Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Feb. 17, 2022 | Jun. 26, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 25, 2021 | ||
Current Fiscal Year End Date | --12-25 | ||
Document Transition Report | false | ||
Entity File Number | 1-11657 | ||
Entity Registrant Name | TUPPERWARE BRANDS CORPORATION | ||
Entity Central Index Key | 0001008654 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,129,056,630 | ||
Entity Common Stock, Shares Outstanding | 48,916,776 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement relating to the Annual Meeting of Shareholders to be held May 4, 2021 are incorporated by reference into Part III of this Report. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 25, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Tampa, Florida |
Auditor Firm ID | 238 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Statement [Abstract] | |||
Net Sales | $ 1,602.3 | $ 1,557.8 | $ 1,614.1 |
Cost of products sold | 534 | 504.8 | 544.3 |
Gross profit | 1,068.3 | 1,053 | 1,069.8 |
Selling, general and administrative expense | 827.2 | 840.4 | 873.3 |
Re-engineering charges | 14.8 | 35.3 | 33.8 |
Gain on disposal of assets | (32.3) | (14.3) | (12.9) |
Impairment expense | 8.1 | 0 | 6.7 |
Operating income | 250.5 | 191.6 | 168.9 |
(Gain) loss on debt extinguishment | 19.9 | (40.2) | 0 |
Interest expense | 35.2 | 38.6 | 41.5 |
Interest income | (1.1) | (1.5) | (2.2) |
Other income, net | (1.7) | (12) | (17.8) |
Income from continuing operations before income taxes | 198.2 | 206.7 | 147.4 |
Provision for income taxes | 42.6 | 95.8 | 88.9 |
Income from continuing operations | 155.6 | 110.9 | 58.5 |
Income (loss) from discontinued operations before income taxes | 3 | 5.6 | (44) |
Loss on held for sale assets and dispositions | (133.5) | 0 | 0 |
Provision for income taxes | 6.5 | 4.3 | 2.1 |
Income (loss) on discontinued operations | (137) | 1.3 | (46.1) |
Net income | $ 18.6 | $ 112.2 | $ 12.4 |
Earnings Per Share: | |||
Basic earnings from continuing operations - per share | $ 3.15 | $ 2.26 | $ 1.20 |
Basic earnings (loss) from discontinued operations - per share | (2.77) | 0.03 | (0.94) |
Basic earnings per share - Total | 0.38 | 2.29 | 0.26 |
Diluted earnings from continuing operations - per share | 2.93 | 2.12 | 1.19 |
Diluted earnings (loss) from discontinued operations - per share | (2.58) | 0.02 | (0.94) |
Diluted earnings per share - Total | $ 0.35 | $ 2.14 | $ 0.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net income | $ 18.6 | $ 112.2 | $ 12.4 |
Foreign currency translation adjustments | (16.1) | (48.2) | (17.3) |
Deferred gain (loss) on cash flow hedges, net of tax | 0 | 2.6 | (2.9) |
Pension and other post-retirement benefit (costs), net of tax | 14.1 | (2) | (11) |
Other comprehensive income (loss) | (2) | (47.6) | (31.2) |
Total comprehensive income (loss) | $ 16.6 | $ 64.6 | $ (18.8) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Assets | ||
Cash and cash equivalents | $ 267.2 | $ 134.1 |
Accounts receivable, net | 86.2 | 95.9 |
Inventories, net | 232.2 | 211 |
Non-trade accounts receivable, net | 31.9 | 23.4 |
Prepaid expenses and other current assets | 22.8 | 27.9 |
Current assets held for sale | 7.9 | 53.8 |
Total current assets | 648.2 | 546.1 |
Deferred tax assets, net | 194.9 | 172.2 |
Property, plant and equipment, net | 160.9 | 188.7 |
Operating lease assets | 74.7 | 91 |
Long-term receivables, net | 7.7 | 12.4 |
Trade names, net | 10.6 | 11.6 |
Goodwill | 42.7 | 54 |
Other assets, net | 97.2 | 95.4 |
Assets held for sale | 18.5 | 48.5 |
Total assets | 1,255.4 | 1,219.9 |
Liabilities And Shareholders' Equity | ||
Accounts payable | 123.3 | 116.3 |
Current debt and finance lease obligations | 8.9 | 424.7 |
Accrued liabilities | 287.9 | 319.3 |
Current liabilities held for sale | 135.8 | 49.4 |
Total current liabilities | 555.9 | 909.7 |
Long-term debt and finance lease obligations | 700.5 | 258.6 |
Operating lease liabilities | 57.3 | 66.1 |
Other liabilities | 131 | 176.3 |
Liabilities held for sale | 17.8 | 13.9 |
Total liabilities | 1,462.5 | 1,424.6 |
Shareholders' equity (deficit): | ||
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued | 0.6 | 0.6 |
Paid-in capital | 216.9 | 215.5 |
Retained earnings | 1,139.4 | 1,161.6 |
Treasury stock, 14,726,849 and 14,312,853 shares, respectively, at cost | (876.1) | (896.5) |
Accumulated other comprehensive loss | (687.9) | (685.9) |
Total shareholders' equity (deficit) | (207.1) | (204.7) |
Total liabilities and shareholders' equity | $ 1,255.4 | $ 1,219.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 25, 2021 | Dec. 26, 2020 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 63,607,090 | 63,607,090 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect Period Of Adoption, Adjustment | Common Stock [Member] | Treasury Stock [Member] | Paid-In Capital | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect Period Of Adoption, Adjustment |
Beginning balance, shares at Dec. 29, 2018 | 63.6 | 15 | |||||||
Beginning balance at Dec. 29, 2018 | $ (235.2) | $ 7.1 | $ 0.6 | $ (939.8) | $ 219.3 | $ 1,086.8 | $ 12.1 | $ (602.1) | $ (5) |
Net income | 12.4 | 12.4 | |||||||
Other comprehensive loss | (31.2) | (31.2) | |||||||
Cash dividends declared | (39.4) | (39.4) | |||||||
Stock and options issued for incentive plans, shares | (0.3) | ||||||||
Stock and options issued for incentive plans | 9.3 | $ 18.2 | (4.3) | (4.6) | |||||
Ending balance, shares at Dec. 28, 2019 | 63.6 | 14.7 | |||||||
Ending balance at Dec. 28, 2019 | (277) | $ 0.6 | $ (921.6) | 215 | 1,067.3 | (638.3) | |||
Net income | 112.2 | 112.2 | |||||||
Other comprehensive loss | (47.6) | (47.6) | |||||||
Stock and options issued for incentive plans, shares | (0.4) | ||||||||
Stock and options issued for incentive plans | 7.7 | $ 25.1 | 0.5 | (17.9) | |||||
Ending balance, shares at Dec. 26, 2020 | 63.6 | 14.3 | |||||||
Ending balance at Dec. 26, 2020 | (204.7) | $ 0.6 | $ (896.5) | 215.5 | 1,161.6 | (685.9) | |||
Net income | 18.6 | 18.6 | |||||||
Other comprehensive loss | (2) | (2) | |||||||
Repurchase of common stock, shares | 1 | ||||||||
Repurchase of common stock, value | (25) | $ (25) | |||||||
Stock and options issued for incentive plans, shares | (0.6) | ||||||||
Stock and options issued for incentive plans | 6 | $ 45.4 | 1.4 | (40.8) | |||||
Ending balance, shares at Dec. 25, 2021 | 63.6 | 14.7 | |||||||
Ending balance at Dec. 25, 2021 | $ (207.1) | $ 0.6 | $ (876.1) | $ 216.9 | $ 1,139.4 | $ (687.9) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||
Dec. 25, 2021 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 26, 2020 | |
Cash dividend declared, per share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.81 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | ||||
Operating Activities: | ||||||
Net income | $ 18.6 | $ 112.2 | $ 12.4 | |||
Less: Income (loss) from discontinued operations | (137) | 1.3 | (46.1) | |||
Income from continuing operations | 155.6 | 110.9 | 58.5 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 39.7 | 41 | 47.2 | |||
Unrealized foreign exchange loss (gain) | (0.5) | 0.7 | (0.5) | |||
Stock-based compensation | 8.6 | 8.9 | 10.4 | |||
Amortization of deferred debt issuance costs | 5.5 | 1.8 | 0.7 | |||
Gain on disposal of assets | (32.3) | (14) | (13.4) | |||
Provision for credit losses | 6.5 | 13.5 | 28.6 | |||
(Gain) Loss on debt extinguishment | 19.9 | (47.4) | 0 | |||
Write-down of inventories | 14.9 | 14.1 | 6.9 | |||
Goodwill impairment | 8.1 | 0 | 6.7 | |||
Net change in deferred taxes | (36.6) | 5 | 12 | |||
Net cash impact from hedging activity | (6.9) | 3.6 | (2.3) | |||
Other | (0.2) | 0.1 | 0.2 | |||
Changes in assets and liabilities: | ||||||
Accounts receivable | 1.5 | (9.7) | (0.5) | |||
Inventories | (51) | (11.8) | 2.8 | |||
Non-trade accounts receivable | 8.1 | 20.6 | (0.5) | |||
Prepaid expenses | 1 | (4.7) | (0.5) | |||
Other assets | 3.1 | (30.5) | 12.8 | |||
Accounts payable and accrued liabilities | (13.2) | 42 | (30.9) | |||
Income taxes payable | (4.8) | 24.6 | (36.2) | |||
Other liabilities | (15.6) | (2.1) | (16.2) | |||
Net cash provided by (used in) operating activities | 111.4 | 166.6 | 85.8 | |||
Investing Activities: | ||||||
Capital expenditures | (35.1) | (27.6) | (59.6) | |||
Proceeds from disposal of property, plant and equipment | 53.3 | 59.1 | 34 | |||
Net cash provided by (used in) investing activities | 18.2 | 31.5 | (25.6) | |||
Financing Activities: | ||||||
Senior notes repayment | 0 | (552.3) | 0 | |||
Proceeds (repayment) previous term loan | (275) | 275 | 0 | |||
Proceeds (repayment) previous revolver facility | (415.9) | 131 | (6.2) | |||
Net proceeds from issuance of term loan | 398.5 | 0 | 0 | |||
Borrowings on revolver facility | 377 | 0 | 0 | |||
Repayment of revolver facility | (65) | 0 | 0 | |||
Debt issuance costs | (9.9) | (20.7) | (2.3) | |||
Finance lease repayments | (1.4) | (0.6) | (1.6) | |||
Common stock repurchase | (25) | 0 | 0 | |||
Cash payments of employee withholding tax for stock awards | (3) | (1.6) | (0.9) | |||
Proceeds from exercise of stock options | 0.5 | 0.2 | 0 | |||
Common stock cash dividends paid | 0 | 0 | (74.3) | |||
Net cash provided by (used in) financing activities | (19.2) | (169) | (85.3) | |||
Discontinued Operations | ||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (18.1) | (0.5) | 1.6 | |||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 41.6 | 0 | (1.4) | |||
Net Cash Provided by (Used in) Discontinued Operations | 23.5 | (0.5) | 0.2 | |||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (10.6) | (4.2) | (0.9) | |||
Net change in cash, cash equivalents and restricted cash | 123.3 | 24.4 | (25.8) | |||
Cash, cash equivalents and restricted cash at beginning of year | 150.5 | [1] | 126.1 | [1] | 151.9 | |
Cash, cash equivalents and restricted cash at end of year | [1] | $ 273.8 | $ 150.5 | $ 126.1 | ||
[1] | Includes $0.2Â million, $5.1 million, and $5.1 million of cash, cash equivalents and restricted cash from discontinued operations at December 25, 2021, December 26, 2020, and December 28, 2019 respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Summary of 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 "Tupperware" or the "Company" with all intercompany transactions and balances having been eliminated. The Company prepared the 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 (the "SEC") 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. The Company’s fiscal year ends on the last Saturday of December and included 52 weeks during 2021, 2020, and 2019. Out-of-Period Misstatements As previously disclosed, the Company, with the help of external legal and accounting resources, has investigated accounting matters at both its Fuller Mexico and Tupperware Mexico locations (collectively, "Mexico operations"). The Company has been and continues to respond to ongoing inquiries from the the SEC regarding the Company's Mexico operations. During 2021, 2020, and 2019, the Company determined that there were misstatements of its net sales, accounts receivable, inventories, and accrued liabilities within its previously issued annual and interim financial statements, resulting from the override of certain controls by management at the Company's Tupperware Mexico operations and from the misconduct of Fuller Mexico employees. The correction of prior period misstatements related to Tupperware Mexico and Fuller Mexico, as detailed below, resulted from the misconduct at such locations, with the exception of the misstatement identified in fiscal year 2021. As indicated in Note 13: Assets Held for Sale and Discontinued Operations, Fuller Mexico is part of the disposal group, which is reported as discontinued operations. In addition, the Company has also corrected for other immaterial prior period misstatements as out-of-period corrections in the period of identification, including out-of-period corrections relating to deferred tax assets and to the Company’s tax provision. Furthermore, in the fourth quarter of 2021, the Company recorded an out-of-period correction of a deferred tax asset related to stock-based compensation, which understated the Company's net income on the Consolidated Statements of Income for the year ended December 25, 2021. The Company has determined that the aforementioned misstatements, and the out-of-period correction of such amounts, did not result in any previous or current financial statements being materially misstated, as noted below: Year Ended (In millions) December 25, December 26, December 28, Prior Years Tupperware Mexico $ — $ (3.2) $ 2.4 $ 0.8 Fuller Mexico (1.6) 0.5 (5.6) 6.8 Others (1.0) 0.1 0.3 0.6 Pretax over (under) misstatement (2.6) (2.6) (2.9) 8.2 Tax-effect of above misstatements 0.7 1.0 0.8 (2.5) Other income tax misstatements (4.6) (0.4) 3.9 1.1 Total tax impact (3.9) 0.6 4.7 (1.4) Net income over (under) misstatement from continuing operations $ (5.4) $ (2.4) $ 5.7 $ 2.0 Net income over (under) misstatement from discontinued operations $ (1.1) $ 0.4 $ (3.9) $ 4.8 Net income over (under) misstatement $ (6.5) $ (2.0) $ 1.8 $ 6.8 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 revenues and expenses during the reporting period. Actual results could differ materially from these estimates. The impact of the decline in 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, travel restrictions, and quarantine requirements, remained in place for a significant period of time, resulting in the temporary closure of schools and non-essential businesses and restrictions on travel and in-person gatherings. The Company has continued to respond by taking actions to keep employees protected, support the Company's global sales force and their communities, and maintain business continuity. Discontinued Operations In line with the strategy of the Turnaround Plan, as described in Note 3: Re-engineering Charges, the Company decided to dispose of the operations of certain key brands of the Company's beauty business including Avroy Shlain, House of Fuller, Nutrimetics, and Nuvo in order to better focus on the core business. The Company completed the sale of Avroy Shlain in the first quarter of 2021, and as of the fourth quarter, has entered into a definitive purchase agreement for the sale of the House of Fuller business. This transaction is subject to customer closing conditions and is expected to close in the first quarter of 2022. The Company previously had a letter of intent with a potential buyer for Nutrimetics that did not progress into a definitive agreement. The Company has since received non-binding offers from several interested parties and expects to execute a new letter of intent by the second quarter of 2022. The Company is actively exploring strategic alternatives for Nuvo. The Company has determined that these dispositions represent a strategic shift that will have a major effect on its results of operations. The Company has reflected the results of the beauty businesses as discontinued operations including all comparative prior period information in these Consolidated Financial Statements. Certain costs previously allocated to the beauty business for segment reporting purposes do not qualify for classification within discontinued operations and have been reallocated to continuing operations. See Note 13, Held for Sale Assets and Discontinued Operations, for additional information. Revenue Recognition The Company defines a contract, for revenue recognition purposes, as the order received from the Company's customer who, in most cases, is one of the Company's independent distributors or a member of its independent sales force. Revenue is recognized when control of the product passes to the customer, which is upon shipment, and is recognized at the amount that reflects the consideration the Company expects to receive for the products sold, including various forms of discounts and net of expected returns which is estimated using historical return patterns and current expectation of future returns. The Company elected to account for shipping and handling activities that occur after the customer has obtained control of the product as an activity to fulfill the promise to transfer the product rather than as an additional promised service. Generally, payment is either received in advance or in a relatively short period of time following shipment. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Contracts with customers are evaluated to determine if there are separate performance obligations that are not yet met. These obligations generally relate to product awards to be subsequently fulfilled. When that is the case, revenue is deferred until each performance obligation is met. Deferred revenue is recorded in the accrued liabilities line item in the Consolidated Balance Sheets. Distribution 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: Year Ended (In millions) December 25, December 26, December 28, Distribution costs $ 145.8 $ 140.7 $ 113.1 Promotional Costs and Other Accruals The Company frequently makes promotional offers to members of its independent sales force to encourage them to fulfill specific goals or targets for other activities, ancillary to the Company’s business, but considered separate and distinct services from sales, which are measured by defined group/team sales levels, party attendance, addition of new sales force members or other business-critical functions. The awards offered are in the form of product awards, special prizes, or trips. The Company accrues for the costs of these awards during the period over which the sales force qualifies for the award and reports these costs primarily as a component of 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. 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: Year Ended (In millions) December 25, December 26, December 28, Promotional costs $ 225.7 $ 229.9 $ 255.6 Like promotional accruals, other accruals are recorded over the time period that a liability is incurred and is both probable and reasonably estimable. Adjustments to amounts previously accrued are made when changes occur in the facts and circumstances that generated the accrual. Stock-based Compensation The Company has several stock-based employee and director compensation plans, which are described more fully in Note 2: Incentive Compensation Plans to the Consolidated Financial Statements. Compensation expense for stock-based awards is recorded on a straight-line basis over the required service period, based on the fair value of the award. The fair value of the stock option grants is estimated using the Black-Scholes option-pricing model, which requires assumptions, including dividend yield, risk-free interest rate, the estimated length of time employees will retain their stock options before exercising them (expected term), and the estimated volatility of the Company's common stock price over the expected term. These assumptions are generally based on historical averages of the Company. Compensation expense associated with restricted stock, restricted stock units and performance-vested stock awards is equal to the market value of the Company's common stock on the date of grant and is recorded pro rata over the required service period. The fair value of market-vested awards is based on a Monte-Carlo simulation that estimates the fair value based on the Company's stock price activity between the beginning of the year and the grant date relative to a defined comparative group of companies, expected term of the award, risk-free interest rate, expected dividends, and the expected volatility of the stock of the Company and those in the comparative group. The grant date fair value per share of market-vested awards already reflects the probability of achieving the market condition, and is therefore used to record the expense on a straight-line basis over the performance period regardless of actual achievement. Advertising and Research and Development Costs Advertising and research and development costs are charged to expense as incurred. Research and development expenses primarily include salaries, contractor expenses, and facility expenses. Both advertising and research and development expenses are included in selling, general and administrative expense. Advertising and research and development expenses were: Year Ended (In millions) December 25, December 26, December 28, Advertising expense $ 3.7 $ 2.5 $ 4.4 Research and development expense $ 10.9 $ 11.2 $ 13.8 Internal Use Software Development Costs The Company capitalizes internal use software development costs as they are incurred and amortizes such costs over their estimated useful lives of three to five years, beginning when the software is placed in service. Net unamortized internal use software development costs are included in property, plant and equipment, net. Amortization expense related to internal use software development costs was: Year Ended (In millions) December 25, December 26, December 28, Amortization expense $ 5.8 $ 5.1 $ 5.1 Net unamortized internal use software development costs were: Year Ended (In millions) December 25, December 26, Net unamortized internal use software development costs $ 22.2 $ 18.6 Product Warranty Tupperware brand name products are guaranteed against chipping, cracking, breaking, or peeling under normal non-commercial use of the product with certain limitations. The cost of replacing defective products is not material. Income Taxes The provision for income taxes includes income from U.S. and foreign affiliates taxed at statutory rates, the accrual or release of amounts for tax uncertainties, and U.S. tax impacts of foreign income in the U.S. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying amounts of assets and liabilities on the financial statements and their respective tax bases. Deferred tax assets also are recognized for net operating losses and credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates applicable to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. An assessment is made as to whether or not a valuation allowance is required to offset deferred tax assets. This assessment requires estimates as to future operating results, as well as an evaluation of the effectiveness of the Company's tax planning strategies. These estimates are made on an ongoing basis based upon the Company's business plans and growth strategies in each market and consequently, future material changes in the valuation allowance are possible. The valuation allowance reduces the deferred tax assets to an amount that management determined is more-likely-than-not to be realized. The Company operates in and files income tax returns in the U.S. and numerous foreign jurisdictions, which are subject to examination by tax authorities. Years open to examination contain matters that could be subject to differing interpretations of applicable tax laws and regulations related to the amount and/or timing of income, deductions, and tax credits. The Company accounts for uncertain tax positions in accordance with Accounting Standards Codification ("ASC") 740, Income Taxes. This guidance prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Interest and penalties related to tax contingency or settlement items are recorded as a component of the provision for income taxes in the Company's Consolidated Statements of Income. The Company records accruals for tax contingencies as a component of accrued liabilities or other long-term liabilities on its Consolidated Balance Sheet. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average shares outstanding. Diluted earnings per share is calculated by also considering the impact of dilutive securities such as options, restricted shares, restricted stock units, and performance share units on both net income and the weighted-average shares outstanding. Foreign Currency Translation Results of operations of foreign subsidiaries are translated into United States Dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries, other than those of operations in highly inflationary countries, are translated into United States Dollars using exchange rates at the Consolidated Balance Sheet date. The related translation adjustments are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses, as well as re-measurement of financial statements of subsidiaries in highly inflationary countries, are included in income. Inflation in Argentina and Venezuela has been at a high level the past several years. The Company uses a blended index of the Consumer Price Index and National Consumer Price Index for determining highly inflationary status in Argentina and Venezuela. For Argentina, this blended index reached cumulative three-year inflation in excess of 100 percent in 2018 and as such, the Company transitioned to highly inflationary status as of July 1, 2018. For Venezuela, this blended index reached cumulative three-year inflation in excess of 100 percent at November 30, 2009 and as such, the Company transitioned to highly inflationary status at the beginning of its 2010 fiscal year. Gains and losses resulting from the translation of the financial statements of subsidiaries operating in highly inflationary economies are recorded in earnings. For Venezuela, through fiscal 2017, the bolivar to United States Dollar exchange rates used in translating the Company’s operating activity was based on an official rate recognized by the Venezuelan government. As of the end of December 2017, the Company evaluated the significant inflationary environment in Venezuela, as well as the actual exchange rates used to conduct business, particularly related to the procurement of resins to manufacture product. The Company concluded it would use the parallel exchange rate in use in the country to value sales and profit beginning in 2018. As a result, as of the end of 2017, the Company re-measured its balance sheet at the parallel rate available at that time, and evaluated the Venezuelan fixed assets for impairment. In 2021, 2020, and 2019, the net expense in connection with re-measuring net monetary assets and recording in cost of sales inventory at the exchange rate when it was purchased or manufactured compared with when it was sold, was $2.0 million, $4.5 million, and $1.6 million, respectively. The amounts related to re-measurement are included in other expense (income), net. As of the end of 2021, the net monetary assets, which were of a nature that will generate income or expense for the change in value associated with exchange rate fluctuations versus the United States Dollar, were immaterial. In addition, there was $25.5 million in cumulative foreign currency translation losses related to Venezuela included in equity within the Consolidated Balance Sheets. 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 long-term other assets, net line items in the Consolidated Balance Sheet. Accounts Receivable and Allowance for Credit Losses The Company maintains current receivable amounts with most of its independent distributors and sales force in certain markets. It also maintains long-term receivable amounts with certain of these customers. The Company regularly monitors and assesses its risk of not collecting amounts owed by customers. This evaluation is based upon an analysis of amounts current and past due, along with relevant history and facts particular to the customer. It is also based upon estimates of distributor business prospects, particularly related to the evaluation of the recoverability of long-term amounts due. This evaluation is performed by business unit and account by account, based upon historical experience, market penetration levels and similar factors. It also considers collateral of the customer that could be recovered to satisfy debts. The Company records its allowance for credit losses based on the results of this analysis. The analysis requires the Company to make significant estimates and as such, changes in facts and circumstances could result in material changes in the allowance for credit losses. The Company considers as past due any receivable balance not collected within its contractual terms. Inventories Inventories are valued at the lower of cost or net realizable value on a first-in, first-out basis. Inventory cost includes cost of raw material, labor, and overhead. The Company writes down its inventory for obsolescence or unmarketability in an amount equal to the difference between the cost of the inventory and estimated market value based upon expected future demand and pricing. The demand and pricing is estimated based upon the historical success of product lines as well as the projected success of promotional programs, new product introductions, and the availability of new markets or distribution channels. The Company prepares projections of demand and pricing on an item by item basis for all of its products. If inventory on hand exceeds projected demand or the expected market value is less than the carrying value, the excess is written down to its net realizable value. If actual demand or the estimate of market value decreases, additional write-downs would be required. Property, Plant and Equipment Property, plant and equipment is initially stated at cost. Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: Years Building and improvements 10 - 40 Molds 4 - 10 Production equipment 10 Distribution equipment 5 - 10 Computer/telecom equipment 3 - 5 Capitalized software 3 - 7 The Company considers the need for an impairment review when events occur that indicate that the book value of a long-lived asset or asset group may exceed its recoverable value. Upon the sale or retirement of property, plant and equipment, a gain or loss, if any, is recognized equal to the difference between sales price and net book value. Expenditures for maintenance and repairs are charged to cost of products sold or selling, general and administrative expense, depending on the asset to which the expenditure relates. Trade names Trade names are recorded at their fair market values at the date of acquisition . The trade names included in the Company's Consolidated Financial Statements at December 25, 2021 and December 26, 2020 were related to the acquisition of the Sara Lee direct selling businesses in December 2005. The Company's indefinite-lived trade name is evaluated for impairment annually during the third quarter of each year similarly to goodwill beginning with a qualitative assessment. The annual process for assessing the carrying value of indefinite-lived trade name begins with a qualitative assessment that is similar to the assessment performed for goodwill. When the Company determines it is appropriate, the quantitative impairment evaluation for the Company's indefinite-lived trade name involves comparing the estimated fair value of the assets to the carrying amounts, to determine if fair value is lower and a write-down required. If the carrying amount of a trade name exceeds its estimated fair value, an impairment charge is recognized in an amount equal to the excess. The fair value of this trade name is estimated using the relief from royalty method, which is a form of the income approach. Under this method, the value of the asset is calculated by selecting a royalty rate, which estimates the amount a company would be willing to pay for the use of the asset. This rate is applied to the reporting unit's projected revenue, tax effected and discounted to present value. Goodwill The Company's recorded goodwill relates primarily to the December 2005 acquisition of the direct selling businesses of Sara Lee Corporation. The Company performs an annual assessment during the third quarter of each year to evaluate the assets in each of its reporting units for impairment, or more frequently if events or changes in circumstances indicate that a triggering event for an impairment evaluation has occurred. The annual process for evaluating goodwill begins with an assessment for each entity of qualitative factors to determine whether a quantitative evaluation of the unit's fair value compared with its carrying value is appropriate for determining potential goodwill impairment. The qualitative factors evaluated by the Company include: macro-economic conditions of the local business environment, overall financial performance, sensitivity analysis from the most recent quantitative fair value evaluation ("fair value test"), as prescribed under ASC 350, Intangibles - Goodwill and Other, and other entity specific factors as deemed appropriate. When the Company determines a fair value test is appropriate, it estimates the fair value of the reporting unit and compares the result with its carrying amount, including goodwill, after any long-lived asset impairment charges. If the carrying amount of the reporting unit exceeds its fair value, an impairment charge is recorded equal to the amount by which the carrying value exceeds the fair value, up to the amount of goodwill associated with the reporting unit. Fair value tests are done by using the income approach. The income approach, or discounted cash flow approach, requires significant assumptions to estimate the fair value of each reporting unit. These include assumptions regarding future operations and the ability to generate cash flows, including projections of revenue, expenses, utilization of assets and capital requirements, along with an appropriate discount rate to be used. The most sensitive estimate in the fair value test is the projection of operating cash flows, as these provide the basis for the estimate of fair market value. The Company’s cash flow model uses a forecast period of 10 years and a terminal value. The growth rates are determined by reviewing historical results of the operating unit and the historical results of the Company’s similar business units, along with the expected contribution from growth strategies being implemented. The market approach relies on an analysis of publicly-traded companies similar to the Company and deriving a range of revenue and profit multiples. The publicly-traded companies used in the market approach are selected based on their having similar product lines of consumer goods and/or companies using a direct selling distribution method. The resulting multiples are then applied to the reporting unit to determine fair value. Goodwill is further discussed in Note 12: Trade Names and Goodwill to the Consolidated Financial Statements. Derivative Financial Instruments and Hedging Activities The Company recognizes in its Consolidated Balance Sheets the asset or liability associated with all derivative instruments and measures those assets and liabilities at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge. The accounting for changes in the value of a derivative accounted for as a hedge depends on the intended use of the derivative and the resulting designation of the hedge exposure. Depending on how the hedge is used and the designation, the gain or loss due to changes in value is reported either in earnings, or initially in other comprehensive income. Gains or losses that are reported in other comprehensive income are eventually recognized in earnings, with the timing of this recognition governed by ASC 815, Derivatives and Hedging. The Company uses derivative financial instruments, principally over-the-counter forward exchange contracts with major international financial institutions, to offset the effects of exchange rate changes on net investments in certain foreign subsidiaries, certain forecasted purchases, certain intercompany transactions, and certain accounts payable and accounts receivable. The Company also uses Euro-denominated intercompany borrowings to hedge a portion of its net investment in foreign subsidiaries. Gains and losses on instruments designated as net equity hedges of net investments in a foreign subsidiary or on intercompany transactions that are permanent in nature are accrued as exchange rates change, and are recognized in shareholders' equity as a component of foreign currency translation adjustments within accumulated other comprehensive loss. Gains and losses on contracts designated as fair value hedges of accounts receivable, accounts payable, and non-permanent intercompany transactions are acc |
Incentive Compensation Plans
Incentive Compensation Plans | 12 Months Ended |
Dec. 25, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Compensation Plans | Note 2: Incentive Compensation Plans On May 22, 2019, the shareholders of the Company approved the adoption of the Tupperware Brands Corporation 2019 Incentive Plan (the "2019 Incentive Plan"). The 2019 Incentive Plan provides for the issuance of cash and stock-based incentive awards to employees, directors, and certain non-employee participants. Stock-based awards may be in the form of stock options, restricted stock, restricted stock units, performance vesting, and market vesting awards. Under the plan, awards that are canceled or expire are added back to the pool of available shares. When the 2019 Incentive Plan was approved, the number of shares of the Company's common stock available for stock-based awards under the plan totaled 850,000, plus remaining shares available for issuance under the Tupperware Brands Corporation 2016 Incentive Plan, the Tupperware Brands Corporation 2010 Incentive Plan, and the Tupperware Brands Corporation Director Stock Plan. Shares may no longer be granted under the plans adopted before 2019. The total number of shares available for grant under the 2019 Incentive Plan as of December 25, 2021 was 2,053,885. Under the 2019 Incentive Plan, as of December 25, 2021 non-employee directors currently receive approximately 40 percent of their annual retainers in the form of stock and may elect to receive the balance of their annual retainers in the form of stock or cash. Stock Options Stock options to purchase the Company's common stock are granted to employees and directors, upon approval by the Compensation and Management Development Committee of the Board of Directors, with an exercise price equal to the fair market value of the stock on the date of grant. Options generally become exercisable in three years, in equal installments beginning one year from the date of grant, and generally expire 10 years from the date of grant. The fair value of the Company's stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used in the last three years: Year Ended December 25, December 26, December 28, Dividend yield N/A —% N/A Expected volatility N/A 44.7% N/A Risk-free interest rate N/A 0.9% N/A Expected life N/A 9 years N/A ____________________ N/A - not applicable; there were no stock options granted. 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 $ 32.8 Granted — — Expired/Forfeited (827,024) 56.90 Exercised (13,702) 37.16 Outstanding at December 25, 2021 3,233,672 $ 40.41 $ 12.6 Exercisable at December 25, 2021 2,233,672 $ 57.33 $ — The intrinsic value of options exercised during 2021, 2020 and 2019 totaled $0.0 million for each year. The average remaining contractual life on outstanding and exercisable options was 4.36 years and 2.64 years, respectively, at the end of 2021. The weighted average estimated grant-date fair value of 2020 option grants was $1.10 per share. Market and Performance Awards, Restricted Stock and Restricted Stock Units The Company also grants restricted stock, restricted stock units, performance-vested awards, and market-vested awards to employees and directors, which typically have initial vesting periods ranging from one year to three years. The incentive program for the performance and market-vested awards are based upon a target number of share units, although the actual number of performance and market-vested shares ultimately earned can vary from zero to 150 percent of target depending on the Company's achievement under the performance criteria of the grants. The payouts, if earned, are settled in the Company's common stock after the end of the three three The Company's market-vested awards provide incentive opportunity based on the relative total shareholder return ("rTSR") of the Company's common stock against a group of companies composed of the S&P 400 Mid-cap Consumer Discretionary Index and the Company's Compensation Peer Group (collectively, the "Comparative Group") over a three In 2021 as a result of the Company's performance, the estimated number of shares expected to vest for performance share plans granted prior to 2021 decreased b y 13,719 sh ares. Restricted stock, restricted stock units, performance-vested, and market-vested share award activity for 2021 under all of the Company's incentive plans is summarized in the following table: Non-vested Shares Weighted Outstanding at December 26, 2020 4,954,342 $ 3.60 Time-vested shares granted 477,871 24.39 Market-vested shares granted — — Performance shares granted 284,180 24.98 Performance share adjustments (26,444) 26.30 Vested (725,859) 5.90 Forfeited (463,879) 11.44 Outstanding at December 25, 2021 4,500,211 $ 5.71 The vesting date fair value of restricted stock, restricted stock units and performance-vested awards that vested in 2021, 2020, and 2019 was $20.4 million, $6.5 million, and $5.2 million, respectively. The weighted average grant-date fair value per share of these types of awards in 2021, 2020, and 2019 was $24.61, $3.41, and $29.86, respectively. Compensation expense associated with restricted stock units that are paid in cash is remeasured each reporting period based on the market value of shares outstanding and is included as a liability on the Consolidated Balance Sheets. Shares outstanding under cash settled awards totaled 20,957, 24,320, and 10,449 shares as of the end of 2021, 2020, and 2019, respectively. These outstanding cash settled awards had a fair value of $0.3 million, $0.9 million, and $0.1 million as of the end of 2021, 2020, and 2019, respectively. Compensation expense associated with all stock-based compensation was $8.6 million, $8.9 million, and $10.4 million in 2021, 2020, and 2019, respectively. The estimated tax benefit associated with this compensation expense was $1.8 million, $2.0 million, and $2.4 million in 2021, 2020, and 2019, respectively. As of December 25, 2021, total unrecognized stock-based compensation expense related to all stock-based awards was $15.9 million, which is expected to be recognized over a weighted average period of 2.2 years. Expense related to earned cash performance awards of $13.7 million, $17.9 million, and $1.0 million was included in the Consolidated Statements of Income for 2021, 2020, and 2019, respectively. 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: Year Ended (In millions, except shares) December 25, December 26, December 28, Shares retained to fund withholding taxes 105,669 59,636 44,131 Value of shares retained to fund withholding taxes $ 3.0 $ 1.6 $ 0.9 |
Re-engineering Costs
Re-engineering Costs | 12 Months Ended |
Dec. 25, 2021 | |
Restructuring and Related Activities [Abstract] | |
Re-engineering Costs | Note 3: 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") and the July 2017 revitalization program ("2017 program"). The Company continued to execute on its three-year Turnaround Plan with progress that included improvements in liquidity and strengthening of the capital structure through the sale of non-core assets; restructuring and refinancing the Company's debt; and the utilization of share repurchase authorization. The Turnaround Plan charges primarily related to severance costs and outside consulting services. The 2017 program charges primarily related to facility costs. The re-engineering charges were: Year Ended (In millions) December 25, December 26, December 28, Turnaround plan $ 13.3 $ 32.2 $ 25.5 2017 program 1.5 3.1 4.5 Other — — 3.8 Total re-engineering charges $ 14.8 $ 35.3 $ 33.8 Expenses by reporting segment were: Year Ended (In millions) December 25, December 26, December 28, Asia Pacific $ 2.9 $ 3.9 $ 11.7 Europe 6.8 15.5 16.7 North America 2.0 2.8 2.3 South America — 3.0 0.7 Corporate 3.1 10.1 2.4 Total re-engineering charges $ 14.8 $ 35.3 $ 33.8 The balances included in accrued liabilities related to re-engineering charges were: As of (In millions) December 25, December 26, Beginning balance $ 18.7 $ 16.0 Provision 14.8 35.3 Adjustments and other charges — 0.8 Cash expenditures: Severance (12.7) (29.5) Other (7.5) (3.9) Non cash currency translation adjustment $ (0.4) $ — Ending balance $ 12.9 $ 18.7 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 25, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5: Earnings Per Share The elements of the earnings per share computations were as follows: Year Ended (In millions, except per share amounts) December 25, December 26, December 28, Income from continuing operations $ 155.6 $ 110.9 $ 58.5 Income (loss) on discontinued operations (137.0) 1.3 (46.1) Net income $ 18.6 $ 112.2 $ 12.4 Weighted-average basic shares outstanding 49.4 49.1 48.8 Effect of dilutive securities 3.6 3.2 0.2 Weighted-average diluted shares 53.0 52.3 49.0 Basic earnings (loss) from continuing operations - per share $ 3.15 $ 2.26 $ 1.20 Basic earnings (loss) from discontinued operations per share $ (2.77) $ 0.03 $ (0.94) Basic earnings (loss) per share - Total $ 0.38 $ 2.29 $ 0.26 Diluted earnings (loss) from continuing operations - per share $ 2.93 $ 2.12 $ 1.19 Diluted earnings (loss) from discontinued operations - per share $ (2.58) $ 0.02 $ (0.94) Diluted earnings (loss) per share - Total $ 0.35 $ 2.14 $ 0.25 Excluded anti-dilutive shares 2.5 3.8 3.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 25, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 6: Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) was as follows: (In millions, net of tax) Foreign Currency Items (a) (d) Cash Flow Hedges (b) Pension and Other Post-retirement Items (c) Total Balance at December 29, 2018 $ (579.1) $ 1.7 $ (24.7) $ (602.1) Cumulative effect of change in Accounting Principle (3.8) (1.2) — (5.0) Other comprehensive loss before reclassifications (17.3) (5.1) (10.7) (33.1) Amounts reclassified from accumulated other comprehensive loss — 2.2 (0.3) 1.9 Other comprehensive loss (17.3) (2.9) (11.0) (31.2) Balance at December 28, 2019 (600.2) (2.4) (35.7) (638.3) Other comprehensive income (loss) before reclassifications (48.2) 5.4 (3.0) (45.8) Amounts reclassified from accumulated other comprehensive income (loss) — (2.8) 1.0 (1.8) Other comprehensive income (loss) (48.2) 2.6 (2.0) (47.6) Balance at December 26, 2020 (648.4) 0.2 (37.7) (685.9) Other comprehensive income (loss) before reclassifications (16.1) 0.4 13.4 (2.3) Amounts reclassified from accumulated other comprehensive income (loss) — (0.4) 0.7 0.3 Other comprehensive income (loss) (16.1) — 14.1 (2.0) Balance at December 25, 2021 $ (664.5) $ 0.2 $ (23.6) $ (687.9) (a) Foreign currency item amounts reclassified from accumulated other comprehensive income (loss) impact the Other income, net line item in the Consolidated Statements of Income (Loss). (b) Cash flow hedge amounts reclassified from accumulated other comprehensive income (loss) impact the Cost of products sold line item in the Consolidated Statements of Income (Loss). Also, see additional information for cash flow hedges at Note 14: Derivative Financial Instruments and Hedging Activities. (c) See additional information for pension and other post-retirement items at Note 19: Retirement Benefit Plans. (d) Included in the ending balance as of December 25, 2021 i s $140.9 million of accumulated foreign currency losses that have been included in the calculation of the loss on assets held for sale and will reduce the accumulated foreign currency losses upon completion of the sales. Amounts reclassified from accumulated other comprehensive income (loss) that related to cash flow hedges consisted of: Year Ended (In millions) December 25, December 26, December 28, Cash flow hedges (gain) losses $ (0.4) $ (3.6) $ 3.1 Tax (benefit) provision — 0.8 (0.9) Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges $ (0.4) $ (2.8) $ 2.2 Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items consisted of: Year Ended (In millions) December 25, December 26, December 28, Prior service costs/(benefit) $ (0.6) $ (0.9) $ (1.3) Settlements (gains) losses (1.3) 0.1 0.7 Actuarial (gains) losses 3.1 2.9 0.3 Tax (benefit) provision (0.5) (1.1) — Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items $ 0.7 $ 1.0 $ (0.3) |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 25, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Note 7: Cash, Cash Equivalents and Restricted Cash 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) December 25, December 26, Cash and cash equivalents $ 267.2 $ 134.1 Restricted cash 6.6 11.3 Cash, cash equivalents and restricted cash at end of period $ 273.8 $ 145.4 Time deposits, certificates of deposit or similar instruments included in cash and cash equivalents were: As of (In millions) December 25, December 26, Time deposits, certificates of deposit or similar instruments $ 16.4 $ 13.8 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 25, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Note 8: Accounts Receivable The accounts receivable and allowance for credit losses balance was: As of (In millions) December 25, December 26, Accounts receivable $ 117.3 $ 129.1 Allowance for credit losses (31.1) (33.2) Accounts receivable, net $ 86.2 $ 95.9 |
Inventories
Inventories | 12 Months Ended |
Dec. 25, 2021 | |
Inventory, Net [Abstract] | |
Inventories | Note 9: Inventories, net Inventories, net balance was: As of (In millions) December 25, December 26, Finished goods $ 181.2 $ 156.7 Work in process 28.4 27.3 Raw materials and supplies 22.6 27.0 Inventories, net $ 232.2 $ 211.0 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 25, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 10: Property, Plant and Equipment Property, plant and equipment, net balance is composed of: As of (In millions) December 25, December 26, Molds $ 717.6 $ 726.4 Production equipment 257.8 255.5 Buildings and improvements 111.6 133.3 Computer/telecom equipment 36.0 44.0 Distribution equipment 32.5 37.4 Capitalized software 78.9 71.9 Furniture and fixtures 24.6 28.0 Land 6.4 16.9 Construction in progress 13.2 22.1 Property, plant and equipment, gross 1,278.6 1,335.5 Accumulated depreciation (1,117.7) (1,146.8) Property, plant and equipment, net $ 160.9 $ 188.7 Depreciation expense was: Year Ended December 25, December 26, December 28, Depreciation expense $ 33.1 $ 35.0 $ 39.4 |
Leases
Leases | 12 Months Ended |
Dec. 25, 2021 | |
Leases [Abstract] | |
Lessee, Finance 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. In 2007, the Company completed construction of a manufacturing facility in Belgium. Costs related to the facility and equipment totaled $24.0 million and were financed through a sale lease-back transaction under two separate leases. The two leases are being accounted for as finance leases and have initial terms of 10 years and 15 years and interest rates of 5.1 percent. Due to COVID, the lease payment on the 15-year lease was deferred for 6 months and will now mature in mid-2023. Components of lease expense were as follows: Year Ended (In millions) December 25, December 26, December 28, Operating lease cost (a) (b) $ 39.2 $ 40.0 $ 46.7 Amortization of right-of-use assets (a) $ 0.6 $ 0.8 $ 0.9 Interest on lease liabilities (c) 0.1 0.2 0.2 Finance lease cost $ 0.7 $ 1.0 $ 1.1 ____________________ (a) I ncluded in selling, general and administrative expense and cost of products sold. (b) Includes $3.3 million and $1.7 million relat ed to short-term rent expense and variable rent expense, respectively. (c) Included in interest expense. Supplemental cash flow information related to leases is as follows: Year Ended (In millions) December 25, December 26, December 28, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (38.6) $ (37.0) $ (45.4) Operating cash flows from finance leases $ — $ — $ (0.2) Financing cash flows from finance leases $ (1.4) $ (0.6) $ (1.6) Right-of-use assets obtained in exchange for operating lease obligations $ 0.3 $ 34.4 $ 8.4 Supplemental information related to leases is as follows: As of (In millions, except lease term and discount rate) December 25, December 26, Operating leases Operating lease right-of-use assets $ 74.7 $ 91.0 Accrued liabilities $ 19.7 $ 23.7 Operating lease liabilities 57.3 66.1 Total operating lease liabilities $ 77.0 $ 89.8 Finance leases Property, plant and equipment, at cost $ 18.1 $ 19.7 Accumulated amortization (11.8) (12.2) Property, plant and equipment, net $ 6.3 $ 7.5 Current portion of finance lease obligations $ 1.4 $ 1.4 Long-term finance lease obligations 0.4 1.9 Total finance lease liabilities $ 1.8 $ 3.3 Weighted average remaining lease term Operating leases 5.7 years 5.3 years Finance leases 1.4 years 2.4 years Weighted average discount rate (a) Operating leases 5.3 % 5.2 % Finance leases 5.1 % 5.1 % _________________________ (a) Calculated using Company's incremental borrowing rate. Maturities of lease liabilities as of December 25, 2021 were as follows: As of December 25, (In millions) Operating Leases (a) Finance Leases 2022 $ 25.7 $ 1.4 2023 17.9 0.4 2024 13.3 — 2025 7.5 — 2026 5.3 — Thereafter 27.0 — Total lease payments 96.7 1.8 Less imputed interest (19.7) — Total $ 77.0 $ 1.8 _________________________ (a) Annual long term lease liabilities for continuing operations were calculated by deducting long term liabilities for discontinued operations averaged over the years 2023 and beyond. As of December 25, 2021, the Company did not have any operating leases not yet commenced but expected to commence in 2022. |
Lessee, Operating 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. In 2007, the Company completed construction of a manufacturing facility in Belgium. Costs related to the facility and equipment totaled $24.0 million and were financed through a sale lease-back transaction under two separate leases. The two leases are being accounted for as finance leases and have initial terms of 10 years and 15 years and interest rates of 5.1 percent. Due to COVID, the lease payment on the 15-year lease was deferred for 6 months and will now mature in mid-2023. Components of lease expense were as follows: Year Ended (In millions) December 25, December 26, December 28, Operating lease cost (a) (b) $ 39.2 $ 40.0 $ 46.7 Amortization of right-of-use assets (a) $ 0.6 $ 0.8 $ 0.9 Interest on lease liabilities (c) 0.1 0.2 0.2 Finance lease cost $ 0.7 $ 1.0 $ 1.1 ____________________ (a) I ncluded in selling, general and administrative expense and cost of products sold. (b) Includes $3.3 million and $1.7 million relat ed to short-term rent expense and variable rent expense, respectively. (c) Included in interest expense. Supplemental cash flow information related to leases is as follows: Year Ended (In millions) December 25, December 26, December 28, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (38.6) $ (37.0) $ (45.4) Operating cash flows from finance leases $ — $ — $ (0.2) Financing cash flows from finance leases $ (1.4) $ (0.6) $ (1.6) Right-of-use assets obtained in exchange for operating lease obligations $ 0.3 $ 34.4 $ 8.4 Supplemental information related to leases is as follows: As of (In millions, except lease term and discount rate) December 25, December 26, Operating leases Operating lease right-of-use assets $ 74.7 $ 91.0 Accrued liabilities $ 19.7 $ 23.7 Operating lease liabilities 57.3 66.1 Total operating lease liabilities $ 77.0 $ 89.8 Finance leases Property, plant and equipment, at cost $ 18.1 $ 19.7 Accumulated amortization (11.8) (12.2) Property, plant and equipment, net $ 6.3 $ 7.5 Current portion of finance lease obligations $ 1.4 $ 1.4 Long-term finance lease obligations 0.4 1.9 Total finance lease liabilities $ 1.8 $ 3.3 Weighted average remaining lease term Operating leases 5.7 years 5.3 years Finance leases 1.4 years 2.4 years Weighted average discount rate (a) Operating leases 5.3 % 5.2 % Finance leases 5.1 % 5.1 % _________________________ (a) Calculated using Company's incremental borrowing rate. Maturities of lease liabilities as of December 25, 2021 were as follows: As of December 25, (In millions) Operating Leases (a) Finance Leases 2022 $ 25.7 $ 1.4 2023 17.9 0.4 2024 13.3 — 2025 7.5 — 2026 5.3 — Thereafter 27.0 — Total lease payments 96.7 1.8 Less imputed interest (19.7) — Total $ 77.0 $ 1.8 _________________________ (a) Annual long term lease liabilities for continuing operations were calculated by deducting long term liabilities for discontinued operations averaged over the years 2023 and beyond. As of December 25, 2021, the Company did not have any operating leases not yet commenced but expected to commence in 2022. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 25, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Note 12: Trade Names and Goodwill The Company's trade names and goodwill relate primarily to the December 2005 acquisition of the direct selling businesses of Sara Lee Corporation. Trade Name The trade name balance was: As of December 25, December 26, (In millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Indefinite-lived trade name $ 10.6 $ — $ 10.6 $ 11.6 $ — $ 11.6 Total trade name $ 10.6 $ — $ 10.6 $ 11.6 $ — $ 11.6 Changes in the gross carrying value of trade names were: As of (In millions) December 25, December 26, Beginning balance $ 11.6 $ 11.0 Trade name impairment — — Effect of changes in exchange rates (1.0) 0.6 Ending balance $ 10.6 $ 11.6 Goodwill Goodwill balances were: (In millions) Asia Pacific Europe North America South America Total Gross goodwill balance at December 28, 2019 $ 56.0 $ — $ 55.3 $ 0.8 $ 112.1 Effect of changes in exchange rates 1.4 — (0.5) (0.1) 0.8 Gross goodwill balance at December 26, 2020 57.4 — 54.8 0.7 112.9 Effect of changes in exchange rates (2.2) — (0.9) (0.1) (3.2) Gross goodwill balance at December 25, 2021 $ 55.2 $ — $ 53.9 $ 0.6 $ 109.7 Cumulative impairments as of December 28, 2019 $ 20.0 $ — $ 38.9 $ — $ 58.9 Goodwill impairment — — — — — Cumulative impairments as of December 26, 2020 20.0 — 38.9 — 58.9 Goodwill impairment 8.1 — — — 8.1 Cumulative impairments as of December 25, 2021 $ 28.1 $ — $ 38.9 $ — $ 67.0 Goodwill as of December 28, 2019 $ 36.0 $ — $ 16.4 $ 0.8 $ 53.2 Goodwill as of December 26, 2020 $ 37.4 $ — $ 15.9 $ 0.7 $ 54.0 Goodwill as of December 25, 2021 $ 27.1 $ — $ 15.0 $ 0.6 $ 42.7 Annual Impairment Assessment In the third quarter of 2021, the Company completed the annual goodwill impairment assessments for all of its goodwill reporting units as well as the annual impairment assessment for its indefinite-lived intangible assets. As part of this testing, the Company analyzed certain qualitative and quantitative factors in completing the annual impairment assessment. The Company’s assessments reflected a number of significant management assumptions and estimates including the Company’s forecast of sales, profit margins, and discount rates, along with the royalty rate related to trade names. Changes in these assumptions could materially impact the Company’s conclusions. Based on its assessments, the Company concluded there were no impairments in the third quarter of 2021. The Company assessed each reporting unit for triggering events during the fourth quarter of 2021, which included reviewing financial performance, macroeconomic conditions, market considerations, and other events. During this assessment, the Company noted that the Philippine reporting unit's financial performance had declined significantly in the fourth quarter and was not recovering as expected. The Company decided to change both commercial leadership and financial leadership and move to a new sales model in order to better support the market. Based upon the totality of information, the Company determined these indicators constituted a triggering event which required management to reassess the fair value of the reporting unit in relation to its carrying value to determine if goodwill was impaired. The Company concluded the full value of the Philippines goodwill was impaired and recorded an $8.1 million |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 25, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for Sale and Discontinued Operations Discontinued operations include certain key brands of the Company’s beauty business including Avroy Shlain, House of Fuller, Nutrimetics, and Nuvo. The Company completed the sale of Avroy Shlain in the first quarter of 2021, and as of the fourth quarter of 2021, has an entered into a definitive purchase agreement for the sale of House of Fuller which is expected to close in the first quarter of 2022. The Company previously had a letter of intent with a potential buyer for Nutrimetics that did not progress into a definitive agreement. The Company has since received non-binding offers from several interested parties and expects to execute a new letter of intent by the second quarter of 2022. The Company is actively exploring strategic alternatives for Nuvo. Tupperware's remaining beauty brand, NaturCare, does not qualify as held for sale and therefore is not included in discontinued operations. The Company has determined that these dispositions represent a strategic shift that will have a major effect on its results of operations. As such, reflected below are the results of the beauty businesses as discontinued operations including all comparative prior period information in these Consolidated Financial Statements. Certain costs previously allocated to the beauty business for segment reporting purposes do not qualify for classification within discontinued operations and have been reallocated to continuing operations. In 2021, the Company recognized a loss on the classification of held for sale assets of Avroy Shlain, House of Fuller, Nutrimetics, and Nuvo of $133.5 million based primarily on total expected proceeds less costs to sell. The loss primarily relates to currency translation losses of $140.9 million which remains in accumulated other comprehensive income partially offset by $9.2 million gain on disposal of assets. In connection with the loss, the Company recorded a contra-asset and liability on the balance sheet, which will be derecognized and the related currency translation removed from accumulated other comprehensive income upon completion of the sales. Total loss from the disposal group is $133.5 million for the year to date period ended December 25, 2021, which includes the gain of $1.0 million previously recognized from the sale of Avroy Shlain in the first quarter of 2021. In the first quarter of 2021, the Company completed the sales of its Avroy Shlain beauty business in South Africa for $32.9 million and a gain of $1.0 million. In the fourth quarter the Company completed the sale and leaseback of two warehouses and a manufacturing facility in New Zealand for $14.0 million and a gain on disposal of assets of $9.2 million . The results of operations are presented as discontinued operations as summarized below: Year Ended (In millions, except per share amounts) December 25, 2021 December 26, 2020 December 28, 2019 Net sales $ 171.7 $ 182.3 $ 183.8 Cost of products sold 60.0 66.0 66.5 Gross profit 111.7 116.3 117.3 Selling and administrative expenses 106.7 109.2 126.1 Re-engineering charges 0.3 0.8 0.9 (Gain) loss on disposal of assets (9.2) 0.3 — Loss on held for sale assets and dispositions 142.7 — — Impairment of goodwill and intangible assets — — 33.3 Operating income (loss) (128.8) 6.0 (43.0) Other (income) expense, net 1.7 0.4 1.0 Income (loss) from discontinued operations before income taxes (130.5) 5.6 (44.0) Provision (benefit) for income taxes 6.5 4.3 2.1 Net income (loss) from discontinued operations $ (137.0) $ 1.3 $ (46.1) The carrying amount of major classes of assets and liabilities classified as held for sale that were included in discontinued operations at December 25, 2021 and December 26, 2020 are shown in the table below. As of (In millions, except share amounts) December 25, December 26, Assets Cash and cash equivalents $ 0.2 $ 5.1 Accounts receivable, net 14.9 18.8 Inventory, net 25.8 25.3 Non-trade accounts receivable, net 2.2 2.5 Prepaid expenses and other current assets 1.5 2.1 Accumulated translation adjustment losses, current (36.7) — Total assets of discontinued operations - current 7.9 53.8 Deferred tax assets, net 6.2 6.3 Property, plant and equipment, net 7.8 13.8 Operating lease assets 11.1 6.9 Long-term receivables, net — 0.2 Trade names, net 6.7 11.9 Goodwill 1.7 6.4 Other assets, net 2.7 3.0 Accumulated translation adjustment losses (17.7) — Assets held for sale 18.5 48.5 Total assets of discontinued operations $ 26.4 $ 102.3 Liabilities Accounts payable $ 17.0 $ 18.8 Accrued liabilities 30.5 30.6 Accumulated translation adjustment losses, current 88.3 — Total liabilities of discontinued operations - current 135.8 49.4 Operating lease liabilities 8.6 4.0 Other liabilities 9.2 9.9 Liabilities held for sale 17.8 13.9 Total liabilities of discontinued operations $ 153.6 $ 63.3 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 25, 2021 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments | 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 expense (income), net. Pretax income on forward points was as follows: Year Ended (In millions) December 25, December 26, December 28, Forward points gain on fair value hedges $ 4.1 $ 16.2 $ 17.5 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 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, related to cash flow hedges, will generally be reclassified within the next twelve months. The associated asset or liability on the open hedges is recorded in other current assets or accrued liabilities, as applicable. In assessing hedge effectiveness, the Company made an accounting policy change as of the beginning of 2019 to include forward points in the assessment of effectiveness for cash flow hedges causing the impact from forward points to be recorded as part of other comprehensive income compared to interest expense as it previously had been recorded. Based on the interest expense incurred for open cash flow hedges as of December 30, 2018, the Company recorded an adjustment of $1.2 million, net of taxes, to accumulated comprehensive income and retained earnings to reflect this accounting policy change. 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: Year Ended (In millions) December 25, December 26, December 28, Forward points gain (loss) recorded in other comprehensive income $ — $ 1.2 $ 0.4 Forward points gain (loss) from settlement of cash flow hedges $ (0.2) $ (2.3) $ (4.1) Fair value gain (loss) recorded in other comprehensive income $ 0.2 $ 0.2 $ (2.4) Gain (loss) recorded in accumulated other comprehensive income $ — $ 2.6 $ (2.9) Net Investment Hedges The Company uses derivative financial instruments, such as forward contracts and certain Euro denominated intercompany borrowings, 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 income (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 compared to interest expense as it previously had been recorded. Based on the interest expense associated with forward points incurred for open net investment hedges as of December 30, 2018, the Company recorded an adjustment of $3.8 million, net of taxes, to accumulated comprehensive income to reflect this accounting policy change. Changes in fair value, net of tax, recorded in other comprehensive income and the pretax income on forward points was as follows: Year Ended (In millions) December 25, December 26, December 28, Fair value gain (loss) recorded in other comprehensive income $ 8.5 $ (10.3) $ (22.5) Forward points gain (loss) recorded in other comprehensive income $ (10.3) $ (18.2) $ (18.3) 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 currencies was: As of (In millions) December 25, December 26, Notional value of forward contracts to purchase currencies $ 96.4 $ 125.2 Notional value of forward contracts to sell currencies $ 99.2 $ 125.3 The notional value of largest outstanding positions to purchase and sell currencies was: As of (In millions) December 25, Purchase Japanese Yen $ 14.3 Purchase United States Dollars $ 63.1 Sell Swiss Francs $ 32.6 Sell Euros $ 35.7 As of (In millions) December 26, Purchase South Korean Won $ 35.4 Purchase Swiss Franc $ 23.3 Sell United States Dollars $ 79.9 Sell Euros $ 16.8 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 December 25, December 26, Derivative assets: Foreign exchange contracts Non-trade accounts receivable, net $ 8.5 $ 4.3 Derivative liabilities: Foreign exchange contracts Accrued liabilities $ (7.3) $ (4.4) The following table summarizes the impact on the results of operations for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions: Derivatives designated as fair value hedges (in millions) Location of gain (loss) recognized in income on derivatives Amount of gain (loss) recognized in income on derivatives Location of gain (loss) recognized in income on Amount of gain (loss) recognized in income on related hedged items Year Ended Year Ended December 25, December 26, December 28, December 25, December 26, December 28, Foreign exchange contracts Other income, net $ (12.9) $ (11.3) $ 9.6 Other income, net $ 7.7 $ 11.4 $ (9.6) The following table summarizes the impact of Company's hedging activities on comprehensive income: Derivatives designated as cash flow and net equity hedges (in millions) Amount of (loss) or gain recognized in OCI on derivatives Location of (loss) or gain reclassified from accumulated OCI into income Amount of (loss) or gain reclassified from accumulated OCI into income Location of loss recognized in income on derivatives Amount of loss recognized in income on derivatives Year Ended Year Ended Year Ended December 25, December 26, December 28, December 25, December 26, December 28, December 25, December 26, December 28, Cash flow hedges: Foreign exchange contracts $ 0.4 $ 6.2 $ (6.3) Cost of products sold $ 0.4 $ 3.6 $ (3.1) Interest expense $ — $ — $ — Net investment hedges: Foreign exchange contracts 2.8 (3.8) (30.9) Interest expense — — — Euro denominated debt 7.1 (9.5) 2.6 The Company's theoretical credit risk for each foreign exchange contract is its replacement cost, but management believes that the risk of incurring credit losses is remote and such losses, if any, would not be material. The Company is also exposed to market risk on its derivative instruments due to potential changes in foreign exchange rates; however, such market risk would be fully offset by changes in the valuation of the underlying items being hedged. For all outstanding derivative instruments, the net accrued gain or loss was recorded either in non-trade accounts receivable or accrued liabilities, depending upon the net position of the individual contracts. The gain or loss amounts change based upon the Company's outstanding exposure to fair value fluctuations. The Company has an accounting policy to present derivative assets and derivative liabilities on a gross basis. Including the effect of master netting arrangements that provide a right offset upon default of the counterparty, the Company’s net derivative position amounts were: As of (In millions) December 25, December 26, Net derivative asset (liability) $ 1.2 $ (0.1) |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 25, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue | Deferred Revenue Deferred revenue balance which was primarily related to payments received in advance for orders not yet shipped was as follows: As of (In millions) December 25, December 26, Deferred revenue $ 4.5 $ 14.1 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 25, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Significant components of accrued liabilities were: As of (In millions) December 25, December 26, Compensation and employee benefits $ 56.7 $ 68.4 Income taxes payable 43.0 41.5 Advertising, promotion and returns 26.9 41.6 Operating lease liabilities 19.7 23.7 Taxes other than income taxes 26.9 26.3 Re-engineering charges 12.9 18.7 Unbilled goods and services 15.7 12.8 Accrued freight and duties 8.8 13.4 Accrued commissions 11.4 10.8 Foreign currency contracts 7.7 4.1 Sales incentives 7.6 13.6 Other 50.6 44.4 Accrued liabilities $ 287.9 $ 319.3 Significant components of other liabilities were: As of (In millions) December 25, December 26, Pensions $ 83.8 $ 112.5 Post-retirement benefits 9.3 10.7 Security deposits 8.0 10.1 Long-term income taxes liability 10.7 9.8 Long-term deferred tax liability 2.4 2.4 Other 16.8 30.8 Other liabilities $ 131.0 $ 176.3 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 25, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 25, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Benefit Plans | The Company has various defined benefit pension plans covering substantially all domestic active employees as of June 30, 2005 and certain employees in other countries. In addition to providing pension benefits, the Company provides certain post-retirement healthcare and life insurance benefits for selected United States and Canadian employees. Employees may become eligible for these benefits if they reach normal retirement age while working for the Company or satisfy certain age and years of service requirements. The medical plans are contributory for most retirees with contributions adjusted annually, and contain other cost-sharing features, such as deductibles and coinsurance. The medical plans include an allowance for Medicare for post-65 age retirees. Most employees and retirees outside the United States are covered by government healthcare programs. The Company uses its fiscal year end as the measurement date for its plans. The funded status of all of the Company's plans was as follows: United States plans Foreign plans Pension benefits Post-retirement benefits Pension benefits As of As of As of (In millions) December 25, December 26, December 25, December 26, December 25, December 26, Change in benefit obligations: Beginning balance $ 39.1 $ 39.0 $ 11.8 $ 12.6 $ 185.5 $ 179.4 Service cost — — — 0.1 6.0 7.7 Interest cost 0.8 1.2 0.2 0.4 2.0 2.4 Actuarial (gain) loss (0.7) 4.4 (0.5) 0.4 (14.0) (0.5) Benefits paid (1.0) (0.9) (1.2) (1.7) (4.9) (4.3) Impact of exchange rates — — — — (11.6) 15.6 Plan participant contributions — — — — 5.4 1.0 Plan amendments — — — — (0.4) (0.6) Business combination — — — — 4.1 — Settlements/Curtailments (3.8) (4.6) — (34.6) (15.2) Ending balance $ 34.4 $ 39.1 $ 10.3 $ 11.8 $ 137.5 $ 185.5 Change in plan assets at fair value: Beginning balance $ 27.5 $ 28.6 $ — $ — $ 83.3 $ 81.8 Actual return on plan assets 1.8 3.9 — — 4.4 1.4 Company contributions 1.5 4.7 1.7 1.7 5.2 7.5 Plan participant contributions — — — — 5.4 1.0 Benefits and expenses paid (1.0) (1.8) (1.7) (1.7) (3.0) (2.1) Business combination — — — — 2.8 — Impact of exchange rates — — — — (5.3) 7.7 Settlements (3.8) (7.9) — — (33.6) (14.0) Ending balance $ 26.0 $ 27.5 $ — $ — $ 59.2 $ 83.3 Funded status of plans $ (8.4) $ (11.6) $ (10.3) $ (11.8) $ (78.3) $ (102.2) Amounts recognized in the Consolidated Balance Sheet consisted of: As of (In millions) December 25, December 26, Accrued benefit liability $ (97.0) $ (125.6) Accumulated other comprehensive loss (pretax) 27.9 51.2 Items not yet recognized as a component of pension expense consisted of: As of As of December 25, December 26, (In millions) Pension Post-retirement Pension Post-retirement Transition obligation $ 2.9 $ — $ 3.4 $ — Prior service cost (benefit) 1.7 (2.1) 2.5 (2.7) Net actuarial loss (gain) 26.8 (1.4) 48.6 (0.6) Accumulated other comprehensive loss (income) pretax $ 31.4 $ (3.5) $ 54.5 $ (3.3) Components of other comprehensive loss (income) consisted of the following: As of As of December 25, December 26, (In millions) Pension Post-retirement Pension Post-retirement Net prior service cost $ 0.1 $ 0.6 $ 0.2 $ 0.8 Net actuarial loss (gain) (20.3) (0.8) (1.0) 0.4 Impact of exchange rates (2.9) — 2.3 — Other comprehensive loss (income) $ (23.1) $ (0.2) $ 1.5 $ 1.2 The accumulated benefit obligation for all defined benefit pension plans as of December 25, 2021 and December 26, 2020 was $139.2 million and $189.8 million, respectively. At December 25, 2021 and December 26, 2020, the accumulated benefit obligations of certain pension plans exceeded those respective plans' assets. For those plans, the accumulated benefit obligations were $104.9 million and $188.5 million, and the fair value of their assets was $35.8 million and $97.4 million as of December 25, 2021 and December 26, 2020, respectively. At December 25, 2021 and December 26, 2020, the benefit obligations of the Company's significant pension plans exceeded those respective plans' assets. The accrued benefit cost for the pension plans is reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets. The costs associated with all of the Company's plans were as follows: Pension benefits Post-retirement benefits Year Ended Year Ended (Dollars in millions) December 25, December 26, December 28, December 25, December 26, December 28, Components of net periodic benefit cost: Service cost and expenses $ 6.2 $ 7.7 $ 6.8 $ — $ 0.1 $ 0.1 Interest cost 2.8 3.6 5.1 0.2 0.4 0.5 Return on plan assets (3.1) (3.8) (4.1) — — — Settlement/Curtailment (1.3) (0.7) 0.5 — — — Employee contributions (0.2) (0.2) (0.2) — — — Net amortization and deferral of (gain)/loss: 3.1 2.9 0.1 (0.6) (0.9) (1.3) Net periodic benefit cost (income) $ 7.5 $ 9.5 $ 8.2 $ (0.4) $ (0.4) $ (0.7) Weighted average assumptions: United States plans Discount rate, net periodic benefit cost 2.3 % 3.3 % 4.3 % 2.5 % 3.3 % 4.3 % Discount rate, benefit obligations 2.5 % 2.3 % 3.3 % 2.8 % 2.5 % 3.3 % Return on plan assets 5.0 % 7.0 % 7.0 % N/A N/A N/A Salary growth rate, net periodic benefit cost N/A N/A N/A N/A N/A N/A Salary growth rate, benefit obligations N/A N/A N/A N/A N/A N/A Foreign plans Discount rate 1.6 % 1.1 % 1.5 % N/A N/A N/A Return on plan assets 2.9 % 2.6 % 2.6 % N/A N/A N/A Salary growth rate 2.9 % 2.7 % 2.6 % N/A N/A N/A ____________________ N/A - not applicable The Company has established strategic asset allocation percentage targets for significant asset classes with the aim of achieving an appropriate balance between risk and return. The Company periodically revises asset allocations, where appropriate, in an effort to improve return and/or manage risk. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The market-related value of plan assets is based on long-term expectations given current investment objectives and historical results. The expected rate of return assumption used by the Company to determine the benefit obligation for its United States and foreign plans for 2021 was 5.0 percent and 2.9 percent, respectively, and 7.0 percent and 2.6 percent for 2020, respectively. The Company determines the discount rate primarily by reference to rates on high-quality, long-term corporate and government bonds that mature in a pattern similar to the expected payments to be made under the various plans. The weighted average discount rates used to determine the benefit obligation for its United States and foreign plans for 2021 was 2.5 percent and 1.6 percent, respectively, and 2.3 percent and 1.1 percent for 2020, respectively. The Company sponsors a number of pension plans in the United States and in certain foreign countries. There are separate investment strategies in the United States and for each unit operating internationally that depend on the specific circumstances and objectives of the plans and/or to meet governmental requirements. The Company's overall strategic investment objectives are to preserve the desired funded status of its plans and to balance risk and return through a wide diversification of asset types, fund strategies and investment managers. The asset allocation depends on the specific strategic objectives for each plan and is re-balanced to obtain the target asset mix if the percentages fall outside of the range considered acceptable. The investment policies are reviewed from time to time to ensure consistency with long-term objectives. Options, derivatives, forward and futures contracts, short positions, or margined positions may be held in reasonable amounts as deemed prudent. For plans that are tax-exempt, any transactions that would jeopardize this status are not allowed. Lending of securities is permitted in some cases in which appropriate compensation can be realized. While the Company's plans do not invest directly in its own stock, it is possible that the various plans' investments in mutual, commingled or indexed funds or insurance contracts (GIC's) may hold ownership of Company securities. The investment objectives of each plan are more specifically outlined below. The Company's weighted average asset allocations at December 25, 2021 and December 26, 2020, by asset category, were as follows: As of As of December 25, December 26, Asset category United States plans Foreign plans United States plans Foreign plans Equity securities 58.1 % 41.9 % 55.9 % 40.1 % Fixed income securities 41.9 35.4 44.1 26.0 Cash and money market investments — 4.4 — 5.1 Guaranteed contracts — 17.2 — 20.4 Other — 1.1 — 8.4 Total 100.0 % 100.0 % 100.0 % 100.0 % The fair value of the Company's pension plan assets at December 25, 2021 by asset category was as follows: Description of assets (in millions) December 25, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Domestic plans: Common/collective trust (a) $ 26.0 $ — $ 26.0 $ — Foreign plans: Belgium Mutual fund (b) 27.2 27.2 — — Switzerland Guaranteed insurance contract (c) 11.4 — — 11.4 Japan Common/collective trust (d) 10.2 — 10.2 — Germany Guaranteed insurance contract (c) 5.8 — — 5.8 Korea Guaranteed insurance contract (c) 2.8 — — 2.8 Australia Investment fund (e) 0.6 — 0.6 — Philippines Fixed income securities (f) 0.3 0.3 — — Equity fund (f) 1.0 1.0 — — Austria Guaranteed insurance contract (c) 0.3 — — 0.3 Total $ 85.6 $ 28.5 $ 36.8 $ 20.3 The fair value of the Company's pension plan assets at December 26, 2020 by asset category was as follows: Description of assets (in millions) December 26, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Domestic plans: Common/collective trust (a) $ 27.5 $ — $ 27.5 $ — Foreign plans: Belgium Mutual funds (b) 31.0 31.0 — — Switzerland Guaranteed insurance contract (c) 27.1 — — 27.1 Japan Common/collective trust (d) 12.1 — 12.1 — Germany Guaranteed insurance contract (c) 6.1 — — 6.1 Korea Guaranteed insurance contract (c) 3.2 — — 3.2 Australia Investment fund (e) 1.4 — 1.4 — Philippines Fixed income securities (f) 0.8 0.8 — — Equity fund (f) 1.2 1.2 — — Austria Guaranteed insurance contract (c) 0.4 — — 0.4 Total $ 110.8 $ 33.0 $ 41.0 $ 36.8 ____________________ (a) The investment strategy of the United States pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60.0 percent in equity securities and 40.0 percent in fixed income securities. As of the years ended December 25, 2021 and December 26, 2020, the common trusts held 58.1 percent and 55.9 percent of its assets in equity securities and 41.9 percent and 44.1 percent in fixed income securities, respectively. The percentage of funds invested in equity securities at the end of 2021 and 2020, included: 16.5 percent and 18.0 percent in international stocks in each year, 19.2 percent and 19.2 percent in large United States stocks, and 2.6 percent and 4.0 percent in small United States stocks, respectively. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. (b) The strategy of the Belgian plan in each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62.0 percent in equity securities, 37.0 percent in fixed income securities, and 1.0 percent cash. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 25, 2021 and December 26, 2020, the percentage of funds held in various asset classes included: large-cap equities of European companies of 31.5 percent and 27.1 percent, small-cap equities of European companies of 19.8 percent and 18.5 percent, money market fund of 1.7 percent and 13.7 percent, bonds primarily from European and United States governments of 33.2 percent and 29.3 percent, and equities outside of Europe, mainly in the United States and emerging markets, at 13.8 percent and 11.4 percent, respectively each year. (c) The strategy of the Company's plans in Austria, Germany, Korea and Switzerland was to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. (d) The Company's strategy was to invest approximately 50.0 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 50.0 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 50.0 percent equities in Japanese listed securities, 7.0 percent in equities outside of Japan, 3.0 percent in cash and other short-term investments and 40.0 percent in domestic Japanese bonds. This strategy has been achieved through a collective trust that held 100.0 percent of total funded assets as of December 25, 2021 and December 26, 2020. As of the end of December 25, 2021 and December 26, 2020, the allocation of funds within the common collective trust included: 50.9 percent and 52.5 percent in Japanese equities, 39.2 percent and 37.3 percent in Japanese bonds, 7.3 percent and 7.1 percent in equities of companies based outside of Japan, and 2.6 percent and 3.1 percent, respectively, in cash and other short-term investments in each year. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. (e) The strategy of this fund was to achieve a 10-year long-term net return of at least 2.5 percent above inflation based on the Australian consumer price index. The investment strategy is to invest mainly in equities and property, which are expected to earn relatively higher returns over the long term. The fair value of the fund is determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 25, 2021 and December 26, 2020, the percentage of funds held in investments included: Australian equities of 18.7 percent and 14.9 percent, other equities of listed companies outside of Australia of 58.3 percent and 49.0 percent, government and corporate bonds of 11.2 percent and 16.3 percent, cash of 5.4 percent and 11.8 percent and real estate of 6.4 percent and 8.0 percent, respectively. (f) In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57.0 percent in equity securities, 38.0 percent fixed income securities, and 5.0 percent in cash and deposits. The fixed income securities at year end included assets valued using a weighted average of completed deals on similarly termed government securities, as well as balances invested in short-term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded. The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): Year Ending (In millions) December 25, December 26, Beginning balance $ 36.8 $ 37.7 Realized gains 0.3 0.5 Purchases, sales and settlements, net (15.1) (5.0) Impact of exchange rates (1.7) 3.6 Ending balance $ 20.3 $ 36.8 The Company expects to contribute $4.8 million to its United States and foreign pension plans and $1.1 million to its other United States post-retirement benefit plan in 2022. The Company also has several savings, thrift, and profit-sharing plans. Its contributions to these plans are in part based upon various levels of employee participation. The total cost of these plans was $8.2 million, $11.6 million, and $6.4 million in 2021, 2020 and 2019, respectively. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the Company's United States and foreign plans: As of December 25, (In millions) Pension benefits Post-retirement benefits Total 2022 $ 12.3 $ 1.1 $ 13.4 2023 9.1 1.0 10.1 2024 7.8 0.9 8.7 2025 9.1 0.9 10.0 2026 9.4 0.8 10.2 2027-2031 46.2 3.0 49.2 Total $ 93.9 $ 7.7 $ 101.6 In addition to the Company's health and insurance benefits, the Company also offers select employees a deferred compensation plan ("Tupperware Deferred Compensation Plan"). The Tupperware Deferred Compensation Plan is an unfunded, non-tax-qualified supplemental deferred compensation plan for highly compensated and key management employees and for directors that allows participants to defer a portion of their compensation. The Company utilizes a rabbi trust to hold assets intended to satisfy the Company's obligations under the deferred compensation plan. The trust restricts the Company's use and access to the assets held but is subject to the claims of the Company's general creditors. The Tupperware Deferred Compensation Plan offers a variety of investment options and is accounted for as a plan that permits diversification but does not include Company stock as an investment option. All distributions from the Tupperware Deferred Compensation Plan must be made in cash and changes in the fair value of the assets are recognized in earnings. The deferred compensation obligation is adjusted, with a charge or a credit to compensation cost, to reflect changes in the fair value of the obligation. The assets and liabilities are included in other assets, net and other liabilities of the Consolidated Balance Sheets. As of December 25, 2021 and December 26, 2020, the fair value of the investments held in trust and the related liability was $7.0 million and $8.8 million, respectively. All assets held in the trust are Level 1 Fidelity mutual funds and the fair value of the funds are calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. Changes in the fair value of the assets held in the rabbi trust are recorded through compensation expense included in selling, general and administrative expense and investment gains/losses in other expense (income), net within the Consolidated Statements of Income. During 2021, 2020 and 2019, the change in fair value of the underlying assets was an increase of $0.9 million, increase of $1.0 million, and increase of $3.3 million, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 25, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | The Company manufactures and distributes a broad portfolio of products, primarily through independent direct sales force members. Certain operating segments have been aggregated based upon consistency of economic substance, geography, products, production process, class of customers, and distribution method. The Company's reportable segments primarily sell design-centric preparation, storage, and serving solutions for the kitchen and home through the Tupperware brand name. Segment details were as follows: Year Ended (In millions) December 25, December 26, December 28, Asia Pacific $ 461.5 $ 500.1 $ 564.8 Europe 433.5 415.6 439.9 North America 451.2 412.5 348.4 South America 256.1 229.6 261.0 Total net sales $ 1,602.3 $ 1,557.8 $ 1,614.1 Asia Pacific $ 106.1 $ 120.9 $ 121.1 Europe 83.0 73.0 30.9 North America 55.2 58.4 60.7 South America 61.7 45.8 43.4 Total segment profit 306.0 298.1 256.1 Unallocated expenses 64.9 85.8 59.6 Re-engineering charges (a) 14.8 35.3 33.8 (Gain) loss on disposal of assets (32.3) (14.3) (12.9) Impairment expense (b) 8.1 — 6.7 (Gain) loss on extinguishment of debt 19.9 (40.2) — Interest expense 35.2 38.6 41.5 Interest income (1.1) (1.5) (2.2) Other Income (1.7) (12.3) (17.8) Income before income taxes $ 198.2 $ 206.7 $ 147.4 ____________________ (a) See Note 3: Re-engineering Charges for discussion of re-engineering and impairment charges.. (b) See Note 12: Trade Names and Goodwill for discussion of impairment expense. Sales and segment profit in the preceding table are from transactions with customers, with inter-segment transactions eliminated. Sales to a single customer did not exceed 10.0 percent of net sales. Unallocated expenses are corporate expenses and other items not directly related to the operations of any particular segment. Sales in individually material foreign countries and the United States were: Year Ended (In millions) December 25, December 26, December 28, Brazil $ 187.0 $ 178.4 $ 208.5 China $ 159.7 $ 188.5 $ 216.2 Mexico $ 173.5 $ 146.2 $ 156.6 United States $ 170.6 $ 180.4 $ 132.7 Depreciation and amortization expense by segment were: Year Ended (In millions) December 25, December 26, December 28, Asia Pacific $ 10.3 $ 10.8 $ 13.6 Europe 11.7 12.7 14.4 North America 9.1 8.2 4.6 South America 4.2 4.3 5.3 Corporate 4.4 5.0 9.3 Total depreciation and amortization $ 39.7 $ 41.0 $ 47.2 Capital expenditures by segment were: Year Ended December 25, December 26, December 28, Asia Pacific $ 5.7 $ 3.9 $ 7.3 Europe 4.8 5.7 16.2 North America 9.5 8.3 14.3 South America 6.2 3.0 5.1 Corporate 8.9 6.7 16.7 Total capital expenditures $ 35.1 $ 27.6 $ 59.6 Total identifiable assets by segment were: As of December 25, December 26, Asia Pacific $ 248.3 $ 272.6 Europe 215.3 265.4 North America 194.1 170.6 South America 94.9 104.4 Corporate 502.8 406.9 Total identifiable assets $ 1,255.4 $ 1,219.9 Corporate assets consist of cash, tax assets, held for sale assets, and assets maintained for general corporate purposes. In 2020 corporate assets also included buildings. The Company is subject to the usual economic, business, and political risks associated with international operations; however, these risks are partially mitigated by the broad geographic dispersion of the Company's operations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 25, 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. The Company's motion to dismiss the complaint was granted on January 25, 2021, but 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 second amended complaint on April 2, 2021. The Court granted the Company’s motion to dismiss the second amended complaint on August 9, 2021, but again permitted the lead plaintiff to file an amended complaint, which the plaintiff filed on August 30, 2021. The Company filed a motion to dismiss the third amended complaint on October 14, 2021, and on February 4, 2022, the Court dismissed the third amended complaint with prejudice. The plaintiff may decide to appeal the dismissal. 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 third 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 third 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. The SEC is conducting an inquiry into the Company’s accounting practices relating to its Mexico operations. The Company is fully cooperating with the SEC. As the SEC inquiry is ongoing, the Company is unable to predict how long the inquiry will continue or whether, at its conclusion, the SEC will bring an enforcement action against the Company and, if it does, what fines or other remedies it may seek. There can be no assurance that the SEC or another regulatory body will not make further regulatory inquiries or pursue action against the Company and its senior officers that could result in potentially significant sanctions and penalties, or that could require the Company to take additional remedial steps. Potential sanctions against the Company and/or individuals could include penalties, injunctions, and cease-and-desist orders. Furthermore, publicity surrounding the inquiry or any enforcement action that may result from it could have an adverse impact on the Company’s reputation, business, financial condition, results of operations, and cash flows. Leases Rental expense for operating leases and approximate minimum rental commitments under non-cancelable operating leases in effect at December 25, 2021 are disclosed in Note 18: Leases to the Consolidated Financial Statements. Leases including the minimum rental commitments for 2022 and 2023, primarily are for automobiles, that generally have a lease term of one year to four 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 lease agreements containing material renewal options. Certain leases require the Company to pay property taxes, insurance and routine maintenance. |
Long-Term Receivables
Long-Term Receivables | 12 Months Ended |
Dec. 25, 2021 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |
Allowance For Long Term Receivables | Note 11: Long-Term Receivables The long-term receivables and allowance for long-term receivables balance was as follows: As of (In millions) December 25, December 26, Long-term receivables, gross $ 33.3 $ 39.1 Beginning balance (26.7) (13.9) Write-offs 1.3 3.7 Recoveries 0.2 0.6 Provision (a) (2.7) (14.8) Currency translation adjustment 2.3 (2.3) Allowance for long-term receivables (25.6) (26.7) Long-term receivables, net $ 7.7 $ 12.4 ____________________ (a) Provision includes $0.3 million and $8.3 million of reclassifications from current receivables as of December 25, 2021 and December 26, 2020, respectively. Majority of long-term receivables from both active and inactive customers that are past due were reserved through the Company's allowance for credit loss accounts. Long-term receivables that were past due were: As of (In millions) December 25, December 26, Long-term receivables past due $ 29.2 $ 30.9 |
Quarterly Financial Summary
Quarterly Financial Summary | 12 Months Ended |
Dec. 25, 2021 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | Following is a summary of the unaudited interim results of continuing operations for each quarter: Year Ended December 25, (In millions, except per share amounts) First Second Third Fourth Net sales $ 413.9 $ 416.6 $ 376.9 $ 394.9 Gross margin 293.6 285.9 247.9 240.9 Income from continuing operations 44.0 31.8 60.4 19.4 Basic earnings (loss) per share 0.89 0.64 1.22 0.40 Diluted earnings (loss) per share 0.82 0.60 1.14 0.37 Dividends declared per share — — — — Year Ended December 26, First Second Third Fourth Net sales $ 330.5 $ 355.3 $ 423.7 $ 448.3 Gross margin 218.3 237.9 291.2 305.6 Income (loss) from continuing operations (8.0) 61.2 29.9 27.8 Basic earnings (loss) per share (0.16) 1.25 0.61 0.57 Diluted earnings (loss) per share (0.16) 1.24 0.56 0.52 Dividends declared per share — — — — Certain items impacting quarterly comparability for 2021 and 2020 were as follows: • Pretax re-engineering costs of $3.2 million, $4.7 million, $1.8 million, and $5.1 million were recorded in the first through fourth quarters of 2021, respectively. Pretax re-engineering costs of $4.0 million, $21.8 million, $3.9 million, and $5.6 million were recorded in the first through fourth quarters of 2020, respectively. See Note 3: Re-engineering Charges to the Consolidated Financial Statements for further discussion. • Pretax losses on disposal of assets were $7.7 million and $1.7 million for the first and third quarters of 2021, respectively, and pretax gains on the disposal of assets were $0.5 million and $23.4 million in the second and fourth quarters of 2021, respectively. Pretax losses on disposal of assets were $0.2 million and $14.0 million for the first and second quarters of 2020, respectively, and pretax gains on the disposal of assets were $32.3 million and $32.8 million in the third and fourth quarters of 2020, respectively. The gains in 2021 were primarily from the sale of remaining surrounding land near the Company headquarters in Orlando, Florida. The gains in 2020 were from the sale of a manufacturing and distribution facility in Australia and from the sale-leaseback of the Company headquarters in Orlando, Florida along with sale of certain surrounding land. The gain was offset by the write-off of capitalized software implementation costs related to the front and back office standardization project that was initiated in 2017, due to a shift in the business model and digital strategy set forward by the new leadership team. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 25, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS FOR THE THREE YEARS ENDED DECEMBER 25, 2021 (In millions) Col. A Col. B Col. C Col. D Col. E Balance at Charged to Deductions Balance Allowance for credit losses, current and long term: (a) (b) Year ended December 25, 2021 $ 59.9 3.5 (1.5) (5.2) $ 56.7 Year ended December 26, 2020 $ 51.5 12.2 (6.2) 2.4 $ 59.9 Year ended December 28, 2019 $ 46.5 17.1 (12.0) (0.1) $ 51.5 Valuation allowance for deferred tax assets: Year ended December 25, 2021 $ 244.3 6.4 (38.4) (4.4) $ 207.9 Year ended December 26, 2020 $ 285.6 28.7 (41.7) (28.3) $ 244.3 Year ended December 28, 2019 $ 246.3 56.9 (14.7) (2.9) $ 285.6 ____________________ (a) Represents write-offs, less recoveries. (b) Foreign currency translation adjustment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Basis of Presentation The Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively "Tupperware" or the "Company" with all intercompany transactions and balances having been eliminated. The Company prepared the 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 (the "SEC") 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. The Company’s fiscal year ends on the last Saturday of December and included 52 weeks during 2021, 2020, and 2019. |
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 revenues and expenses during the reporting period. Actual results could differ materially from these estimates. The impact of the decline in 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 |
Revenue Recognition | Revenue Recognition The Company defines a contract, for revenue recognition purposes, as the order received from the Company's customer who, in most cases, is one of the Company's independent distributors or a member of its independent sales force. Revenue is recognized when control of the product passes to the customer, which is upon shipment, and is recognized at the amount that reflects the consideration the Company expects to receive for the products sold, including various forms of discounts and net of expected returns which is estimated using historical return patterns and current expectation of future returns. The Company elected to account for shipping and handling activities that occur after the customer has obtained control of the product as an activity to fulfill the promise to transfer the product rather than as an additional promised service. Generally, payment is either received in advance or in a relatively short period of time following shipment. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Contracts with customers are evaluated to determine if there are separate performance obligations that are not yet met. These obligations generally relate to product awards to be subsequently fulfilled. When that is the case, revenue is deferred until each performance obligation is met. Deferred revenue is recorded in the accrued liabilities line item in the Consolidated Balance Sheets. |
Shipping and Handling Costs | CostsThe 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. |
Promotional and Other Accruals | Promotional Costs and Other Accruals The Company frequently makes promotional offers to members of its independent sales force to encourage them to fulfill specific goals or targets for other activities, ancillary to the Company’s business, but considered separate and distinct services from sales, which are measured by defined group/team sales levels, party attendance, addition of new sales force members or other business-critical functions. The awards offered are in the form of product awards, special prizes, or trips. The Company accrues for the costs of these awards during the period over which the sales force qualifies for the award and reports these costs primarily as a component of 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. 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: Year Ended (In millions) December 25, December 26, December 28, Promotional costs $ 225.7 $ 229.9 $ 255.6 Like promotional accruals, other accruals are recorded over the time period that a liability is incurred and is both probable and reasonably estimable. Adjustments to amounts previously accrued are made when changes occur in the facts and circumstances that generated the accrual. |
Accounting for Stock-Based Compensation | Stock-based Compensation The Company has several stock-based employee and director compensation plans, which are described more fully in Note 2: Incentive Compensation Plans to the Consolidated Financial Statements. Compensation expense for stock-based awards is recorded on a straight-line basis over the required service period, based on the fair value of the award. The fair value of the stock option grants is estimated using the Black-Scholes option-pricing model, which requires assumptions, including dividend yield, risk-free interest rate, the estimated length of time employees will retain their stock options before exercising them (expected term), and the estimated volatility of the Company's common stock price over the expected term. These assumptions are generally based on historical averages of the Company. |
Advertising and Research and Development Costs | Advertising and Research and Development Costs Advertising and research and development costs are charged to expense as incurred. Research and development expenses primarily include salaries, contractor expenses, and facility expenses. Both advertising and research and development expenses are included in selling, general and administrative expense. |
Internal Use Software Development Costs | Internal Use Software Development Costs The Company capitalizes internal use software development costs as they are incurred and amortizes such costs over their estimated useful lives of three to five years, beginning when the software is placed in service. Net unamortized internal use software development costs are included in property, plant and equipment, net. |
Product Warranty | Product Warranty Tupperware brand name products are guaranteed against chipping, cracking, breaking, or peeling under normal non-commercial use of the product with certain limitations. The cost of replacing defective products is not material. |
Income Taxes | Income Taxes The provision for income taxes includes income from U.S. and foreign affiliates taxed at statutory rates, the accrual or release of amounts for tax uncertainties, and U.S. tax impacts of foreign income in the U.S. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying amounts of assets and liabilities on the financial statements and their respective tax bases. Deferred tax assets also are recognized for net operating losses and credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates applicable to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. An assessment is made as to whether or not a valuation allowance is required to offset deferred tax assets. This assessment requires estimates as to future operating results, as well as an evaluation of the effectiveness of the Company's tax planning strategies. These estimates are made on an ongoing basis based upon the Company's business plans and growth strategies in each market and consequently, future material changes in the valuation allowance are possible. The valuation allowance reduces the deferred tax assets to an amount that management determined is more-likely-than-not to be realized. The Company operates in and files income tax returns in the U.S. and numerous foreign jurisdictions, which are subject to examination by tax authorities. Years open to examination contain matters that could be subject to differing interpretations of applicable tax laws and regulations related to the amount and/or timing of income, deductions, and tax credits. The Company accounts for uncertain tax positions in accordance with Accounting Standards Codification ("ASC") 740, Income Taxes. This guidance prescribes a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Interest and penalties related to tax contingency or settlement items are recorded as a component of the provision for income taxes in the Company's Consolidated Statements of Income. The Company records accruals for tax contingencies as a component of accrued liabilities or other long-term liabilities on its Consolidated Balance Sheet. |
Net Income Per Common Share | Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average shares outstanding. Diluted earnings per share is calculated by also considering the impact of dilutive securities such as options, restricted shares, restricted stock units, and performance share units on both net income and the weighted-average shares outstanding. |
Foreign Currency Translation | Foreign Currency Translation Results of operations of foreign subsidiaries are translated into United States Dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries, other than those of operations in highly inflationary countries, are translated into United States Dollars using exchange rates at the Consolidated Balance Sheet date. The related translation adjustments are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses, as well as re-measurement of financial statements of subsidiaries in highly inflationary countries, are included in income. Inflation in Argentina and Venezuela has been at a high level the past several years. The Company uses a blended index of the Consumer Price Index and National Consumer Price Index for determining highly inflationary status in Argentina and Venezuela. For Argentina, this blended index reached cumulative three-year inflation in excess of 100 percent in 2018 and as such, the Company transitioned to highly inflationary status as of July 1, 2018. For Venezuela, this blended index reached cumulative three-year inflation in excess of 100 percent at November 30, 2009 and as such, the Company transitioned to highly inflationary status at the beginning of its 2010 fiscal year. Gains and losses resulting from the translation of the financial statements of subsidiaries operating in highly inflationary economies are recorded in earnings. For Venezuela, through fiscal 2017, the bolivar to United States Dollar exchange rates used in translating the Company’s operating activity was based on an official rate recognized by the Venezuelan government. As of the end of December 2017, the Company evaluated the significant inflationary environment in Venezuela, as well as the actual exchange rates used to conduct business, particularly related to the procurement of resins to manufacture product. The Company concluded it would use the parallel exchange rate in use in the country to value sales and profit beginning in 2018. As a result, as of the end of 2017, the Company re-measured its balance sheet at the parallel rate available at that time, and evaluated the Venezuelan fixed assets for impairment. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted CashThe 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 long-term other assets, net line items in the Consolidated Balance Sheet. |
Allowance for Doubtful Accounts | Allowance for Credit LossesThe Company maintains current receivable amounts with most of its independent distributors and sales force in certain markets. It also maintains long-term receivable amounts with certain of these customers. The Company regularly monitors and assesses its risk of not collecting amounts owed by customers. This evaluation is based upon an analysis of amounts current and past due, along with relevant history and facts particular to the customer. It is also based upon estimates of distributor business prospects, particularly related to the evaluation of the recoverability of long-term amounts due. This evaluation is performed by business unit and account by account, based upon historical experience, market penetration levels and similar factors. It also considers collateral of the customer that could be recovered to satisfy debts. The Company records its allowance for credit losses based on the results of this analysis. The analysis requires the Company to make significant estimates and as such, changes in facts and circumstances could result in material changes in the allowance for credit losses. The Company considers as past due any receivable balance not collected within its contractual terms. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value on a first-in, first-out basis. Inventory cost includes cost of raw material, labor, and overhead. The Company writes down its inventory for obsolescence or unmarketability in an amount equal to the difference between the cost of the inventory and estimated market value based upon expected future demand and pricing. The demand and pricing is estimated based upon the historical success of product lines as well as the projected success of promotional programs, new product introductions, and the availability of new markets or distribution channels. The Company prepares projections of demand and pricing on an item by item basis for all of its products. If inventory on hand exceeds projected demand or the expected market value is less than the carrying value, the excess is written down to its net realizable value. If actual demand or the estimate of market value decreases, additional write-downs would be required. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is initially stated at cost. Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: Years Building and improvements 10 - 40 Molds 4 - 10 Production equipment 10 Distribution equipment 5 - 10 Computer/telecom equipment 3 - 5 Capitalized software 3 - 7 The Company considers the need for an impairment review when events occur that indicate that the book value of a long-lived asset or asset group may exceed its recoverable value. Upon the sale or retirement of property, plant and equipment, a gain or loss, if any, is recognized equal to the difference between sales price and net book value. Expenditures for maintenance and repairs are charged to cost of products sold or selling, general and administrative expense, depending on the asset to which the expenditure relates. |
Trade Names | Trade names Trade names are recorded at their fair market values at the date of acquisition . The trade names included in the Company's Consolidated Financial Statements at December 25, 2021 and December 26, 2020 were related to the acquisition of the Sara Lee direct selling businesses in December 2005. The Company's indefinite-lived trade name is evaluated for impairment annually during the third quarter of each year similarly to goodwill beginning with a qualitative assessment. The annual process for assessing the carrying value of indefinite-lived trade name begins with a qualitative assessment that is similar to the assessment performed for goodwill. When the Company determines it is appropriate, the quantitative impairment evaluation for the Company's indefinite-lived trade name involves comparing the estimated fair value of the assets to the carrying amounts, to determine if fair value is lower and a write-down required. If the carrying amount of a trade name exceeds its estimated fair value, an impairment charge is recognized in an amount equal to the excess. The fair value of this trade name is estimated using the relief from royalty method, which is a form of the income approach. Under this method, the value of the asset is calculated by selecting a royalty rate, which estimates the amount a company would be willing to pay for the use of the asset. This rate is applied to the reporting unit's projected revenue, tax effected and discounted to present value. |
Goodwill | Goodwill The Company's recorded goodwill relates primarily to the December 2005 acquisition of the direct selling businesses of Sara Lee Corporation. The Company performs an annual assessment during the third quarter of each year to evaluate the assets in each of its reporting units for impairment, or more frequently if events or changes in circumstances indicate that a triggering event for an impairment evaluation has occurred. The annual process for evaluating goodwill begins with an assessment for each entity of qualitative factors to determine whether a quantitative evaluation of the unit's fair value compared with its carrying value is appropriate for determining potential goodwill impairment. The qualitative factors evaluated by the Company include: macro-economic conditions of the local business environment, overall financial performance, sensitivity analysis from the most recent quantitative fair value evaluation ("fair value test"), as prescribed under ASC 350, Intangibles - Goodwill and Other, and other entity specific factors as deemed appropriate. When the Company determines a fair value test is appropriate, it estimates the fair value of the reporting unit and compares the result with its carrying amount, including goodwill, after any long-lived asset impairment charges. If the carrying amount of the reporting unit exceeds its fair value, an impairment charge is recorded equal to the amount by which the carrying value exceeds the fair value, up to the amount of goodwill associated with the reporting unit. Fair value tests are done by using the income approach. The income approach, or discounted cash flow approach, requires significant assumptions to estimate the fair value of each reporting unit. These include assumptions regarding future operations and the ability to generate cash flows, including projections of revenue, expenses, utilization of assets and capital requirements, along with an appropriate discount rate to be used. The most sensitive estimate in the fair value test is the projection of operating cash flows, as these provide the basis for the estimate of fair market value. The Company’s cash flow model uses a forecast period of 10 years and a terminal value. The growth rates are determined by reviewing historical results of the operating unit and the historical results of the Company’s similar business units, along with the expected contribution from growth strategies being implemented. The market approach relies on an analysis of publicly-traded companies similar to the Company and deriving a range of revenue and profit multiples. The publicly-traded companies used in the market approach are selected based on their having similar product lines of consumer goods and/or companies using a direct selling distribution method. The resulting multiples are then applied to the reporting unit to determine fair value. Goodwill is further discussed in Note 12: Trade Names and Goodwill to the Consolidated Financial Statements. |
Derivative Financial Instruments | Derivative Financial Instruments and Hedging Activities The Company recognizes in its Consolidated Balance Sheets the asset or liability associated with all derivative instruments and measures those assets and liabilities at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge. The accounting for changes in the value of a derivative accounted for as a hedge depends on the intended use of the derivative and the resulting designation of the hedge exposure. Depending on how the hedge is used and the designation, the gain or loss due to changes in value is reported either in earnings, or initially in other comprehensive income. Gains or losses that are reported in other comprehensive income are eventually recognized in earnings, with the timing of this recognition governed by ASC 815, Derivatives and Hedging. |
Leases | Leases The Company elected the package of practical expedients permitted under the transition guidance, and as a basis for its lease policies, which allowed the Company to carryforward its historical assessments of: (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also elected to not separate lease and non-lease components for all classes of underlying assets in which it is the lessee, and made an accounting policy election to not account for leases with an initial term of 12 months or less on the Consolidated Balance Sheet. In addition, the Company did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company recognizes payments on these leases on a straight-line basis over the lease term. Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of $84.1 million and $85.2 million, respectively, as of December 28, 2019 related to the Company's operating leases. The standard did not materially impact the Company's consolidated net earnings or cash flows. Refer to Note 18: Leases to the Consolidated Financial Statements for further information. Retirement Benefit Plans The Company has various defined benefit pension plans and other postretirement benefit plans covering certain employees at its domestic and foreign operations. The Company recognizes the funded status of the benefit plans in its consolidated balance sheets, measured at the fair value of plan assets less benefit obligations as of the date of the fiscal year-end. Benefit plan costs and liabilities are dependent on assumptions used in calculating such amounts. These are provided by a third-party specialist and include discount rates, health care cost trend rates, benefits earned, interest cost, expected return on assets, mortality rates, and other factors. Actual results that differ from these assumptions are accumulated and amortized over future periods and, therefore, generally affect recognized expense and the recorded obligation in future periods. However, certain of these unrecognized amounts are recognized when triggering events occur, such as when a settlement of pension obligations in excess of total interest and service costs occurs. The Company’s retirement benefit plans are further discussed in Note 19: Retirement Benefit Plans. |
Fair Value Measurements | Fair Value Measurements The Company applies the applicable accounting guidance for fair value measurements. This guidance provides the definition of fair value, describes the method used to appropriately measure fair value in accordance with generally accepted accounting principles, and outlines fair value disclosure requirements. The fair value hierarchy established under this guidance prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted prices, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. . • Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value from the perspective of a market participant. The Company does not have any recurring Level 3 fair value measurements. |
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. 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. In addition, the FASB also issued ASU 2021-01, "Reference Rate Reform (Topic 848)" to refine the scope of ASC 848 and ASU 2020-04 in response to Reference Rate Reform in January 2021. ASU 2021-01 adds guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that will be discontinued, but are modified as a result of the discontinuing transition. This guidance was effective upon issuance through December 31, 2022. The Company continues to evaluate the impact of the potential adoption of these amendments and expects that they will not have a material impact on its Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Out-Of-Period Adjustments | The Company has determined that the aforementioned misstatements, and the out-of-period correction of such amounts, did not result in any previous or current financial statements being materially misstated, as noted below: Year Ended (In millions) December 25, December 26, December 28, Prior Years Tupperware Mexico $ — $ (3.2) $ 2.4 $ 0.8 Fuller Mexico (1.6) 0.5 (5.6) 6.8 Others (1.0) 0.1 0.3 0.6 Pretax over (under) misstatement (2.6) (2.6) (2.9) 8.2 Tax-effect of above misstatements 0.7 1.0 0.8 (2.5) Other income tax misstatements (4.6) (0.4) 3.9 1.1 Total tax impact (3.9) 0.6 4.7 (1.4) Net income over (under) misstatement from continuing operations $ (5.4) $ (2.4) $ 5.7 $ 2.0 Net income over (under) misstatement from discontinued operations $ (1.1) $ 0.4 $ (3.9) $ 4.8 Net income over (under) misstatement $ (6.5) $ (2.0) $ 1.8 $ 6.8 |
Shipping and Handling | Distribution costs were: Year Ended (In millions) December 25, December 26, December 28, Distribution costs $ 145.8 $ 140.7 $ 113.1 |
Promotional Cost | Promotional costs were: Year Ended (In millions) December 25, December 26, December 28, Promotional costs $ 225.7 $ 229.9 $ 255.6 |
Advertising And Research And Development Expenses | Advertising and research and development expenses were: Year Ended (In millions) December 25, December 26, December 28, Advertising expense $ 3.7 $ 2.5 $ 4.4 Research and development expense $ 10.9 $ 11.2 $ 13.8 |
Capitalized Computer Software | Amortization expense related to internal use software development costs was: Year Ended (In millions) December 25, December 26, December 28, Amortization expense $ 5.8 $ 5.1 $ 5.1 Net unamortized internal use software development costs were: Year Ended (In millions) December 25, December 26, Net unamortized internal use software development costs $ 22.2 $ 18.6 |
Property, Plant and Equipment | Depreciation is recorded on a straight-line basis over the following estimated useful lives of the assets: Years Building and improvements 10 - 40 Molds 4 - 10 Production equipment 10 Distribution equipment 5 - 10 Computer/telecom equipment 3 - 5 Capitalized software 3 - 7 |
Schedule of Weighted Average Estimated Useful Lives of Intangible Assets |
Incentive Compensation Plans (T
Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock option valuation assumptions | The fair value of the Company's stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used in the last three years: Year Ended December 25, December 26, December 28, Dividend yield N/A —% N/A Expected volatility N/A 44.7% N/A Risk-free interest rate N/A 0.9% N/A Expected life N/A 9 years N/A ____________________ N/A - not applicable; there were no stock options granted. |
Stock 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 $ 32.8 Granted — — Expired/Forfeited (827,024) 56.90 Exercised (13,702) 37.16 Outstanding at December 25, 2021 3,233,672 $ 40.41 $ 12.6 Exercisable at December 25, 2021 2,233,672 $ 57.33 $ — |
Schedule of restricted stock, restricted stock units, performance vested and market vested award activity | Restricted stock, restricted stock units, performance-vested, and market-vested share award activity for 2021 under all of the Company's incentive plans is summarized in the following table: Non-vested Shares Weighted Outstanding at December 26, 2020 4,954,342 $ 3.60 Time-vested shares granted 477,871 24.39 Market-vested shares granted — — Performance shares granted 284,180 24.98 Performance share adjustments (26,444) 26.30 Vested (725,859) 5.90 Forfeited (463,879) 11.44 Outstanding at December 25, 2021 4,500,211 $ 5.71 |
Re-engineering Costs (Tables)
Re-engineering Costs (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Restructuring and Related Activities [Abstract] | |
Re-engineering Charges | The re-engineering charges were: Year Ended (In millions) December 25, December 26, December 28, Turnaround plan $ 13.3 $ 32.2 $ 25.5 2017 program 1.5 3.1 4.5 Other — — 3.8 Total re-engineering charges $ 14.8 $ 35.3 $ 33.8 |
Schedule of Restructuring Reserve by Type of Cost | Expenses by reporting segment were: Year Ended (In millions) December 25, December 26, December 28, Asia Pacific $ 2.9 $ 3.9 $ 11.7 Europe 6.8 15.5 16.7 North America 2.0 2.8 2.3 South America — 3.0 0.7 Corporate 3.1 10.1 2.4 Total re-engineering charges $ 14.8 $ 35.3 $ 33.8 The balances included in accrued liabilities related to re-engineering charges were: As of (In millions) December 25, December 26, Beginning balance $ 18.7 $ 16.0 Provision 14.8 35.3 Adjustments and other charges — 0.8 Cash expenditures: Severance (12.7) (29.5) Other (7.5) (3.9) Non cash currency translation adjustment $ (0.4) $ — Ending balance $ 12.9 $ 18.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | For income tax purposes, the domestic and foreign components of income before taxes were as follows: Year Ended (In millions) December 25, December 26, December 28, Domestic $ (65.7) $ (58.7) $ (44.9) Foreign 263.9 265.4 192.3 Income before income taxes $ 198.2 $ 206.7 $ 147.4 Year Ended December 25, December 26, December 28, Tax cost associated with GILTI (before credits) $ 28.7 $ 20.0 $ 16.9 (In millions) 2021 2020 Cumulative undistributed earnings $ 2,058.7 $ 1,850.1 Earnings deemed to not be permanently invested $ 213.2 $ 188.7 Deferred tax liability on earnings deemed to not be permanently invested $ 11.7 $ 10.9 Year Ended December 25, December 26, December 28, Income taxes paid $ 82.0 $ 66.7 $ 95.2 |
Provision (Benefit) for Income Taxes | The provisions for current and deferred taxes are summarized as follows: Year Ended (In millions) December 25, December 26, December 28, United States $ 3.3 $ 8.3 $ 6.8 International 67.8 79.8 69.6 State and local 1.9 0.1 0.9 Current provision for income taxes 73.0 88.2 77.3 United States (20.0) 4.6 (7.9) International (5.9) 0.7 18.4 State and local (4.5) 2.3 1.1 Deferred provision for income taxes (30.4) 7.6 11.6 Provision for income taxes $ 42.6 $ 95.8 $ 88.9 The effective tax rate was: Year Ended December 25, December 26, December 28, Effective tax rate 21.5 % 46.3 % 60.2 % |
Effective Income Tax Provisions Reconciliation | A reconciliation of the provision for income taxes and income taxes computed using the United States federal statutory rate were as follows: Year Ended (In millions) December 25, December 26, December 28, Provision for income taxes using statutory rate $ 41.6 $ 43.5 $ 31.0 Foreign rate differential 7.1 23.3 34.5 Other changes in valuation allowances for deferred tax assets (33.6) 14.4 31.0 Global intangible low-taxed income, net of credits 1.6 10.0 9.8 Foreign direct taxes in excess of credits 2.6 6.2 8.2 State taxes (1.0) 3.0 (1.9) Foreign-derived intangible income, benefit (6.8) — (1.7) Impact of equity based compensation 7.1 0.4 2.8 Impact of changes in tax legislation 4.4 (5.8) (22.2) Unrecognized tax benefits 15.7 0.3 (2.0) Hedging Activity 3.0 (0.8) (2.7) Other 0.9 1.3 2.1 Provision for income taxes $ 42.6 $ 95.8 $ 88.9 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets (liabilities) were as follows: As of (In millions) December 25, December 26, Purchased intangibles $ (3.3) $ (5.9) Lease assets (23.8) (24.4) Depreciation (3.9) (1.3) Other (0.5) (1.3) Gross deferred tax liabilities (31.5) (32.9) Credit and net operating loss carry forwards (net of unrecognized tax benefits) 195.8 226.3 Employee benefits accruals 34.2 49.4 Deferred costs 24.3 30.6 Fixed assets basis differences 8.5 8.5 Capitalized intangibles 25.1 26.2 Other accruals 55.7 63.7 Accounts receivable 6.1 6.8 Post-retirement benefits 2.5 3.5 Lease liabilities 24.2 24.7 Inventory 55.5 7.3 Gross deferred tax assets 431.9 447.0 Valuation allowances (207.9) (244.3) Net deferred tax assets $ 192.5 $ 169.8 |
Summary of Operating Loss Carryforwards | Company's gross tax operating loss carryforwards have expiration dates ranging between one year and no expiration in certain instances. The gross tax operating loss carryforward balance was: As of (In millions) December 25, December 26, Federal $ — $ — State 8.8 10.7 International 337.9 400.9 Gross tax operating loss carryforwards $ 346.7 $ 411.6 |
Summary of Tax Credit Carryforwards | Company's estimated gross foreign tax credit carryforwards have expirations ranging from one to ten years. The estimated foreign tax credit carryforwards were: As of (In millions) December 25, December 26, Foreign tax credit carryforwards $ 129.1 $ 153.2 |
Summary of Income Tax Contingencies | Accrual for uncertain tax positions and interest and penalties related to uncertain tax positions were: As of (In millions) December 25, December 26, Accrual for uncertain tax positions $ 31.0 $ 14.3 Interest and penalties related to uncertain tax positions $ 3.3 $ 3.9 |
Unrecognized Tax Benefits Rollforward | A reconciliation of the beginning and ending amount of accrual for uncertain tax positions is as follows: As of (In millions) December 25, December 26, Beginning balance $ 14.3 $ 11.5 Additions based on tax positions related to the current year 17.7 1.1 Additions for tax positions of prior year 0.8 2.3 Reduction for tax positions of prior years — (0.2) Settlements — — Reductions for lapse in statute of limitations (1.3) (0.8) Impact of foreign currency rate changes versus the United States dollar (0.5) 0.4 Ending balance $ 31.0 $ 14.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The elements of the earnings per share computations were as follows: Year Ended (In millions, except per share amounts) December 25, December 26, December 28, Income from continuing operations $ 155.6 $ 110.9 $ 58.5 Income (loss) on discontinued operations (137.0) 1.3 (46.1) Net income $ 18.6 $ 112.2 $ 12.4 Weighted-average basic shares outstanding 49.4 49.1 48.8 Effect of dilutive securities 3.6 3.2 0.2 Weighted-average diluted shares 53.0 52.3 49.0 Basic earnings (loss) from continuing operations - per share $ 3.15 $ 2.26 $ 1.20 Basic earnings (loss) from discontinued operations per share $ (2.77) $ 0.03 $ (0.94) Basic earnings (loss) per share - Total $ 0.38 $ 2.29 $ 0.26 Diluted earnings (loss) from continuing operations - per share $ 2.93 $ 2.12 $ 1.19 Diluted earnings (loss) from discontinued operations - per share $ (2.58) $ 0.02 $ (0.94) Diluted earnings (loss) per share - Total $ 0.35 $ 2.14 $ 0.25 Excluded anti-dilutive shares 2.5 3.8 3.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The change in accumulated other comprehensive income (loss) was as follows: (In millions, net of tax) Foreign Currency Items (a) (d) Cash Flow Hedges (b) Pension and Other Post-retirement Items (c) Total Balance at December 29, 2018 $ (579.1) $ 1.7 $ (24.7) $ (602.1) Cumulative effect of change in Accounting Principle (3.8) (1.2) — (5.0) Other comprehensive loss before reclassifications (17.3) (5.1) (10.7) (33.1) Amounts reclassified from accumulated other comprehensive loss — 2.2 (0.3) 1.9 Other comprehensive loss (17.3) (2.9) (11.0) (31.2) Balance at December 28, 2019 (600.2) (2.4) (35.7) (638.3) Other comprehensive income (loss) before reclassifications (48.2) 5.4 (3.0) (45.8) Amounts reclassified from accumulated other comprehensive income (loss) — (2.8) 1.0 (1.8) Other comprehensive income (loss) (48.2) 2.6 (2.0) (47.6) Balance at December 26, 2020 (648.4) 0.2 (37.7) (685.9) Other comprehensive income (loss) before reclassifications (16.1) 0.4 13.4 (2.3) Amounts reclassified from accumulated other comprehensive income (loss) — (0.4) 0.7 0.3 Other comprehensive income (loss) (16.1) — 14.1 (2.0) Balance at December 25, 2021 $ (664.5) $ 0.2 $ (23.6) $ (687.9) (a) Foreign currency item amounts reclassified from accumulated other comprehensive income (loss) impact the Other income, net line item in the Consolidated Statements of Income (Loss). (b) Cash flow hedge amounts reclassified from accumulated other comprehensive income (loss) impact the Cost of products sold line item in the Consolidated Statements of Income (Loss). Also, see additional information for cash flow hedges at Note 14: Derivative Financial Instruments and Hedging Activities. (c) See additional information for pension and other post-retirement items at Note 19: Retirement Benefit Plans. (d) Included in the ending balance as of December 25, 2021 i s $140.9 million of accumulated foreign currency losses that have been included in the calculation of the loss on assets held for sale and will reduce the accumulated foreign currency losses upon completion of the sales. Amounts reclassified from accumulated other comprehensive income (loss) that related to cash flow hedges consisted of: Year Ended (In millions) December 25, December 26, December 28, Cash flow hedges (gain) losses $ (0.4) $ (3.6) $ 3.1 Tax (benefit) provision — 0.8 (0.9) Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges $ (0.4) $ (2.8) $ 2.2 Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items consisted of: Year Ended (In millions) December 25, December 26, December 28, Prior service costs/(benefit) $ (0.6) $ (0.9) $ (1.3) Settlements (gains) losses (1.3) 0.1 0.7 Actuarial (gains) losses 3.1 2.9 0.3 Tax (benefit) provision (0.5) (1.1) — Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items $ 0.7 $ 1.0 $ (0.3) |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Note 7: Cash, Cash Equivalents and Restricted Cash 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) December 25, December 26, Cash and cash equivalents $ 267.2 $ 134.1 Restricted cash 6.6 11.3 Cash, cash equivalents and restricted cash at end of period $ 273.8 $ 145.4 Time deposits, certificates of deposit or similar instruments included in cash and cash equivalents were: As of (In millions) December 25, December 26, Time deposits, certificates of deposit or similar instruments $ 16.4 $ 13.8 |
Restrictions on 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) December 25, December 26, Cash and cash equivalents $ 267.2 $ 134.1 Restricted cash 6.6 11.3 Cash, cash equivalents and restricted cash at end of period $ 273.8 $ 145.4 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | The accounts receivable and allowance for credit losses balance was: As of (In millions) December 25, December 26, Accounts receivable $ 117.3 $ 129.1 Allowance for credit losses (31.1) (33.2) Accounts receivable, net $ 86.2 $ 95.9 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Inventory, Net [Abstract] | |
Components of Inventories | Inventories, net balance was: As of (In millions) December 25, December 26, Finished goods $ 181.2 $ 156.7 Work in process 28.4 27.3 Raw materials and supplies 22.6 27.0 Inventories, net $ 232.2 $ 211.0 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net balance is composed of: As of (In millions) December 25, December 26, Molds $ 717.6 $ 726.4 Production equipment 257.8 255.5 Buildings and improvements 111.6 133.3 Computer/telecom equipment 36.0 44.0 Distribution equipment 32.5 37.4 Capitalized software 78.9 71.9 Furniture and fixtures 24.6 28.0 Land 6.4 16.9 Construction in progress 13.2 22.1 Property, plant and equipment, gross 1,278.6 1,335.5 Accumulated depreciation (1,117.7) (1,146.8) Property, plant and equipment, net $ 160.9 $ 188.7 Depreciation expense was: Year Ended December 25, December 26, December 28, Depreciation expense $ 33.1 $ 35.0 $ 39.4 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | omponents of lease expense were as follows: Year Ended (In millions) December 25, December 26, December 28, Operating lease cost (a) (b) $ 39.2 $ 40.0 $ 46.7 Amortization of right-of-use assets (a) $ 0.6 $ 0.8 $ 0.9 Interest on lease liabilities (c) 0.1 0.2 0.2 Finance lease cost $ 0.7 $ 1.0 $ 1.1 ____________________ (a) I ncluded in selling, general and administrative expense and cost of products sold. (b) Includes $3.3 million and $1.7 million relat ed to short-term rent expense and variable rent expense, respectively. (c) Included in interest expense. |
Schedule of Supplemental Cash Flow information related to Leases [Table Text Block] | Supplemental cash flow information related to leases is as follows: Year Ended (In millions) December 25, December 26, December 28, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (38.6) $ (37.0) $ (45.4) Operating cash flows from finance leases $ — $ — $ (0.2) Financing cash flows from finance leases $ (1.4) $ (0.6) $ (1.6) Right-of-use assets obtained in exchange for operating lease obligations $ 0.3 $ 34.4 $ 8.4 |
Supplemental Balance Sheet information related to Leases [Table Text Block] | Supplemental information related to leases is as follows: As of (In millions, except lease term and discount rate) December 25, December 26, Operating leases Operating lease right-of-use assets $ 74.7 $ 91.0 Accrued liabilities $ 19.7 $ 23.7 Operating lease liabilities 57.3 66.1 Total operating lease liabilities $ 77.0 $ 89.8 Finance leases Property, plant and equipment, at cost $ 18.1 $ 19.7 Accumulated amortization (11.8) (12.2) Property, plant and equipment, net $ 6.3 $ 7.5 Current portion of finance lease obligations $ 1.4 $ 1.4 Long-term finance lease obligations 0.4 1.9 Total finance lease liabilities $ 1.8 $ 3.3 Weighted average remaining lease term Operating leases 5.7 years 5.3 years Finance leases 1.4 years 2.4 years Weighted average discount rate (a) Operating leases 5.3 % 5.2 % Finance leases 5.1 % 5.1 % _________________________ (a) Calculated using Company's incremental borrowing rate. |
Schedule of Maturities of Lease Liabilities [Table Text Block] | Maturities of lease liabilities as of December 25, 2021 were as follows: As of December 25, (In millions) Operating Leases (a) Finance Leases 2022 $ 25.7 $ 1.4 2023 17.9 0.4 2024 13.3 — 2025 7.5 — 2026 5.3 — Thereafter 27.0 — Total lease payments 96.7 1.8 Less imputed interest (19.7) — Total $ 77.0 $ 1.8 _________________________ (a) Annual long term lease liabilities for continuing operations were calculated by deducting long term liabilities for discontinued operations averaged over the years 2023 and beyond. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | |
Schedule of Finite and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | The trade name balance was: As of December 25, December 26, (In millions) Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Indefinite-lived trade name $ 10.6 $ — $ 10.6 $ 11.6 $ — $ 11.6 Total trade name $ 10.6 $ — $ 10.6 $ 11.6 $ — $ 11.6 |
Schedule of Identifiable Intangible Assets [Table Text Block] | Changes in the gross carrying value of trade names were: As of (In millions) December 25, December 26, Beginning balance $ 11.6 $ 11.0 Trade name impairment — — Effect of changes in exchange rates (1.0) 0.6 Ending balance $ 10.6 $ 11.6 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Goodwill Goodwill balances were: (In millions) Asia Pacific Europe North America South America Total Gross goodwill balance at December 28, 2019 $ 56.0 $ — $ 55.3 $ 0.8 $ 112.1 Effect of changes in exchange rates 1.4 — (0.5) (0.1) 0.8 Gross goodwill balance at December 26, 2020 57.4 — 54.8 0.7 112.9 Effect of changes in exchange rates (2.2) — (0.9) (0.1) (3.2) Gross goodwill balance at December 25, 2021 $ 55.2 $ — $ 53.9 $ 0.6 $ 109.7 Cumulative impairments as of December 28, 2019 $ 20.0 $ — $ 38.9 $ — $ 58.9 Goodwill impairment — — — — — Cumulative impairments as of December 26, 2020 20.0 — 38.9 — 58.9 Goodwill impairment 8.1 — — — 8.1 Cumulative impairments as of December 25, 2021 $ 28.1 $ — $ 38.9 $ — $ 67.0 Goodwill as of December 28, 2019 $ 36.0 $ — $ 16.4 $ 0.8 $ 53.2 Goodwill as of December 26, 2020 $ 37.4 $ — $ 15.9 $ 0.7 $ 54.0 Goodwill as of December 25, 2021 $ 27.1 $ — $ 15.0 $ 0.6 $ 42.7 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Derivative Positions and Impact on Financial Position | Pretax income on forward points was as follows: Year Ended (In millions) December 25, December 26, December 28, Forward points gain on fair value hedges $ 4.1 $ 16.2 $ 17.5 Year Ended (In millions) December 25, December 26, December 28, Forward points gain (loss) recorded in other comprehensive income $ — $ 1.2 $ 0.4 Forward points gain (loss) from settlement of cash flow hedges $ (0.2) $ (2.3) $ (4.1) Fair value gain (loss) recorded in other comprehensive income $ 0.2 $ 0.2 $ (2.4) Gain (loss) recorded in accumulated other comprehensive income $ — $ 2.6 $ (2.9) 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 December 25, December 26, Derivative assets: Foreign exchange contracts Non-trade accounts receivable, net $ 8.5 $ 4.3 Derivative liabilities: Foreign exchange contracts Accrued liabilities $ (7.3) $ (4.4) As of (In millions) December 25, December 26, Net derivative asset (liability) $ 1.2 $ (0.1) |
Schedule of Derivative Positions and Impact on Results of Operations and Comprehensive Income | The following table summarizes the impact on the results of operations for the components included in the hedge effectiveness assessment of the Company's fair value hedging positions: Derivatives designated as fair value hedges (in millions) Location of gain (loss) recognized in income on derivatives Amount of gain (loss) recognized in income on derivatives Location of gain (loss) recognized in income on Amount of gain (loss) recognized in income on related hedged items Year Ended Year Ended December 25, December 26, December 28, December 25, December 26, December 28, Foreign exchange contracts Other income, net $ (12.9) $ (11.3) $ 9.6 Other income, net $ 7.7 $ 11.4 $ (9.6) The following table summarizes the impact of Company's hedging activities on comprehensive income: Derivatives designated as cash flow and net equity hedges (in millions) Amount of (loss) or gain recognized in OCI on derivatives Location of (loss) or gain reclassified from accumulated OCI into income Amount of (loss) or gain reclassified from accumulated OCI into income Location of loss recognized in income on derivatives Amount of loss recognized in income on derivatives Year Ended Year Ended Year Ended December 25, December 26, December 28, December 25, December 26, December 28, December 25, December 26, December 28, Cash flow hedges: Foreign exchange contracts $ 0.4 $ 6.2 $ (6.3) Cost of products sold $ 0.4 $ 3.6 $ (3.1) Interest expense $ — $ — $ — Net investment hedges: Foreign exchange contracts 2.8 (3.8) (30.9) Interest expense — — — Euro denominated debt 7.1 (9.5) 2.6 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue | Deferred revenue balance which was primarily related to payments received in advance for orders not yet shipped was as follows: As of (In millions) December 25, December 26, Deferred revenue $ 4.5 $ 14.1 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | As of (In millions) December 25, December 26, Compensation and employee benefits $ 56.7 $ 68.4 Income taxes payable 43.0 41.5 Advertising, promotion and returns 26.9 41.6 Operating lease liabilities 19.7 23.7 Taxes other than income taxes 26.9 26.3 Re-engineering charges 12.9 18.7 Unbilled goods and services 15.7 12.8 Accrued freight and duties 8.8 13.4 Accrued commissions 11.4 10.8 Foreign currency contracts 7.7 4.1 Sales incentives 7.6 13.6 Other 50.6 44.4 Accrued liabilities $ 287.9 $ 319.3 |
Schedule of Other Liabilities | As of (In millions) December 25, December 26, Pensions $ 83.8 $ 112.5 Post-retirement benefits 9.3 10.7 Security deposits 8.0 10.1 Long-term income taxes liability 10.7 9.8 Long-term deferred tax liability 2.4 2.4 Other 16.8 30.8 Other liabilities $ 131.0 $ 176.3 |
Financing Obligations (Tables)
Financing Obligations (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt and Capital Lease Obligations | The debt portfolio consisted of: As of (In millions) December 25, December 26, Term loan $ 398.5 $ 275.0 Revolver facility 312.0 423.3 Finance leases (a) 1.8 3.3 Unamortized debt issuance costs (2.9) (18.3) Total debt $ 709.4 $ 683.3 Current debt and finance lease obligations (b) $ 8.9 $ 424.7 Long-term debt and finance lease obligations 700.5 258.6 Total debt $ 709.4 $ 683.3 ____________________ (a) See Note 18: Leases for further details. |
Schedule of Short-term Debt | As of (Dollars in millions) December 25, December 26, Total short-term borrowings at year-end $ — $ 423.3 Weighted average interest rate at year-end — % 2.0 % Average short-term borrowings during the year $ 477.6 $ 488.7 Weighted average interest rate for the year 2.0 % 2.3 % Maximum short-term borrowings during the year $ 582.9 $ 626.3 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Funded Status of Company's Plan | The funded status of all of the Company's plans was as follows: United States plans Foreign plans Pension benefits Post-retirement benefits Pension benefits As of As of As of (In millions) December 25, December 26, December 25, December 26, December 25, December 26, Change in benefit obligations: Beginning balance $ 39.1 $ 39.0 $ 11.8 $ 12.6 $ 185.5 $ 179.4 Service cost — — — 0.1 6.0 7.7 Interest cost 0.8 1.2 0.2 0.4 2.0 2.4 Actuarial (gain) loss (0.7) 4.4 (0.5) 0.4 (14.0) (0.5) Benefits paid (1.0) (0.9) (1.2) (1.7) (4.9) (4.3) Impact of exchange rates — — — — (11.6) 15.6 Plan participant contributions — — — — 5.4 1.0 Plan amendments — — — — (0.4) (0.6) Business combination — — — — 4.1 — Settlements/Curtailments (3.8) (4.6) — (34.6) (15.2) Ending balance $ 34.4 $ 39.1 $ 10.3 $ 11.8 $ 137.5 $ 185.5 Change in plan assets at fair value: Beginning balance $ 27.5 $ 28.6 $ — $ — $ 83.3 $ 81.8 Actual return on plan assets 1.8 3.9 — — 4.4 1.4 Company contributions 1.5 4.7 1.7 1.7 5.2 7.5 Plan participant contributions — — — — 5.4 1.0 Benefits and expenses paid (1.0) (1.8) (1.7) (1.7) (3.0) (2.1) Business combination — — — — 2.8 — Impact of exchange rates — — — — (5.3) 7.7 Settlements (3.8) (7.9) — — (33.6) (14.0) Ending balance $ 26.0 $ 27.5 $ — $ — $ 59.2 $ 83.3 Funded status of plans $ (8.4) $ (11.6) $ (10.3) $ (11.8) $ (78.3) $ (102.2) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheet consisted of: As of (In millions) December 25, December 26, Accrued benefit liability $ (97.0) $ (125.6) Accumulated other comprehensive loss (pretax) 27.9 51.2 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Items not yet recognized as a component of pension expense consisted of: As of As of December 25, December 26, (In millions) Pension Post-retirement Pension Post-retirement Transition obligation $ 2.9 $ — $ 3.4 $ — Prior service cost (benefit) 1.7 (2.1) 2.5 (2.7) Net actuarial loss (gain) 26.8 (1.4) 48.6 (0.6) Accumulated other comprehensive loss (income) pretax $ 31.4 $ (3.5) $ 54.5 $ (3.3) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Components of other comprehensive loss (income) consisted of the following: As of As of December 25, December 26, (In millions) Pension Post-retirement Pension Post-retirement Net prior service cost $ 0.1 $ 0.6 $ 0.2 $ 0.8 Net actuarial loss (gain) (20.3) (0.8) (1.0) 0.4 Impact of exchange rates (2.9) — 2.3 — Other comprehensive loss (income) $ (23.1) $ (0.2) $ 1.5 $ 1.2 |
Components of Net Periodic Benefit Cost and Weighted Average Assumptions | The costs associated with all of the Company's plans were as follows: Pension benefits Post-retirement benefits Year Ended Year Ended (Dollars in millions) December 25, December 26, December 28, December 25, December 26, December 28, Components of net periodic benefit cost: Service cost and expenses $ 6.2 $ 7.7 $ 6.8 $ — $ 0.1 $ 0.1 Interest cost 2.8 3.6 5.1 0.2 0.4 0.5 Return on plan assets (3.1) (3.8) (4.1) — — — Settlement/Curtailment (1.3) (0.7) 0.5 — — — Employee contributions (0.2) (0.2) (0.2) — — — Net amortization and deferral of (gain)/loss: 3.1 2.9 0.1 (0.6) (0.9) (1.3) Net periodic benefit cost (income) $ 7.5 $ 9.5 $ 8.2 $ (0.4) $ (0.4) $ (0.7) Weighted average assumptions: United States plans Discount rate, net periodic benefit cost 2.3 % 3.3 % 4.3 % 2.5 % 3.3 % 4.3 % Discount rate, benefit obligations 2.5 % 2.3 % 3.3 % 2.8 % 2.5 % 3.3 % Return on plan assets 5.0 % 7.0 % 7.0 % N/A N/A N/A Salary growth rate, net periodic benefit cost N/A N/A N/A N/A N/A N/A Salary growth rate, benefit obligations N/A N/A N/A N/A N/A N/A Foreign plans Discount rate 1.6 % 1.1 % 1.5 % N/A N/A N/A Return on plan assets 2.9 % 2.6 % 2.6 % N/A N/A N/A Salary growth rate 2.9 % 2.7 % 2.6 % N/A N/A N/A ____________________ N/A - not applicable |
Schedule of Allocation of Plan Assets | The Company's weighted average asset allocations at December 25, 2021 and December 26, 2020, by asset category, were as follows: As of As of December 25, December 26, Asset category United States plans Foreign plans United States plans Foreign plans Equity securities 58.1 % 41.9 % 55.9 % 40.1 % Fixed income securities 41.9 35.4 44.1 26.0 Cash and money market investments — 4.4 — 5.1 Guaranteed contracts — 17.2 — 20.4 Other — 1.1 — 8.4 Total 100.0 % 100.0 % 100.0 % 100.0 % The fair value of the Company's pension plan assets at December 25, 2021 by asset category was as follows: Description of assets (in millions) December 25, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Domestic plans: Common/collective trust (a) $ 26.0 $ — $ 26.0 $ — Foreign plans: Belgium Mutual fund (b) 27.2 27.2 — — Switzerland Guaranteed insurance contract (c) 11.4 — — 11.4 Japan Common/collective trust (d) 10.2 — 10.2 — Germany Guaranteed insurance contract (c) 5.8 — — 5.8 Korea Guaranteed insurance contract (c) 2.8 — — 2.8 Australia Investment fund (e) 0.6 — 0.6 — Philippines Fixed income securities (f) 0.3 0.3 — — Equity fund (f) 1.0 1.0 — — Austria Guaranteed insurance contract (c) 0.3 — — 0.3 Total $ 85.6 $ 28.5 $ 36.8 $ 20.3 The fair value of the Company's pension plan assets at December 26, 2020 by asset category was as follows: Description of assets (in millions) December 26, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Domestic plans: Common/collective trust (a) $ 27.5 $ — $ 27.5 $ — Foreign plans: Belgium Mutual funds (b) 31.0 31.0 — — Switzerland Guaranteed insurance contract (c) 27.1 — — 27.1 Japan Common/collective trust (d) 12.1 — 12.1 — Germany Guaranteed insurance contract (c) 6.1 — — 6.1 Korea Guaranteed insurance contract (c) 3.2 — — 3.2 Australia Investment fund (e) 1.4 — 1.4 — Philippines Fixed income securities (f) 0.8 0.8 — — Equity fund (f) 1.2 1.2 — — Austria Guaranteed insurance contract (c) 0.4 — — 0.4 Total $ 110.8 $ 33.0 $ 41.0 $ 36.8 ____________________ (a) The investment strategy of the United States pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60.0 percent in equity securities and 40.0 percent in fixed income securities. As of the years ended December 25, 2021 and December 26, 2020, the common trusts held 58.1 percent and 55.9 percent of its assets in equity securities and 41.9 percent and 44.1 percent in fixed income securities, respectively. The percentage of funds invested in equity securities at the end of 2021 and 2020, included: 16.5 percent and 18.0 percent in international stocks in each year, 19.2 percent and 19.2 percent in large United States stocks, and 2.6 percent and 4.0 percent in small United States stocks, respectively. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices. (b) The strategy of the Belgian plan in each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62.0 percent in equity securities, 37.0 percent in fixed income securities, and 1.0 percent cash. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 25, 2021 and December 26, 2020, the percentage of funds held in various asset classes included: large-cap equities of European companies of 31.5 percent and 27.1 percent, small-cap equities of European companies of 19.8 percent and 18.5 percent, money market fund of 1.7 percent and 13.7 percent, bonds primarily from European and United States governments of 33.2 percent and 29.3 percent, and equities outside of Europe, mainly in the United States and emerging markets, at 13.8 percent and 11.4 percent, respectively each year. (c) The strategy of the Company's plans in Austria, Germany, Korea and Switzerland was to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return. (d) The Company's strategy was to invest approximately 50.0 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 50.0 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 50.0 percent equities in Japanese listed securities, 7.0 percent in equities outside of Japan, 3.0 percent in cash and other short-term investments and 40.0 percent in domestic Japanese bonds. This strategy has been achieved through a collective trust that held 100.0 percent of total funded assets as of December 25, 2021 and December 26, 2020. As of the end of December 25, 2021 and December 26, 2020, the allocation of funds within the common collective trust included: 50.9 percent and 52.5 percent in Japanese equities, 39.2 percent and 37.3 percent in Japanese bonds, 7.3 percent and 7.1 percent in equities of companies based outside of Japan, and 2.6 percent and 3.1 percent, respectively, in cash and other short-term investments in each year. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets. (e) The strategy of this fund was to achieve a 10-year long-term net return of at least 2.5 percent above inflation based on the Australian consumer price index. The investment strategy is to invest mainly in equities and property, which are expected to earn relatively higher returns over the long term. The fair value of the fund is determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 25, 2021 and December 26, 2020, the percentage of funds held in investments included: Australian equities of 18.7 percent and 14.9 percent, other equities of listed companies outside of Australia of 58.3 percent and 49.0 percent, government and corporate bonds of 11.2 percent and 16.3 percent, cash of 5.4 percent and 11.8 percent and real estate of 6.4 percent and 8.0 percent, respectively. |
Schedule of Reconciliation of Fair Value Measurements in Level 3 | The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): Year Ending (In millions) December 25, December 26, Beginning balance $ 36.8 $ 37.7 Realized gains 0.3 0.5 Purchases, sales and settlements, net (15.1) (5.0) Impact of exchange rates (1.7) 3.6 Ending balance $ 20.3 $ 36.8 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the Company's United States and foreign plans: As of December 25, (In millions) Pension benefits Post-retirement benefits Total 2022 $ 12.3 $ 1.1 $ 13.4 2023 9.1 1.0 10.1 2024 7.8 0.9 8.7 2025 9.1 0.9 10.0 2026 9.4 0.8 10.2 2027-2031 46.2 3.0 49.2 Total $ 93.9 $ 7.7 $ 101.6 |
Long-Term Receivables (Tables)
Long-Term Receivables (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |
Allowance for Credit Losses on Financing Receivables Table | The long-term receivables and allowance for long-term receivables balance was as follows: As of (In millions) December 25, December 26, Long-term receivables, gross $ 33.3 $ 39.1 Beginning balance (26.7) (13.9) Write-offs 1.3 3.7 Recoveries 0.2 0.6 Provision (a) (2.7) (14.8) Currency translation adjustment 2.3 (2.3) Allowance for long-term receivables (25.6) (26.7) Long-term receivables, net $ 7.7 $ 12.4 ____________________ (a) Provision includes $0.3 million and $8.3 million of reclassifications from current receivables as of December 25, 2021 and December 26, 2020, respectively. |
Financing Receivable, Past Due | Long-term receivables that were past due were: As of (In millions) December 25, December 26, Long-term receivables past due $ 29.2 $ 30.9 |
Quarterly Financial Summary (Ta
Quarterly Financial Summary (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Table Text Block] | Following is a summary of the unaudited interim results of continuing operations for each quarter: Year Ended December 25, (In millions, except per share amounts) First Second Third Fourth Net sales $ 413.9 $ 416.6 $ 376.9 $ 394.9 Gross margin 293.6 285.9 247.9 240.9 Income from continuing operations 44.0 31.8 60.4 19.4 Basic earnings (loss) per share 0.89 0.64 1.22 0.40 Diluted earnings (loss) per share 0.82 0.60 1.14 0.37 Dividends declared per share — — — — Year Ended December 26, First Second Third Fourth Net sales $ 330.5 $ 355.3 $ 423.7 $ 448.3 Gross margin 218.3 237.9 291.2 305.6 Income (loss) from continuing operations (8.0) 61.2 29.9 27.8 Basic earnings (loss) per share (0.16) 1.25 0.61 0.57 Diluted earnings (loss) per share (0.16) 1.24 0.56 0.52 Dividends declared per share — — — — |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Out-of-Period Misstatements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 25, 2021 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Provision for income taxes | $ 42.6 | $ 95.8 | $ 88.9 | |||||||||
Income from continuing operations | $ 19.4 | $ 60.4 | $ 31.8 | $ 44 | $ 27.8 | $ 29.9 | $ 61.2 | $ (8) | 155.6 | 110.9 | 58.5 | |
Less: Income (loss) from discontinued operations | (137) | 1.3 | (46.1) | |||||||||
Net income | 18.6 | 112.2 | 12.4 | |||||||||
Restatement Adjustment | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Pretax over (under) misstatement | 2.6 | 2.6 | 2.9 | $ (8.2) | ||||||||
Tax-effect of above misstatements | 0.7 | 1 | 0.8 | (2.5) | ||||||||
Other income tax misstatements | (4.6) | (0.4) | 3.9 | 1.1 | ||||||||
Provision for income taxes | (3.9) | 0.6 | 4.7 | (1.4) | ||||||||
Income from continuing operations | (5.4) | (2.4) | 5.7 | 2 | ||||||||
Less: Income (loss) from discontinued operations | (1.1) | 0.4 | (3.9) | 4.8 | ||||||||
Net income | (6.5) | (2) | 1.8 | 6.8 | ||||||||
Restatement Adjustment | Tupperware Mexico | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Pretax over (under) misstatement | 0 | 3.2 | (2.4) | (0.8) | ||||||||
Restatement Adjustment | Fuller Mexico | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Pretax over (under) misstatement | 1.6 | (0.5) | 5.6 | (6.8) | ||||||||
Restatement Adjustment | Other Reporting Units | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Pretax over (under) misstatement | $ 1 | $ (0.1) | $ (0.3) | $ (0.6) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Shipping and Handling Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Shipping and Handling [Line Items] | |||
Selling, general and administrative expense | $ 827.2 | $ 840.4 | $ 873.3 |
Shipping and Handling [Member] | |||
Shipping and Handling [Line Items] | |||
Selling, general and administrative expense | $ 145.8 | $ 140.7 | $ 113.1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Promotional and Other Accrual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accounting Policies [Abstract] | |||
Promotional and Other Sales Force Compensation Expense | $ 225.7 | $ 229.9 | $ 255.6 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Advertising and Research and Development Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accounting Policies [Abstract] | |||
Advertising Expense | $ 3.7 | $ 2.5 | $ 4.4 |
Research and Development Costs | $ 10.9 | $ 11.2 | $ 13.8 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Internal Use Software Development Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Internal Use Software Development Costs [Line Items] | |||
Capitalized internal use software development costs, net | $ 22.2 | $ 18.6 | |
Software Development [Member] | |||
Internal Use Software Development Costs [Line Items] | |||
Amortization | $ 5.8 | $ 5.1 | $ 5.1 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Foreign Currency Translation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Argentina and Venezuela [Member] | |||
Foreign Currency Translation [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 2 | $ (4.5) | |
VENEZUELA | |||
Foreign Currency Translation [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (1.6) | ||
Translation Adjustment Functional to Reporting Currency, Net of Tax | $ 25.5 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 25, 2021 | |
Production equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 10 years |
Minimum [Member] | Building and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 10 years |
Minimum [Member] | Molds | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 4 years |
Minimum [Member] | Distribution equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 5 years |
Minimum [Member] | Computer/telecom equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 3 years |
Minimum [Member] | Capitalized software | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 3 years |
Maximum [Member] | Building and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 40 years |
Maximum [Member] | Molds | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 10 years |
Maximum [Member] | Distribution equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 10 years |
Maximum [Member] | Computer/telecom equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 5 years |
Maximum [Member] | Capitalized software | |
Property, Plant and Equipment [Line Items] | |
Useful life (years) | 7 years |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Goodwill) (Details) | 12 Months Ended |
Dec. 25, 2021 | |
Goodwill [Member] | |
Impairment Testing, Goodwill and Intangible Assets [Line Items] | |
Cash flow model, forecast period | 10 years |
Summary of Significant Accou_12
Summary of Significant Accounting Policies New Accounting pronouncements (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease assets | $ 74.7 | $ 91 |
Operating Lease, Liability | 77 | 89.8 |
Retained earnings | $ 1,139.4 | $ 1,161.6 |
Incentive Compensation Plans (D
Incentive Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | May 24, 2016 | |
Compensation Expense [Abstract] | ||||
Compensation expense | $ 8.6 | $ 8.9 | $ 10.4 | |
Tax benefit from compensation expense | 1.8 | $ 2 | $ 2.4 | |
Unrecognized stock based compensation expense | $ 15.9 | |||
Unrecognized stock based compensation expense, period of recognition (in months) | 2 years 2 months 12 days | |||
Shares paid for tax withholding for share based compensation, shares | 105,669 | 59,636 | 44,131 | |
Shares paid for tax withholding for share based compensation, value | $ 3 | $ 1.6 | $ 0.9 | |
Repurchase of Stock [Abstract] | ||||
Repurchase of common stock, value | $ 25 | |||
2016 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 2,053,885 | 850,000 | ||
Cash Settled Awards [Member] | ||||
Compensation Expense [Abstract] | ||||
Cash performance expense | $ 13.7 | $ 17.9 | $ 1 |
Incentive Compensation Plans (S
Incentive Compensation Plans (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding shares subject to option, at beginning of period | 4,074,398 | |
Outstanding weighted average exercise price per share, at beginning of period | $ 43.74 | |
Outstanding shares subject to option, granted | 0 | |
Outstanding weighted average exercise price per share, granted | $ 0 | |
Outstanding shares subject to option, expired/forfeited | (827,024) | |
Outstanding weighted average exercise price per share, expired/forfeited | $ 56.90 | |
Outstanding shares subject to option, exercised | (13,702) | |
Outstanding weighted average exercise price per share, exercised | $ 37.16 | |
Outstanding shares subject to option, at end of period | 3,233,672 | 4,074,398 |
Outstanding weighted average exercise price per share, at end of period | $ 40.41 | $ 43.74 |
Exercisable shares subject to option exercisable at end of period, at end of period | 2,233,672 | |
Exercisable weighted average exercise price per share, at end of period | $ 57.33 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 12.6 | $ 32.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Total intrinsic value of options exercised | $ 0 | |
Average remaining contractual life for outstanding options (in years) | 4 years 4 months 9 days | |
Average remaining contractual life of exercisable options (in years) | 2 years 7 months 20 days | |
Weighted average estimated grant date fair value | $ 1.10 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term awards become exercisable | 3 years | |
Term options expire from grant date (in years) | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Dividend yield | 0.00% | |
Expected volatility | 44.70% | |
Risk-free interest rate | 0.90% | |
Expected life (in years) | 9 years |
Incentive Compensation Plans (P
Incentive Compensation Plans (Performance Awards, Restricted Stock and Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock, restricted stock units, performance vested and market vested awards vested | $ 20.4 | $ 6.5 | $ 5.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non-vested shares outstanding, beginning balance | 4,954,342 | ||
Weighted average grant date fair value, beginning of period | $ 3.60 | ||
Weighted average grant date fair value, granted | $ 24.61 | $ 3.41 | $ 29.86 |
Shares outstanding, performance share adjustments | (26,444) | ||
Weighted average grant date fair value, performance share adjustments | $ 26.30 | ||
Shares outstanding, vested | (725,859) | ||
Weighted average grant date fair value, vested | $ 5.90 | ||
Shares outstanding, forfeited | (463,879) | ||
Weighted average grant date fair value, forfeited | $ 11.44 | ||
Non-vested shares outstanding, ending balance | 4,500,211 | 4,954,342 | |
Weighted average grant date fair value, end of period | $ 5.71 | $ 3.60 | |
rTSR Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term awards become exercisable | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Weighted average grant date fair value, granted | $ 5.21 | $ 27.12 | |
Time Vested [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Shares outstanding, granted | 477,871 | ||
Weighted average grant date fair value, granted | $ 24.39 | ||
Market Vested [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Shares outstanding, granted | 0 | ||
Weighted average grant date fair value, granted | $ 0 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term awards become exercisable | 3 years | ||
Change in estimated number of shares expected to vest | 13,719 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Shares outstanding, granted | 284,180 | ||
Weighted average grant date fair value, granted | $ 24.98 | ||
Cash Settled Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock, restricted stock units, performance vested and market vested awards vested | $ 0.3 | $ 0.9 | $ 0.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non-vested shares outstanding, beginning balance | 24,320 | 10,449 | |
Non-vested shares outstanding, ending balance | 20,957 | 24,320 | 10,449 |
Minimum [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term awards become exercisable | 1 year | ||
Minimum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum actual payout as percentage of shares initially granted | 0.00% | ||
Maximum [Member] | Restricted Stock, Restricted Stock Units, Performance Vested and Market Vested Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term awards become exercisable | 3 years | ||
Maximum [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum actual payout as percentage of shares initially granted | 150.00% |
Re-engineering Costs (Details)
Re-engineering Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | $ 18.7 | $ 16 | |
Re-engineering charges | 14.8 | 35.3 | $ 33.8 |
Restructuring Reserve, Accrual Adjustment | 0 | 0.8 | |
Non cash currency translation adjustment | (0.4) | 0 | |
Ending Balance | 12.9 | 18.7 | 16 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 3.1 | 10.1 | 2.4 |
Turnaround Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 13.3 | 32.2 | 25.5 |
Revitalization Plan July 2017 [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 1.5 | 3.1 | 4.5 |
Other Programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 0 | 0 | 3.8 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (12.7) | (29.5) | |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (7.5) | (3.9) | |
Asia Pacific | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 2.9 | 3.9 | 11.7 |
Europe | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 6.8 | 15.5 | 16.7 |
North America | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | 2 | 2.8 | 2.3 |
South America | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Re-engineering charges | $ 0 | $ 3 | $ 0.7 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Domestic and foreign components of income (loss) before taxes [Abstract] | |||
Domestic | $ (65.7) | $ (58.7) | $ (44.9) |
Foreign | 263.9 | 265.4 | 192.3 |
Income from continuing operations before income taxes | 198.2 | 206.7 | 147.4 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
United States | 3.3 | 8.3 | 6.8 |
International | 67.8 | 79.8 | 69.6 |
State and local | 1.9 | 0.1 | 0.9 |
Current provision (benefit) for income taxes | 73 | 88.2 | 77.3 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
United States | (20) | 4.6 | (7.9) |
International | (5.9) | 0.7 | 18.4 |
State and local | (4.5) | 2.3 | 1.1 |
Deferred provision (benefit) for income taxes | (30.4) | 7.6 | 11.6 |
Provision for income taxes | 42.6 | 95.8 | 88.9 |
Reconciliation between provision for income taxes and income taxes computed using U.S. federal statutory rate [Abstract] | |||
Provision for income taxes using statutory rate | 41.6 | 43.5 | 31 |
Increase (reduction) in taxes resulting from: | |||
Foreign rate differential | 7.1 | 23.3 | 34.5 |
Other changes in valuation allowances for deferred tax assets | (33.6) | 14.4 | 31 |
Global intangible low-taxed income, net of credits | 1.6 | 10 | 9.8 |
Foreign direct taxes in excess of credits | 2.6 | 6.2 | 8.2 |
State taxes | (1) | 3 | (1.9) |
Foreign-derived intangible income, benefit | (6.8) | 0 | (1.7) |
Impact of equity based compensation | 7.1 | 0.4 | 2.8 |
Impact of changes in tax legislation | 4.4 | (5.8) | (22.2) |
Unrecognized tax benefits | 15.7 | 0.3 | (2) |
Hedging Activity | 3 | (0.8) | (2.7) |
Other | 0.9 | 1.3 | 2.1 |
Provision for income taxes | $ 42.6 | $ 95.8 | $ 88.9 |
Effective Income Tax Rate Reconciliation, Percent | 21.50% | 46.30% | 60.20% |
Tax Cost associated with GILTI | $ 28.7 | $ 20 | $ 16.9 |
Gross deferred tax liabilities [Abstract] | |||
Purchased intangibles | (3.3) | (5.9) | |
Lease assets | (23.8) | (24.4) | |
Depreciation | (3.9) | (1.3) | |
Other | (0.5) | (1.3) | |
Deferred Tax Liabilities, Gross | 31.5 | 32.9 | |
Gross deferred tax assets [Abstract] | |||
Credit and net operating loss carry forwards (net of unrecognized tax benefits) | 195.8 | 226.3 | |
Employee benefits accruals | 34.2 | 49.4 | |
Deferred costs | 24.3 | 30.6 | |
Fixed assets basis differences | 8.5 | 8.5 | |
Capitalized intangibles | 25.1 | 26.2 | |
Other accruals | 55.7 | 63.7 | |
Accounts receivable | 6.1 | 6.8 | |
Post-retirement benefits | 2.5 | 3.5 | |
Deferred Tax Assets, Lease Assets | 24.2 | 24.7 | |
Inventory | 55.5 | 7.3 | |
Deferred Tax Assets, Gross | 431.9 | 447 | |
Valuation allowances | (207.9) | (244.3) | |
Net deferred tax assets | 192.5 | 169.8 | |
Operating loss carryforwards | 346.7 | 411.6 | |
Undistributed earnings of international subsidiaries | 2,058.7 | 1,850.1 | |
Undistributed earnings of foreign subsidiary not intended to be permanently reinvested | 213.2 | 188.7 | |
Accrual for withholding taxes on undistributed earnings of foreign subsidiaries | 11.7 | 10.9 | |
Accrued interest and penalties | 3.3 | 3.9 | |
Unrecognized tax benefits that would impact effective tax rate | 25.4 | 9.6 | |
Reconciliation of unrecognized tax benefits [Roll Forward] | |||
Unrecognized tax benefits beginning balance | 14.3 | 11.5 | |
Additions based on tax positions related to the current year | 17.7 | 1.1 | |
Additions for tax positions of prior year | 0.8 | 2.3 | |
Reduction for tax positions of prior years | 0 | (0.2) | |
Settlements | 0 | 0 | |
Reductions for lapse in statute of limitations | (1.3) | (0.8) | |
Impact of foreign currency rate changes versus the United States dollar | (0.5) | ||
Impact of foreign currency rate changes versus the United States dollar | 0.4 | ||
Unrecognized tax benefits ending balance | 31 | 14.3 | 11.5 |
Income taxes paid, net | 82 | 66.7 | $ 95.2 |
Domestic Tax Authority [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards | 0 | 0 | |
State [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards | 8.8 | 10.7 | |
Foreign [Member] | |||
Gross deferred tax assets [Abstract] | |||
Operating loss carryforwards | 337.9 | 400.9 | |
Tax credit carryforwards | $ 129.1 | $ 153.2 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 25, 2021 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 18.6 | $ 112.2 | $ 12.4 | ||||||||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||||||||||
Weighted-average basic shares outstanding | 49.4 | 49.1 | 48.8 | ||||||||
Effect of dilutive securities | 3.6 | 3.2 | 0.2 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted, Total | 53 | 52.3 | 49 | ||||||||
Earnings Per Share, Basic | $ 0.40 | $ 1.22 | $ 0.64 | $ 0.89 | $ 0.57 | $ 0.61 | $ 1.25 | $ (0.16) | $ 0.38 | $ 2.29 | $ 0.26 |
Earnings Per Share, Diluted | $ 0.37 | $ 1.14 | $ 0.60 | $ 0.82 | $ 0.52 | $ 0.56 | $ 1.24 | $ (0.16) | $ 0.35 | $ 2.14 | $ 0.25 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.5 | 3.8 | 3.9 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | $ (685.9) | ||
Other comprehensive income (loss) before reclassifications | (2.3) | $ (45.8) | $ (33.1) |
Amounts reclassified from accumulated other comprehensive loss | 0.3 | (1.8) | 1.9 |
Other comprehensive loss | (2) | (47.6) | (31.2) |
Ending balance | (687.9) | (685.9) | |
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives Before Tax | (0.4) | (3.6) | 3.1 |
Gain (Loss) Reclassification Adjustment From AOCI On Derivatives, Tax | 0 | (0.8) | 0.9 |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, prior service benefit, before tax | 0.6 | 0.9 | 1.3 |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, pension settlement costs, before tax | 1.3 | (0.1) | (0.7) |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, actuarial losses, before tax | (3.1) | (2.9) | (0.3) |
Amounts reclassified from accumulated other comprehensive loss, pension and other post-retirement items, tax | 0.5 | 1.1 | 0 |
Cumulative Effect Period Of Adoption, Adjustment | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (5) | ||
Foreign Currency Items | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (648.4) | (600.2) | (579.1) |
Other comprehensive income (loss) before reclassifications | (16.1) | (48.2) | (17.3) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Other comprehensive loss | (16.1) | (48.2) | (17.3) |
Ending balance | (664.5) | (648.4) | (600.2) |
Foreign Currency Items | Cumulative Effect Period Of Adoption, Adjustment | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (3.8) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | 0.2 | ||
Other comprehensive income (loss) before reclassifications | 0.4 | 5.4 | |
Amounts reclassified from accumulated other comprehensive loss | (0.4) | (2.8) | |
Other comprehensive loss | 0 | 2.6 | |
Ending balance | 0.2 | 0.2 | |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (2.4) | 1.7 | |
Other comprehensive income (loss) before reclassifications | (5.1) | ||
Amounts reclassified from accumulated other comprehensive loss | 2.2 | ||
Other comprehensive loss | (2.9) | ||
Ending balance | (2.4) | ||
Cash Flow Hedges | Cumulative Effect Period Of Adoption, Adjustment | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (1.2) | ||
Pension and Other Post-retirement Items | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (37.7) | (35.7) | (24.7) |
Other comprehensive income (loss) before reclassifications | 13.4 | (3) | (10.7) |
Amounts reclassified from accumulated other comprehensive loss | 0.7 | 1 | (0.3) |
Other comprehensive loss | 14.1 | (2) | (11) |
Ending balance | (23.6) | (37.7) | (35.7) |
Pension and Other Post-retirement Items | Cumulative Effect Period Of Adoption, Adjustment | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | (685.9) | (638.3) | (602.1) |
Other comprehensive loss | (2) | (47.6) | (31.2) |
Ending balance | $ (687.9) | $ (685.9) | $ (638.3) |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 267.2 | $ 134.1 |
Restricted cash | 6.6 | 11.3 |
Cash, cash equivalents and restricted cash at end of period | 273.8 | 145.4 |
Time deposits, certificates of deposit or similar instruments | $ 16.4 | $ 13.8 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Receivables [Abstract] | ||
Accounts receivable | $ 117.3 | $ 129.1 |
Allowance for credit losses | (31.1) | (33.2) |
Accounts receivable, net | $ 86.2 | $ 95.9 |
Inventories (Components of Inve
Inventories (Components of Inventories) (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Inventory, Net [Abstract] | ||
Finished goods | $ 181.2 | $ 156.7 |
Work in process | 28.4 | 27.3 |
Raw materials and supplies | 22.6 | 27 |
Inventories, net | $ 232.2 | $ 211 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,278.6 | $ 1,335.5 | |
Accumulated depreciation | (1,117.7) | (1,146.8) | |
Property, plant and equipment, net | 160.9 | 188.7 | |
Depreciation expense | 33.1 | 35 | $ 39.4 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 6.4 | 16.9 | |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 111.6 | 133.3 | |
Molds | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 717.6 | 726.4 | |
Production equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 257.8 | 255.5 | |
Distribution equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 32.5 | 37.4 | |
Computer/telecom equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 36 | 44 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 24.6 | 28 | |
Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 78.9 | 71.9 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 13.2 | $ 22.1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Short-term Lease, Cost | $ 3.3 | ||
Operating Lease, Cost | 39.2 | $ 40 | $ 46.7 |
Finance Lease, Right-of-Use Asset, Amortization | 0.6 | 0.8 | 0.9 |
Finance Lease, Interest Expense | 0.1 | 0.2 | 0.2 |
Operating cash flows from operating leases | (38.6) | (37) | |
Operating cash flows from finance leases | 0 | 0 | |
Financing cash flows from finance leases | (1.4) | (0.6) | |
Right-of-use assets obtained in exchange for operating lease obligations | 0.3 | 34.4 | |
Operating lease assets | 74.7 | 91 | |
Operating lease liabilities | 19.7 | 23.7 | |
Operating lease liabilities | 57.3 | 66.1 | |
Operating Lease, Liability | 77 | 89.8 | |
Finance Lease, gross | 18.1 | 19.7 | |
Finance Lease, Accumulated Amortization | (11.8) | (12.2) | |
Finance Lease, Right-of-Use Asset | 6.3 | 7.5 | |
Finance Lease, Liability, Current | 1.4 | 1.4 | |
Finance Lease, Liability, Noncurrent | 0.4 | 1.9 | |
Finance Lease, Liability | $ 1.8 | $ 3.3 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current debt and finance lease obligations | Current debt and finance lease obligations | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance lease obligations | Long-term debt and finance lease obligations | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 8 months 12 days | 5 years 3 months 18 days | |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 4 months 24 days | 2 years 4 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.30% | 5.20% | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.10% | 5.10% | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 25.7 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 17.9 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 13.3 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7.5 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5.3 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 27 | ||
Lessee, Operating Lease, Liability, Payments, Due | 96.7 | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 1.4 | ||
Finance Lease, Liability, Payments, Due Year Two | 0.4 | ||
Finance Lease, Liability, Payments, Due Year Three | 0 | ||
Finance Lease, Liability, Payments, Due Year Four | 0 | ||
Finance Lease, Liability, Payments, Due Year Five | 0 | ||
Finance Lease, Liability, Payments, Due after Year Five | 0 | ||
Finance Lease, Liability, Payment, Due | 1.8 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (19.7) | ||
Finance Lease, Liability, Undiscounted Excess Amount | 0 | ||
Variable Lease, Cost | $ 1.7 | ||
Finance Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lease, Cost | $ 0.7 | $ 1 | $ 1.1 |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 5 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Goodwill [Roll Forward] | ||||
Goodwill, Gross | $ 112.9 | $ 112.1 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (3.2) | 0.8 | ||
Goodwill, Gross | $ 109.7 | 109.7 | 112.9 | |
Goodwill, Impaired, Accumulated Impairment Loss | 58.9 | 58.9 | ||
Goodwill, impairment charge | 8.1 | 8.1 | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | 67 | 67 | 58.9 | |
Goodwill | 42.7 | 42.7 | 54 | $ 53.2 |
Asia Pacific | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 57.4 | 56 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (2.2) | 1.4 | ||
Goodwill, Gross | 55.2 | 55.2 | 57.4 | |
Goodwill, Impaired, Accumulated Impairment Loss | 20 | 20 | ||
Goodwill, impairment charge | 8.1 | 0 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 28.1 | 28.1 | 20 | |
Goodwill | 27.1 | 27.1 | 37.4 | 36 |
Europe | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 0 | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
Goodwill, Gross | 0 | 0 | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | ||
Goodwill, impairment charge | 0 | 0 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | 0 |
North America | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 54.8 | 55.3 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (0.9) | (0.5) | ||
Goodwill, Gross | 53.9 | 53.9 | 54.8 | |
Goodwill, Impaired, Accumulated Impairment Loss | 38.9 | 38.9 | ||
Goodwill, impairment charge | 0 | 0 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 38.9 | 38.9 | 38.9 | |
Goodwill | 15 | 15 | 15.9 | 16.4 |
South America | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Gross | 0.7 | 0.8 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (0.1) | (0.1) | ||
Goodwill, Gross | 0.6 | 0.6 | 0.7 | |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | ||
Goodwill, impairment charge | 0 | 0 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | 0 | |
Goodwill | $ 0.6 | $ 0.6 | $ 0.7 | $ 0.8 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 25, 2021 | Dec. 25, 2021 | Dec. 26, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 | $ 0 | $ 0 |
Intangible Assets, Gross (Excluding Goodwill) | 10.6 | 10.6 | 11.6 |
Intangible Assets, Net (Excluding Goodwill) | 10.6 | 10.6 | 11.6 |
Goodwill, impairment charge | 8.1 | 8.1 | 0 |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Intangible Assets, Gross (Excluding Goodwill) | 11.6 | 11 | |
Trade name impairment | 0 | 0 | |
Effect of changes in exchange rates | (1) | 0.6 | |
Intangible Assets, Gross (Excluding Goodwill) | 10.6 | 10.6 | 11.6 |
Trademarks and Trade Names | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 10.6 | $ 10.6 | $ 11.6 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Goodwill [Line Items] | ||||
Goodwill, impairment charge | $ 8.1 | $ 8.1 | $ 0 | |
Impairment of trade names | 0 | 0 | ||
Impairment expense | 8.1 | 0 | $ 6.7 | |
Intangible Assets, Net (Excluding Goodwill) | $ 10.6 | 10.6 | 11.6 | |
Asia Pacific | ||||
Goodwill [Line Items] | ||||
Goodwill, impairment charge | 8.1 | 0 | ||
North America | ||||
Goodwill [Line Items] | ||||
Goodwill, impairment charge | 0 | 0 | ||
South America | ||||
Goodwill [Line Items] | ||||
Goodwill, impairment charge | $ 0 | $ 0 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions | Oct. 29, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | $ 140.9 | |||
Loss on held for sale assets and dispositions | 133.5 | $ 0 | $ 0 | |
Income (loss) from discontinued operations before income taxes | 3 | 5.6 | (44) | |
Provision for income taxes | 6.5 | 4.3 | 2.1 | |
Less: Income (loss) from discontinued operations | (137) | 1.3 | (46.1) | |
Assets | ||||
Total current assets | 7.9 | 53.8 | ||
Assets held for sale | 18.5 | 48.5 | ||
Liabilities | ||||
Total current liabilities | 135.8 | 49.4 | ||
Liabilities held for sale | 17.8 | 13.9 | ||
Discontinued Operations, Held-for-sale [Member] | Avroy Shlain | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross purchase price | $ 32.9 | |||
Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 171.7 | 182.3 | 183.8 | |
Cost of products sold | 60 | 66 | 66.5 | |
Gross profit | 111.7 | 116.3 | 117.3 | |
Selling and administrative expenses | 106.7 | 109.2 | 126.1 | |
Re-engineering charges | 0.3 | 0.8 | 0.9 | |
(Gain) loss on disposal of assets | (9.2) | 0.3 | 0 | |
Loss on held for sale assets and dispositions | 142.7 | 0 | 0 | |
Impairment of goodwill and intangible assets | 0 | 0 | 33.3 | |
Operating income (loss) | (128.8) | 6 | (43) | |
Other (income) expense, net | 1.7 | 0.4 | 1 | |
Income (loss) from discontinued operations before income taxes | (130.5) | 5.6 | (44) | |
Provision for income taxes | 6.5 | 4.3 | 2.1 | |
Less: Income (loss) from discontinued operations | (137) | 1.3 | $ (46.1) | |
Assets | ||||
Cash and cash equivalents | 0.2 | 5.1 | ||
Accounts receivable, net | 14.9 | 18.8 | ||
Inventories, net | 25.8 | 25.3 | ||
Non-trade accounts receivable, net | 2.2 | 2.5 | ||
Prepaid expenses and other current assets | 1.5 | 2.1 | ||
Accumulated translation adjustment losses, current | (36.7) | 0 | ||
Total current assets | 7.9 | 53.8 | ||
Deferred tax assets, net | 6.2 | 6.3 | ||
Property, plant and equipment, net | 7.8 | 13.8 | ||
Operating lease assets | 11.1 | 6.9 | ||
Long-term receivables, net | 0 | 0.2 | ||
Trade names, net | 6.7 | 11.9 | ||
Goodwill | 1.7 | 6.4 | ||
Other assets, net | 2.7 | 3 | ||
Accumulated translation adjustment losses | (17.7) | 0 | ||
Assets held for sale | 18.5 | 48.5 | ||
Total assets | 26.4 | 102.3 | ||
Liabilities | ||||
Accounts payable | 17 | 18.8 | ||
Accrued liabilities | 30.5 | 30.6 | ||
Accumulated translation adjustment losses, current | 88.3 | 0 | ||
Total current liabilities | 135.8 | 49.4 | ||
Operating lease liabilities | 8.6 | 4 | ||
Other liabilities | 9.2 | 9.9 | ||
Liabilities held for sale | 17.8 | 13.9 | ||
Total liabilities | $ 153.6 | $ 63.3 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Forward points gain (loss) recorded in other comprehensive income | $ 0 | $ 1.2 | $ 0.4 | |
Forward points gain (loss) from settlement of cash flow hedges | (0.2) | (2.3) | (4.1) | |
Net cash impact from hedging activity | (6.9) | 3.6 | (2.3) | |
Net accrued gain/(loss) on outstanding derivative instruments | 1.2 | (0.1) | ||
Accumulated other comprehensive loss | (687.9) | (685.9) | ||
Fair value hedging relationships | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Forward Points on Fair Value Hedging Instruments included in Interest Income | $ 4.1 | 16.2 | 17.5 | |
Cash flow hedges: | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedge contract period, minimum | 1 month | |||
Cash flow hedge contract period, maximum | 15 months | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |||
Fair value gain (loss) recorded in other comprehensive income | $ 0.2 | 0.2 | (2.4) | |
Gain (loss) recorded in accumulated other comprehensive income | 0 | 2.6 | (2.9) | |
Net investment hedges: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Forward points gain (loss) recorded in other comprehensive income | (10.3) | (18.2) | (18.3) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 8.5 | $ (10.3) | (22.5) | |
Other Comprehensive Income (Loss) [Member] | Cash flow hedges: | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash Flow Hedge, Adjustment To Equity For Accounting Change | $ 1.2 | |||
Other Comprehensive Income (Loss) [Member] | Net investment hedges: | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ 3.8 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Outstanding Derivative Financial Instruments at Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Derivative [Line Items] | |||
Forward points gain (loss) recorded in other comprehensive income | $ 0 | $ 1.2 | $ 0.4 |
Net investment hedges: | |||
Derivative [Line Items] | |||
Forward points gain (loss) recorded in other comprehensive income | (10.3) | (18.2) | (18.3) |
Foreign currency translation adjustments | 8.5 | (10.3) | $ (22.5) |
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 96.4 | 125.2 | |
Derivative Liability, Notional Amount | 99.2 | 125.3 | |
United States of America, Dollars | Buy | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 35.4 | ||
United States of America, Dollars | Sell | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Notional Amount | 32.6 | ||
Euro | Buy | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 23.3 | ||
Euro | Sell | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Notional Amount | 35.7 | ||
Switzerland, Francs | Buy | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 63.1 | ||
Switzerland, Francs | Sell | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Notional Amount | 79.9 | ||
Mexican peso | Sell | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Notional Amount | $ 16.8 | ||
Korea (South), Won | Buy | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | $ 14.3 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Company's Derivative Positions and Their Impact on Financial Position) (Details) - Designated as Hedging Instrument [Member] - Foreign exchange contracts - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Non-trade accounts receivable, net | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 8.5 | $ 4.3 |
Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ (7.3) | $ (4.4) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Company's Derivative Positions and Their Impact on Company's Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Forward points gain (loss) from settlement of cash flow hedges | $ (0.2) | $ (2.3) | $ (4.1) |
Forward points gain (loss) recorded in other comprehensive income | 0 | 1.2 | 0.4 |
Fair value hedging relationships | Other income, net | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in income on derivatives | (12.9) | (11.3) | 9.6 |
Amount of gain (loss) recognized in income on related hedged items | 7.7 | 11.4 | (9.6) |
Cash flow hedges: | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recorded in accumulated other comprehensive income | 0 | 2.6 | (2.9) |
Cash flow hedges: | Interest expense | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in income on derivatives | 0 | 0 | 0 |
Cash flow hedges: | Cost of products sold | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recorded in accumulated other comprehensive income | 0.4 | 6.2 | (6.3) |
Forward points gain (loss) from settlement of cash flow hedges | 0.4 | 3.6 | (3.1) |
Net investment hedges: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency translation adjustments | 8.5 | (10.3) | (22.5) |
Forward points gain (loss) recorded in other comprehensive income | (10.3) | (18.2) | (18.3) |
Net investment hedges: | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2.8 | (3.8) | (30.9) |
Net investment hedges: | Euro Denominated Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 7.1 | (9.5) | 2.6 |
Net investment hedges: | Interest expense | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in income on related hedged items | $ 0 | $ 0 | $ 0 |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 4.5 | $ 14.1 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Accrued Liabilities [Abstract] | ||
Compensation and employee benefits | $ 56.7 | $ 68.4 |
Income taxes payable | 43 | 41.5 |
Advertising, promotion and returns | 26.9 | 41.6 |
Operating lease liabilities | 19.7 | 23.7 |
Taxes other than income taxes | 26.9 | 26.3 |
Re-engineering charges | 12.9 | 18.7 |
Unbilled goods and services | 15.7 | 12.8 |
Accrued freight and duties | 8.8 | 13.4 |
Accrued commissions | 11.4 | 10.8 |
Foreign currency contracts | 7.7 | 4.1 |
Accrued Sales Incentives | 7.6 | 13.6 |
Other | 50.6 | 44.4 |
Accrued liabilities | 287.9 | 319.3 |
Other Liabilities [Abstract] | ||
Post-retirement benefits | 9.3 | 10.7 |
Security Deposits, Noncurrent | 8 | 10.1 |
Pensions | 83.8 | 112.5 |
Long-term income taxes liability | 10.7 | 9.8 |
Long-term deferred tax liability | 2.4 | 2.4 |
Other | 16.8 | 30.8 |
Other liabilities | $ 131 | $ 176.3 |
Financing Obligations (Debt Obl
Financing Obligations (Debt Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ (19.9) | $ 40.2 | $ 0 |
Debt Issuance Costs, Net | (2.9) | (18.3) | |
Finance Lease, Liability | 1.8 | 3.3 | |
Debt and Lease Obligation | 709.4 | 683.3 | |
Current debt and finance lease obligations | 8.9 | 424.7 | |
Long-term debt and finance lease obligations | 700.5 | 258.6 | |
Short-term Debt | $ 0 | $ 423.3 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.00% | 2.00% | |
Short-term Debt, Average Outstanding Amount | $ 477.6 | $ 488.7 | |
Short-term Debt, Maximum Amount Outstanding During Period | 582.9 | 626.3 | |
Line of Credit Facility, Remaining Borrowing Capacity | 156.5 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 35 | $ 36.7 | $ 40.7 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 8.9 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 17.8 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 19.9 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 27.4 | ||
Long-Term Debt, Maturity, Year Five | 638.3 | ||
Total | $ 712.3 | ||
Short-term Debt [Member] | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 2.00% | 2.30% | |
Uncommitted Lines of credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 6.5 | ||
Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 312 | $ 423.3 | |
Line of Credit Facility, Maximum Borrowing Capacity | 730 | ||
Line of Credit Facility, Additional Borrowing Capacity | 250 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 150 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Current | 275 | ||
Long-term debt and finance lease obligations | $ 275 | ||
Subsidiaries [Member] | Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 325 | ||
Letter of Credit [Member] | Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 2.08% | ||
Bridge Loan [Member] | Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 |
Financing Obligations (Capital
Financing Obligations (Capital Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2007 | Dec. 25, 2021 | Dec. 26, 2020 | |
Sale Leaseback Transaction [Line Items] | |||
Costs related to new facility and equipment | $ 24 | ||
Capital Lease Obligations [Abstract] | |||
Finance Lease, Liability, Payment, Due | $ 1.8 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 0 | ||
Finance Lease, Liability | 1.8 | $ 3.3 | |
Finance Lease, Liability, Current | 1.4 | 1.4 | |
Finance Lease, Liability, Noncurrent | $ 0.4 | $ 1.9 | |
Belgium Lease 1 [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Capital lease term | 10 years | ||
Lease interest rate | 5.10% | ||
Belgium Lease 2 [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Capital lease term | 15 years |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Fair Value of Financial Instruments [Line Items] | ||
Long-term debt and finance lease obligations | $ 700.5 | $ 258.6 |
Term Loan [Member] | ||
Fair Value of Financial Instruments [Line Items] | ||
Long-term Debt | 398.5 | |
Long-term debt and finance lease obligations | 275 | |
Long Term Debt and Lease Obligation, Fair Value | $ 398.5 | $ 275 |
Retirement Benefit Plans (Net F
Retirement Benefit Plans (Net Funded Status and Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Accrued benefit liabilty | $ (97) | $ (125.6) | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Accumulated other comprehensive loss (pretax) | 27.9 | 51.2 | |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Accumulated benefit obligation | 104.9 | 188.5 | |
Fair value of plan assets | 35.8 | 97.4 | |
Pension Benefits [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Service cost | 6.2 | 7.7 | $ 6.8 |
Interest cost | 2.8 | 3.6 | 5.1 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 110.8 | ||
Ending balance | 85.6 | 110.8 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Unrecognized transition obligation | 2.9 | 3.4 | |
Unrecognized prior service cost (benefit) | 1.7 | 2.5 | |
Unreocognized net actuarial loss | 26.8 | 48.6 | |
Accumulated other comprehensive loss (pretax) | 31.4 | 54.5 | |
Accumulated benefit obligation | 139.2 | 189.8 | |
Pension Benefits [Member] | UNITED STATES | |||
Change in Benefit Obligation [Roll Forward] | |||
Beginning balance, benefit obligations | 39.1 | 39 | |
Service cost | 0 | 0 | |
Interest cost | 0.8 | 1.2 | |
Actuarial (gain) loss | (0.7) | 4.4 | |
Benefits paid | (1) | (0.9) | |
Impact of exchange rates | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Business combination | 0 | 0 | |
Settlements/Curtailments | (3.8) | (4.6) | |
Ending balance, benefit obligations | 34.4 | 39.1 | 39 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 27.5 | 28.6 | |
Actual return on plan assets | 1.8 | 3.9 | |
Company contributions | 1.5 | 4.7 | |
Plan Participant Contributions | 0 | 0 | |
Benefits and expenses paid | (1) | (1.8) | |
Business combination | 0 | 0 | |
Impact of exchange rates | 0 | 0 | |
Settlements | (3.8) | (7.9) | |
Ending balance | 26 | 27.5 | 28.6 |
Funded status of plan | (8.4) | (11.6) | |
Pension Benefits [Member] | Foreign Plan [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Beginning balance, benefit obligations | 185.5 | 179.4 | |
Service cost | 6 | 7.7 | |
Interest cost | 2 | 2.4 | |
Actuarial (gain) loss | (14) | (0.5) | |
Benefits paid | (4.9) | (4.3) | |
Impact of exchange rates | (11.6) | 15.6 | |
Plan participant contributions | 5.4 | 1 | |
Plan amendments | (0.4) | (0.6) | |
Business combination | 4.1 | 0 | |
Settlements/Curtailments | (34.6) | (15.2) | |
Ending balance, benefit obligations | 137.5 | 185.5 | 179.4 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 83.3 | 81.8 | |
Actual return on plan assets | 4.4 | 1.4 | |
Company contributions | 5.2 | 7.5 | |
Plan Participant Contributions | 5.4 | 1 | |
Benefits and expenses paid | (3) | (2.1) | |
Business combination | 2.8 | 0 | |
Impact of exchange rates | (5.3) | 7.7 | |
Settlements | (33.6) | (14) | |
Ending balance | 59.2 | 83.3 | 81.8 |
Funded status of plan | (78.3) | (102.2) | |
Postretirement Benefits [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Service cost | 0 | 0.1 | 0.1 |
Interest cost | 0.2 | 0.4 | 0.5 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Unrecognized transition obligation | 0 | 0 | |
Unrecognized prior service cost (benefit) | (2.1) | (2.7) | |
Unreocognized net actuarial loss | (1.4) | (0.6) | |
Accumulated other comprehensive loss (pretax) | (3.5) | (3.3) | |
Postretirement Benefits [Member] | UNITED STATES | |||
Change in Benefit Obligation [Roll Forward] | |||
Beginning balance, benefit obligations | 11.8 | 12.6 | |
Service cost | 0 | 0.1 | |
Interest cost | 0.2 | 0.4 | |
Actuarial (gain) loss | (0.5) | 0.4 | |
Benefits paid | (1.2) | (1.7) | |
Impact of exchange rates | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Business combination | 0 | 0 | |
Settlements/Curtailments | 0 | ||
Ending balance, benefit obligations | 10.3 | 11.8 | 12.6 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 1.7 | 1.7 | |
Plan Participant Contributions | 0 | 0 | |
Benefits and expenses paid | (1.7) | (1.7) | |
Business combination | 0 | 0 | |
Impact of exchange rates | 0 | 0 | |
Settlements | 0 | 0 | |
Ending balance | 0 | 0 | $ 0 |
Funded status of plan | $ (10.3) | $ (11.8) |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Pension Benefits [Member] | ||
Other Comprehensive Income (Loss) [Abstract] | ||
Net prior service cost | $ 0.1 | $ 0.2 |
Net actuarial loss (gain) | (20.3) | (1) |
Impact of exchange rates | (2.9) | 2.3 |
Other comprehensive loss (income) | (23.1) | 1.5 |
Postretirement Benefits [Member] | ||
Other Comprehensive Income (Loss) [Abstract] | ||
Net prior service cost | 0.6 | 0.8 |
Net actuarial loss (gain) | (0.8) | 0.4 |
Impact of exchange rates | 0 | 0 |
Other comprehensive loss (income) | $ (0.2) | $ 1.2 |
Retirement Benefit Plans (Net P
Retirement Benefit Plans (Net Periodic Benefit Cost and Weighted Average Assumptions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost and expenses | $ 0 | $ 0.1 | $ 0.1 |
Interest cost | 0.2 | 0.4 | 0.5 |
Return on plan assets | 0 | 0 | 0 |
Settlement/Curtailment | 0 | 0 | 0 |
Defined Benefit Plan, Employee Contribution | 0 | 0 | 0 |
Net amortization and deferral of (gain)/loss: | (0.6) | (0.9) | (1.3) |
Net periodic benefit cost (income) | (0.4) | (0.4) | $ (0.7) |
Postretirement Benefits [Member] | UNITED STATES | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost and expenses | 0 | 0.1 | |
Interest cost | $ 0.2 | $ 0.4 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate, net periodic benefit cost | 2.50% | 3.30% | 4.30% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, benefit obligations | 2.80% | 2.50% | 3.30% |
Pension Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost and expenses | $ 6.2 | $ 7.7 | $ 6.8 |
Interest cost | 2.8 | 3.6 | 5.1 |
Return on plan assets | (3.1) | (3.8) | (4.1) |
Settlement/Curtailment | (1.3) | (0.7) | 0.5 |
Defined Benefit Plan, Employee Contribution | (0.2) | (0.2) | (0.2) |
Net amortization and deferral of (gain)/loss: | 3.1 | 2.9 | 0.1 |
Net periodic benefit cost (income) | 7.5 | 9.5 | $ 8.2 |
Pension Benefits [Member] | UNITED STATES | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost and expenses | 0 | 0 | |
Interest cost | $ 0.8 | $ 1.2 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate, net periodic benefit cost | 2.30% | 3.30% | 4.30% |
Expected return on plan assets | 5.00% | 7.00% | 7.00% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, benefit obligations | 2.50% | 2.30% | 3.30% |
Pension Benefits [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost and expenses | $ 6 | $ 7.7 | |
Interest cost | $ 2 | $ 2.4 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Expected return on plan assets | 2.90% | 2.60% | 2.60% |
Salary growth rate, net periodic benefit cost | 2.90% | 2.70% | 2.60% |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, benefit obligations | 1.60% | 1.10% | 1.50% |
Retirement Benefit Plans (Weigh
Retirement Benefit Plans (Weighted-Average Asset Allocations) (Details) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 100.00% | 100.00% | |
UNITED STATES | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligations | 2.50% | 2.30% | 3.30% |
Expected return on plan assets | 5.00% | 7.00% | 7.00% |
UNITED STATES | United States Large Stocks [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 19.20% | 19.20% | |
UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 58.10% | 55.90% | |
UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
UNITED STATES | Defined Benefit Plan, Debt Security [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 41.90% | 44.10% | |
UNITED STATES | Cash and Money Market Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
UNITED STATES | Guaranteed Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
UNITED STATES | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 100.00% | 100.00% | |
Foreign Plan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligations | 1.60% | 1.10% | 1.50% |
Expected return on plan assets | 2.90% | 2.60% | 2.60% |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 41.90% | 40.10% | |
Foreign Plan [Member] | Defined Benefit Plan, Debt Security [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 35.40% | 26.00% | |
Foreign Plan [Member] | Cash and Money Market Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 4.40% | 5.10% | |
Foreign Plan [Member] | Guaranteed Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 17.20% | 20.40% | |
Foreign Plan [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 1.10% | 8.40% | |
JAPAN | Equity Securities, Companies Outside of Japan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.00% | ||
JAPAN | Equity Securities, Companies Outside of Japan [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 7.30% | 7.10% | |
JAPAN | Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | ||
JAPAN | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 2.60% | 3.10% | |
Australia | Defined Benefit Plan, Real Estate [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 6.40% | 8.00% | |
BELGIUM | Equity Securities, Large-cap European Companies [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 31.50% | 27.10% | |
BELGIUM | Defined Benefit Plan, Equity Securities [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 62.00% | ||
BELGIUM | Cash and Money Market Investments [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1.00% | ||
BELGIUM | Equity Securities, Small-cap European Companies [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 19.80% | 18.50% | |
BELGIUM | Money Market Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 1.70% | 13.70% |
Retirement Benefit Plans Fair V
Retirement Benefit Plans Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 100.00% | 100.00% | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 100.00% | 100.00% | |
Defined Benefit Plan, Equity Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 58.10% | 55.90% | |
Defined Benefit Plan, Equity Securities [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 57.00% | ||
Defined Benefit Plan, Equity Securities [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 41.90% | 40.10% | |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | ||
Common/Collective Trust [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 10.2 | $ 12.1 | |
Bonds [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Fixed Income Securities [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0.3 | $ 0.8 | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 38.00% | ||
Cash and Money Market Investments [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
Cash and Money Market Investments [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 4.40% | 5.10% | |
Investment Fund [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0.6 | $ 1.4 | |
Guaranteed Insurance Contract [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 0.00% | 0.00% | |
Guaranteed Insurance Contract [Member] | KOREA, REPUBLIC OF | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2.8 | $ 3.2 | |
Guaranteed Insurance Contract [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 17.20% | 20.40% | |
Guaranteed Insurance Contract [Member] | Austria | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0.3 | $ 0.4 | |
Guaranteed Insurance Contract [Member] | GERMANY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | 6.1 | |
Guaranteed Insurance Contract [Member] | SWITZERLAND | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.4 | 27.1 | |
Mutual Fund [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27.2 | 31 | |
Equity Funds [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1 | 1.2 | |
Other Long-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
Short-term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
Equity Securities, Japanese Companies [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 85.6 | $ 110.8 | |
Pension Benefits [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 5.00% | 7.00% | 7.00% |
Fair value of plan assets | $ 26 | $ 27.5 | $ 28.6 |
Discount rate, benefit obligations | 2.50% | 2.30% | 3.30% |
Pension Benefits [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 2.90% | 2.60% | 2.60% |
Fair value of plan assets | $ 59.2 | $ 83.3 | $ 81.8 |
Discount rate, benefit obligations | 1.60% | 1.10% | 1.50% |
Pension Benefits [Member] | Defined Benefit Plan, Equity Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Pension Benefits [Member] | Defined Benefit Plan, Equity Securities [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 62.00% | ||
Pension Benefits [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 2.60% | 3.10% | |
Pension Benefits [Member] | United States Small Stocks [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 2.60% | 4.00% | |
Pension Benefits [Member] | International Stocks [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 16.50% | 18.00% | |
Pension Benefits [Member] | United States Large Stocks [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 19.20% | 19.20% | |
Pension Benefits [Member] | Common/Collective Trust [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 26 | $ 27.5 | |
Pension Benefits [Member] | Common/Collective Trust [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 100.00% | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 37.00% | ||
Pension Benefits [Member] | Cash and Money Market Investments [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1.00% | ||
Pension Benefits [Member] | Investment Fund [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum long-term net return above inflation | 2.50% | ||
Pension Benefits [Member] | Equity Securities, Australian Companies [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 18.70% | 14.90% | |
Pension Benefits [Member] | Equity Securities, Companies Outside of Australia [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 58.30% | 49.00% | |
Pension Benefits [Member] | Government and Corporate Bonds [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 39.20% | 37.30% | |
Pension Benefits [Member] | Government and Corporate Bonds [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 11.20% | 16.30% | |
Pension Benefits [Member] | Cash [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 5.40% | 11.80% | |
Pension Benefits [Member] | Defined Benefit Plan, Real Estate [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 6.40% | 8.00% | |
Pension Benefits [Member] | Equity Securities, Large-cap European Companies [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 31.50% | 27.10% | |
Pension Benefits [Member] | Equity Securities, Small-cap European Companies [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 19.80% | 18.50% | |
Pension Benefits [Member] | U.S. and Emerging Markets Equities [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 13.80% | 11.40% | |
Pension Benefits [Member] | European and U.S. Government Bonds [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 33.20% | 29.30% | |
Pension Benefits [Member] | Money Market Funds [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 1.70% | 13.70% | |
Pension Benefits [Member] | Equity Securities, Japanese Companies [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocations | 50.90% | 52.50% | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common/Collective Trust [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Securities [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.8 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investment Fund [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Guaranteed Insurance Contract [Member] | KOREA, REPUBLIC OF | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Guaranteed Insurance Contract [Member] | Austria | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Guaranteed Insurance Contract [Member] | GERMANY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Guaranteed Insurance Contract [Member] | SWITZERLAND | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual Fund [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27.2 | 31 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Funds [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1.2 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28.5 | 33 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits [Member] | Common/Collective Trust [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Common/Collective Trust [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.2 | 12.1 | |
Significant Other Observable Inputs (Level 2) | Fixed Income Securities [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Investment Fund [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.6 | 1.4 | |
Significant Other Observable Inputs (Level 2) | Guaranteed Insurance Contract [Member] | KOREA, REPUBLIC OF | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Guaranteed Insurance Contract [Member] | Austria | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Guaranteed Insurance Contract [Member] | GERMANY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Guaranteed Insurance Contract [Member] | SWITZERLAND | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Mutual Fund [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Equity Funds [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36.8 | 41 | |
Significant Other Observable Inputs (Level 2) | Pension Benefits [Member] | Common/Collective Trust [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26 | 27.5 | |
Significant Unobservable Inputs (Level 3) | Common/Collective Trust [Member] | JAPAN | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Fixed Income Securities [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Investment Fund [Member] | AUSTRALIA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Guaranteed Insurance Contract [Member] | KOREA, REPUBLIC OF | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.8 | 3.2 | |
Significant Unobservable Inputs (Level 3) | Guaranteed Insurance Contract [Member] | Austria | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.4 | |
Significant Unobservable Inputs (Level 3) | Guaranteed Insurance Contract [Member] | GERMANY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | 6.1 | |
Significant Unobservable Inputs (Level 3) | Guaranteed Insurance Contract [Member] | SWITZERLAND | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.4 | 27.1 | |
Significant Unobservable Inputs (Level 3) | Mutual Fund [Member] | BELGIUM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Equity Funds [Member] | PHILIPPINES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20.3 | 36.8 | $ 37.7 |
Significant Unobservable Inputs (Level 3) | Pension Benefits [Member] | Common/Collective Trust [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Retirement Benefit Plans (Recon
Retirement Benefit Plans (Reconciliation of Fair Value Measurements) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward] | ||
Beginning balance | $ 110.8 | |
Ending balance | 85.6 | $ 110.8 |
Significant Unobservable Inputs (Level 3) | ||
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward] | ||
Beginning balance | 36.8 | 37.7 |
Realized gains | 0.3 | 0.5 |
Purchases, sales and settlements, net | (15.1) | (5) |
Impact of exchange rates | (1.7) | 3.6 |
Ending balance | $ 20.3 | $ 36.8 |
Retirement Benefit Plans (Expec
Retirement Benefit Plans (Expected Future Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cost of savings, thrift and profit-sharing plans | $ 8.2 | $ 11.6 | $ 6.4 |
Estimated Future Benefit Payments [Abstract] | |||
2019, Benefit plans | 13.4 | ||
2020, Benefit plans | 10.1 | ||
2021, Benefit plans | 8.7 | ||
2022, Benefit plans | 10 | ||
2023, Benefit plans | 10.2 | ||
2024-2028, Benefit plans | 49.2 | ||
Defined Benefit Plan, Expected Future Benefit Payment | 101.6 | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in next fiscal year | 4.8 | ||
Estimated Future Benefit Payments [Abstract] | |||
2019, Benefit plans | 12.3 | ||
2020, Benefit plans | 9.1 | ||
2021, Benefit plans | 7.8 | ||
2022, Benefit plans | 9.1 | ||
2023, Benefit plans | 9.4 | ||
2024-2028, Benefit plans | 46.2 | ||
Defined Benefit Plan, Expected Future Benefit Payment | 93.9 | ||
Postretirement Benefits [Member] | |||
Estimated Future Benefit Payments [Abstract] | |||
2019, Benefit plans | 1.1 | ||
2020, Benefit plans | 1 | ||
2021, Benefit plans | 0.9 | ||
2022, Benefit plans | 0.9 | ||
2023, Benefit plans | 0.8 | ||
2024-2028, Benefit plans | 3 | ||
Defined Benefit Plan, Expected Future Benefit Payment | 7.7 | ||
Postretirement Benefits [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions in next fiscal year | $ 1.1 |
Retirement Benefit Plans Deferr
Retirement Benefit Plans Deferred Compensation Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Liability, Current and Noncurrent | $ 7 | $ 8.8 | |
Deferred Compensation Arrangement With Individual, Change In Fair Value Of Underlying Assets | $ 0.9 | $ 1 | $ 3.3 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 25, 2021 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 394.9 | $ 376.9 | $ 416.6 | $ 413.9 | $ 448.3 | $ 423.7 | $ 355.3 | $ 330.5 | $ 1,602.3 | $ 1,557.8 | $ 1,614.1 |
Segment profit | 306 | 298.1 | 256.1 | ||||||||
Unallocated expenses | 64.9 | 85.8 | 59.6 | ||||||||
Re-engineering charges | 14.8 | 35.3 | 33.8 | ||||||||
Impairment expense | 8.1 | 0 | 6.7 | ||||||||
Gain on disposal of assets | 32.3 | 14.3 | 12.9 | ||||||||
Interest income | 1.1 | 1.5 | 2.2 | ||||||||
Income from continuing operations before income taxes | 198.2 | 206.7 | 147.4 | ||||||||
Depreciation and amortization | 39.7 | 41 | 47.2 | ||||||||
Capital expenditures | 35.1 | 27.6 | 59.6 | ||||||||
Total identifiable assets | 1,255.4 | 1,219.9 | 1,255.4 | 1,219.9 | |||||||
Impairment of trade names | 0 | 0 | |||||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 170.6 | 180.4 | 132.7 | ||||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 173.5 | 146.2 | 156.6 | ||||||||
BRAZIL | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 187 | 178.4 | 208.5 | ||||||||
CHINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 159.7 | 188.5 | 216.2 | ||||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 461.5 | 500.1 | 564.8 | ||||||||
Segment profit | 106.1 | 120.9 | 121.1 | ||||||||
Depreciation and amortization | 10.3 | 10.8 | 13.6 | ||||||||
Capital expenditures | 5.7 | 3.9 | 7.3 | ||||||||
Total identifiable assets | 248.3 | 272.6 | 248.3 | 272.6 | |||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 433.5 | 415.6 | 439.9 | ||||||||
Segment profit | 83 | 73 | 30.9 | ||||||||
Depreciation and amortization | 11.7 | 12.7 | 14.4 | ||||||||
Capital expenditures | 4.8 | 5.7 | 16.2 | ||||||||
Total identifiable assets | 215.3 | 265.4 | 215.3 | 265.4 | |||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 451.2 | 412.5 | 348.4 | ||||||||
Segment profit | 55.2 | 58.4 | 60.7 | ||||||||
Depreciation and amortization | 9.1 | 8.2 | 4.6 | ||||||||
Capital expenditures | 9.5 | 8.3 | 14.3 | ||||||||
Total identifiable assets | 194.1 | 170.6 | 194.1 | 170.6 | |||||||
South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 256.1 | 229.6 | 261 | ||||||||
Segment profit | 61.7 | 45.8 | 43.4 | ||||||||
Depreciation and amortization | 4.2 | 4.3 | 5.3 | ||||||||
Capital expenditures | 6.2 | 3 | 5.1 | ||||||||
Total identifiable assets | 94.9 | 104.4 | 94.9 | 104.4 | |||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 4.4 | 5 | 9.3 | ||||||||
Capital expenditures | 8.9 | 6.7 | $ 16.7 | ||||||||
Total identifiable assets | $ 502.8 | $ 406.9 | $ 502.8 | $ 406.9 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 25, 2021USD ($) |
Approximate minimum rental commitments under non-cancelable operating leases [Abstract] | |
2020 | $ 25.7 |
2021 | 17.9 |
2022 | 13.3 |
2023 | 7.5 |
2024 | 5.3 |
After 2024 | $ 27 |
Automobiles [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Lease Term | 1 year |
Automobiles [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Lease Term | 4 years |
Long-Term Receivables (Details)
Long-Term Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Long-term receivables, gross | $ 33.3 | $ 39.1 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | (26.7) | (13.9) |
Write-offs | 1.3 | 3.7 |
Provision | (2.7) | (14.8) |
Recoveries | 0.2 | 0.6 |
Currency translation adjustment | 2.3 | (2.3) |
Ending balance | (25.6) | (26.7) |
Long-term receivables, net | 7.7 | 12.4 |
Long-term receivables, net | 7.7 | 12.4 |
Reclassifications from current receivables | 0.3 | 8.3 |
Financial Asset, Past Due | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Long-term receivables, net | $ 29.2 | $ 30.9 |
Quarterly Financial Summary (De
Quarterly Financial Summary (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 25, 2021 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Dec. 26, 2020 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net Sales | $ 394.9 | $ 376.9 | $ 416.6 | $ 413.9 | $ 448.3 | $ 423.7 | $ 355.3 | $ 330.5 | $ 1,602.3 | $ 1,557.8 | $ 1,614.1 |
Gross Profit | 240.9 | 247.9 | 285.9 | 293.6 | 305.6 | 291.2 | 237.9 | 218.3 | 1,068.3 | 1,053 | 1,069.8 |
Income from continuing operations | $ 19.4 | $ 60.4 | $ 31.8 | $ 44 | $ 27.8 | $ 29.9 | $ 61.2 | $ (8) | $ 155.6 | $ 110.9 | $ 58.5 |
Basic earnings per share - Total | $ 0.40 | $ 1.22 | $ 0.64 | $ 0.89 | $ 0.57 | $ 0.61 | $ 1.25 | $ (0.16) | $ 0.38 | $ 2.29 | $ 0.26 |
Diluted earnings per share - Total | 0.37 | 1.14 | 0.60 | 0.82 | 0.52 | 0.56 | 1.24 | (0.16) | $ 0.35 | 2.14 | $ 0.25 |
Cash dividend declared, per share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.81 | ||
Goodwill, impairment charge | $ 8.1 | $ 8.1 | $ 0 | ||||||||
Impairment of trade names | 0 | 0 | |||||||||
Impairment expense | 8.1 | 0 | $ 6.7 | ||||||||
Restructuring Charges [Member] | |||||||||||
Re-engineering and impairment charges | $ 5.1 | $ 1.8 | $ 4.7 | $ 3.2 | $ 5.6 | $ 3.9 | $ 21.8 | $ 4 | |||
Argentina and Venezuela [Member] | |||||||||||
Foreign Currency Transaction Gain (Loss), before Tax | $ 2 | $ (4.5) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Allowance for Doubtful Accounts, Current and Long-term [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 59.9 | $ 51.5 | $ 46.5 |
Charged to Cost and Expenses | 3.5 | 12.2 | 17.1 |
Deductions - write-offs, less recoveries | (1.5) | (6.2) | (12) |
Translation Adjustments | (5.2) | 2.4 | (0.1) |
Balance at End of Period | 56.7 | 59.9 | 51.5 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 244.3 | 285.6 | 246.3 |
Charged to Cost and Expenses | 6.4 | 28.7 | 56.9 |
Translation Adjustments | (4.4) | (28.3) | (2.9) |
Balance at End of Period | $ 207.9 | $ 244.3 | $ 285.6 |