||
Interest income | (11.7) | (15.7) | ||
Interest expense | (11.7) | (15.7) | ||
Income from equity investments in subsidiaries | (0.1) | (101.1) | ||
Other income, net | 0 | 0 | ||
Income (Loss) before income taxes | (0.1) | (101.1) | ||
Provision (benefit) for income taxes | 0 | 0 | ||
Net income (loss) | (0.1) | (101.1) | ||
Comprehensive income | 206.7 | (150.6) | ||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Non-trade amounts receivable, net | (213.8) | (212) | ||
Intercompany receivables | (2,028.1) | (2,082.1) | ||
Prepaid expenses and other current assets | (38.5) | (38) | ||
Total current assets | (2,280.4) | (2,332.1) | ||
Deferred Income Tax Assets, Net | (3.7) | (3.4) | ||
Property, plant and equipment, net | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 0 | 0 | ||
Long-term receivables, net | 0 | 0 | ||
Trademarks and tradenames, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in subsidiaries | (2,305.6) | (2,514) | ||
Intercompany loan receivables | (1,558.3) | (1,656.6) | ||
Other assets, net | (77.6) | (77.5) | ||
Total assets | (6,225.6) | (6,583.6) | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings and current portion of long-term debt and finance lease obligations | 0 | 0 | ||
Intercompany payables | (2,028.1) | (2,082.1) | ||
Accrued liabilities | (252.3) | (250) | ||
Total current liabilities | (2,280.4) | (2,332.1) | ||
Long-term debt and finance lease obligations | 0 | 0 | ||
Intercompany notes payable | (1,558.3) | (1,656.6) | ||
Operating Lease, Liability, Noncurrent | 0 | 0 | ||
Other liabilities | (81.3) | (80.9) | ||
Total shareholders' deficit | (2,305.6) | (2,514) | ||
Total liabilities and shareholders' deficit | (6,225.6) | (6,583.6) | ||
Operating Activities: | ||||
Net cash used in operating activities | 32.8 | (2.9) | ||
Investing Activities: | ||||
Capital expenditures | 0 | 0 | ||
Proceeds from disposal of property, plant and equipment | 0 | 0 | ||
Net intercompany loans | (153.4) | (11.5) | ||
Net cash used in investing activities | (153.4) | (11.5) | ||
Financing Activities: | ||||
Dividend payments to shareholders | 0 | |||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 1.9 | 2.7 | ||
Repurchase of common stock | 0 | |||
Repayment of finance lease obligations | 0 | 0 | ||
Net increase in short-term debt | 0 | 0 | ||
Payments of Debt Issuance Costs | 0 | 0 | ||
Net intercompany borrowings | 118.7 | 11.7 | ||
Net cash provided by financing activities | 120.6 | 14.4 | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | ||
Net change in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 | $ 0 |