Cover
Cover - $ / shares | 3 Months Ended | |||
Mar. 27, 2021 | May 03, 2021 | Mar. 03, 2021 | Dec. 26, 2020 | |
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. 27, 2021 | |||
Current Fiscal Year End Date | --12-25 | |||
Document Fiscal Year Focus | 2021 | |||
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 | Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Common Stock, Shares Outstanding | 49,666,562 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 460.3 | $ 375.9 |
Cost of products sold | 137 | 129.7 |
Gross margin | 323.3 | 246.2 |
Selling, general and administrative expense | 249.4 | 242.9 |
Re-engineering charges | 3.1 | 3.9 |
(Gain) loss on disposal of assets | (8.7) | 0.1 |
Operating income (loss) | 79.5 | (0.7) |
Loss on debt extinguishment | 2.1 | 0 |
Interest income | (0.3) | (0.5) |
Interest expense | 11.8 | 10.2 |
Other (income) expense, net | (0.2) | (2.1) |
Income (loss) before income taxes | 66.1 | (8.3) |
Provision (benefit) for income taxes | 20.8 | (0.5) |
Net income (loss) | $ 45.3 | $ (7.8) |
Earnings Per Share [Abstract] | ||
Basic earnings (loss) per share | $ 0.92 | $ (0.16) |
Diluted earnings (loss) per share | $ 0.85 | $ (0.16) |
Basic weighted-average shares | 49.4 | 48.9 |
Diluted weighted-average shares | 53.4 | 48.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Net income (loss) | $ 45.3 | $ (7.8) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 3.9 | (93.6) |
Deferred gain (loss) on cash flow hedges, net of tax | 0 | 10.1 |
Pension and other post-retirement benefit (costs), net of tax | 1.4 | 2 |
Other comprehensive income (loss) | 5.3 | (81.5) |
Total comprehensive income (loss) | $ 50.6 | $ (89.3) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Assets | ||
Cash and cash equivalents | $ 154.8 | $ 139.1 |
Accounts receivable, net | 110.1 | 114.7 |
Inventory, net | 262.1 | 236.3 |
Non-trade accounts receivable, net | 37 | 25.9 |
Prepaid expenses and other current assets | 28.4 | 30.1 |
Total current assets | 592.4 | 546.1 |
Deferred tax assets, net | 172.4 | 178.5 |
Property, plant and equipment, net | 194.7 | 202.5 |
Operating lease right-of-use assets | 93.4 | 97.9 |
Long-term receivables, net | 9.3 | 12.6 |
Trade names, net | 18.8 | 23.6 |
Goodwill | 54.1 | 60.4 |
Other assets, net | 91.8 | 98.3 |
Total assets | 1,226.9 | 1,219.9 |
Liabilities And Shareholders' Equity | ||
Accounts payable | 110 | 135.1 |
Current debt and finance lease obligations | 452.5 | 424.7 |
Accrued liabilities | 347.5 | 349.9 |
Total current liabilities | 910 | 909.7 |
Long-term debt and finance lease obligations | 227.5 | 258.6 |
Operating lease liabilities | 67.5 | 70.1 |
Other liabilities | 175.2 | 186.2 |
Total liabilities | 1,380.2 | 1,424.6 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity (deficit): | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 0.6 | 0.6 |
Paid-in capital | 215.3 | 215.5 |
Retained earnings | 1,188.8 | 1,161.6 |
Treasury stock, 14,030,724 and 14,312,853 shares, respectively, at cost | (877.4) | (896.5) |
Accumulated other comprehensive loss | (680.6) | (685.9) |
Total shareholders' equity (deficit) | (153.3) | (204.7) |
Total liabilities and shareholders' equity | $ 1,226.9 | $ 1,219.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 27, 2021 | Dec. 26, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 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 | 14,030,724 | 14,312,853 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 3 months ended Mar. 27, 2021 - 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] |
Beginning Balance at Dec. 26, 2020 | $ (204.7) | $ 0.6 | $ (896.5) | $ 215.5 | $ 1,161.6 | $ (685.9) |
Beginning Balance Shares, Issued at Dec. 26, 2020 | 63.6 | 14.3 | ||||
Net income (loss) | 45.3 | |||||
Other Comprehensive Income (Loss), Net of Tax | 5.3 | |||||
Ending Balance at Mar. 27, 2021 | $ (153.3) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Operating Activities | ||
Net income (loss) | $ 45.3 | $ (7.8) |
Depreciation and amortization | 10.7 | 11.7 |
Unrealized foreign exchange (gain) loss | 0 | 0.1 |
Stock-based compensation | 1.8 | 2.2 |
Amortization of deferred debt issuance costs | 1.3 | 0.4 |
(Gain) loss on disposal of assets | (8.7) | 0 |
Provision for credit losses | 1 | 7 |
Loss on debt extinguishment | 2.6 | 0 |
Write-down of inventories | 2.6 | 2.9 |
Net change in deferred taxes | 0.9 | (14.3) |
Net cash impact from hedging activity | (3.1) | (1.9) |
Other | (0.7) | (0.3) |
Changes in assets and liabilities: | ||
Accounts receivable | (0.7) | (6.5) |
Inventories | (38.7) | (10.5) |
Non-trade amounts receivable | (11.1) | (3.2) |
Prepaid expenses | 0.6 | (1.2) |
Other assets | 0.2 | (1.2) |
Accounts payable and accrued liabilities | (15.5) | (19.2) |
Income taxes payable | 0.6 | (0.3) |
Other liabilities | (2.7) | (4.9) |
Net cash used in operating activities | (13.6) | (47) |
Investing Activities | ||
Capital expenditures | (7.4) | (8.2) |
Proceeds from disposal of assets | 40.4 | 0.5 |
Net cash provided by (used in) investing activities | 33 | (7.7) |
Financing Activities | ||
Term loan repayment | (34) | 0 |
Net increase (decrease) in short-term debt | (32.4) | (121) |
Debt issuance costs payment | (0.3) | (1.7) |
Finance lease repayments | (0.3) | (0.3) |
Common stock repurchase | (1.4) | 0 |
Proceeds from exercise of stock options | 0.5 | 0 |
Net cash provided by (used in) financing activities | (3.1) | 119 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (4.1) | (12.4) |
Net change in cash, cash equivalents and restricted cash | 12.2 | 51.9 |
Cash, cash equivalents and restricted cash at beginning of year | 150.5 | 126.1 |
Cash, cash equivalents and restricted cash at end of period | $ 162.7 | $ 178 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 27, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively the “Company” or “Tupperware”, with all intercompany transactions and balances having been eliminated. The Company prepared the unaudited Consolidated Financial Statements in accordance with United States generally accepted accounting principles (“GAAP”) and 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. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. Certain information and note disclosures normally included in the financial statements prepared in conformity with GAAP 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 2020 Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 26, 2020. 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 Consolidated Financial Statements in conformity with GAAP 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 Consolidated Financial Statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ materially from these estimates. For the first quarter ended March 27, 2021, the impact on business activity brought about by the Coronavirus pandemic (“COVID-19”) continues to evolve. As a result, many of the Company's estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods. COVID-19 Since early 2020, the Company has followed guidance from the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) on actions required by individuals and businesses following the declaration of COVID-19 as a pandemic. Since 2020 the pandemic has impacted worldwide economic activity and many governments have implemented policies intended to stop or slow the further spread of the disease. These policies, such as shelter-in-place orders, remained in place for a significant period of time, resulting in the temporary closure of schools and non-essential businesses. Products are primarily sold directly to independent distributors, directors, managers and dealers (the “Sales Force”) throughout the world. The Company responded by taking actions to keep employees protected, support the Company’s global Sales Force and communities, and maintain business continuity. Actions taken to date include: • Monitoring of local and state governments and public health institution recommendations in the markets where the Company operates. • Revision in real-time of corporate policies and procedures to keep the Company's employees safe around the world. • Enacting travel bans consistent with emerging needs and regulation. • Provisioning all required personal protective equipment in manufacturing locations that continued to operate during the pandemic. • Conducting regular temperature checks for employees and providing additional medical leave and medical assistance as needed. • Enacting special cleaning and immediate response procedures for office and plant employees. • Accelerating access to, and training and implementation of, digital platforms for Sales Force to enable customers to continue to acquire products while enhancing the customer's digital experience. • Activating a global business continuity committee with representatives from key business functions from all over the world, with a task to guide the Company's global organization through the pandemic with a dual focus on business continuity and health and safety. • Enabling work from home arrangements and support for associates with virtual tools and equipment as required. A top priority for the Company as it continues to navigate the impacts of the global COVID-19 pandemic is the safety of its employees and their families, Sales Force and consumers, and to mitigate the impact of the pandemic 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 continued 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, incorporate virtual meetings and restrict all non-essential employee travel until further notice. While global vaccination efforts are underway, the continued impact of COVID-19, including any increases in infection rates and renewed governmental action to slow the spread of COVID-19, like those that have occurred throughout Western Europe and Latin America in the first quarter of 2021, cannot be estimated. New Accounting Pronouncements Standards Recently Adopted 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 adopted this guidance at the beginning of the first quarter of 2021 and the adoption did not have any material impact on its Consolidated Financial Statements. Standards 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 transition from the London interbank offered rate (“LIBOR”) to an alternative reference rate. The ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. The amendments should be applied on a prospective basis. The Company continues to evaluate the impact of the potential adoption of this amendment on its Consolidated Financial Statements. |
Shipping and Handling Costs
Shipping and Handling Costs | 3 Months Ended |
Mar. 27, 2021 | |
Shipping and Handling Costs [Abstract] | |
Shipping and Handling Costs | Note 2: 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 selling, general and administrative expense. 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. Distribution costs were: 13 weeks ended (In millions) March 27, March 28, Distribution costs $ 43.4 $ 29.1 |
Promotional Costs
Promotional Costs | 3 Months Ended |
Mar. 27, 2021 | |
Promotional Costs [Abstract] | |
Promotional Costs | Note 3: 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. These activities are 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. Programs are generally designed to recognize Sales Force members for achieving a primary objective. An example is holding a certain number of product demonstrations. In this situation, the Company offers a prize to Sales Force members that achieve the targeted number of product demonstrations over a specified period. The period runs from a couple of weeks to several months. The prizes are generally graded, in that meeting one level may result in receiving a piece of jewelry, with higher achievement resulting in more valuable prizes such as a television or a trip. Similar programs are designed to reward current Sales Force members who reach certain goals by promoting them to a higher level in the organization where their earning opportunity would be expanded, and they would take on additional responsibilities for adding new Sales Force members and providing training and motivation to new and existing Sales Force members. Other business drivers, such as scheduling product demonstrations, increasing the number of Sales Force members, holding product demonstrations, or increasing end consumer attendance at product demonstrations, may also be the focus of a program. The Company also offers commissions for achieving targeted sales levels. These types of awards are generally based upon the sales achievement of at least a mid-level member of the Sales Force, and her or his down-line members. The down-line consists of those Sales Force members that have been directly added to the Sales Force by a given Sales Force member, as well as those added by her or his down-line member. In this manner, Sales Force members can build an extensive organization over time if they are committed to adding and developing their units. In addition to the commission, the positive performance of a unit may also entitle its leader to the use of a Company-provided vehicle and in some cases, the permanent awarding of a vehicle. Similar to the prize programs noted earlier, these programs generally offer varying levels of vehicles that are dependent upon performance. 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 selling, general and administrative 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 costs were: 13 weeks ended (In millions) March 27, March 28, Promotional costs $ 67.4 $ 58.5 |
Incentive Compensation Plans
Incentive Compensation Plans | 3 Months Ended |
Mar. 27, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Compensation Plans | Note 4: Incentive Compensation Plans Stock Options Stock option activity for 2021, under all of the Company's incentive plans, is summarized in the following table: Stock Options Weighted Average Aggregate Intrinsic Value Outstanding at December 26, 2020 4,074,398 $ 43.74 Expired / Forfeited (183,746) 52.08 Exercised (13,702) 37.16 Outstanding at March 27, 2021 3,876,950 $ 43.37 $ 22.4 Exercisable at March 27, 2021 2,803,062 $ 57.67 $ — The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2021 is summarized in the following table: Shares Weighted Outstanding at December 26, 2020 4,954,342 $ 3.60 Time-vested shares granted 334,936 25.05 Performance shares granted 284,180 24.98 Vested (316,510) 5.90 Forfeited (99,423) 16.02 Outstanding at March 27, 2021 5,157,525 $ 5.79 Stock-based compensation expense in the first quarters of 2021 and 2020, respectively, was: 13 weeks ended (In millions) March 27, March 28, Stock options $ 0.1 $ 0.3 Time, performance and market vested share awards $ 1.7 $ 1.9 Unrecognized stock-based compensation expense and the weighted average years to recognize the unrecognized stock-based compensation was as follows: As of (In millions) March 27, Unrecognized stock-based compensation expense $ 27.6 Weighted average years to recognize the unrecognized stock-based compensation 2.6 years 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. Shares retained to fund withholding taxes and the value of shares retained to fund withholding taxes was as follows: 13 weeks ended (In millions, except share amounts) March 27, March 28, Shares retained to fund withholding taxes 44,999 1,127 Value of shares retained to fund withholding taxes $ 1.4 $ — |
Re-engineering Charges
Re-engineering Charges | 3 Months Ended |
Mar. 27, 2021 | |
Restructuring Charges [Abstract] | |
Re-engineering Charges | Note 5: Re-engineering Charges Re-engineering charges are mainly related to the transformation program, which was announced in January 2019 and re-assessed in December 2019 (collectively the “Turnaround Plan”). The key elements of the Turnaround Plan include: increasing the Company's right-sizing plans to improve profitability, accelerating the divestiture of non-core assets to strengthen the balance sheet, restructuring the Company’s debt to enhance liquidity, and structurally fixing the Company’s core business to create a more sustainable business model. The Turnaround Plan charges primarily related to severance costs and outside consulting services. Other re-engineering charges are primarily related to facility costs. Re-engineering charges were: 13 weeks ended (In millions) March 27, March 28, Turnaround plan $ 1.6 $ 3.3 Other 1.5 0.6 Total re-engineering charges $ 3.1 $ 3.9 Turnaround Plan Turnaround Plan charges were: 13 weeks ended (In millions) March 27, March 28, Asia Pacific $ 0.1 $ 0.4 Europe 0.8 — North America 0.4 — South America 0.3 0.2 Corporate — 2.7 Total turnaround plan charges $ 1.6 $ 3.3 The balance included in accrued liabilities related to the Turnaround Plan was: As of (In millions) March 27, December 26, Beginning balance $ 18.7 $ 12.9 Provision 1.6 33.0 Adjustments and other charges (0.2) 2.7 Currency translation adjustment (0.1) — Cash expenditures: Severance (2.1) (28.5) Other (1.7) (1.4) Ending balance $ 16.2 $ 18.7 Other Other charges were: 13 weeks ended (In millions) March 27, March 28, Europe $ 0.3 $ 0.3 North America 1.2 0.3 Total other charges $ 1.5 $ 0.6 The balance included in accrued liabilities related to other charges was: As of (In millions) March 27, December 26, Beginning balance $ — $ 3.1 Provision 1.5 3.1 Adjustments and other charges — (1.9) Cash expenditures: Severance — (1.8) Other (1.2) (2.5) Ending balance $ 0.3 $ — |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 27, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6: Income Taxes The effective tax rate was: 13 weeks ended March 27, March 28, Effective tax rate 31.5 % 6.0 % The change in the effective tax rate in the first quarters of 2021 and 2020, respectively, was primarily due to: • an increase in profitability for the first quarter ended March 27, 2021 as compared to the same period last year, due to the Company’s turnaround efforts • a favorable jurisdictional mix of earnings • partially offset by losses in the United States that currently have no tax benefit, and an unfavorable adjustment related to a continued limitation of interest expense deductions requiring a valuation allowance Uncertain tax positions and related interest and penalties were: As of (In millions) March 27, December 26, Accrual for uncertain tax positions $ 15.3 $ 15.3 Uncertain tax positions impacting effective tax rate if recognized $ 10.6 $ 10.6 Interest and penalties related to uncertain tax positions $ 0.4 $ 3.9 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 27, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 7: Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the basic weighted-average shares. Diluted earnings (loss) per share is calculated by also considering the impact of dilutive securities such as stock options, restricted shares, restricted stock units and performance share units on both net income (loss) and the basic weighted-average shares. The elements of the earnings (loss) per share computations were as follows: 13 weeks ended (In millions, except per share amounts) March 27, March 28, Net income (loss) $ 45.3 $ (7.8) Basic weighted-average shares 49.4 48.9 Effect of dilutive securities 4.0 — Diluted weighted-average shares 53.4 48.9 Basic earnings (loss) per share $ 0.92 $ (0.16) Diluted earnings (loss) per share $ 0.85 $ (0.16) Excluded anti-dilutive shares 2.9 4.2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 27, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 8: Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive loss was as follows: (In millions, net of tax) Foreign Currency Items Cash Flow Hedges Pension and Other Post-retirement Items Total Balance at December 26, 2020 $ (648.4) $ 0.2 $ (37.7) $ (685.9) Other comprehensive income (loss) before reclassifications 3.9 — 1.0 4.9 Amounts reclassified from accumulated other comprehensive income (loss) — — 0.4 0.4 Other comprehensive income (loss) 3.9 — 1.4 5.3 Balance at March 27, 2021 $ (644.5) $ 0.2 $ (36.3) $ (680.6) (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) 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) Amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of: 13 weeks ended (In millions) March 27, March 28, Cash flow hedges (gain) losses $ — $ (0.5) Tax (benefit) provision — 0.1 Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges $ — $ (0.4) Amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of: 13 weeks ended (In millions) March 27, March 28, Prior service (benefit) costs $ (0.1) $ (0.1) Actuarial (gains) losses 0.6 0.5 Tax (benefit) provision (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items $ 0.4 $ 0.3 |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 27, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure | Note 9: Cash, Cash equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include time deposits, certificates of deposit, or similar instruments. Any funds that the Company is legally restricted to withdraw, including compensating balances, are classified as restricted cash. Restricted cash is recorded in prepaid expenses and other current assets and in the other assets, net line items in the Consolidated Balance Sheet. A reconciliation of the Company’s cash and cash equivalents in the Consolidated Balance Sheets to cash, cash equivalents, and restricted cash at end of period in the Consolidated Statements of Cash Flows is as follows: As of (In millions) March 27, December 26, Cash and cash equivalents $ 154.8 $ 139.1 Restricted cash 7.9 11.4 Cash, cash equivalents and restricted cash at end of period $ 162.7 $ 150.5 |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 27, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Note 10: Accounts Receivable The accounts receivable and allowance for credit losses balance was: As of (In millions) March 27, December 26, Accounts receivable $ 143.8 $ 151.9 Allowance for credit losses (33.7) (37.2) Accounts receivable, net $ 110.1 $ 114.7 |
Inventories
Inventories | 3 Months Ended |
Mar. 27, 2021 | |
Inventory, Net [Abstract] | |
Inventories | Note 11: Inventories Inventories balance net of any inventory allowance was: As of (In millions) March 27, December 26, Finished goods $ 197.4 $ 176.4 Work in process 29.4 27.6 Raw materials and supplies 35.3 32.3 Inventories $ 262.1 $ 236.3 |
Long-Term Receivables
Long-Term Receivables | 3 Months Ended |
Mar. 27, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Long-Term Receivables | Note 12: Long-Term Receivables The long-term receivables and allowance for long-term receivables balance was as follows: As of (In millions) March 27, December 26, Long-term receivables, gross $ 38.5 $ 39.3 Beginning balance $ (26.7) $ (13.9) Write-offs — 3.7 Recoveries 0.1 0.6 Provision (a) (3.4) (14.8) Currency translation adjustment 0.8 (2.3) Allowance for long-term receivables $ (29.2) $ (26.7) Long-term receivables net $ 9.3 $ 12.6 |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Mar. 27, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for SaleOn October 29, 2020, the Company entered into a definitive agreement for the sale of its Avroy Shlain beauty business in South Africa. The Company sold the Avroy Shlain beauty business for net cash of $30.5 million in February 2021. The Company recognized a gain of $1.0 million which is recorded in the gain (loss) on disposal of assets line item in the Consolidated Statements of Income. Avroy Shlain results are reported under the Europe segment. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 3 Months Ended |
Mar. 27, 2021 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Financial 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 United States 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 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. The change in fair value of hedged items results in adjustments to their carrying amounts. 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) expense, net. Prior to 2019, the forward points had been included as a component of interest expense. Pretax income on forward points was as follows: 13 weeks ended (In millions) March 27, March 28, Forward points gain (loss) on fair value hedges $ 1.0 $ 5.0 Cash Flow Hedges 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 portion of the gain or loss included in the assessment of hedge effectiveness is recorded in other comprehensive income (loss) and is reclassified into earnings through the same line item as the transaction being hedged at the time the hedged transaction impacts earnings. As such, the balance at the end of the current reporting period in other comprehensive income (loss), 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 (loss) compared to interest expense as it previously had been recorded. 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 were: 13 weeks ended (In millions) March 27, March 28, Forward points gain (loss) recorded in other comprehensive income $ — $ 0.3 Forward points gain (loss) from settlement of cash flow hedges $ — $ 3.3 Fair value gain (loss) recorded in other comprehensive income $ 0.2 $ 7.7 Gain (loss) recorded in accumulated other comprehensive income $ — $ 10.1 Net Investment Hedges The Company uses derivative 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 designates these as net investment hedges. Changes in the value of these financial instruments are included in foreign currency translation adjustments within accumulated other comprehensive loss . 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 (loss) compared to interest expense as it previously had been recorded. Changes in fair value, net of tax, recorded in other comprehensive income (loss) and the pretax income on forward points was as follows: 13 weeks ended (In millions) March 27, March 28, Fair value gain (loss) recorded in other comprehensive income $ 4.1 $ 56.2 Forward points gain (loss) recorded in other comprehensive income $ (2.3) $ (6.3) Notional Value The Company considers the total notional value of its forward contracts as the best measure of the volume of derivative transactions. The notional value of forward contracts to purchase and sell curries was: As of (In millions) March 27, December 26, 2020 Notional value of forward contracts to purchase currencies $ 66.8 $ 125.2 Notional value of forward contracts to sell currencies $ 67.0 $ 125.3 The notional value of largest outstanding positions to purchase and sell currencies was: As of (In millions) March 27, Purchase South Korean Won $ 11.5 Purchase Swiss Franc $ 18.7 Sell United States Dollars $ 43.1 Sell Philippine Peso $ 6.8 As of (In millions) December 26, 2020 Purchase South Korean Won $ 35.4 Purchase Swiss Franc $ 23.3 Sell United States Dollars $ 79.9 Sell Euros $ 16.8 Fair Value Measurement Fair values of the Company's derivative positions were determined based on third party quotations (Level 2 fair value measurement). The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis: As of Derivatives designated as hedging instruments ( in millions ) Balance sheet location March 27, December 26, 2020 Derivative assets: Foreign exchange contracts Non-trade amounts receivable, net $ 3.4 $ 4.3 Derivative liabilities: Foreign exchange contracts Accrued liabilities $ (3.6) $ (4.4) |
Deferred Revenue
Deferred Revenue | 3 Months Ended |
Mar. 27, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue | Note 15: Deferred Revenue Deferred revenue is recorded in the accrued liabilities line item in the Consolidated Balance Sheets. Deferred revenue balance, which was primarily related to payments received in advance for orders not yet shipped, was as follows: As of (In millions) March 27, December 26, Deferred revenue $ 20.9 $ 14.1 |
Debt
Debt | 3 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 16: Debt The debt portfolio consisted of: As of (In millions) March 27, December 26, 2020 Term loan $ 241.0 $ 275.0 Credit agreement 451.1 423.3 Finance leases (a) 2.9 3.3 Unamortized debt issuance costs (15.0) (18.3) Total debt $ 680.0 $ 683.3 Current debt and finance lease obligations $ 452.5 $ 424.7 Long-term debt and finance lease obligations 227.5 258.6 Total debt $ 680.0 $ 683.3 ____________________ (a) See Note 17: Leases for further details. Term Loan On December 3, 2020 (the “Closing Date”), Angelo, Gordon & Co., L.P. and JPMorgan Chase Bank, N.A. (the “Lenders”) and Alter Domus (US) LLC, as administrative agent and collateral agent, entered into the following term loan credit facilities with the Company and its affiliates: • a secured term loan facility in an aggregate principal amount of $200.0 million with the Company as borrower (the “Parent Term Loan”); and • a secured term loan facility in an aggregate principal amount of $75.0 million with Dart Industries, Inc. as borrower and the Company as borrower (the “Dart Term Loan” and, together with the Parent Term Loan, the “Term Loan”). The Company used the aggregate borrowings of $275.0 million from the Term Loan and cash on hand to retire outstanding Senior Notes (as defined below). The Term Loan has an original issue discount and commitment fee of 4.5% or $12.4 million which has been recorded as a contra liability to the carrying value of the Term Loan and is included in the unamortized debt issuance costs balance noted above. The original issue discount and related debt issuance costs will be amortized over the term of the Term Loan. The Term Loan matures on December 3, 2023. The Company has prepayment options, as well as mandatory prepayments at the option of the Lenders. The prepayments have premium protections depending on the timing of the prepayment and the source of cash used for prepayment. Interest is payable quarterly in arrears and on maturity. The Company has the option, to pay interest equal to either: • the aggregate borrowing rate (“ABR”), determined by reference to the highest of: a. the “United States Prime Lending Rate” published by The Wall Street Journal, b. the federal funds effective rate from time to time plus 0.50% per annum, and c. the one-month Eurodollar Rate, plus 1.00% per annum, which shall, regardless of rate used, be no less than 2.0% per annum, or • a Eurodollar Rate for a specified period appearing on Reuters Screen LIBOR01 Page, which shall be no less than 1.00% per annum, in each case, plus an applicable margin. The applicable margin is initially 7.75% per annum for ABR borrowings and 8.75% per annum for Eurodollar Rate borrowings, and in each case, from and after the delivery of the applicable financial statements for the first full fiscal quarter following the Closing Date, the applicable margin shall then be: • for ABR borrowings, either: a. 7.75% per annum, if the consolidated leverage ratio is greater than 2.75 to 1.00 or b. 7.25% per annum, if the consolidated leverage ratio is less than or equal to 2.75 to 1.00 and • for Eurodollar Rate borrowings, either: a. 8.75% per annum, if the consolidated leverage ratio is greater than 2.75 to 1.00 or b. 8.25% per annum, if the consolidated leverage ratio is less than or equal to 2.75 to 1.00. The Parent Term Loan is fully and unconditionally guaranteed on a joint and several basis by all of the Company’s existing and future domestic subsidiaries that provide a guaranty under the Company’s Second Amended and Restated Credit Agreement, dated as of March 29, 2019 (as amended on August 28, 2019 and on February 28, 2020, the “Existing Revolving Credit Agreement”) among, inter alia, the Company, the other borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Dart Term Loan is fully and unconditionally guaranteed on a joint and several basis by the Company and certain of the Company’s existing and future domestic and foreign subsidiaries. The Term Loan includes a financial covenant as well as customary affirmative and negative covenants, including, among other things, as to compliance with laws, delivery of quarterly and annual financial statements, restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants. The Term Loan includes events of default relating to customary matters (and customary notice and cure periods), including, among other things, nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross-payment default and cross acceleration with respect to material indebtedness; bankruptcy; material judgments; and certain ERISA events. On February 28, 2021 the Company made a payment of $34.0 million which reduced the Term Loan balance to $241.0 million as of March 27, 2021 from $275.0 million as of December 26, 2020. The Company expensed unamortized deferred debt issuance costs related to this prepayment in the loss on debt extinguishment line item. The loss on debt extinguishment was calculated as follows: As of (In millions) March 27, Term loan retirement amount $ 34.0 Less: Cash paid 34.0 Less: Costs incurred 2.1 Loss on debt extinguishment (pre-tax) $ (2.1) Earnings (loss) per share from loss on debt extinguishment $ (0.04) 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 their multicurrency Credit Agreement (as further amended via an Amendment No. 1 dated August 28, 2019, 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. Total Credit Agreement borrowings included Euro dominated debt of $129.1 million and $160.3 million as of March 27, 2021 and December 26, 2020, respectively. Loans made under the Credit Agreement will be composed of (i) “Eurocurrency Borrowings”, bearing interest determined in reference to the 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 United States Dollars with a maturity of one month plus 1.0 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 United States 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 27, 2021, the Company had a weighted average interest rate of 2.0 percent with a base rate spread of 188% 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 consolidated leverage ratio 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 second 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. The Company is 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, and continuing through the calculation for the four fiscal quarters ending in March 2021. 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 27, 2021, the Company had $222.2 million of unused lines of credit, including $180.7 million under the committed, secured Credit Agreement, and $41.5 million available under various uncommitted lines around the world. Senior Notes The Company had outstanding $600.0 million aggregate principal amount of 4.75% senior notes (the “Senior Notes”) outstanding as of March 28, 2020. The Senior Notes were to mature on June 1, 2021. The Senior 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 had 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 had granted a security interest in those certain “Tupperware” trademarks and service marks as well. The security interest may be released under certain customary circumstances specified in the Indenture. These customary circumstances include payment in full of principal of and premium, if any, and interest on the Senior Notes. The Indenture included, 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 . During the second, third, and fourth quarters of 2020 the Company retired its Senior Notes in the aggregate principal amount of $600.0 million through tender offers, open-market purchases, and redemption by using cash on hand and the proceeds from the Term Loan received in December 2020. The Company recognized a gain on debt extinguishment of $40.0 million, $9.9 million and loss on debt extinguishment of $9.7 million in the second, third, and fourth quarters of 2020, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 27, 2021 | |
Leases [Abstract] | |
Leases Disclosure | Note 17: 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 year 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. Components of lease expense were as follows: 13 weeks ended (In millions) March 27, March 28, Operating lease costs: Operating lease cost (a) (b) $ 10.0 $ 11.8 Finance lease costs: Amortization of right-of-use assets (a) $ 0.2 $ 0.2 ____________________ (a) Included in selling, general and administrative expense and cost of products sold. (b) Includes $0.6 million and $0.4 million related to short-term rent expense and variable rent expense, respectively. Supplemental cash flow information related to leases is as follows: 13 weeks ended (In millions) March 27, March 28, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (9.9) $ (11.7) Financing cash flows from finance leases $ (0.3) $ (0.3) Leased assets obtained in exchange for new operating lease liabilities $ 0.2 $ 7.5 Supplemental information related to leases is as follows: As of (In millions, except lease term and discount rate) March 27, December 26, Operating Leases: Operating lease right-of-use assets $ 93.4 $ 97.9 Accrued liabilities $ 26.2 $ 26.5 Operating lease liabilities 67.5 70.1 Total Operating lease liabilities $ 93.7 $ 96.6 Finance Leases: Property, plant and equipment, at cost $ 19.3 $ 19.7 Accumulated amortization (12.1) (12.2) Property, plant and equipment, net $ 7.2 $ 7.5 Current portion of finance lease obligations $ 1.4 $ 1.4 Long-term finance lease obligations 1.5 1.9 Total Finance lease liabilities $ 2.9 $ 3.3 Weighted average remaining lease term Operating leases 5.3 years 5.4 years Finance leases 2.2 years 2.4 years Weighted average discount rate Operating leases 5.5 % 5.7 % Finance leases 5.1 % 5.1 % Maturities of lease liabilities as of March 27, 2021 and December 26, 2020 were as follows: As of As of March 27, 2021 December 26, 2020 (In millions) Operating Leases Finance Leases Operating Leases Finance Leases 2021 $ 28.3 $ 1.2 $ 30.1 $ 1.6 2022 23.7 1.9 21.1 1.9 2023 16.9 — 14.8 — 2024 11.6 — 10.2 — 2025 7.4 — 6.9 — Thereafter 30.9 — 30.8 — Total undiscounted lease liability $ 118.8 $ 3.1 $ 113.9 $ 3.5 Less imputed interest (25.1) (0.2) (17.3) (0.2) Total $ 93.7 $ 2.9 $ 96.6 $ 3.3 |
Retirement Benefit Plans
Retirement Benefit Plans | 3 Months Ended |
Mar. 27, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Benefit Plans | Note 18: Retirement Benefit Plans Components of net periodic (benefit) cost for the first quarters ended March 27, 2021 and March 28, 2020 were as follows: Pension benefits Post-retirement benefits 13 weeks ended 13 weeks ended (In millions) March 27, March 28, March 27, March 28, Service cost $ 1.8 $ 2.1 $ — $ — Interest cost 0.9 1.1 0.1 0.1 Return on plan assets (0.9) (1.0) — — Net amortization 0.6 0.7 (0.1) (0.3) Net periodic cost (benefit) $ 2.4 $ 2.9 $ — $ (0.2) During the first quarters of 2021 and 2020, approximately $0.5 million and $0.4 million of pretax losses 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 $0.6 million related to the components of net periodic (benefit) cost, excluding service cost, in other expense in the first quarters of 2021 and 2020, respectively. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 27, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company and certain subsidiaries are involved in litigation and various legal matters that are being defended and handled in the ordinary course of business. Included among these matters are environmental issues. The Company does not include estimated future legal costs in accruals recorded related to these matters. The Company believes that it is remote that the Company's contingencies will have a material adverse effect on its financial position, results of operations or cash flow. Kraft Foods, Inc., which was formerly affiliated with Premark International, Inc., the Company's former parent, has assumed any liabilities arising out of certain divested or discontinued businesses. The liabilities assumed include matters alleging product liability, environmental liability, and infringement of patents. In February 2020, putative stockholder class actions were filed against the Company and certain current and former officers and directors in the United States District Court for the Central District of California and in the United States District Court for the Middle District of Florida. The actions were consolidated in the United States District Court for the Middle District of Florida, and a lead plaintiff was appointed. On July 31, 2020, the lead plaintiff filed a consolidated amended complaint, which alleges that statements in public filings between January 31, 2018 and February 24, 2020 (the “potential class period”) regarding the Company’s disclosure of controls and procedures, as well as the need for an amendment of its credit facility, violated Section 10(b) and 20(a) of the Securities Act of 1934. The plaintiffs seek to represent a class of stockholders who purchased the Company’s stock during the potential class period and demand unspecified monetary damages. While the Company's motion to dismiss the complaint was granted on January 25, 2021, the court permitted the lead plaintiff to file an amended complaint, which the plaintiff filed on February 16, 2021. The Company filed a motion to dismiss the amended complaint on April 2, 2021, and the Company expects the amended complaint to be fully briefed before the end of the second quarter of 2021. The Company is unable at this time to determine whether the outcome of these actions would have a material impact on its results of operations, financial condition or cash flows. Additionally, several putative stockholders filed stockholder derivative complaints in the United States District Court for the Middle District of Florida against certain of the Company’s current and former officers and directors. The cases were consolidated, and plaintiffs filed a consolidated amended complaint on August 5, 2020. The consolidated amended complaint asserts claims against certain current and former officers and directors for breach of fiduciary duty, unjust enrichment, and contribution for violations of the securities laws based on allegations that the officers and directors allowed the Company to make false or misleading statements in violation of the securities laws. The Court stayed proceedings in this action pending resolution of the motion to dismiss in the putative stockholder class action. A similar stockholder derivative complaint was filed in the Ninth Judicial Circuit Court of Florida. The parties reached an agreement to stay this action pending the resolution of the motion to dismiss in the putative stockholder class action. The Company is unable at this time to determine whether the outcome of these actions would have a material impact on its results of operations, financial condition or cash flows. Leases Lease costs for operating leases and approximate minimum rental commitments under non-cancelable operating leases are disclosed in Note 17: Leases to the Consolidated Financial Statements. Leases, including the minimum rental commitments for 2021 and 2022, primarily are for automobiles that generally have a lease term of 1 year to 4 years, with the remaining leases related to office, manufacturing and distribution space. It is common for lease agreements to contain various provisions for items such as step rent or other escalation clauses and lease concessions, which may offer a period of no rent payment. These types of items are considered by the Company, and are recorded into expense on a straight-line basis over the minimum lease terms. There are no material lease agreements containing renewal options. Certain leases require the Company to pay property taxes, insurance and routine maintenance. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 27, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring | Note 20: Fair Value Measurements Due to their short maturities or their insignificance, the carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable, accrued liabilities, leased assets and liabilities, and short-term borrowings approximated their fair values at March 27, 2021 and December 26, 2020. The fair value of the Term Loan is classified as a level 2 liability and is estimated using a market approach by comparing the Company’s debt with the secured debt of other companies that have a similar credit rating and debt amount. The fair value of the Term Loan was as follows: As of As of March 27, 2021 December 26, 2020 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Term loan $ 241.0 $ 241.0 $ 275.0 $ 275.0 See Note 14: Derivative Financial Instruments and Hedging Activities for discussion of the Company’s derivative financial instruments and related fair value measurements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 27, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 21: Segment Information The Company manufactures and distributes a broad portfolio of products, primarily through our Sales Force. 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 name. Europe (Europe, Africa and Middle East) also includes the Avroy Shlain brand name in South Africa and the Nutrimetics brand name in France, which sell beauty and personal care products. The Company sold the Avroy Shlain beauty business for net cash of $30.5 million in February 2021. Some units in Asia Pacific also sell beauty and personal care products under the NaturCare, Nutrimetics and Fuller brand names. North America also includes the Fuller Mexico beauty and personal care products business and sells products under the Fuller Cosmetics brand name in that unit and in Central America. South America also sells beauty products under the Fuller, Nutrimetics and Nuvo brand names. Worldwide sales of beauty and personal care products totaled $55.0 million and $53.6 million in the first quarters of 2021 and 2020, respectively. Segment details were as follows: 13 weeks ended (In millions) March 27, March 28, Asia Pacific $ 125.3 $ 120.4 Europe 126.9 105.7 North America 146.5 101.3 South America 61.6 48.5 Total net sales $ 460.3 $ 375.9 Asia Pacific $ 30.7 $ 17.3 Europe 32.5 2.5 North America 17.7 6.5 South America 11.6 3.0 Total segment profit 92.5 29.3 Unallocated expenses 20.5 23.9 Re-engineering charges (a) 3.1 3.9 (Gain) loss on disposal of assets (8.7) 0.1 Interest expense 11.8 10.2 Interest income (0.3) (0.5) Income (loss) before income taxes $ 66.1 $ (8.3) ____________________ (a) See Note 5: Re-engineering Charges for further discussion. Total identifiable assets by segment were: As of (In millions) March 27, December 26, Asia Pacific $ 293.8 $ 290.6 Europe 260.3 276.7 North America 237.8 220.5 South America 113.0 112.8 Corporate 322.0 319.3 Total identifiable assets $ 1,226.9 $ 1,219.9 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 27, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively the “Company” or “Tupperware”, with all intercompany transactions and balances having been eliminated. The Company prepared the unaudited Consolidated Financial Statements in accordance with United States generally accepted accounting principles (“GAAP”) and 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. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. Certain information and note disclosures normally included in the financial statements prepared in conformity with GAAP 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 2020 Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 26, 2020. 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 Consolidated Financial Statements in conformity with GAAP 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 Consolidated Financial Statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ materially from these estimates. For the first quarter ended March 27, 2021, the impact on business activity brought about by the Coronavirus pandemic (“COVID-19”) continues to evolve. As a result, many of the Company's estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods. |
New Accounting Pronouncements | New Accounting Pronouncements Standards Recently Adopted 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 adopted this guidance at the beginning of the first quarter of 2021 and the adoption did not have any material impact on its Consolidated Financial Statements. Standards 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 transition from the London interbank offered rate (“LIBOR”) to an alternative reference rate. The ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. The amendments should be applied on a prospective basis. The Company continues to evaluate the impact of the potential adoption of this amendment on its Consolidated Financial Statements. |
Shipping and Handling Costs (Ta
Shipping and Handling Costs (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Shipping and Handling Costs [Abstract] | |
Shipping and Handling [Table] | Distribution costs were: 13 weeks ended (In millions) March 27, March 28, Distribution costs $ 43.4 $ 29.1 |
Promotional Costs (Tables)
Promotional Costs (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Promotional Costs [Abstract] | |
promotional cost, table | Promotional costs were: 13 weeks ended (In millions) March 27, March 28, Promotional costs $ 67.4 $ 58.5 |
Incentive Compensation Plans (T
Incentive Compensation Plans (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Option, Activity | Stock option activity for 2021, under all of the Company's incentive plans, is summarized in the following table: Stock Options Weighted Average Aggregate Intrinsic Value Outstanding at December 26, 2020 4,074,398 $ 43.74 Expired / Forfeited (183,746) 52.08 Exercised (13,702) 37.16 Outstanding at March 27, 2021 3,876,950 $ 43.37 $ 22.4 Exercisable at March 27, 2021 2,803,062 $ 57.67 $ — |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2021 is summarized in the following table: Shares Weighted Outstanding at December 26, 2020 4,954,342 $ 3.60 Time-vested shares granted 334,936 25.05 Performance shares granted 284,180 24.98 Vested (316,510) 5.90 Forfeited (99,423) 16.02 Outstanding at March 27, 2021 5,157,525 $ 5.79 |
Share-based Payment Arrangement, Cost by Plan | Stock-based compensation expense in the first quarters of 2021 and 2020, respectively, was: 13 weeks ended (In millions) March 27, March 28, Stock options $ 0.1 $ 0.3 Time, performance and market vested share awards $ 1.7 $ 1.9 |
Unrecognized Stock Based Compensation Expense | Unrecognized stock-based compensation expense and the weighted average years to recognize the unrecognized stock-based compensation was as follows: As of (In millions) March 27, Unrecognized stock-based compensation expense $ 27.6 Weighted average years to recognize the unrecognized stock-based compensation 2.6 years |
Shares Retained to Fund Withholding Taxes | 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. Shares retained to fund withholding taxes and the value of shares retained to fund withholding taxes was as follows: 13 weeks ended (In millions, except share amounts) March 27, March 28, Shares retained to fund withholding taxes 44,999 1,127 Value of shares retained to fund withholding taxes $ 1.4 $ — |
Re-engineering Charges (Tables)
Re-engineering Charges (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Costs | Re-engineering charges were: 13 weeks ended (In millions) March 27, March 28, Turnaround plan $ 1.6 $ 3.3 Other 1.5 0.6 Total re-engineering charges $ 3.1 $ 3.9 Turnaround Plan Turnaround Plan charges were: 13 weeks ended (In millions) March 27, March 28, Asia Pacific $ 0.1 $ 0.4 Europe 0.8 — North America 0.4 — South America 0.3 0.2 Corporate — 2.7 Total turnaround plan charges $ 1.6 $ 3.3 Other charges were: 13 weeks ended (In millions) March 27, March 28, Europe $ 0.3 $ 0.3 North America 1.2 0.3 Total other charges $ 1.5 $ 0.6 |
Accrued Liabilities, Re-engineering Charges Rollforward | The balance included in accrued liabilities related to the Turnaround Plan was: As of (In millions) March 27, December 26, Beginning balance $ 18.7 $ 12.9 Provision 1.6 33.0 Adjustments and other charges (0.2) 2.7 Currency translation adjustment (0.1) — Cash expenditures: Severance (2.1) (28.5) Other (1.7) (1.4) Ending balance $ 16.2 $ 18.7 The balance included in accrued liabilities related to other charges was: As of (In millions) March 27, December 26, Beginning balance $ — $ 3.1 Provision 1.5 3.1 Adjustments and other charges — (1.9) Cash expenditures: Severance — (1.8) Other (1.2) (2.5) Ending balance $ 0.3 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The effective tax rate was: 13 weeks ended March 27, March 28, Effective tax rate 31.5 % 6.0 % |
Schedule of Unrecognized Tax Benefits Roll Forward | ncertain tax positions and related interest and penalties were: As of (In millions) March 27, December 26, Accrual for uncertain tax positions $ 15.3 $ 15.3 Uncertain tax positions impacting effective tax rate if recognized $ 10.6 $ 10.6 Interest and penalties related to uncertain tax positions $ 0.4 $ 3.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Earnings Per Share [Abstract] | |
Elements of Earnings per Share Computations | The elements of the earnings (loss) per share computations were as follows: 13 weeks ended (In millions, except per share amounts) March 27, March 28, Net income (loss) $ 45.3 $ (7.8) Basic weighted-average shares 49.4 48.9 Effect of dilutive securities 4.0 — Diluted weighted-average shares 53.4 48.9 Basic earnings (loss) per share $ 0.92 $ (0.16) Diluted earnings (loss) per share $ 0.85 $ (0.16) Excluded anti-dilutive shares 2.9 4.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Rollforward of 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 26, 2020 $ (648.4) $ 0.2 $ (37.7) $ (685.9) Other comprehensive income (loss) before reclassifications 3.9 — 1.0 4.9 Amounts reclassified from accumulated other comprehensive income (loss) — — 0.4 0.4 Other comprehensive income (loss) 3.9 — 1.4 5.3 Balance at March 27, 2021 $ (644.5) $ 0.2 $ (36.3) $ (680.6) (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) 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) Amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of: 13 weeks ended (In millions) March 27, March 28, Cash flow hedges (gain) losses $ — $ (0.5) Tax (benefit) provision — 0.1 Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges $ — $ (0.4) Amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of: 13 weeks ended (In millions) March 27, March 28, Prior service (benefit) costs $ (0.1) $ (0.1) Actuarial (gains) losses 0.6 0.5 Tax (benefit) provision (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items $ 0.4 $ 0.3 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | A reconciliation of the Company’s cash and cash equivalents in the Consolidated Balance Sheets to cash, cash equivalents, and restricted cash at end of period in the Consolidated Statements of Cash Flows is as follows: As of (In millions) March 27, December 26, Cash and cash equivalents $ 154.8 $ 139.1 Restricted cash 7.9 11.4 Cash, cash equivalents and restricted cash at end of period $ 162.7 $ 150.5 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Receivables [Abstract] | |
Accounts Receivable [Table] | The accounts receivable and allowance for credit losses balance was: As of (In millions) March 27, December 26, Accounts receivable $ 143.8 $ 151.9 Allowance for credit losses (33.7) (37.2) Accounts receivable, net $ 110.1 $ 114.7 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Inventory, Net [Abstract] | |
Components of Inventories | Inventories balance net of any inventory allowance was: As of (In millions) March 27, December 26, Finished goods $ 197.4 $ 176.4 Work in process 29.4 27.6 Raw materials and supplies 35.3 32.3 Inventories $ 262.1 $ 236.3 |
Long-Term Receivables (Tables)
Long-Term Receivables (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Long-Term Receivables Rollforward | The long-term receivables and allowance for long-term receivables balance was as follows: As of (In millions) March 27, December 26, Long-term receivables, gross $ 38.5 $ 39.3 Beginning balance $ (26.7) $ (13.9) Write-offs — 3.7 Recoveries 0.1 0.6 Provision (a) (3.4) (14.8) Currency translation adjustment 0.8 (2.3) Allowance for long-term receivables $ (29.2) $ (26.7) Long-term receivables net $ 9.3 $ 12.6 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Pretax income on forward points was as follows: 13 weeks ended (In millions) March 27, March 28, Forward points gain (loss) on fair value hedges $ 1.0 $ 5.0 13 weeks ended (In millions) March 27, March 28, Forward points gain (loss) recorded in other comprehensive income $ — $ 0.3 Forward points gain (loss) from settlement of cash flow hedges $ — $ 3.3 Fair value gain (loss) recorded in other comprehensive income $ 0.2 $ 7.7 Gain (loss) recorded in accumulated other comprehensive income $ — $ 10.1 As of Derivatives designated as hedging instruments ( in millions ) Balance sheet location March 27, December 26, 2020 Derivative assets: Foreign exchange contracts Non-trade amounts receivable, net $ 3.4 $ 4.3 Derivative liabilities: Foreign exchange contracts Accrued liabilities $ (3.6) $ (4.4) |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional value of largest outstanding positions to purchase and sell currencies was: As of (In millions) March 27, Purchase South Korean Won $ 11.5 Purchase Swiss Franc $ 18.7 Sell United States Dollars $ 43.1 Sell Philippine Peso $ 6.8 As of (In millions) December 26, 2020 Purchase South Korean Won $ 35.4 Purchase Swiss Franc $ 23.3 Sell United States Dollars $ 79.9 Sell Euros $ 16.8 |
Derivative Instruments, Gain (Loss) | Changes in fair value, net of tax, recorded in other comprehensive income (loss) and the pretax income on forward points was as follows: 13 weeks ended (In millions) March 27, March 28, Fair value gain (loss) recorded in other comprehensive income $ 4.1 $ 56.2 Forward points gain (loss) recorded in other comprehensive income $ (2.3) $ (6.3) |
Schedule of Notional Value of Forward Contracts | The notional value of forward contracts to purchase and sell curries was: As of (In millions) March 27, December 26, 2020 Notional value of forward contracts to purchase currencies $ 66.8 $ 125.2 Notional value of forward contracts to sell currencies $ 67.0 $ 125.3 |
Schedule of Net Derivative Position | Including the effect of master netting arrangements that provide a right of offset upon default of the counterparty, the Company’s net derivative position amounts were: As of (In millions) March 27, December 26, 2020 Net derivative asset (liability) $ (0.2) $ (0.1) |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure | Deferred revenue balance, which was primarily related to payments received in advance for orders not yet shipped, was as follows: As of (In millions) March 27, December 26, Deferred revenue $ 20.9 $ 14.1 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The debt portfolio consisted of: As of (In millions) March 27, December 26, 2020 Term loan $ 241.0 $ 275.0 Credit agreement 451.1 423.3 Finance leases (a) 2.9 3.3 Unamortized debt issuance costs (15.0) (18.3) Total debt $ 680.0 $ 683.3 Current debt and finance lease obligations $ 452.5 $ 424.7 Long-term debt and finance lease obligations 227.5 258.6 Total debt $ 680.0 $ 683.3 |
Schedule of Extinguishment of Debt | The loss on debt extinguishment was calculated as follows: As of (In millions) March 27, Term loan retirement amount $ 34.0 Less: Cash paid 34.0 Less: Costs incurred 2.1 Loss on debt extinguishment (pre-tax) $ (2.1) Earnings (loss) per share from loss on debt extinguishment $ (0.04) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Leases [Abstract] | |
Lease, Expense | Components of lease expense were as follows: 13 weeks ended (In millions) March 27, March 28, Operating lease costs: Operating lease cost (a) (b) $ 10.0 $ 11.8 Finance lease costs: Amortization of right-of-use assets (a) $ 0.2 $ 0.2 ____________________ (a) Included in selling, general and administrative expense and cost of products sold. (b) Includes $0.6 million and $0.4 million related to short-term rent expense and variable rent expense, respectively. |
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 27, March 28, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (9.9) $ (11.7) Financing cash flows from finance leases $ (0.3) $ (0.3) Leased assets obtained in exchange for new operating lease liabilities $ 0.2 $ 7.5 |
Supplemental Balance Sheet information related to Leases | Supplemental information related to leases is as follows: As of (In millions, except lease term and discount rate) March 27, December 26, Operating Leases: Operating lease right-of-use assets $ 93.4 $ 97.9 Accrued liabilities $ 26.2 $ 26.5 Operating lease liabilities 67.5 70.1 Total Operating lease liabilities $ 93.7 $ 96.6 Finance Leases: Property, plant and equipment, at cost $ 19.3 $ 19.7 Accumulated amortization (12.1) (12.2) Property, plant and equipment, net $ 7.2 $ 7.5 Current portion of finance lease obligations $ 1.4 $ 1.4 Long-term finance lease obligations 1.5 1.9 Total Finance lease liabilities $ 2.9 $ 3.3 Weighted average remaining lease term Operating leases 5.3 years 5.4 years Finance leases 2.2 years 2.4 years Weighted average discount rate Operating leases 5.5 % 5.7 % Finance leases 5.1 % 5.1 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of March 27, 2021 and December 26, 2020 were as follows: As of As of March 27, 2021 December 26, 2020 (In millions) Operating Leases Finance Leases Operating Leases Finance Leases 2021 $ 28.3 $ 1.2 $ 30.1 $ 1.6 2022 23.7 1.9 21.1 1.9 2023 16.9 — 14.8 — 2024 11.6 — 10.2 — 2025 7.4 — 6.9 — Thereafter 30.9 — 30.8 — Total undiscounted lease liability $ 118.8 $ 3.1 $ 113.9 $ 3.5 Less imputed interest (25.1) (0.2) (17.3) (0.2) Total $ 93.7 $ 2.9 $ 96.6 $ 3.3 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
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 27, 2021 and March 28, 2020 were as follows: Pension benefits Post-retirement benefits 13 weeks ended 13 weeks ended (In millions) March 27, March 28, March 27, March 28, Service cost $ 1.8 $ 2.1 $ — $ — Interest cost 0.9 1.1 0.1 0.1 Return on plan assets (0.9) (1.0) — — Net amortization 0.6 0.7 (0.1) (0.3) Net periodic cost (benefit) $ 2.4 $ 2.9 $ — $ (0.2) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements Senior Notes [Table] | he fair value of the Term Loan was as follows: As of As of March 27, 2021 December 26, 2020 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Term loan $ 241.0 $ 241.0 $ 275.0 $ 275.0 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 27, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | 13 weeks ended (In millions) March 27, March 28, Asia Pacific $ 125.3 $ 120.4 Europe 126.9 105.7 North America 146.5 101.3 South America 61.6 48.5 Total net sales $ 460.3 $ 375.9 Asia Pacific $ 30.7 $ 17.3 Europe 32.5 2.5 North America 17.7 6.5 South America 11.6 3.0 Total segment profit 92.5 29.3 Unallocated expenses 20.5 23.9 Re-engineering charges (a) 3.1 3.9 (Gain) loss on disposal of assets (8.7) 0.1 Interest expense 11.8 10.2 Interest income (0.3) (0.5) Income (loss) before income taxes $ 66.1 $ (8.3) ____________________ (a) See Note 5: Re-engineering Charges for further discussion. Total identifiable assets by segment were: As of (In millions) March 27, December 26, Asia Pacific $ 293.8 $ 290.6 Europe 260.3 276.7 North America 237.8 220.5 South America 113.0 112.8 Corporate 322.0 319.3 Total identifiable assets $ 1,226.9 $ 1,219.9 |
Shipping and Handling Costs (De
Shipping and Handling Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Shipping and Handling [Line Items] | ||
Selling, general and administrative expense | $ 249.4 | $ 242.9 |
Shipping and Handling | ||
Shipping and Handling [Line Items] | ||
Selling, general and administrative expense | $ 43.4 | $ 29.1 |
Promotional Costs (Details)
Promotional Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Promotional Costs [Abstract] | ||
Promotional and other sales force compensation expenses | $ 67.4 | $ 58.5 |
Incentive Compensation Plans (D
Incentive Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 26, 2020 | Mar. 27, 2021 | Mar. 28, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ 27,600 | ||
Weighted average years to recognize the unrecognized stock-based compensation | 2 years 7 months 6 days | ||
Shares retained to fund withholding taxes | 44,999 | 1,127 | |
Value of shares retained to fund withholding taxes | $ 1,400 | $ 0 | |
Time Vested, Performance Vested and Market Vested Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Outstanding, Beginning of Period | 4,954,342 | ||
Vested | (316,510) | ||
Forfeited | (99,423) | ||
Shares Outstanding, End of Period | 5,157,525 | ||
Weighted Average Grant Date Fair Value, Beginning of Period | $ 3.60 | ||
Vested | 5.90 | ||
Forfeited | 16.02 | ||
Weighted Average Grant Date Fair Value, End of Period | $ 5.79 | ||
Restricted Stock or Unit Expense | $ 1,700 | 1,900 | |
Time-vested shares granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 334,936 | ||
Granted | $ 25.05 | ||
Performance shares granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 284,180 | ||
Granted | $ 24.98 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at December 26, 2020 | 4,074,398 | ||
Exercised | (13,702) | ||
Expired / Forfeited | (183,746) | ||
Outstanding at March 27, 2021 | 3,876,950 | ||
Weighted Average Exercise Price Per Share Outstanding, Beginning of Period | $ 43.74 | ||
Expired / Forfeited | 52.08 | ||
Exercised | 37.16 | ||
Weighted Average Exercise Price Per Share Outstanding, End of Period | $ 43.37 | ||
Aggregate Intrinsic Value | $ 22,400 | ||
Exercisable at March 27, 2021 | 2,803,062 | ||
Weighted Average Exercise Price Per Share | $ 57.67 | ||
Exercisable, Aggregate Intrinsic Value | $ 0 | ||
Stock or Unit Option Plan Expense | $ 100 | $ 300 |
Re-engineering Charges (Details
Re-engineering Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | Dec. 26, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | $ 3.1 | $ 3.9 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | 3.1 | 3.9 | |
Turnaround plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 1.6 | 3.3 | $ 33 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 18.7 | 12.9 | 12.9 |
Re-engineering charges | 1.6 | 3.3 | 33 |
Adjustments and other charges | (0.2) | 2.7 | |
Currency translation adjustment | (0.1) | 0 | |
Ending balance | 16.2 | 18.7 | |
Turnaround plan | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures: | (2.1) | (28.5) | |
Turnaround plan | Other | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures: | (1.7) | (1.4) | |
Turnaround plan | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 0 | 2.7 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | 0 | 2.7 | |
Turnaround plan | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 0.1 | 0.4 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | 0.1 | 0.4 | |
Turnaround plan | Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 0.8 | 0 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | 0.8 | 0 | |
Turnaround plan | North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 0.4 | 0 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | 0.4 | 0 | |
Turnaround plan | South America | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 0.3 | 0.2 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | 0.3 | 0.2 | |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 1.5 | 0.6 | 3.1 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 3.1 | 3.1 |
Re-engineering charges | 1.5 | 0.6 | 3.1 |
Adjustments and other charges | 0 | (1.9) | |
Ending balance | 0.3 | 0 | |
Other | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures: | 0 | (1.8) | |
Other | Other | |||
Restructuring Reserve [Roll Forward] | |||
Cash expenditures: | (1.2) | $ (2.5) | |
Other | Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 0.3 | 0.3 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | 0.3 | 0.3 | |
Other | North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 1.2 | 0.3 | |
Restructuring Reserve [Roll Forward] | |||
Re-engineering charges | $ 1.2 | $ 0.3 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 31.50% | 6.00% | |
Gross unrecognized tax benefit | $ 15.3 | $ 15.3 | |
Unrecognized tax benefits that would impact effective tax rate, if recognized | 10.6 | 10.6 | |
Accrued interest and penalties related to uncertain tax positions | $ 0.4 | $ 3.9 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |||
Mar. 27, 2021 | Sep. 26, 2020 | Mar. 28, 2020 | Sep. 28, 2019 | |
Net Income Per Common Share [Line Items] | ||||
Net income (loss) | $ 45.3 | $ 45.3 | $ (7.8) | $ (7.8) |
Basic weighted-average shares | 49.4 | 48.9 | ||
Common equivalent shares: | ||||
Effect of dilutive securities | 4 | 0 | ||
Diluted weighted-average shares | 53.4 | 48.9 | ||
Basic earnings (loss) per share | $ 0.92 | $ (0.16) | ||
Diluted earnings (loss) per share | $ 0.85 | $ (0.16) | ||
Excluded anti-dilutive shares | 2.9 | 4.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 27, 2021 | Sep. 26, 2020 | Mar. 28, 2020 | Sep. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ (680.6) | $ (719.8) | $ (685.9) | $ (638.3) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4.9 | (81.4) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.4 | (0.1) | ||||
Other Comprehensive Income (Loss), Net of Tax | 5.3 | $ 5.3 | (81.5) | $ (81.5) | ||
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax | 0 | (0.5) | ||||
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives, Tax | 0 | 0.1 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.1) | (0.1) | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0.6 | 0.5 | ||||
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, tax | (0.1) | (0.1) | ||||
Foreign Currency Items | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (644.5) | (693.8) | (648.4) | (600.2) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3.9 | (93.6) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 3.9 | (93.6) | ||||
Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 0.2 | 7.7 | 0.2 | (2.4) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 10.5 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (0.4) | ||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 10.1 | ||||
Pension and Other Post-retirement Items | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (36.3) | (33.7) | $ (37.7) | $ (35.7) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | 1.7 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.4 | 0.3 | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 1.4 | $ 2 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 | Mar. 28, 2020 | Dec. 28, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Restricted Cash | $ 7.9 | $ 11.4 | ||
Cash | 154.8 | 139.1 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 162.7 | $ 150.5 | $ 178 | $ 126.1 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Receivables [Abstract] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 110.1 | $ 114.7 |
Accounts Receivable, Allowance for Credit Loss | (33.7) | (37.2) |
Accounts Receivable, before Allowance for Credit Loss, Current | $ 143.8 | $ 151.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Inventory, Net [Abstract] | ||
Finished goods | $ 197.4 | $ 176.4 |
Work in process | 29.4 | 27.6 |
Raw materials and supplies | 35.3 | 32.3 |
Inventories | $ 262.1 | $ 236.3 |
Long-Term Receivables (Details)
Long-Term Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 27, 2021 | Dec. 26, 2020 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Financing Receivable, before Allowance for Credit Loss | $ 38.5 | $ 39.3 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | (26.7) | (13.9) |
Write-offs | 0 | 3.7 |
Recoveries | 0.1 | 0.6 |
Provision | (3.4) | (14.8) |
Currency translation adjustment | 0.8 | (2.3) |
Ending balance | (29.2) | (26.7) |
Long-term receivables net | 9.3 | 12.6 |
Reclassifications from current receivables | 2.5 | 8.3 |
Long-term receivables past due | $ 30.9 | $ 30.9 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - Europe - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2021 | Mar. 27, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sale of business | $ 30.5 | |
Gain on disposal | $ 1 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 27, 2021 | Sep. 26, 2020 | Mar. 28, 2020 | Sep. 28, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Change in Unrealized Gain (Loss) on Foreign Currency Fair Value Hedging Instruments | $ 1 | $ 5 | ||||
Other Comprehensive Income (Loss), Net of Tax | (5.3) | $ (5.3) | 81.5 | $ 81.5 | ||
Other Comprehensive Income (Loss) impact from Net Investment Hedging, Forward Points | 0 | 0.3 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 3.3 | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0.2 | 7.7 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | 10.1 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 680.6 | 719.8 | $ 685.9 | $ 638.3 | ||
Net derivative asset (liability) | $ (0.2) | $ (0.1) | ||||
Cash Flow Hedging | 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 | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss) impact from Net Investment Hedging, Forward Points | $ (2.3) | (6.3) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $ 4.1 | $ 56.2 | ||||
Minimum | Cash Flow Hedging | Foreign exchange contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Remaining Maturity Range | 1 month | |||||
Maximum | Cash Flow Hedging | Foreign exchange contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Remaining Maturity Range | 15 months |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Outstanding Derivative Financial Instruments at Notional Value) (Details) - Forward Contracts - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 66.8 | $ 125.2 |
Derivative Liability, Notional Amount | 67 | 125.3 |
Korea (South), Won | Long | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 11.5 | 35.4 |
Switzerland, Francs | Long | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 18.7 | 23.3 |
U.S. dollars | Short | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 43.1 | 79.9 |
Philippines, Pesos | Short | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 6.8 | |
Euro | Short | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 16.8 |
Derivative Instruments and He_3
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 - Foreign exchange contracts - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Non-Trade Amounts Receivable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 3.4 | $ 4.3 |
Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ (3.6) | $ (4.4) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Company's Derivative Positions and Their Impact on Company's Operations) (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Mar. 27, 2021USD ($) | Mar. 27, 2021EUR (€) | Mar. 28, 2020USD ($) | Mar. 28, 2020EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 0 | $ 3.3 | ||
Other expense (income) | Forward Contracts | Philippines, Pesos | Short | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income on related hedged items | 8.8 | 75.3 | ||
Fair Value Hedging | Other expense (income) | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain or (loss) recognized in income on derivatives | (7.2) | (75.3) | ||
Cash Flow Hedges | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 0 | 10.6 | ||
Cash Flow Hedges | Cost of products sold | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0.5 | ||
Net Investment Hedges | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | $ 3 | € 2.3 | $ 70.7 | € 1.8 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred Revenue | $ 20.9 | $ 14.1 |
Debt - Components of debt (Deta
Debt - Components of debt (Details) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Debt Instrument [Line Items] | ||
Finance leases | $ 2.9 | $ 3.3 |
Unamortized debt issuance costs | (15) | (18.3) |
Current debt and finance lease obligations | 452.5 | 424.7 |
Long-term debt and finance lease obligations | 227.5 | 258.6 |
Total debt | 680 | 683.3 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Term loan | 241 | 275 |
Credit agreement | ||
Debt Instrument [Line Items] | ||
Credit agreement | $ 451.1 | $ 423.3 |
Debt -Term Loan (Details)
Debt -Term Loan (Details) - USD ($) $ in Millions | Feb. 28, 2021 | Dec. 03, 2020 | Mar. 27, 2021 | Mar. 28, 2020 | Dec. 26, 2020 |
Debt Instrument [Line Items] | |||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 3.75% | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Term loan | $ 241 | $ 275 | |||
Term Loan | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Long-term Lines of Credit | $ 275 | ||||
Debt Instrument, Unamortized Discount, Percent | 4.50% | ||||
Debt Instrument, Unamortized Discount | $ 12.4 | ||||
Debt Instrument, Variable Rate Floor | 2.00% | ||||
Term loan repayment | $ (34) | ||||
Term loan | $ 241 | $ 275 | |||
Term Loan | Fed Funds | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Term Loan | Eurodollar | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 8.75% | |||
Term Loan | Eurodollar | Debt Instrument, Redemption, Period One | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8.75% | ||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 275.00% | ||||
Term Loan | Eurodollar | Debt Instrument, Redemption, Period Two | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8.25% | ||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 275.00% | ||||
Term Loan | Base Rate | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 7.75% | ||||
Term Loan | Base Rate | Debt Instrument, Redemption, Period One | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 7.75% | ||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 275.00% | ||||
Term Loan | Base Rate | Debt Instrument, Redemption, Period Two | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 7.25% | ||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 275.00% | ||||
Line of Credit | Parent Term Loan | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||||
Line of Credit | Dart Term Loan | Term Loan Facility | Dart Industries, Inc. | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | ||||
Line of Credit | Term Loan | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Variable Rate Floor | 1.00% |
Debt - Schedule of Debt Extingu
Debt - Schedule of Debt Extinguishment (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Extinguishment of Debt [Line Items] | ||
Loss on debt extinguishment | $ (2.1) | $ 0 |
Term Loan | Term Loan Facility | Term Loan | ||
Extinguishment of Debt [Line Items] | ||
Term loan retirement amount | 34 | |
Payment for Debt Extinguishment or Debt Prepayment Cost | 34 | |
Payment for debt extinguishment cost | 2.1 | |
Loss on debt extinguishment | $ (2.1) | |
Earnings (loss) per share from loss on debt extinguishment | $ (0.04) |
Debt - Credit Agreement (Detail
Debt - Credit Agreement (Details) $ in Millions | Feb. 28, 2020 | Mar. 27, 2021USD ($) | Mar. 28, 2020 | Dec. 26, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 3.75% | |||
Unused lines of credit | $ 222.2 | |||
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% | |||
Credit agreement | ||||
Debt Instrument [Line Items] | ||||
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 | |||
Unused lines of credit | 180.7 | |||
Credit agreement | $ 451.1 | $ 423.3 | ||
Credit agreement | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 188.00% | |||
Weighted average interest rate on LIBOR-based borrowings | 2.00% | |||
Credit agreement | Fed Funds | ||||
Debt Instrument [Line Items] | ||||
Derivative, Basis Spread on Variable Rate | 0.50% | |||
Credit agreement | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |||
Credit agreement | Swingline [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Credit agreement | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 325 | |||
Credit agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||
Credit agreement | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||
Credit agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.275% | |||
Credit agreement | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||
Credit agreement | Euro | ||||
Debt Instrument [Line Items] | ||||
Credit agreement | $ 129.1 | $ 160.3 | ||
Uncommitted Lines of credit | ||||
Debt Instrument [Line Items] | ||||
Unused lines of credit | $ 41.5 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | |
Debt Instrument [Line Items] | |||||
Loss on debt extinguishment | $ (2.1) | $ 0 | |||
Senior Notes Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal | $ 600 | ||||
Loss on debt extinguishment | $ (9.7) | $ 9.9 | $ 40 | ||
Stated interest rate | 4.75% |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 27, 2021 | Mar. 28, 2020 | Dec. 26, 2020 | |
Lease Expense Disclosure [Abstract] | |||
Operating lease cost | $ 10 | $ 11.8 | |
Amortization of right-of-use assets | 0.2 | 0.2 | |
Short-term rent expense | 0.6 | 0.4 | |
Leases Supplemental Cash Flow Disclosure [Abstract] | |||
Operating cash flows from operating leases | (9.9) | (11.7) | |
Financing cash flows from finance leases | (0.3) | (0.3) | |
Leased assets obtained in exchange for new operating lease liabilities | 0.2 | $ 7.5 | |
Lease Balance Sheet Disclosure [Abstract] | |||
Operating lease right-of-use assets | 93.4 | $ 97.9 | |
Accrued liabilities | 26.2 | 26.5 | |
Operating lease liabilities | 67.5 | 70.1 | |
Total Operating lease liabilities | 93.7 | 96.6 | |
Property, plant and equipment, at cost | 19.3 | 19.7 | |
Accumulated amortization | (12.1) | (12.2) | |
Finance Lease, Right-of-Use Asset | 7.2 | 7.5 | |
Current portion of finance lease obligations | 1.4 | 1.4 | |
Long-term finance lease obligations | 1.5 | 1.9 | |
Total Finance lease liabilities | $ 2.9 | $ 3.3 | |
Weighted Average Remaining Lease Terms [Abstract] | |||
Operating leases | 5 years 3 months 18 days | 5 years 4 months 24 days | |
Finance leases | 2 years 2 months 12 days | 2 years 4 months 24 days | |
Weighted Average Discount Rate [Abstract] | |||
Operating leases | 5.50% | 5.70% | |
Finance leases | 5.10% | 5.10% | |
Operating Leases | |||
2021 | $ 28.3 | $ 30.1 | |
2022 | 23.7 | 21.1 | |
2023 | 16.9 | 14.8 | |
2024 | 11.6 | 10.2 | |
2025 | 7.4 | 6.9 | |
Thereafter | 30.9 | 30.8 | |
Total undiscounted lease liability | 118.8 | 113.9 | |
Less imputed interest | (25.1) | (17.3) | |
Total | 93.7 | 96.6 | |
Finance Leases | |||
2021 | 1.2 | 1.6 | |
2022 | 1.9 | 1.9 | |
2023 | 0 | 0 | |
2024 | 0 | 0 | |
2025 | 0 | 0 | |
Thereafter | 0 | 0 | |
Total undiscounted lease liability | 3.1 | 3.5 | |
Less imputed interest | (0.2) | (0.2) | |
Total | $ 2.9 | $ 3.3 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Lessee, Finance Lease, Renewal Term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Lessee, Finance Lease, Renewal Term | 5 years |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 27, 2021 | Mar. 28, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amortization | $ 0.5 | $ 0.4 |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1.8 | 2.1 |
Interest cost | 0.9 | 1.1 |
Return on plan assets | (0.9) | (1) |
Net amortization | 0.6 | 0.7 |
Net periodic cost (benefit) | 2.4 | 2.9 |
Post-retirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0.1 | 0.1 |
Return on plan assets | 0 | 0 |
Net amortization | (0.1) | (0.3) |
Net periodic cost (benefit) | 0 | (0.2) |
Other expense (income) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic cost (benefit) | $ 0.6 | $ 0.6 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) | Mar. 27, 2021 |
Minimum | |
Other Commitments [Line Items] | |
Lease, term | 1 year |
Maximum | |
Other Commitments [Line Items] | |
Lease, term | 4 years |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Mar. 27, 2021 | Dec. 26, 2020 |
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Debt, Carrying Value | $ 452.5 | $ 424.7 |
Significant Other Observable Inputs (Level 2) | Term Loan | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Debt, Carrying Value | 241 | 275 |
Debt Instrument, Fair Value Disclosure | $ 241 | $ 275 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2021 | Mar. 27, 2021 | Mar. 28, 2020 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 460.3 | $ 375.9 | ||
Segment profit | 92.5 | 29.3 | ||
Unallocated expenses | 20.5 | 23.9 | ||
Re-engineering charges | 3.1 | 3.9 | ||
(Gain) loss on disposal of assets | (8.7) | 0.1 | ||
Interest expense | 11.8 | 10.2 | ||
Interest income | (0.3) | (0.5) | ||
Income (loss) before income taxes | 66.1 | (8.3) | ||
Total identifiable assets | 1,226.9 | $ 1,219.9 | ||
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Proceeds from sale of business | $ 30.5 | |||
Net sales | 126.9 | 105.7 | ||
Segment profit | 32.5 | 2.5 | ||
Total identifiable assets | 260.3 | 276.7 | ||
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 125.3 | 120.4 | ||
Segment profit | 30.7 | 17.3 | ||
Total identifiable assets | 293.8 | 290.6 | ||
North America | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 146.5 | 101.3 | ||
Segment profit | 17.7 | 6.5 | ||
Total identifiable assets | 237.8 | 220.5 | ||
South America | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 61.6 | 48.5 | ||
Segment profit | 11.6 | 3 | ||
Total identifiable assets | 113 | 112.8 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Total identifiable assets | 322 | $ 319.3 | ||
Beauty and Personal Care Products | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 55 | $ 53.6 |
Uncategorized Items - tup-20210
Label | Element | Value |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | $ 800,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | 2,300,000 |
Common Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 600,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 600,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 600,000 |
Shares, Issued | us-gaap_SharesIssued | 63,600,000 |
Shares, Issued | us-gaap_SharesIssued | 63,600,000 |
Shares, Issued | us-gaap_SharesIssued | 63,600,000 |
Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 1,188,800,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,054,700,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,067,300,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | (18,100,000) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | (4,800,000) |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 45,300,000 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | (7,800,000) |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 215,300,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 216,900,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 215,000,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | 1,900,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | (200,000) |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (680,600,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (638,300,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (719,800,000) |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 5,300,000 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (81,500,000) |
Treasury Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (921,600,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (916,400,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (877,400,000) |
Shares, Issued | us-gaap_SharesIssued | 14,000,000 |
Shares, Issued | us-gaap_SharesIssued | 14,600,000 |
Shares, Issued | us-gaap_SharesIssued | 14,700,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | $ 19,100,000 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation | $ 5,200,000 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation | (100,000) |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation | (300,000) |