Supplemental non-GAAP information
GAAP to non-GAAP Earnings Per Share Reconciliation
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| 13 weeks ended | | 13 weeks ended |
| June 25,
2022 | | June 26,
2021 |
| (In millions, except per share amounts) | GAAP Amounts | | Adjustments | | | Non-GAAP Amounts | | GAAP Amounts | | Adjustments | | | Non-GAAP Amounts |
| Net sales | $ | 340.4 | | | $ | — | | | | $ | 340.4 | | | $ | 416.6 | | | $ | — | | | | $ | 416.6 | |
| Cost of products sold | 119.7 | | | (1.5) | | a) | | 118.2 | | | 130.7 | | | (2.6) | | a) | | 128.1 | |
| Gross profit | 220.7 | | | 1.5 | | | | 222.2 | | | 285.9 | | | 2.6 | | | | 288.5 | |
| Gross margin percentage | 64.8 | % | | | | | 65.3 | % | | 68.7 | % | | | | | 69.3 | % |
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| Selling, general and administrative expense | 186.9 | | | (2.6) | | a), b) | | 184.3 | | | 208.8 | | | (1.6) | | a), b) | | 207.2 | |
| Selling, general and administrative expense as percentage of net sales | 54.9 | % | | | | | 54.1 | % | | 50.1 | % | | | | | 49.7 | % |
| Re-engineering charges | 7.0 | | | (7.0) | | c) | | — | | | 4.7 | | | (4.7) | | c) | | — | |
| (Gain) loss on disposal of assets | 2.0 | | | (2.0) | | c) | | — | | | 0.4 | | | (0.4) | | c) | | — | |
| Impairment expense | — | | | — | | | | — | | | — | | | — | | | | — | |
| Operating income (loss) | 24.8 | | | 13.1 | | | | 37.9 | | | 72.0 | | | 9.3 | | | | 81.3 | |
| Operating income as percentage of net sales | 7.3 | % | | | | | 11.1 | % | | 17.3 | % | | | | | 19.5 | % |
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| (Gain) loss on debt extinguishment | — | | | — | | | | — | | | 6.0 | | | (6.0) | | c) | | — | |
| Interest expense | 6.0 | | | — | | | | 6.0 | | | 9.7 | | | — | | | | 9.7 | |
| Interest income | (1.2) | | | — | | | | (1.2) | | | (0.3) | | | — | | | | (0.3) | |
| Other (income) expense, net | 0.7 | | | (3.7) | | | | (3.0) | | | 0.9 | | | (0.3) | | | | 0.6 | |
| Income (loss) from continuing operations before income taxes | 19.3 | | | 16.8 | | | | 36.1 | | | 55.7 | | | 15.6 | | | | 71.3 | |
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| Provision (benefit) for income taxes | 14.8 | | | 1.7 | | d) | | 16.5 | | | 23.8 | | | — | | | | 23.8 | |
| Income (loss) from continuing operations | $ | 4.5 | | | $ | 15.1 | | | | $ | 19.6 | | | $ | 31.9 | | | $ | 15.6 | | | | $ | 47.5 | |
| Net income as percentage of net sales | 1.3 | % | | | | | 5.8 | % | | 7.7 | % | | | | | 11.4 | % |
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| Basic earnings (loss) from continuing operations - per share | $ | 0.10 | | | $ | 0.33 | | | | $ | 0.43 | | | $ | 0.64 | | | $ | 0.31 | | | | $ | 0.95 | |
| Diluted earnings (loss) from continuing operations - per share | $ | 0.09 | | | $ | 0.32 | | | | $ | 0.41 | | | $ | 0.60 | | | $ | 0.30 | | | | $ | 0.90 | |
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| Basic weighted-average shares | 45.5 | | | | | | | | 49.8 | | | | | | |
| Diluted weighted-average shares | 48.3 | | | | | | | | 53.1 | | | | | | |
a)This adjustments is related to the foreign currency impact and inventory write-offs for Argentina and Venezuela.
b)This adjustment is related to the pension settlement costs, amortization, consultant fees, software licensing, and litigation fees.
c)The adjustment amount equals the GAAP amounts for continuing operations
d)The adjustment represents the net tax impact of adjusted amounts.
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| 26 weeks ended | | 26 weeks ended |
| June 25,
2022 | | June 26,
2021 |
| (In millions, except per share amounts) | GAAP Amounts | | Adjustments | | | Non-GAAP Amounts | | GAAP Amounts | | Adjustments | | | Non-GAAP Amounts |
| Net sales | $ | 688.5 | | | $ | — | | | | $ | 688.5 | | | $ | 830.5 | | | $ | — | | | | $ | 830.5 | |
| Cost of products sold | 245.8 | | | (2.5) | | a) | | 243.3 | | | 251.0 | | | (2.7) | | a) | | 248.3 | |
| Gross profit | 442.7 | | | 2.5 | | | | 445.2 | | | 579.5 | | | 2.7 | | | | 582.2 | |
| Gross margin percentage | 64.3 | % | | | | | 64.7 | % | | 69.8 | % | | | | | 70.1 | % |
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| Selling, general and administrative expense | 390.3 | | | (3.5) | | a), b) | | 386.8 | | | 430.0 | | | (2.1) | | a), b) | | 427.9 | |
| Selling, general and administrative expense as percentage of net sales | 56.7 | % | | | | | 56.2 | % | | 51.8 | % | | | | | 51.5 | % |
| Re-engineering charges | 8.5 | | | (8.5) | | c) | | — | | | 7.8 | | | (7.8) | | c) | | — | |
| (Gain) loss on disposal of assets | 1.6 | | | (1.6) | | c) | | — | | | (7.3) | | | 7.3 | | c) | | — | |
| Impairment expense | — | | | — | | | | — | | | — | | | — | | | | — | |
| Operating income (loss) | 42.3 | | | 16.1 | | | | 58.4 | | | 149.0 | | | 5.3 | | | | 154.3 | |
| Operating income as percentage of net sales | 6.1 | % | | | | | 8.5 | % | | 17.9 | % | | | | | 18.6 | % |
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| (Gain) Loss on debt extinguishment | — | | | — | | | | — | | | 8.1 | | | (8.1) | | c) | | — | |
| Interest expense | 10.6 | | | — | | | | 10.6 | | | 21.5 | | | — | | | | 21.5 | |
| Interest income | (1.9) | | | — | | | | (1.9) | | | (0.6) | | | — | | | | (0.6) | |
| Other (income) expense, net | 5.0 | | | (4.8) | | | | 0.2 | | | (0.4) | | | (0.7) | | | | (1.1) | |
| Income (loss) from continuing operations before income taxes | 28.6 | | | 20.9 | | | | 49.5 | | | 120.4 | | | 14.1 | | | | 134.5 | |
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| Provision (benefit) for income taxes | 21.6 | | | 2.0 | | d) | | 23.6 | | | 44.5 | | | — | | | | 44.5 | |
| Income from continuing operations | $ | 7.0 | | | $ | 18.9 | | | | $ | 25.9 | | | $ | 75.9 | | | $ | 14.1 | | | | $ | 90.0 | |
| Net income from continuing operations as percentage of net sales | 1.0 | % | | | | | 3.8 | % | | 9.1 | % | | | | | 10.8 | % |
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| Basic earnings (loss) from continuing operations - per share | $ | 0.15 | | | $ | 0.40 | | | | $ | 0.55 | | | $ | 1.53 | | | $ | 0.28 | | | | $ | 1.81 | |
| Diluted earnings (loss) from continuing operations - per share | $ | 0.14 | | | $ | 0.38 | | | | $ | 0.52 | | | $ | 1.43 | | | $ | 0.27 | | | | $ | 1.70 | |
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| Basic weighted-average shares | 46.7 | | | | | | | | 49.8 | | | | | | |
| Diluted weighted-average shares | 49.8 | | | | | | | | 53.1 | | | | | | |
a)This adjustments is related to the foreign currency impact and inventory write-offs for Argentina and Venezuela.
b)This adjustment is related to the pension settlement costs, amortization, consultant fees, software licensing and litigation fees.
c)The adjustment amount equals the GAAP amounts.
d)The adjustment represents the net tax impact of adjusted amounts.
