We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tupperware Brands | NYSE:TUP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.13 | -9.42% | 1.25 | 1.46 | 1.22 | 1.45 | 1,073,793 | 00:51:44 |
(Mark One)
|
|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
36-4062333
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
14901 South Orange Blossom Trail,
Orlando, Florida
|
32837
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
Registrant's telephone number, including area code: (407) 826-5050
|
|
|
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of Each Class
|
Name of Each Exchange on Which Registered
|
Common Stock, $0.01 par value
|
New York Stock Exchange
|
|
|
Securities registered pursuant to Section 12(g) of the Act: None
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
o
|
|
|
|
|
|
Non-accelerated filer
|
o
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
|
|
|
|
|
|
|
|
Emerging growth company
|
o
|
Table of Contents
|
||
Item
|
|
Page
|
Part I
|
||
|
|
|
Item 1
|
||
Item 1A
|
||
Item 1B
|
||
Item 2
|
||
Item 3
|
||
Item 4
|
||
|
||
Part II
|
||
|
|
|
Item 5
|
||
Item 5a
|
||
Item 5c
|
||
Item 6
|
||
Item 7
|
||
Item 7A
|
||
Item 8
|
||
Item 9
|
||
Item 9A
|
||
Item 9B
|
||
|
|
|
Part III
|
||
|
|
|
Item 10
|
||
Item 11
|
||
Item 12
|
||
Item 13
|
||
Item 14
|
||
|
|
|
Part IV
|
||
|
|
|
Item 15
|
||
|
||
|
||
|
||
Item 16
|
||
Item 1.
|
Business.
|
Name and Age
|
|
Positions and Offices Held and Principal Occupations of Employment- During Past Five Years
|
Lillian D. Garcia, age 61
|
|
Executive Vice President and Chief Human Resources Officer since January 2013.
|
Luciano Garcia Rangel, age 52
|
|
Group President, Latin America since September 2017, after serving as Senior Vice President and President, Latin America since October 2016. Prior thereto, he served as Area Vice President, Latin America since July 2012.
|
E.V. Goings, age 72
|
|
Chairman and Chief Executive Officer since October 1997. As previously announced, Mr. Goings will retire as Chief Executive Officer and become the Company’s Executive Chairman effective May 9, 2018.
|
Asha Gupta, age 46
|
|
Group President, Asia Pacific since January 2014 after serving as Area Vice President, India, Philippines and Nutrimetics Australia since January 2012.
|
Josef Hajek, age 59
|
|
Senior Vice President, Tax and Governmental Affairs since February 2006.
|
Simon C. Hemus, age 68
|
|
Vice Chairman since October 2016, after serving as President and Chief Operating Officer since January 2007.
|
Michael S. Poteshman, age 54
|
|
Executive Vice President and Chief Financial Officer since August 2004.
|
Nicholas K. Poucher, age 56
|
|
Senior Vice President and Controller since November 2014, after serving as Vice President and Controller since August 2007.
|
Karen M. Sheehan, age 44
|
|
Executive Vice President, Chief Legal Officer & Secretary since January 2018, after serving as Senior Vice President, General Counsel & Secretary since January 2017, and as Vice President & Deputy General Counsel since December 2014. Previously at Church & Dwight Co. Inc., a publicly-traded consumer goods manufacturer and marketer, she was Associate General Counsel, Corporate & Assistant Secretary from May 2012 to November 2014.
|
Patricia A. Stitzel, age 52
|
|
President and Chief Operating Officer since October 2016, after serving as Group President, Americas since January 2014, Senior Area Vice President, Central Europe since March 2013, and Area Vice President, Tupperware West & Nordics and Nutrimetics Europe since June 2012. As previously announced, Ms. Stitzel will become the Company’s President & Chief Executive Officer effective May 9, 2018.
|
William J. Wright, age 55
|
|
Executive Vice President, Product Innovation and Supply Chain since February 2017, after serving as Executive Vice President, Supply Chain Worldwide since October 2015, Senior Vice President, Global Supply Chain since October 2014, Senior Vice President, Global Product Development, Tupperware since March 2013, and Senior Vice President, Global Product Marketing since October 2010.
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
Item 5a.
|
Performance Graph.
|
Item 5c.
|
Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities.
|
Item 6.
|
Selected Financial Data.
|
(In millions, except per share amounts)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Operating results
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Europe
|
$
|
550.4
|
|
|
$
|
559.4
|
|
|
$
|
612.9
|
|
|
$
|
740.6
|
|
|
$
|
782.7
|
|
Asia Pacific
|
734.8
|
|
|
748.6
|
|
|
771.0
|
|
|
839.6
|
|
|
836.9
|
|
|||||
North America
|
541.5
|
|
|
548.3
|
|
|
593.7
|
|
|
640.8
|
|
|
678.1
|
|
|||||
South America
|
429.1
|
|
|
356.8
|
|
|
306.2
|
|
|
385.1
|
|
|
373.9
|
|
|||||
Total net sales
|
$
|
2,255.8
|
|
|
$
|
2,213.1
|
|
|
$
|
2,283.8
|
|
|
$
|
2,606.1
|
|
|
$
|
2,671.6
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Europe
|
$
|
54.5
|
|
|
$
|
65.3
|
|
|
$
|
92.4
|
|
|
$
|
117.5
|
|
|
$
|
130.0
|
|
Asia Pacific
|
189.3
|
|
|
181.0
|
|
|
175.9
|
|
|
191.7
|
|
|
188.1
|
|
|||||
North America
|
69.7
|
|
|
66.1
|
|
|
69.7
|
|
|
69.6
|
|
|
82.0
|
|
|||||
South America
|
98.7
|
|
|
82.2
|
|
|
46.5
|
|
|
27.1
|
|
|
68.9
|
|
|||||
Unallocated expenses
|
(64.1
|
)
|
|
(67.6
|
)
|
|
(72.8
|
)
|
|
(55.9
|
)
|
|
(62.4
|
)
|
|||||
Gain on disposal of assets including insurance recoveries, net (a),(b)
|
9.1
|
|
|
27.3
|
|
|
13.7
|
|
|
2.7
|
|
|
0.7
|
|
|||||
Re-engineering and impairment charges
|
(66.0
|
)
|
|
(7.6
|
)
|
|
(20.3
|
)
|
|
(11.0
|
)
|
|
(9.3
|
)
|
|||||
Impairment of goodwill and intangible assets (c)
|
(62.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest expense, net
|
(43.2
|
)
|
|
(45.4
|
)
|
|
(45.2
|
)
|
|
(43.5
|
)
|
|
(37.6
|
)
|
|||||
Income before income taxes
|
185.1
|
|
|
301.3
|
|
|
259.9
|
|
|
298.2
|
|
|
360.4
|
|
|||||
Provision for income taxes (d)
|
450.5
|
|
|
77.7
|
|
|
74.1
|
|
|
83.8
|
|
|
86.2
|
|
|||||
Net income (loss) (d)
|
$
|
(265.4
|
)
|
|
$
|
223.6
|
|
|
$
|
185.8
|
|
|
$
|
214.4
|
|
|
$
|
274.2
|
|
Basic earnings (loss) per common share
|
$
|
(5.22
|
)
|
|
$
|
4.43
|
|
|
$
|
3.72
|
|
|
$
|
4.28
|
|
|
$
|
5.28
|
|
Diluted earnings (loss) per common share
|
$
|
(5.22
|
)
|
|
$
|
4.41
|
|
|
$
|
3.69
|
|
|
$
|
4.20
|
|
|
$
|
5.17
|
|
(Dollars in millions, except per share amounts)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Profitability ratios
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment profit as a percent of sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Europe
|
10
|
%
|
|
12
|
%
|
|
15
|
%
|
|
16
|
%
|
|
17
|
%
|
|||||
Asia Pacific
|
26
|
|
|
24
|
|
|
23
|
|
|
23
|
|
|
22
|
|
|||||
North America
|
13
|
|
|
12
|
|
|
12
|
|
|
11
|
|
|
12
|
|
|||||
South America
|
23
|
|
|
23
|
|
|
15
|
|
|
7
|
|
|
18
|
|
|||||
Financial Condition
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
144.1
|
|
|
$
|
93.2
|
|
|
$
|
79.8
|
|
|
$
|
77.0
|
|
|
$
|
127.3
|
|
Net working capital
|
(28.3
|
)
|
|
(2.3
|
)
|
|
(63.5
|
)
|
|
(105.0
|
)
|
|
(53.8
|
)
|
|||||
Property, plant and equipment, net
|
278.2
|
|
|
259.8
|
|
|
253.6
|
|
|
290.3
|
|
|
300.9
|
|
|||||
Total assets
|
1,388.0
|
|
|
1,587.8
|
|
|
1,598.2
|
|
|
1,769.8
|
|
|
1,843.9
|
|
|||||
Short-term borrowings and current portion
of long-term obligations |
133.0
|
|
|
105.9
|
|
|
162.5
|
|
|
221.4
|
|
|
235.4
|
|
|||||
Long-term obligations
|
605.1
|
|
|
606.0
|
|
|
608.2
|
|
|
612.1
|
|
|
619.9
|
|
|||||
Shareholders’ equity
|
(119.4
|
)
|
|
212.8
|
|
|
161.0
|
|
|
185.8
|
|
|
252.9
|
|
|||||
Current ratio
|
0.96
|
|
|
1.00
|
|
|
0.90
|
|
|
0.86
|
|
|
0.93
|
|
|||||
Other Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
$
|
217.0
|
|
|
$
|
238.6
|
|
|
$
|
225.7
|
|
|
$
|
284.1
|
|
|
$
|
323.5
|
|
Net cash used in investing activities
|
(57.6
|
)
|
|
(25.7
|
)
|
|
(43.1
|
)
|
|
(62.3
|
)
|
|
(60.1
|
)
|
|||||
Net cash used in financing activities
|
(116.6
|
)
|
|
(193.3
|
)
|
|
(157.1
|
)
|
|
(211.0
|
)
|
|
(237.6
|
)
|
|||||
Capital expenditures
|
72.3
|
|
|
61.6
|
|
|
61.1
|
|
|
69.4
|
|
|
69.0
|
|
|||||
Depreciation and amortization
|
60.5
|
|
|
57.5
|
|
|
62.4
|
|
|
63.7
|
|
|
54.8
|
|
|||||
Common Stock Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per share
|
$
|
2.72
|
|
|
$
|
2.72
|
|
|
$
|
2.72
|
|
|
$
|
2.72
|
|
|
$
|
2.48
|
|
Dividend payout ratio (e)
|
nm
|
|
|
61.4
|
%
|
|
73.1
|
%
|
|
63.6
|
%
|
|
47.0
|
%
|
|||||
Average common shares outstanding (thousands):
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
50,818
|
|
|
50,521
|
|
|
49,947
|
|
|
50,131
|
|
|
51,892
|
|
|||||
Diluted (f)
|
50,818
|
|
|
50,719
|
|
|
50,401
|
|
|
51,011
|
|
|
53,079
|
|
|||||
Period-end book value per share (g)
|
$
|
(2.35
|
)
|
|
$
|
4.20
|
|
|
$
|
3.19
|
|
|
$
|
3.64
|
|
|
$
|
4.76
|
|
Period-end price/earnings ratio (h)
|
nm
|
|
|
11.9
|
|
|
15.1
|
|
|
15.2
|
|
|
18.4
|
|
(a)
|
In 2002, the Company began to sell land held for development near its Orlando, Florida headquarters. During 2017, 2016, 2015, 2014 and 2013, in connection with this program, pretax gains of
$8.8 million
,
$26.5 million
,
$12.9 million
,
$1.3 million
and
0.9 million
, respectively, were included in gains on disposal of assets including insurance recoveries, net.
|
(b)
|
Included in gain on disposal of assets including insurance recoveries, net are pretax gains of $1.1 million in 2014 and $0.2 million in 2013 from the sale of property in Australia.
|
(c)
|
Valuations completed on the Company’s intangible assets resulted in the conclusion that the goodwill value of the Fuller Mexico reporting unit was impaired. This resulted in non-cash charge of $62.9 million in 2017.
|
(d)
|
In 2017, upon enactment of the U.S. Tax Cuts and Jobs Act of 2017 ( the "Tax Act"), the Company recorded
$375 million
of non-cash, income tax charges.
|
(e)
|
The dividend payout ratio is dividends declared per share divided by basic earnings per share. In 2017, due to the Company's net loss position the dividend payout ratio is not meaningful.
|
(f)
|
In 2017, due to the Company's net loss position diluted shares were the same as basic shares outstanding.
|
(g)
|
Period-end book value per share is calculated as year-end shareholders’ equity divided by full-year diluted shares.
|
(h)
|
Period-end price/earnings ratio is calculated as the year-end market price of the Company’s common stock divided by full year diluted earnings per share. In 2017, due to the Company's net loss position the Period-end price/earnings ratio is not meaningful.
|
|
52 weeks ended
|
|
53 weeks ended
|
|
Change
|
|
Change excluding the impact of foreign exchange
|
|
Foreign exchange impact
|
||||||||
|
December 30,
2017 |
|
December 31,
2016 |
|
|
|
|||||||||||
Net sales
|
$
|
2,255.8
|
|
|
$
|
2,213.1
|
|
|
2
|
%
|
|
1
|
%
|
|
$
|
16.7
|
|
Gross margin as a percent of sales
|
67.0
|
%
|
|
67.7
|
%
|
|
(0.7
|
) pp
|
|
na
|
|
|
na
|
|
|||
DS&A as a percent of sales
|
51.5
|
%
|
|
52.9
|
%
|
|
(1.4
|
) pp
|
|
na
|
|
|
na
|
|
|||
Operating income
|
$
|
229.1
|
|
|
$
|
347.0
|
|
|
(34
|
)%
|
|
(35
|
)%
|
|
$
|
4.4
|
|
Net income
|
$
|
(265.4
|
)
|
|
$
|
223.6
|
|
|
-
|
|
-
|
|
$
|
3.4
|
|
||
Net income per diluted share
|
$
|
(5.22
|
)
|
|
$
|
4.41
|
|
|
-
|
|
-
|
|
$
|
0.06
|
|
|
53 weeks ended
|
|
52 weeks ended
|
|
Change
|
|
Change excluding the impact of foreign exchange
|
|
Foreign exchange impact
|
||||||||
|
December 31,
2016 |
|
December 26,
2015 |
|
|
|
|||||||||||
Net sales
|
$
|
2,213.1
|
|
|
$
|
2,283.8
|
|
|
(3
|
)%
|
|
2
|
%
|
|
$
|
(123.7
|
)
|
Gross margin as a percent of sales
|
67.7
|
%
|
|
67.4
|
%
|
|
0.3
|
pp
|
|
na
|
|
|
na
|
|
|||
DS&A as a percent of sales
|
52.9
|
%
|
|
53.3
|
%
|
|
(0.4
|
) pp
|
|
na
|
|
|
na
|
|
|||
Operating income
|
$
|
347.0
|
|
|
$
|
315.2
|
|
|
10
|
%
|
|
20
|
%
|
|
$
|
(25.1
|
)
|
Net income
|
$
|
223.6
|
|
|
$
|
185.8
|
|
|
20
|
%
|
|
34
|
%
|
|
$
|
(18.9
|
)
|
Net income per diluted share
|
$
|
4.41
|
|
|
$
|
3.69
|
|
|
20
|
%
|
|
33
|
%
|
|
$
|
(0.38
|
)
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Re-engineering and impairment charges
|
$
|
63.7
|
|
|
$
|
7.6
|
|
|
$
|
6.8
|
|
Cost of products sold
|
3.6
|
|
|
—
|
|
|
—
|
|
|||
Total pretax re-engineering costs
|
$
|
67.3
|
|
|
$
|
7.6
|
|
|
$
|
6.8
|
|
(Dollars in millions)
|
2017
|
|
2016
|
|
Change
|
|
Change excluding the translation impact of foreign exchange
|
|
Translation foreign exchange impact
|
|
Percent of total
|
||||||||||||||||
Dollar
|
|
Percent
|
|
2017
|
|
2016
|
|||||||||||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Europe
|
$
|
550.4
|
|
|
$
|
559.4
|
|
|
$
|
(9.0
|
)
|
|
(2
|
)%
|
|
(4
|
)%
|
|
$
|
16.0
|
|
|
24
|
%
|
|
25
|
%
|
Asia Pacific
|
734.8
|
|
|
748.6
|
|
|
(13.8
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(3.8
|
)
|
|
33
|
|
|
34
|
|
||||
North America
|
541.5
|
|
|
548.3
|
|
|
(6.8
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(0.6
|
)
|
|
24
|
|
|
25
|
|
||||
South America
|
429.1
|
|
|
356.8
|
|
|
72.3
|
|
|
20
|
|
|
19
|
|
|
5.1
|
|
|
19
|
|
|
16
|
|
||||
Total net sales
|
$
|
2,255.8
|
|
|
$
|
2,213.1
|
|
|
$
|
42.7
|
|
|
2
|
%
|
|
1
|
%
|
|
$
|
16.7
|
|
|
100
|
%
|
|
100
|
%
|
Segment profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Europe
|
$
|
54.5
|
|
|
$
|
65.3
|
|
|
$
|
(10.8
|
)
|
|
(16
|
)%
|
|
(21
|
)%
|
|
$
|
3.7
|
|
|
13
|
%
|
|
16
|
%
|
Asia Pacific
|
189.3
|
|
|
181.0
|
|
|
8.3
|
|
|
5
|
|
|
5
|
|
|
(0.2
|
)
|
|
46
|
|
|
46
|
|
||||
North America
|
69.7
|
|
|
66.1
|
|
|
3.6
|
|
|
6
|
|
|
6
|
|
|
(0.3
|
)
|
|
17
|
|
|
17
|
|
||||
South America
|
98.7
|
|
|
82.2
|
|
|
16.5
|
|
|
20
|
|
|
19
|
|
|
1.2
|
|
|
24
|
|
|
21
|
|
||||
Segment profit as a percent of sales
|
|||||||||||||||||||||||||||
Europe
|
9.9
|
%
|
|
11.7
|
%
|
|
na
|
|
|
(1.8
|
)pp
|
|
(2.1
|
)pp
|
|
0.3
|
pp
|
|
na
|
|
na
|
||||||
Asia Pacific
|
25.8
|
|
|
24.2
|
|
|
na
|
|
|
1.6
|
|
|
1.5
|
|
|
0.1
|
|
|
na
|
|
na
|
||||||
North America
|
12.9
|
|
|
12.1
|
|
|
na
|
|
|
0.8
|
|
|
0.9
|
|
|
(0.1
|
)
|
|
na
|
|
na
|
||||||
South America
|
23.0
|
|
|
23.0
|
|
|
na
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
na
|
|
na
|
(Dollars in millions)
|
2016
|
|
2015
|
|
Change
|
|
Change excluding the translation impact of foreign exchange
|
|
Translation foreign exchange impact
|
|
Percent of total
|
||||||||||||||||
Dollar
|
|
Percent
|
|
2016
|
|
2015
|
|||||||||||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Europe
|
$
|
559.4
|
|
|
$
|
612.9
|
|
|
$
|
(53.5
|
)
|
|
(9
|
)%
|
|
(5
|
)%
|
|
$
|
(25.7
|
)
|
|
25
|
%
|
|
27
|
%
|
Asia Pacific
|
748.6
|
|
|
771.0
|
|
|
(22.4
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(14.7
|
)
|
|
34
|
|
|
34
|
|
||||
North America
|
548.3
|
|
|
593.7
|
|
|
(45.4
|
)
|
|
(8
|
)
|
|
1
|
|
|
(50.7
|
)
|
|
25
|
|
|
26
|
|
||||
South America
|
356.8
|
|
|
306.2
|
|
|
50.6
|
|
|
17
|
|
|
30
|
|
|
(32.6
|
)
|
|
16
|
|
|
13
|
|
||||
Total net sales
|
$
|
2,213.1
|
|
|
$
|
2,283.8
|
|
|
$
|
(70.7
|
)
|
|
(3
|
)%
|
|
2
|
%
|
|
$
|
(123.7
|
)
|
|
100
|
%
|
|
100
|
%
|
Segment profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Europe
|
$
|
65.3
|
|
|
$
|
92.4
|
|
|
$
|
(27.1
|
)
|
|
(29
|
)%
|
|
(25
|
)%
|
|
$
|
(4.9
|
)
|
|
16
|
%
|
|
24
|
%
|
Asia Pacific
|
181.0
|
|
|
175.9
|
|
|
5.1
|
|
|
3
|
|
|
6
|
|
|
(4.5
|
)
|
|
46
|
|
|
45
|
|
||||
North America
|
66.1
|
|
|
69.7
|
|
|
(3.6
|
)
|
|
(5
|
)
|
|
11
|
|
|
(9.9
|
)
|
|
17
|
|
|
19
|
|
||||
South America
|
82.2
|
|
|
46.5
|
|
|
35.7
|
|
|
77
|
|
|
89
|
|
|
(3.1
|
)
|
|
21
|
|
|
12
|
|
||||
Segment profit as a percent of sales
|
|||||||||||||||||||||||||||
Europe
|
11.7
|
%
|
|
15.1
|
%
|
|
na
|
|
|
(3.4
|
)pp
|
|
(3.2
|
)pp
|
|
(0.2
|
)pp
|
|
na
|
|
na
|
||||||
Asia Pacific
|
24.2
|
|
|
22.8
|
|
|
na
|
|
|
1.4
|
|
|
1.5
|
|
|
(0.1
|
)
|
|
na
|
|
na
|
||||||
North America
|
12.1
|
|
|
11.7
|
|
|
na
|
|
|
0.4
|
|
|
1.1
|
|
|
(0.7
|
)
|
|
na
|
|
na
|
||||||
South America
|
23.0
|
|
|
15.2
|
|
|
na
|
|
|
7.8
|
|
|
7.1
|
|
|
0.7
|
|
|
na
|
|
na
|
(In millions)
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
|||||||||||
Debt obligations
|
$
|
738.1
|
|
|
$
|
133.0
|
|
|
$
|
3.1
|
|
|
$
|
602.0
|
|
|
$
|
—
|
|
|
Interest payments on long term obligations
|
100.7
|
|
|
29.0
|
|
|
57.4
|
|
|
14.3
|
|
|
—
|
|
||||||
Pension benefits
|
154.7
|
|
|
13.4
|
|
|
39.8
|
|
|
29.5
|
|
|
72.0
|
|
||||||
Post-employment medical benefits
|
15.2
|
|
|
1.5
|
|
|
2.7
|
|
|
2.5
|
|
|
8.5
|
|
||||||
Income tax payments (a)
|
0.8
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||||
Capital commitments (b)
|
1.3
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Operating lease obligations
|
111.7
|
|
|
35.1
|
|
|
37.5
|
|
|
15.7
|
|
|
23.4
|
|
||||||
Total contractual obligations (c)
|
$
|
1,122.5
|
|
|
$
|
214.1
|
|
|
$
|
140.5
|
|
|
$
|
664.0
|
|
|
$
|
103.9
|
|
(a)
|
Other than the amount presented, the Company has not included in the table above, amounts related to its unrecognized tax positions, as it is unable to make a reliable estimate of the amount and period in which these items might lead to payments. As of
December 30, 2017
the Company’s total accrual for uncertain tax positions were
$19.8 million
. It is reasonably possible that the accrual for uncertain tax positions could materially change within the next 12 months based on the results of tax examinations, expiration of statutes of limitations in various jurisdictions and additions due to ongoing transactions and activity. However, the Company is unable to estimate the impact of such events.
|
(b)
|
Capital commitments represent signed agreements as of
December 30, 2017
on several capital projects in process at the Company’s various units.
|
(c)
|
The table excludes information on recurring purchases of inventory as these are made under non-binding purchase orders, are generally consistent from year to year, and are short-term in nature.
|
Discount Rate
|
2017
|
|
2016
|
|
2015
|
|||
U.S. Plans
|
3.8
|
%
|
|
3.9
|
%
|
|
3.6
|
%
|
Foreign Plans
|
2.2
|
|
|
2.3
|
|
|
2.4
|
|
Expected rate of return
|
2017
|
|
2016
|
|
2015
|
|||
U.S. Plans
|
7.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
Foreign Plans
|
3.1
|
|
|
3.2
|
|
|
3.4
|
|
(In millions)
|
Increase
|
|
Decrease
|
||||
Discount rate change by 50 basis points
|
$
|
(1.8
|
)
|
|
$
|
1.9
|
|
Expected rate of return on plan assets change by 50 basis points
|
(0.6
|
)
|
|
0.6
|
|
•
|
successful recruitment, retention and productivity levels of the Company's independent sales forces;
|
•
|
disruptions caused by the introduction of new or revised distributor operating models or sales force compensation systems or allegations by equity analysts, former distributors or sales force members, government agencies or others as to the legality or viability of the Company's business model, particularly in India;
|
•
|
disruptions caused by restructuring activities impacting business models, the supply chain, facility closure, and the combination and exit of business units, as well as not fully realizing expected savings from actions taken;
|
•
|
success of new products and promotional programs;
|
•
|
the ability to implement appropriate product mix and pricing strategies;
|
•
|
governmental regulation of materials used in products coming into contact with food (e.g. polycarbonate and polyethersulfone), as well as beauty, personal care and nutritional products;
|
•
|
the ability to procure and pay for at reasonable economic cost, sufficient raw materials and/or finished goods to meet current and future consumer demands at reasonable suggested retail pricing levels in certain markets, particularly Argentina, Ecuador, Egypt, Philippines and Venezuela due to government regulations and restrictions;
|
•
|
the impact of changes in consumer spending patterns and preferences, particularly given the global nature of the Company's business;
|
•
|
the value of long-term assets, particularly goodwill and indefinite and definite-lived intangibles associated with acquisitions, and the realizability of the value of recognized tax assets;
|
•
|
changes in plastic resin prices, other raw materials and packaging components, the cost of converting such items into finished goods and procured finished products and the cost of delivering products to customers;
|
•
|
the introduction of Company operations in new markets outside the United States;
|
•
|
general social, economic and political conditions in markets, such as in Argentina, Brazil, Ecuador, Egypt, Greece, India, Kazakhstan, Russia, Turkey, Ukraine and Venezuela and other countries impacted by such events;
|
•
|
issues arising out of the sovereign debt in the countries in which the Company operates, such as in Argentina and those in the Euro zone, resulting in potential economic and operational challenges for the Company's supply chains, heightened counterparty credit risk due to adverse effects on customers and suppliers, exchange controls (such as in Argentina, Egypt and Venezuela) and translation risks due to potential impairments of investments in affected markets and the potential for banks with which the Company maintains lines of credit to be unable to fulfill their commitments;
|
•
|
disruptions resulting from either internal or external labor strikes, work stoppages, or similar difficulties, particularly in France and South Africa;
|
•
|
changes in cash flow resulting from changes in operating results, including from changes in foreign exchange rates, restructuring activities, working capital management, debt payments, share repurchases and hedge settlements;
|
•
|
the impact of currency fluctuations on the value of the Company's operating results, assets, liabilities and commitments of foreign operations generally, including their cash balances during and at the end of quarterly reporting periods, the results of those operations, the cost of sourcing products across geographies and the success of foreign hedging and risk management strategies;
|
•
|
the impact of natural disasters, terrorist activities and epidemic or pandemic disease outbreaks;
|
•
|
the ability to repatriate, or otherwise make available, cash in the United States and to do so at a favorable foreign exchange rate and with favorable tax ramifications, particularly from Brazil, China, India, Korea, Indonesia and Mexico;
|
•
|
the ability to obtain all government approvals on, and to control the cost of infrastructure obligations associated with, property, plant and equipment;
|
•
|
the ability to timely and effectively implement, transition, maintain and protect necessary information technology systems and infrastructure;
|
•
|
cyber attacks and ransomware demands that could cause the Company to not be able to operate its systems and/or access or control its data, including private data and/or costs incurred in light of such issues;
|
•
|
the ability to attract and retain certain executive officers and key management personnel and the success of transitions or changes in leadership or key management personnel;
|
•
|
the success of land buyers in attracting tenants for commercial and residential development and obtaining financing;
|
•
|
the costs and covenant restrictions associated with the Company's credit arrangements;
|
•
|
integration of non-traditional product lines into Company operations;
|
•
|
the effect of legal, regulatory and tax proceedings, as well as restrictions imposed on the Company's operations or Company representatives by foreign governments, including exposure to tax responsibilities imposed on the sales force and their potential impact on the sales force's value chain and resulting disruption to the business and actions taken by governments to set or restrict the freedom of the Company to set its own prices or its suggested retail prices for product sales by its sales force to end consumers and actions taken by governments to restrict the ability to convert local currency to other currencies in order to satisfy obligations outside the country generally, and in particular in Argentina, Egypt and Venezuela;
|
•
|
the effect of competitive forces in the markets in which the Company operates, particularly related to sales of beauty, personal care and nutritional products, where there are a greater number of competitors;
|
•
|
the impact of counterfeit and knocked-off products and programs in the markets in which the Company operates and the effect this can have on the confidence of the Company's sales force members;
|
•
|
the impact of changes, changes in interpretation of or challenges to positions taken by the Company with respect to U.S. federal, state and foreign tax or other laws, including with respect to the Tax Act in the U.S. and non-income taxes issues in Brazil, India and the Philippines;
|
•
|
the Company's access to, and the costs of, financing; and
|
•
|
other risks discussed in Part I, Item 1A,
Risk Factors
, of this Report, as well as the Company's Consolidated Financial Statements, Notes to Consolidated Financial Statements, other financial information appearing elsewhere in this Report and the Company's other filings with the SEC.
|
Item 8.
|
Financial Statements and Supplementary Data.
|
|
Year Ended
|
||||||||||
(In millions, except per share amounts)
|
December 30,
2017 |
|
December 31,
2016 |
|
December 26,
2015 |
||||||
Net sales
|
$
|
2,255.8
|
|
|
$
|
2,213.1
|
|
|
$
|
2,283.8
|
|
Cost of products sold
|
744.6
|
|
|
715.0
|
|
|
744.4
|
|
|||
Gross margin
|
1,511.2
|
|
|
1,498.1
|
|
|
1,539.4
|
|
|||
Delivery, sales and administrative expense
|
1,162.3
|
|
|
1,170.8
|
|
|
1,217.6
|
|
|||
Re-engineering and impairment charges
|
66.0
|
|
|
7.6
|
|
|
20.3
|
|
|||
Impairment of goodwill and intangible assets
|
62.9
|
|
|
—
|
|
|
—
|
|
|||
Gains on disposal of assets
|
9.1
|
|
|
27.3
|
|
|
13.7
|
|
|||
Operating income
|
229.1
|
|
|
347.0
|
|
|
315.2
|
|
|||
Interest income
|
2.9
|
|
|
3.4
|
|
|
2.4
|
|
|||
Interest expense
|
46.1
|
|
|
48.8
|
|
|
47.6
|
|
|||
Other expense
|
0.8
|
|
|
0.3
|
|
|
10.1
|
|
|||
Income before income taxes
|
185.1
|
|
|
301.3
|
|
|
259.9
|
|
|||
Provision for income taxes
|
450.5
|
|
|
77.7
|
|
|
74.1
|
|
|||
Net income (loss)
|
$
|
(265.4
|
)
|
|
$
|
223.6
|
|
|
$
|
185.8
|
|
Basic earnings (loss) per common share
|
$
|
(5.22
|
)
|
|
$
|
4.43
|
|
|
$
|
3.72
|
|
Diluted earnings (loss) per common share
|
$
|
(5.22
|
)
|
|
$
|
4.41
|
|
|
$
|
3.69
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 30,
2017 |
|
December 31,
2016 |
|
December 26,
2015 |
||||||
Net income (loss)
|
$
|
(265.4
|
)
|
|
$
|
223.6
|
|
|
$
|
185.8
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
42.4
|
|
|
(53.7
|
)
|
|
(122.3
|
)
|
|||
Deferred gain (loss) on cash flow hedges, net of tax benefit (provision) of $0.8, ($0.4) and $1.1, respectively
|
(3.3
|
)
|
|
0.6
|
|
|
(3.5
|
)
|
|||
Pension and other post-retirement income, net of tax benefit (provision) of ($1.2), $0.4 and ($6.2), respectively
|
3.0
|
|
|
3.6
|
|
|
12.5
|
|
|||
Other comprehensive income (loss)
|
42.1
|
|
|
(49.5
|
)
|
|
(113.3
|
)
|
|||
Total comprehensive income (loss)
|
$
|
(223.3
|
)
|
|
$
|
174.1
|
|
|
$
|
72.5
|
|
(In millions, except share amounts)
|
December 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
144.1
|
|
|
$
|
93.2
|
|
Accounts receivable, less allowances of $38.2 and $32.6, respectively
|
144.4
|
|
|
125.3
|
|
||
Inventories
|
262.2
|
|
|
240.4
|
|
||
Non-trade amounts receivable, net
|
58.6
|
|
|
64.9
|
|
||
Prepaid expenses and other current assets
|
21.2
|
|
|
21.5
|
|
||
Total current assets
|
630.5
|
|
|
545.3
|
|
||
Deferred income tax benefits, net
|
278.0
|
|
|
539.7
|
|
||
Property, plant and equipment, net
|
278.2
|
|
|
259.8
|
|
||
Long-term receivables, less allowances of $16.5 and $11.0, respectively
|
19.3
|
|
|
13.2
|
|
||
Tradenames, net
|
62.5
|
|
|
67.3
|
|
||
Goodwill
|
78.9
|
|
|
132.6
|
|
||
Other assets, net
|
40.6
|
|
|
29.9
|
|
||
Total assets
|
$
|
1,388.0
|
|
|
$
|
1,587.8
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
||
Accounts payable
|
$
|
124.4
|
|
|
$
|
117.7
|
|
Short-term borrowings and current portion of long-term debt and capital lease obligations
|
133.0
|
|
|
105.9
|
|
||
Accrued liabilities
|
401.4
|
|
|
324.0
|
|
||
Total current liabilities
|
658.8
|
|
|
547.6
|
|
||
Long-term debt and capital lease obligations
|
605.1
|
|
|
606.0
|
|
||
Other liabilities
|
243.5
|
|
|
221.4
|
|
||
Shareholders' equity:
|
|
|
|
|
|
||
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued
|
0.6
|
|
|
0.6
|
|
||
Paid-in capital
|
217.8
|
|
|
208.6
|
|
||
Retained earnings
|
1,043.1
|
|
|
1,455.3
|
|
||
Treasury stock, 12,549,392 and 12,969,165 shares, respectively, at cost
|
(851.5
|
)
|
|
(880.2
|
)
|
||
Accumulated other comprehensive loss
|
(529.4
|
)
|
|
(571.5
|
)
|
||
Total shareholders' equity (deficit)
|
(119.4
|
)
|
|
212.8
|
|
||
Total liabilities and shareholders' equity
|
$
|
1,388.0
|
|
|
$
|
1,587.8
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Paid-In Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Shareholders' Equity
|
|||||||||||||||||
(In millions, except per share amounts)
|
Shares
|
|
Dollars
|
|
Shares
|
|
Dollars
|
|
|
|
|
|||||||||||||||||
December 27, 2014
|
63.6
|
|
$
|
0.6
|
|
|
13.9
|
|
$
|
(945.0
|
)
|
|
$
|
190.7
|
|
|
$
|
1,348.2
|
|
|
$
|
(408.7
|
)
|
|
$
|
185.8
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
185.8
|
|
|
|
|
185.8
|
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(113.3
|
)
|
|
(113.3
|
)
|
|||||||||||
Cash dividends declared ($2.72 per share)
|
|
|
|
|
|
|
|
|
|
|
(137.5
|
)
|
|
|
|
(137.5
|
)
|
|||||||||||
Income tax benefit from stock and option awards
|
|
|
|
|
|
|
|
|
6.0
|
|
|
|
|
|
|
6.0
|
|
|||||||||||
Stock and options issued for incentive plans
|
|
|
|
|
(0.7
|
)
|
|
50.7
|
|
|
8.8
|
|
|
(25.3
|
)
|
|
|
|
34.2
|
|
||||||||
December 26, 2015
|
63.6
|
|
$
|
0.6
|
|
|
13.2
|
|
$
|
(894.3
|
)
|
|
$
|
205.5
|
|
|
$
|
1,371.2
|
|
|
$
|
(522.0
|
)
|
|
$
|
161.0
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
223.6
|
|
|
|
|
223.6
|
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(49.5
|
)
|
|
(49.5
|
)
|
|||||||||||
Cash dividends declared ($2.72 per share)
|
|
|
|
|
|
|
|
|
|
|
(139.1
|
)
|
|
|
|
(139.1
|
)
|
|||||||||||
Income tax expense from stock and option awards
|
|
|
|
|
|
|
|
|
(1.7
|
)
|
|
|
|
|
|
(1.7
|
)
|
|||||||||||
Stock and options issued for incentive plans
|
|
|
|
|
(0.2
|
)
|
|
14.1
|
|
|
4.8
|
|
|
(0.4
|
)
|
|
|
|
18.5
|
|
||||||||
December 31, 2016
|
63.6
|
|
$
|
0.6
|
|
|
13.0
|
|
$
|
(880.2
|
)
|
|
$
|
208.6
|
|
|
$
|
1,455.3
|
|
|
$
|
(571.5
|
)
|
|
$
|
212.8
|
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
(265.4
|
)
|
|
|
|
(265.4
|
)
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
42.1
|
|
|
42.1
|
|
|||||||||||
Cash dividends declared ($2.72 per share)
|
|
|
|
|
|
|
|
|
|
|
(140.2
|
)
|
|
|
|
(140.2
|
)
|
|||||||||||
Stock and options issued for incentive plans
|
|
|
|
|
(0.4
|
)
|
|
28.7
|
|
|
9.2
|
|
|
(6.6
|
)
|
|
|
|
31.3
|
|
||||||||
December 30, 2017
|
63.6
|
|
$
|
0.6
|
|
|
12.6
|
|
$
|
(851.5
|
)
|
|
$
|
217.8
|
|
|
$
|
1,043.1
|
|
|
$
|
(529.4
|
)
|
|
$
|
(119.4
|
)
|
|
Year Ended
|
||||||||||
(In millions)
|
December 30,
2017 |
|
December 31,
2016 |
|
December 26,
2015 |
||||||
Operating Activities:
|
|
|
|
|
|
|
|||||
Net income (loss)
|
$
|
(265.4
|
)
|
|
$
|
223.6
|
|
|
$
|
185.8
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
60.5
|
|
|
57.5
|
|
|
62.4
|
|
|||
Equity compensation
|
22.6
|
|
|
20.0
|
|
|
20.0
|
|
|||
Unrealized foreign exchange (gains) losses
|
(0.2
|
)
|
|
0.4
|
|
|
7.2
|
|
|||
Amortization and write-off of deferred debt costs
|
0.6
|
|
|
0.6
|
|
|
0.8
|
|
|||
Net gains on disposal of assets, including insurance recoveries
|
(8.7
|
)
|
|
(25.8
|
)
|
|
(13.1
|
)
|
|||
Provision for bad debts
|
16.8
|
|
|
11.1
|
|
|
12.8
|
|
|||
Write-down of inventories
|
8.3
|
|
|
10.8
|
|
|
14.3
|
|
|||
Non-cash impact of impairment costs and re-engineering
|
69.1
|
|
|
—
|
|
|
13.5
|
|
|||
Net change in deferred income taxes
|
307.7
|
|
|
(32.9
|
)
|
|
(45.2
|
)
|
|||
Excess tax benefits from share-based payment arrangements
|
—
|
|
|
(0.6
|
)
|
|
(6.0
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
||||
Accounts and notes receivable
|
(33.7
|
)
|
|
0.9
|
|
|
(10.7
|
)
|
|||
Inventories
|
(18.8
|
)
|
|
(2.8
|
)
|
|
(8.2
|
)
|
|||
Non-trade amounts receivable
|
(0.8
|
)
|
|
1.2
|
|
|
(1.6
|
)
|
|||
Prepaid expenses
|
2.5
|
|
|
(0.9
|
)
|
|
(8.0
|
)
|
|||
Other assets
|
(5.1
|
)
|
|
1.9
|
|
|
4.7
|
|
|||
Accounts payable and accrued liabilities
|
44.1
|
|
|
(22.2
|
)
|
|
11.4
|
|
|||
Income taxes payable
|
14.3
|
|
|
(6.0
|
)
|
|
(2.5
|
)
|
|||
Other liabilities
|
3.1
|
|
|
4.6
|
|
|
5.1
|
|
|||
Net cash impact from hedging activity
|
0.1
|
|
|
(2.7
|
)
|
|
(17.0
|
)
|
|||
Other
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||
Net cash provided by operating activities
|
217.0
|
|
|
238.6
|
|
|
225.7
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
|
||||
Capital expenditures
|
(72.3
|
)
|
|
(61.6
|
)
|
|
(61.1
|
)
|
|||
Proceeds from disposal of property, plant and equipment
|
14.7
|
|
|
35.9
|
|
|
18.0
|
|
|||
Net cash used in investing activities
|
(57.6
|
)
|
|
(25.7
|
)
|
|
(43.1
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
|
||||
Dividend payments to shareholders
|
(139.5
|
)
|
|
(138.8
|
)
|
|
(138.0
|
)
|
|||
Proceeds from exercise of stock options
|
11.8
|
|
|
0.8
|
|
|
16.1
|
|
|||
Repurchase of common stock
|
(2.5
|
)
|
|
(1.7
|
)
|
|
(1.5
|
)
|
|||
Repayment of long-term debt and capital lease obligations
|
(2.0
|
)
|
|
(2.2
|
)
|
|
(2.6
|
)
|
|||
Net change in short-term debt
|
15.6
|
|
|
(52.0
|
)
|
|
(36.4
|
)
|
|||
Debt issuance costs
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|||
Excess tax benefits from share-based payment arrangements
|
—
|
|
|
0.6
|
|
|
6.0
|
|
|||
Net cash used in financing activities
|
(116.6
|
)
|
|
(193.3
|
)
|
|
(157.1
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
8.1
|
|
|
(6.2
|
)
|
|
(22.7
|
)
|
|||
Net change in cash and cash equivalents
|
50.9
|
|
|
13.4
|
|
|
2.8
|
|
|||
Cash and cash equivalents at beginning of year
|
93.2
|
|
|
79.8
|
|
|
77.0
|
|
|||
Cash and cash equivalents at end of year
|
$
|
144.1
|
|
|
$
|
93.2
|
|
|
$
|
79.8
|
|
Note 1:
|
Summary of Significant Accounting Policies
|
|
Years
|
Building and improvements
|
10 - 40
|
Molds
|
4 - 10
|
Production equipment
|
10 - 20
|
Distribution equipment
|
5 - 10
|
Computer/telecom equipment
|
3 - 5
|
Capitalized software
|
3 - 5
|
|
Weighted Average Estimated Useful Life
|
Indefinite-lived tradenames
|
Indefinite
|
Definite-lived tradename
|
10 years
|
(In millions, except per share amounts)
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
$
|
(265.4
|
)
|
|
$
|
223.6
|
|
|
$
|
185.8
|
|
Weighted average shares of common stock outstanding
|
50.8
|
|
|
50.5
|
|
|
49.9
|
|
|||
Common equivalent shares:
|
|
|
|
|
|
||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units
|
—
|
|
|
0.2
|
|
|
0.5
|
|
|||
Weighted average common and common equivalent shares outstanding
|
50.8
|
|
|
50.7
|
|
|
50.4
|
|
|||
Basic earnings per share
|
$
|
(5.22
|
)
|
|
$
|
4.43
|
|
|
$
|
3.72
|
|
Diluted earnings per share
|
$
|
(5.22
|
)
|
|
$
|
4.41
|
|
|
$
|
3.69
|
|
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive
|
3.1
|
|
|
1.4
|
|
|
0.9
|
|
Note 2:
|
Re-engineering Costs
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Severance
|
$
|
48.1
|
|
|
$
|
5.4
|
|
|
$
|
5.0
|
|
Other
|
15.6
|
|
|
2.2
|
|
|
1.8
|
|
|||
Total re-engineering charges
|
$
|
63.7
|
|
|
$
|
7.6
|
|
|
$
|
6.8
|
|
(In millions)
|
2017
|
||
Europe
|
$
|
47.9
|
|
Asia Pacific
|
4.8
|
|
|
North America
|
11.0
|
|
|
Total re-engineering charges
|
$
|
63.7
|
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Re-engineering charges
|
$
|
63.7
|
|
|
$
|
7.6
|
|
|
$
|
6.8
|
|
Cost of products sold
|
3.6
|
|
|
—
|
|
|
—
|
|
|||
Total pretax re-engineering costs
|
$
|
67.3
|
|
|
$
|
7.6
|
|
|
$
|
6.8
|
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
1.6
|
|
|
$
|
1.7
|
|
|
$
|
2.4
|
|
Provision
|
63.7
|
|
|
7.6
|
|
|
6.8
|
|
|||
Non-cash charges
|
(0.4
|
)
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|||
Cash expenditures:
|
|
|
|
|
|
||||||
Severance
|
(12.7
|
)
|
|
(5.2
|
)
|
|
(5.8
|
)
|
|||
Other
|
(6.8
|
)
|
|
(2.2
|
)
|
|
(1.5
|
)
|
|||
Ending balance
|
$
|
45.4
|
|
|
$
|
1.6
|
|
|
$
|
1.7
|
|
Note 3:
|
Inventories
|
(In millions)
|
2017
|
|
2016
|
||||
Finished goods
|
$
|
203.5
|
|
|
$
|
189.4
|
|
Work in process
|
26.0
|
|
|
23.0
|
|
||
Raw materials and supplies
|
32.7
|
|
|
28.0
|
|
||
Total inventories
|
$
|
262.2
|
|
|
$
|
240.4
|
|
Note 4:
|
Property, Plant and Equipment
|
(In millions)
|
2017
|
|
2016
|
||||
Land
|
$
|
43.4
|
|
|
$
|
36.7
|
|
Buildings and improvements
|
204.8
|
|
|
194.1
|
|
||
Molds
|
678.6
|
|
|
624.7
|
|
||
Production equipment
|
298.8
|
|
|
264.3
|
|
||
Distribution equipment
|
40.5
|
|
|
37.4
|
|
||
Computer/telecom equipment
|
47.5
|
|
|
45.2
|
|
||
Furniture and fixtures
|
20.7
|
|
|
15.8
|
|
||
Capitalized software
|
81.2
|
|
|
69.5
|
|
||
Construction in progress
|
25.1
|
|
|
29.3
|
|
||
Total property, plant and equipment
|
1,440.6
|
|
|
1,317.0
|
|
||
Less accumulated depreciation
|
(1,162.4
|
)
|
|
(1,057.2
|
)
|
||
Property, plant and equipment, net
|
$
|
278.2
|
|
|
$
|
259.8
|
|
Note 5:
|
Accrued and Other Liabilities
|
(In millions)
|
2017
|
|
2016
|
||||
Income taxes payable
|
$
|
49.7
|
|
|
$
|
23.1
|
|
Compensation and employee benefits
|
69.0
|
|
|
73.0
|
|
||
Advertising and promotion
|
55.9
|
|
|
57.6
|
|
||
Taxes other than income taxes
|
30.0
|
|
|
24.5
|
|
||
Pensions
|
8.3
|
|
|
2.7
|
|
||
Post-retirement benefits
|
1.5
|
|
|
1.7
|
|
||
Dividends payable
|
34.7
|
|
|
34.4
|
|
||
Foreign currency contracts
|
29.6
|
|
|
31.7
|
|
||
Re-engineering
|
45.4
|
|
|
1.6
|
|
||
Other
|
77.3
|
|
|
73.7
|
|
||
Total accrued liabilities
|
$
|
401.4
|
|
|
$
|
324.0
|
|
(In millions)
|
2017
|
|
2016
|
||||
Post-retirement benefits
|
$
|
13.7
|
|
|
$
|
15.4
|
|
Pensions
|
120.6
|
|
|
123.0
|
|
||
Income taxes
|
21.2
|
|
|
22.5
|
|
||
Deferred income tax
|
41.0
|
|
|
17.6
|
|
||
Other
|
47.0
|
|
|
42.9
|
|
||
Total other liabilities
|
$
|
243.5
|
|
|
$
|
221.4
|
|
Note 6:
|
Goodwill and Intangible Assets
|
(In millions)
|
Europe
|
|
Asia Pacific
|
|
North America
|
|
South America
|
|
Total
|
||||||||||
Gross goodwill balance at December 26, 2015
|
$
|
28.9
|
|
|
$
|
74.7
|
|
|
$
|
143.8
|
|
|
$
|
3.6
|
|
|
$
|
251.0
|
|
Effect of changes in exchange rates
|
0.4
|
|
|
1.2
|
|
|
(15.4
|
)
|
|
0.1
|
|
|
(13.7
|
)
|
|||||
Gross goodwill balance at December 31, 2016
|
29.3
|
|
|
75.9
|
|
|
128.4
|
|
|
3.7
|
|
|
237.3
|
|
|||||
Effect of changes in exchange rates
|
0.6
|
|
|
2.2
|
|
|
6.5
|
|
|
(0.1
|
)
|
|
9.2
|
|
|||||
Gross goodwill balance at December 30, 2017
|
$
|
29.9
|
|
|
$
|
78.1
|
|
|
$
|
134.9
|
|
|
$
|
3.6
|
|
|
$
|
246.5
|
|
(In millions)
|
Europe
|
|
Asia Pacific
|
|
North America
|
|
South America
|
|
Total
|
||||||||||
Cumulative impairments as of December 26, 2015
|
$
|
24.5
|
|
|
$
|
41.3
|
|
|
$
|
38.9
|
|
|
$
|
—
|
|
|
$
|
104.7
|
|
Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Cumulative impairments as of December 31, 2016
|
24.5
|
|
|
41.3
|
|
|
38.9
|
|
|
—
|
|
|
104.7
|
|
|||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
62.9
|
|
|
—
|
|
|
62.9
|
|
|||||
Cumulative impairments as of December 30, 2017
|
$
|
24.5
|
|
|
$
|
41.3
|
|
|
$
|
101.8
|
|
|
$
|
—
|
|
|
$
|
167.6
|
|
|
December 30, 2017
|
||||||||||
(In millions)
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net
|
||||||
Indefinite-lived tradenames
|
$
|
21.1
|
|
|
$
|
—
|
|
|
$
|
21.1
|
|
Definite-lived tradename
|
73.1
|
|
|
31.7
|
|
|
41.4
|
|
|||
Total intangible assets
|
$
|
94.2
|
|
|
$
|
31.7
|
|
|
$
|
62.5
|
|
|
December 31, 2016
|
||||||||||
(In millions)
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net
|
||||||
Indefinite-lived tradenames
|
$
|
20.6
|
|
|
$
|
—
|
|
|
$
|
20.6
|
|
Definite-lived tradename
|
70.0
|
|
|
23.3
|
|
|
46.7
|
|
|||
Total intangible assets
|
$
|
90.6
|
|
|
$
|
23.3
|
|
|
$
|
67.3
|
|
|
Year Ended
|
||||||
(In millions)
|
December 30,
2017 |
|
December 31,
2016 |
||||
Beginning balance
|
$
|
90.6
|
|
|
$
|
101.8
|
|
Effect of changes in exchange rates
|
3.6
|
|
|
(11.2
|
)
|
||
Ending balance
|
$
|
94.2
|
|
|
$
|
90.6
|
|
Note 7:
|
Financing Obligations
|
(In millions)
|
2017
|
|
2016
|
||||
Fixed rate Senior Notes due 2021
|
$
|
599.5
|
|
|
$
|
599.4
|
|
Five year Revolving Credit Agreement
|
131.0
|
|
|
104.0
|
|
||
Belgium facility capital lease
|
7.5
|
|
|
8.4
|
|
||
Other
|
0.1
|
|
|
0.1
|
|
||
Total debt obligations
|
738.1
|
|
|
711.9
|
|
||
Less current portion
|
(133.0
|
)
|
|
(105.9
|
)
|
||
Long-term debt and capital lease obligations
|
$
|
605.1
|
|
|
$
|
606.0
|
|
(Dollars in millions)
|
2017
|
|
2016
|
||||
Total short-term borrowings at year-end
|
$
|
131.0
|
|
|
$
|
104.0
|
|
Weighted average interest rate at year-end
|
1.9
|
%
|
|
1.5
|
%
|
||
Average short-term borrowings during the year
|
$
|
322.3
|
|
|
$
|
357.4
|
|
Weighted average interest rate for the year
|
2.3
|
%
|
|
1.8
|
%
|
||
Maximum short-term borrowings during the year
|
$
|
389.2
|
|
|
$
|
429.3
|
|
•
|
payment in full of principal of and premium, if any, and interest on the Senior Notes;
|
•
|
satisfaction and discharge of the Indenture;
|
•
|
upon legal defeasance or covenant defeasance of the Senior Notes as set forth in the Indenture;
|
•
|
as to any property or assets constituting collateral owned by the Guarantor that is released from its guarantee in accordance with the Indenture;
|
•
|
with the consent of the holders of the requisite percentage of Senior Notes in accordance with the Indenture; and
|
•
|
if the rating on the Senior Notes is changed to investment grade in accordance with the Indenture.
|
Year ending:
|
Amount
|
||
December 29, 2018
|
$
|
133.0
|
|
December 28, 2019
|
1.7
|
|
|
December 26, 2020
|
1.4
|
|
|
December 25, 2021
|
600.9
|
|
|
December 31, 2022
|
1.1
|
|
|
Total
|
$
|
738.1
|
|
(In millions)
|
December 30,
2017 |
|
December 31,
2016 |
||||
Gross payments
|
$
|
8.3
|
|
|
$
|
9.4
|
|
Less imputed interest
|
0.8
|
|
|
1.0
|
|
||
Total capital lease obligation
|
7.5
|
|
|
8.4
|
|
||
Less current maturity
|
1.9
|
|
|
1.8
|
|
||
Capital lease obligation - long-term portion
|
$
|
5.6
|
|
|
$
|
6.6
|
|
Note 8:
|
Derivative Financial Instruments
|
|
|
Asset derivatives
|
|
Liability derivatives
|
||||||||||||||||
|
|
|
|
Fair value
|
|
|
|
Fair value
|
||||||||||||
Derivatives designated as hedging instruments (
in millions
)
|
|
Balance sheet location
|
|
2017
|
|
2016
|
|
Balance sheet location
|
|
2017
|
|
2016
|
||||||||
Foreign exchange contracts
|
|
Non-trade amounts receivable
|
|
$
|
32.2
|
|
|
$
|
41.1
|
|
|
Accrued liabilities
|
|
$
|
29.6
|
|
|
$
|
31.7
|
|
Derivatives designated as
fair value hedges
(in millions)
|
|
Location of gain or
(loss) recognized in
income on
derivatives
|
|
Amount of gain or
(loss) recognized in
income on derivatives
|
|
Location of gain or
(loss) recognized in
income on related
hedged items
|
|
Amount of gain or (loss)
recognized in income on
related hedged items
|
||||||||||||||||
|
|
|
|
2017
|
2016
|
2015
|
|
|
|
2017
|
2016
|
2015
|
||||||||||||
Foreign exchange contracts
|
|
Other expense
|
|
$
|
17.2
|
|
$
|
(41.8
|
)
|
$
|
(83.6
|
)
|
|
Other expense
|
|
|
($17.1
|
)
|
|
$42.1
|
|
|
$83.8
|
|
Derivatives designated as cash flow and net equity hedges
(in millions)
|
|
Amount of gain or (loss) recognized in OCI on derivatives (effective portion)
|
|
Location of gain or (loss) reclassified from accumulated OCI into income (effective portion)
|
|
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion)
|
|
Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
|
|
Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amounts excluded from effectiveness testing)
|
||||||||||||||||||||||||
Cash flow hedging relationships
|
|
2017
|
2016
|
2015
|
|
|
|
2017
|
2016
|
2015
|
|
|
|
2017
|
2016
|
2015
|
||||||||||||||||||
Foreign exchange contracts
|
|
$
|
(2.7
|
)
|
$
|
6.7
|
|
$
|
14.5
|
|
|
Cost of products sold
|
|
$
|
1.4
|
|
$
|
5.7
|
|
$
|
19.2
|
|
|
Interest expense
|
|
$
|
(4.8
|
)
|
$
|
(5.6
|
)
|
$
|
(7.7
|
)
|
Net equity hedging relationships
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign exchange contracts
|
|
(21.6
|
)
|
41.0
|
|
74.2
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(26.0
|
)
|
(20.8
|
)
|
(16.8
|
)
|
||||||||||||
Euro denominated debt
|
|
(11.5
|
)
|
3.7
|
|
11.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 9:
|
Fair Value Measurements
|
Note 10:
|
Accumulated Other Comprehensive Loss
|
(In millions, net of tax)
|
Foreign Currency Items
|
|
Cash Flow Hedges
|
|
Pension and Other Post-retirement Items
|
|
Total
|
||||||||
December 27, 2014
|
$
|
(368.3
|
)
|
|
$
|
7.8
|
|
|
$
|
(48.2
|
)
|
|
$
|
(408.7
|
)
|
Other comprehensive income (loss) before reclassifications
|
(122.3
|
)
|
|
11.3
|
|
|
8.9
|
|
|
(102.1
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
(14.8
|
)
|
|
3.6
|
|
|
(11.2
|
)
|
||||
Net other comprehensive income (loss)
|
(122.3
|
)
|
|
(3.5
|
)
|
|
12.5
|
|
|
(113.3
|
)
|
||||
December 26, 2015
|
$
|
(490.6
|
)
|
|
$
|
4.3
|
|
|
$
|
(35.7
|
)
|
|
$
|
(522.0
|
)
|
Other comprehensive income (loss) before reclassifications
|
(53.7
|
)
|
|
4.9
|
|
|
(0.9
|
)
|
|
(49.7
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
(4.3
|
)
|
|
4.5
|
|
|
0.2
|
|
||||
Net other comprehensive income (loss)
|
(53.7
|
)
|
|
0.6
|
|
|
3.6
|
|
|
(49.5
|
)
|
||||
December 31, 2016
|
$
|
(544.3
|
)
|
|
$
|
4.9
|
|
|
$
|
(32.1
|
)
|
|
$
|
(571.5
|
)
|
Other comprehensive income (loss) before reclassifications
|
42.4
|
|
|
(2.5
|
)
|
|
1.8
|
|
|
41.7
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
(0.8
|
)
|
|
1.2
|
|
|
0.4
|
|
||||
Net other comprehensive income (loss)
|
42.4
|
|
|
(3.3
|
)
|
|
3.0
|
|
|
42.1
|
|
||||
December 30, 2017
|
$
|
(501.9
|
)
|
|
$
|
1.6
|
|
|
$
|
(29.1
|
)
|
|
$
|
(529.4
|
)
|
Note 11:
|
Statements of Cash Flows Supplemental Disclosure
|
Note 12:
|
Income Taxes
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Domestic
|
$
|
(76.2
|
)
|
|
$
|
(44.8
|
)
|
|
$
|
(67.5
|
)
|
Foreign
|
261.3
|
|
|
346.1
|
|
|
327.4
|
|
|||
Total
|
$
|
185.1
|
|
|
$
|
301.3
|
|
|
$
|
259.9
|
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
25.6
|
|
|
$
|
(23.8
|
)
|
|
$
|
(22.8
|
)
|
Foreign
|
136.9
|
|
|
114.1
|
|
|
92.6
|
|
|||
State
|
2.1
|
|
|
1.4
|
|
|
(0.8
|
)
|
|||
|
164.6
|
|
|
91.7
|
|
|
69.0
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
312.9
|
|
|
(14.7
|
)
|
|
(13.8
|
)
|
|||
Foreign
|
(25.6
|
)
|
|
0.2
|
|
|
18.2
|
|
|||
State
|
(1.4
|
)
|
|
0.5
|
|
|
0.7
|
|
|||
|
285.9
|
|
|
(14.0
|
)
|
|
5.1
|
|
|||
Total
|
$
|
450.5
|
|
|
$
|
77.7
|
|
|
$
|
74.1
|
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Amount computed using statutory rate
|
$
|
64.8
|
|
|
$
|
105.5
|
|
|
$
|
91.0
|
|
Increase (reduction) in taxes resulting from:
|
|
|
|
|
|
||||||
Net impact from repatriating foreign earnings and direct foreign tax credits
|
(5.8
|
)
|
|
(16.3
|
)
|
|
(7.9
|
)
|
|||
Foreign income taxes
|
14.3
|
|
|
(7.5
|
)
|
|
(4.6
|
)
|
|||
Impact of non-deductible currency translation losses
|
—
|
|
|
—
|
|
|
3.1
|
|
|||
Impact of changes in U.S. tax legislation
|
375.0
|
|
|
(2.7
|
)
|
|
—
|
|
|||
Other changes in valuation allowances for deferred tax assets
|
5.3
|
|
|
(0.1
|
)
|
|
(0.4
|
)
|
|||
Foreign and domestic tax audit settlement and adjustments
|
(2.5
|
)
|
|
—
|
|
|
(2.4
|
)
|
|||
Other
|
(0.6
|
)
|
|
(1.2
|
)
|
|
(4.7
|
)
|
|||
Total
|
$
|
450.5
|
|
|
$
|
77.7
|
|
|
$
|
74.1
|
|
(In millions)
|
2017
|
|
2016
|
||||
Purchased intangibles
|
$
|
(20.3
|
)
|
|
$
|
(21.7
|
)
|
Other
|
(6.5
|
)
|
|
(14.1
|
)
|
||
Gross deferred tax liabilities
|
(26.8
|
)
|
|
(35.8
|
)
|
||
Credit and net operating loss carry forwards (net of unrecognized tax benefits)
|
295.9
|
|
|
301.2
|
|
||
Employee benefits accruals
|
51.0
|
|
|
63.1
|
|
||
Deferred costs
|
48.0
|
|
|
92.2
|
|
||
Fixed assets basis differences
|
17.8
|
|
|
22.4
|
|
||
Capitalized intangibles
|
21.4
|
|
|
34.2
|
|
||
Other accruals
|
33.5
|
|
|
32.1
|
|
||
Accounts receivable
|
10.7
|
|
|
11.3
|
|
||
Post-retirement benefits
|
4.5
|
|
|
7.1
|
|
||
Depreciation
|
11.2
|
|
|
13.4
|
|
||
Inventory
|
5.3
|
|
|
6.4
|
|
||
Gross deferred tax assets
|
499.3
|
|
|
583.4
|
|
||
Valuation allowances
|
(235.5
|
)
|
|
(24.8
|
)
|
||
Net deferred tax assets
|
$
|
237.0
|
|
|
$
|
522.8
|
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Balance, beginning of year
|
$
|
20.7
|
|
|
$
|
21.8
|
|
|
$
|
22.5
|
|
Additions based on tax positions related to the current year
|
3.6
|
|
|
2.7
|
|
|
3.3
|
|
|||
Additions for tax positions of prior year
|
2.2
|
|
|
1.2
|
|
|
3.4
|
|
|||
Reduction for tax positions of prior years
|
(3.0
|
)
|
|
(1.2
|
)
|
|
(1.6
|
)
|
|||
Settlements
|
(1.2
|
)
|
|
—
|
|
|
(1.1
|
)
|
|||
Reductions for lapse in statute of limitations
|
(3.7
|
)
|
|
(3.1
|
)
|
|
(3.2
|
)
|
|||
Impact of foreign currency rate changes versus the U.S. dollar
|
1.2
|
|
|
(0.7
|
)
|
|
(1.5
|
)
|
|||
Balance, end of year
|
$
|
19.8
|
|
|
$
|
20.7
|
|
|
$
|
21.8
|
|
Note 13:
|
Retirement Benefit Plans
|
|
U.S. plans
|
|
Foreign plans
|
||||||||||||||||||||
|
Pension benefits
|
|
Post-retirement benefits
|
|
Pension benefits
|
||||||||||||||||||
(In millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
Change in benefit obligations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
49.8
|
|
|
$
|
59.2
|
|
|
$
|
17.0
|
|
|
$
|
18.3
|
|
|
$
|
179.6
|
|
|
$
|
183.3
|
|
Service cost
|
—
|
|
|
0.3
|
|
|
0.1
|
|
|
0.1
|
|
|
10.4
|
|
|
11.3
|
|
||||||
Interest cost
|
1.7
|
|
|
2.2
|
|
|
0.7
|
|
|
0.7
|
|
|
3.8
|
|
|
4.5
|
|
||||||
Actuarial (gain) loss
|
1.3
|
|
|
(2.9
|
)
|
|
(1.1
|
)
|
|
(0.2
|
)
|
|
(2.2
|
)
|
|
7.3
|
|
||||||
Benefits paid
|
(2.1
|
)
|
|
(0.9
|
)
|
|
(1.5
|
)
|
|
(1.9
|
)
|
|
(7.9
|
)
|
|
(7.8
|
)
|
||||||
Impact of exchange rates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.1
|
|
|
(11.0
|
)
|
||||||
Plan participant contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.8
|
|
||||||
Settlements/Curtailments
|
—
|
|
|
(8.1
|
)
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
(8.8
|
)
|
||||||
Ending balance
|
$
|
50.7
|
|
|
$
|
49.8
|
|
|
$
|
15.2
|
|
|
$
|
17.0
|
|
|
$
|
194.9
|
|
|
$
|
179.6
|
|
Change in plan assets at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
27.0
|
|
|
$
|
33.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
76.9
|
|
|
$
|
78.2
|
|
Actual return on plan assets
|
4.4
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
2.2
|
|
||||||
Company contributions
|
—
|
|
|
—
|
|
|
1.5
|
|
|
1.9
|
|
|
10.8
|
|
|
14.2
|
|
||||||
Plan participant contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
||||||
Benefits and expenses paid
|
(2.4
|
)
|
|
(1.6
|
)
|
|
(1.5
|
)
|
|
(1.9
|
)
|
|
(8.3
|
)
|
|
(7.8
|
)
|
||||||
Impact of exchange rates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.7
|
|
|
(1.9
|
)
|
||||||
Settlements
|
—
|
|
|
(8.1
|
)
|
|
—
|
|
|
—
|
|
|
(3.2
|
)
|
|
(8.8
|
)
|
||||||
Ending balance
|
$
|
29.0
|
|
|
$
|
27.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
87.7
|
|
|
$
|
76.9
|
|
Funded status of plans
|
$
|
(21.7
|
)
|
|
$
|
(22.8
|
)
|
|
$
|
(15.2
|
)
|
|
$
|
(17.0
|
)
|
|
$
|
(107.2
|
)
|
|
$
|
(102.7
|
)
|
(In millions)
|
December 30,
2017 |
|
December 31,
2016 |
||||
Accrued benefit liability
|
$
|
(144.1
|
)
|
|
$
|
(142.5
|
)
|
Accumulated other comprehensive loss (pretax)
|
40.1
|
|
|
44.4
|
|
|
2017
|
|
2016
|
||||||||||||
(In millions)
|
Pension
Benefits |
|
Post-retirement
Benefits |
|
Pension
Benefits |
|
Post-retirement
Benefits |
||||||||
Transition obligation
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
2.2
|
|
|
$
|
—
|
|
Prior service cost (benefit)
|
1.2
|
|
|
(6.0
|
)
|
|
1.1
|
|
|
(7.3
|
)
|
||||
Net actuarial loss (gain)
|
42.7
|
|
|
(0.2
|
)
|
|
47.4
|
|
|
1.0
|
|
||||
Accumulated other comprehensive loss(income) pretax
|
$
|
46.3
|
|
|
$
|
(6.2
|
)
|
|
$
|
50.7
|
|
|
$
|
(6.3
|
)
|
|
2017
|
|
2016
|
||||||||||||
(In millions)
|
Pension
Benefits
|
|
Post-retirement
Benefits
|
|
Pension
Benefits
|
|
Post-retirement
Benefits
|
||||||||
Net prior service cost
|
$
|
—
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
1.3
|
|
Net actuarial (gain)
|
(8.5
|
)
|
|
(1.2
|
)
|
|
(12.3
|
)
|
|
(0.2
|
)
|
||||
Impact of exchange rates
|
4.1
|
|
|
—
|
|
|
8.0
|
|
|
—
|
|
||||
Other comprehensive (income) loss
|
$
|
(4.4
|
)
|
|
$
|
0.1
|
|
|
$
|
(4.3
|
)
|
|
$
|
1.1
|
|
|
Pension benefits
|
|
Post-retirement benefits
|
||||||||||||||||||||
(Dollars in millions)
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Components of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost and expenses
|
$
|
10.4
|
|
|
$
|
11.8
|
|
|
$
|
10.8
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
5.6
|
|
|
6.7
|
|
|
6.9
|
|
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
||||||
Return on plan assets
|
(4.4
|
)
|
|
(5.3
|
)
|
|
(5.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlement/Curtailment
|
1.0
|
|
|
3.9
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Employee contributions
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net deferral
|
2.0
|
|
|
2.7
|
|
|
4.5
|
|
|
(1.3
|
)
|
|
(1.3
|
)
|
|
(1.3
|
)
|
||||||
Net periodic benefit cost (income)
|
$
|
14.4
|
|
|
$
|
19.6
|
|
|
$
|
18.4
|
|
|
$
|
(0.5
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(0.5
|
)
|
Weighted average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. plans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Discount rate, net periodic benefit cost
|
3.8
|
%
|
|
3.9
|
%
|
|
3.6
|
%
|
|
4.0
|
%
|
|
4.0
|
%
|
|
3.8
|
%
|
||||||
Discount rate, benefit obligations
|
3.3
|
|
|
3.7
|
|
|
3.9
|
|
|
3.5
|
|
|
4.0
|
|
|
4.0
|
|
||||||
Return on plan assets
|
7.3
|
|
|
8.3
|
|
|
8.3
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Salary growth rate, net periodic benefit cost
|
—
|
|
|
—
|
|
|
3.0
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Salary growth rate, benefit obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Foreign plans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Discount rate
|
2.2
|
%
|
|
2.3
|
%
|
|
2.4
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Return on plan assets
|
3.1
|
|
|
3.2
|
|
|
3.4
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Salary growth rate
|
2.7
|
|
|
2.9
|
|
|
3.1
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
2017
|
|
2016
|
||||||||
Asset category
|
U.S. plans
|
|
Foreign plans
|
|
U.S. plans
|
|
Foreign plans
|
||||
Equity securities
|
63
|
%
|
|
26
|
%
|
|
62
|
%
|
|
27
|
%
|
Fixed income securities
|
37
|
|
|
16
|
|
|
38
|
|
|
16
|
|
Cash and money market investments
|
—
|
|
|
7
|
|
|
—
|
|
|
6
|
|
Guaranteed contracts
|
—
|
|
|
49
|
|
|
—
|
|
|
50
|
|
Other
|
—
|
|
|
2
|
|
|
—
|
|
|
1
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Description of assets
(in millions)
|
December 30,
2017 |
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
Domestic plans:
|
|
|
|
|
|
|
|
|||||||||
|
Common/collective trust (a)
|
$
|
28.9
|
|
|
$
|
—
|
|
|
$
|
28.9
|
|
|
$
|
—
|
|
Foreign plans:
|
|
|
|
|
|
|
|
|||||||||
Australia
|
Investment fund (b)
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
||||
Switzerland
|
Guaranteed insurance contract (c)
|
32.8
|
|
|
—
|
|
|
—
|
|
|
32.8
|
|
||||
Germany
|
Guaranteed insurance contract (c)
|
5.6
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
||||
Belgium
|
Mutual fund (d)
|
25.2
|
|
|
25.2
|
|
|
—
|
|
|
—
|
|
||||
Austria
|
Guaranteed insurance contract (c)
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||
Korea
|
Guaranteed insurance contract (c)
|
4.1
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
||||
Japan
|
Common/collective trust (e)
|
12.8
|
|
|
—
|
|
|
12.8
|
|
|
—
|
|
||||
Philippines
|
Fixed income securities (f)
|
1.8
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
||||
|
Equity fund (f)
|
2.6
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
116.7
|
|
|
$
|
29.6
|
|
|
$
|
44.2
|
|
|
$
|
42.9
|
|
Description of assets
(in millions)
|
December 31,
2016 |
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
Domestic plans:
|
|
|
|
|
|
|
|
|||||||||
|
Common/collective trust (a)
|
$
|
27.0
|
|
|
$
|
—
|
|
|
$
|
27.0
|
|
|
$
|
—
|
|
Foreign plans:
|
|
|
|
|
|
|
|
|||||||||
Australia
|
Investment fund (b)
|
2.6
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
||||
Switzerland
|
Guaranteed insurance contract (c)
|
28.5
|
|
|
—
|
|
|
—
|
|
|
28.5
|
|
||||
Germany
|
Guaranteed insurance contract (c)
|
5.0
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
||||
Belgium
|
Mutual funds (d)
|
21.8
|
|
|
21.8
|
|
|
—
|
|
|
—
|
|
||||
Austria
|
Guaranteed insurance contract (c)
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||
Korea
|
Guaranteed insurance contract (c)
|
4.0
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
||||
Japan
|
Common/collective trust (e)
|
10.9
|
|
|
—
|
|
|
10.9
|
|
|
—
|
|
||||
Philippines
|
Fixed income securities (f)
|
1.4
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
||||
|
Equity fund (f)
|
2.3
|
|
|
2.3
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
103.9
|
|
|
$
|
25.5
|
|
|
$
|
40.5
|
|
|
$
|
37.9
|
|
(a)
|
The investment strategy of the U.S. 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 percent
in equity securities and
40 percent
in fixed income securities. As of the years ended
December 30, 2017
and
December 31, 2016
, the common trusts held
63 percent
and
62 percent
of its assets in equity securities and
37 percent
and
38 percent
in fixed income securities, respectively. The percentage of funds invested in equity securities at the end of
2017
and
2016
, included:
10 percent
in international stocks,
32 percent
in large U.S. stocks in each year and
21 percent
and
20 percent
in small U.S. 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)
|
For
2017
and
2016
, the strategy of this fund is to achieve a long-term net return of at least
3.5 percent
and
4 percent
above inflation based on the Australian consumer price index over a rolling five-year period, respectively. 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 30, 2017
and
December 31, 2016
, the percentage of funds held in investments included: Australian equities of
16 percent
and
31 percent
, other equities of listed companies outside of Australia of
44 percent
and
41 percent
, government and corporate bonds of
17 percent
and
12 percent
and cash of
14 percent
and
7 percent
, respectively and real estate of
9 percent
in each year.
|
(c)
|
The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek 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 strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately
62 percent
in equity securities and
38 percent
in fixed income securities. 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 30, 2017
and
December 31, 2016
, the percentage of funds held in various asset classes included: large-cap equities of European companies of
27 percent
, small-cap equities of European companies of
17 percent
, and money market fund of
17 percent
in each year, bonds, primarily from European and U.S. governments, of
31 percent
and
32 percent
, and equities outside of Europe, mainly in the U.S. and emerging markets,
8 percent
and
7 percent
, respectively.
|
(e)
|
The Company's strategy is to invest approximately
47 percent
of assets to benefit from the higher expected returns from long-term investments in equities and to invest
53 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
40 percent
equities in Japanese listed securities,
7 percent
in equities outside of Japan,
3 percent
in cash and other short-term investments and
50 percent
in domestic Japanese bonds. This strategy has been achieved through a collective trust that held
100 percent
of total funded assets as of
December 30, 2017
and
December 31, 2016
. As of the end of
December 30, 2017
and
December 31, 2016
, the allocation of funds within the common collective trust included:
36 percent
and
40 percent
in Japanese equities,
53 percent
and
50 percent
in Japanese bonds, and
4 percent
and
3 percent
in cash and other short term investments, respectively and
7 percent
in equities of companies based outside of Japan 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.
|
(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 percent
in equity securities,
38 percent
fixed income securities and
5 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.
|
|
Year Ending
|
||||||
(In millions)
|
December 30,
2017 |
|
December 31,
2016 |
||||
Beginning balance
|
$
|
37.9
|
|
|
$
|
38.7
|
|
Realized gains
|
1.1
|
|
|
0.9
|
|
||
Purchases, sales and settlements, net
|
1.7
|
|
|
(0.4
|
)
|
||
Impact of exchange rates
|
2.2
|
|
|
(1.3
|
)
|
||
Ending balance
|
$
|
42.9
|
|
|
$
|
37.9
|
|
Years
|
|
Pension benefits
|
|
Post-retirement benefits
|
|
Total
|
||||||
2018
|
|
|
$13.4
|
|
|
|
$1.5
|
|
|
|
$14.9
|
|
2019
|
|
27.0
|
|
|
1.4
|
|
|
28.4
|
|
|||
2020
|
|
12.8
|
|
|
1.3
|
|
|
14.1
|
|
|||
2021
|
|
13.3
|
|
|
1.3
|
|
|
14.6
|
|
|||
2022
|
|
16.2
|
|
|
1.2
|
|
|
17.4
|
|
|||
2023-2027
|
|
72.0
|
|
|
4.9
|
|
|
76.9
|
|
Note 14:
|
Incentive Compensation Plans
|
|
2017
|
|
2016
|
|
2015
|
|||
Dividend yield
|
4.4
|
%
|
|
4.7
|
%
|
|
4.3
|
%
|
Expected volatility
|
29
|
%
|
|
30
|
%
|
|
36
|
%
|
Risk-free interest rate
|
2.2
|
%
|
|
2.1
|
%
|
|
2.1
|
%
|
Expected life
|
7 years
|
|
|
7 years
|
|
|
7 years
|
|
|
Shares subject
to option
|
|
Weighted
average exercise
price per share
|
|
Aggregate Intrinsic Value
(in millions)
|
|||||
Outstanding at December 31, 2016
|
2,722,965
|
|
|
|
$57.78
|
|
|
|
||
Granted
|
640,242
|
|
|
58.21
|
|
|
|
|
||
Expired/Forfeited
|
(47,111
|
)
|
|
66.95
|
|
|
|
|||
Exercised
|
(270,780
|
)
|
|
43.88
|
|
|
|
|
||
Outstanding at December 30, 2017
|
3,045,316
|
|
|
|
$58.96
|
|
|
|
$16.1
|
|
Exercisable at December 30, 2017
|
1,802,768
|
|
|
|
$59.55
|
|
|
|
$10.4
|
|
|
Non-vested Shares
outstanding
|
|
Weighted average
grant date per share fair value
|
|||
Outstanding at December 31, 2016
|
602,940
|
|
|
|
$61.28
|
|
Time-vested shares granted
|
153,581
|
|
|
60.12
|
|
|
Market-vested shares granted
|
25,170
|
|
|
61.29
|
|
|
Performance shares granted
|
76,615
|
|
|
60.39
|
|
|
Performance share adjustments
|
27,380
|
|
|
58.35
|
|
|
Vested
|
(207,650
|
)
|
|
67.60
|
|
|
Forfeited
|
(42,529
|
)
|
|
62.98
|
|
|
Outstanding at December 30, 2017
|
635,507
|
|
|
|
$58.59
|
|
Note 15:
|
Segment Information
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales:
|
|
|
|
|
|
||||||
Europe
|
$
|
550.4
|
|
|
$
|
559.4
|
|
|
$
|
612.9
|
|
Asia Pacific
|
734.8
|
|
|
748.6
|
|
|
771.0
|
|
|||
North America
|
541.5
|
|
|
548.3
|
|
|
593.7
|
|
|||
South America
|
429.1
|
|
|
356.8
|
|
|
306.2
|
|
|||
Total net sales
|
$
|
2,255.8
|
|
|
$
|
2,213.1
|
|
|
$
|
2,283.8
|
|
Segment profit:
|
|
|
|
|
|
||||||
Europe
|
$
|
54.5
|
|
|
$
|
65.3
|
|
|
$
|
92.4
|
|
Asia Pacific
|
189.3
|
|
|
181.0
|
|
|
175.9
|
|
|||
North America
|
69.7
|
|
|
66.1
|
|
|
69.7
|
|
|||
South America
|
98.7
|
|
|
82.2
|
|
|
46.5
|
|
|||
Total segment profit
|
$
|
412.2
|
|
|
$
|
394.6
|
|
|
$
|
384.5
|
|
Unallocated expenses
|
(64.1
|
)
|
|
(67.6
|
)
|
|
(72.8
|
)
|
|||
Re-engineering and impairment charges (a)
|
(66.0
|
)
|
|
(7.6
|
)
|
|
(20.3
|
)
|
|||
Impairment of goodwill and intangibles (b)
|
(62.9
|
)
|
|
—
|
|
|
—
|
|
|||
Gains on disposal of assets (c)
|
9.1
|
|
|
27.3
|
|
|
13.7
|
|
|||
Interest expense, net
|
(43.2
|
)
|
|
(45.4
|
)
|
|
(45.2
|
)
|
|||
Income before taxes
|
$
|
185.1
|
|
|
$
|
301.3
|
|
|
$
|
259.9
|
|
(In millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Depreciation and amortization:
|
|
|
|
|
|
||||||
Europe
|
$
|
16.7
|
|
|
$
|
15.9
|
|
|
$
|
17.3
|
|
Asia Pacific
|
14.9
|
|
|
14.5
|
|
|
14.9
|
|
|||
North America
|
12.3
|
|
|
18.7
|
|
|
21.3
|
|
|||
South America
|
5.9
|
|
|
3.3
|
|
|
4.1
|
|
|||
Corporate
|
10.7
|
|
|
5.1
|
|
|
4.8
|
|
|||
Total depreciation and amortization
|
$
|
60.5
|
|
|
$
|
57.5
|
|
|
$
|
62.4
|
|
Capital expenditures:
|
|
|
|
|
|
||||||
Europe
|
$
|
18.7
|
|
|
$
|
15.6
|
|
|
$
|
18.2
|
|
Asia Pacific
|
10.7
|
|
|
12.0
|
|
|
12.3
|
|
|||
North America
|
15.9
|
|
|
11.9
|
|
|
12.6
|
|
|||
South America
|
12.1
|
|
|
12.4
|
|
|
8.9
|
|
|||
Corporate
|
14.9
|
|
|
9.7
|
|
|
9.1
|
|
|||
Total capital expenditures
|
$
|
72.3
|
|
|
$
|
61.6
|
|
|
$
|
61.1
|
|
Identifiable assets:
|
|
|
|
|
|
||||||
Europe
|
$
|
308.5
|
|
|
$
|
257.2
|
|
|
$
|
276.5
|
|
Asia Pacific
|
297.2
|
|
|
278.6
|
|
|
290.2
|
|
|||
North America
|
266.3
|
|
|
333.7
|
|
|
375.2
|
|
|||
South America
|
138.6
|
|
|
124.6
|
|
|
96.9
|
|
|||
Corporate
|
377.4
|
|
|
593.7
|
|
|
559.4
|
|
|||
Total identifiable assets
|
$
|
1,388.0
|
|
|
$
|
1,587.8
|
|
|
$
|
1,973.4
|
|
(a)
|
See Note 2 for discussion of re-engineering and impairment charges.
|
(b)
|
See Note 6 for discussion of goodwill impairment charges.
|
(c)
|
Gains on disposal of assets in
2017
,
2016
and
2015
include
$8.8 million
,
26.5 million
and
12.9 million
from transactions related to land near the Orlando, FL headquarters.
|
Note 16:
|
Commitments and Contingencies
|
Note 17:
|
Allowance for Long-Term Receivables
|
Note 18:
|
Guarantor Information
|
|
Year ended December 30, 2017
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,263.3
|
|
|
$
|
(7.5
|
)
|
|
$
|
2,255.8
|
|
Other revenue
|
—
|
|
|
132.2
|
|
|
30.7
|
|
|
(162.9
|
)
|
|
—
|
|
|||||
Cost of products sold
|
—
|
|
|
30.6
|
|
|
875.3
|
|
|
(161.3
|
)
|
|
744.6
|
|
|||||
Gross margin
|
—
|
|
|
101.6
|
|
|
1,418.7
|
|
|
(9.1
|
)
|
|
1,511.2
|
|
|||||
Delivery, sales and administrative expense
|
20.8
|
|
|
83.9
|
|
|
1,066.7
|
|
|
(9.1
|
)
|
|
1,162.3
|
|
|||||
Re-engineering and impairment charges
|
—
|
|
|
2.3
|
|
|
63.7
|
|
|
—
|
|
|
66.0
|
|
|||||
Impairment of goodwill and intangible assets
|
—
|
|
|
—
|
|
|
62.9
|
|
|
—
|
|
|
62.9
|
|
|||||
Gains on disposal of assets including insurance recoveries, net
|
—
|
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|
9.1
|
|
|||||
Operating income (loss)
|
(20.8
|
)
|
|
15.4
|
|
|
234.5
|
|
|
—
|
|
|
229.1
|
|
|||||
Interest income
|
20.4
|
|
|
1.9
|
|
|
39.6
|
|
|
(59.0
|
)
|
|
2.9
|
|
|||||
Interest expense
|
37.4
|
|
|
59.6
|
|
|
8.1
|
|
|
(59.0
|
)
|
|
46.1
|
|
|||||
Income from equity investments in subsidiaries
|
(231.8
|
)
|
|
17.4
|
|
|
—
|
|
|
214.4
|
|
|
—
|
|
|||||
Other expense (income)
|
—
|
|
|
8.8
|
|
|
(8.0
|
)
|
|
—
|
|
|
0.8
|
|
|||||
Income (loss) before income taxes
|
(269.6
|
)
|
|
(33.7
|
)
|
|
274.0
|
|
|
214.4
|
|
|
185.1
|
|
|||||
Provision for income taxes
|
(4.2
|
)
|
|
198.9
|
|
|
255.8
|
|
|
—
|
|
|
450.5
|
|
|||||
Net income (loss)
|
$
|
(265.4
|
)
|
|
$
|
(232.6
|
)
|
|
$
|
18.2
|
|
|
$
|
214.4
|
|
|
$
|
(265.4
|
)
|
Comprehensive income (loss)
|
$
|
(223.3
|
)
|
|
$
|
(182.6
|
)
|
|
$
|
65.7
|
|
|
$
|
116.9
|
|
|
$
|
(223.3
|
)
|
|
Year ended December 31, 2016
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,219.1
|
|
|
$
|
(6.0
|
)
|
|
$
|
2,213.1
|
|
Other revenue
|
—
|
|
|
126.9
|
|
|
29.3
|
|
|
(156.2
|
)
|
|
—
|
|
|||||
Cost of products sold
|
—
|
|
|
29.4
|
|
|
838.9
|
|
|
(153.3
|
)
|
|
715.0
|
|
|||||
Gross margin
|
—
|
|
|
97.5
|
|
|
1,409.5
|
|
|
(8.9
|
)
|
|
1,498.1
|
|
|||||
Delivery, sales and administrative expense
|
19.1
|
|
|
78.1
|
|
|
1,082.5
|
|
|
(8.9
|
)
|
|
1,170.8
|
|
|||||
Re-engineering and impairment charges
|
—
|
|
|
1.2
|
|
|
6.4
|
|
|
—
|
|
|
7.6
|
|
|||||
Gains on disposal of assets including insurance recoveries, net
|
—
|
|
|
—
|
|
|
27.3
|
|
|
—
|
|
|
27.3
|
|
|||||
Operating income (loss)
|
(19.1
|
)
|
|
18.2
|
|
|
347.9
|
|
|
—
|
|
|
347.0
|
|
|||||
Interest income
|
20.9
|
|
|
1.8
|
|
|
27.1
|
|
|
(46.4
|
)
|
|
3.4
|
|
|||||
Interest expense
|
34.9
|
|
|
51.5
|
|
|
8.8
|
|
|
(46.4
|
)
|
|
48.8
|
|
|||||
Income from equity investments in subsidiaries
|
242.3
|
|
|
240.9
|
|
|
—
|
|
|
(483.2
|
)
|
|
—
|
|
|||||
Other expense
|
0.1
|
|
|
(33.6
|
)
|
|
33.8
|
|
|
—
|
|
|
0.3
|
|
|||||
Income before income taxes
|
209.1
|
|
|
243.0
|
|
|
332.4
|
|
|
(483.2
|
)
|
|
301.3
|
|
|||||
Provision (benefit) for income taxes
|
(14.5
|
)
|
|
5.1
|
|
|
87.1
|
|
|
—
|
|
|
77.7
|
|
|||||
Net income (loss)
|
$
|
223.6
|
|
|
$
|
237.9
|
|
|
$
|
245.3
|
|
|
$
|
(483.2
|
)
|
|
$
|
223.6
|
|
Comprehensive income (loss)
|
$
|
174.1
|
|
|
$
|
188.0
|
|
|
$
|
163.8
|
|
|
$
|
(351.8
|
)
|
|
$
|
174.1
|
|
|
Year ended December 26, 2015
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,288.6
|
|
|
$
|
(4.8
|
)
|
|
$
|
2,283.8
|
|
Other revenue
|
—
|
|
|
123.9
|
|
|
31.6
|
|
|
(155.5
|
)
|
|
—
|
|
|||||
Cost of products sold
|
—
|
|
|
31.6
|
|
|
864.0
|
|
|
(151.2
|
)
|
|
744.4
|
|
|||||
Gross margin
|
—
|
|
|
92.3
|
|
|
1,456.2
|
|
|
(9.1
|
)
|
|
1,539.4
|
|
|||||
Delivery, sales and administrative expense
|
20.6
|
|
|
78.6
|
|
|
1,127.5
|
|
|
(9.1
|
)
|
|
1,217.6
|
|
|||||
Re-engineering and impairment charges
|
—
|
|
|
—
|
|
|
20.3
|
|
|
—
|
|
|
20.3
|
|
|||||
Gains on disposal of assets including insurance recoveries, net
|
—
|
|
|
—
|
|
|
13.7
|
|
|
—
|
|
|
13.7
|
|
|||||
Operating income (loss)
|
(20.6
|
)
|
|
13.7
|
|
|
322.1
|
|
|
—
|
|
|
315.2
|
|
|||||
Interest income
|
19.6
|
|
|
22.5
|
|
|
7.4
|
|
|
(47.1
|
)
|
|
2.4
|
|
|||||
Interest expense
|
36.4
|
|
|
37.7
|
|
|
20.6
|
|
|
(47.1
|
)
|
|
47.6
|
|
|||||
Income from equity investments in subsidiaries
|
208.1
|
|
|
203.6
|
|
|
—
|
|
|
(411.7
|
)
|
|
—
|
|
|||||
Other expense
|
—
|
|
|
0.6
|
|
|
9.5
|
|
|
—
|
|
|
10.1
|
|
|||||
Income before income taxes
|
170.7
|
|
|
201.5
|
|
|
299.4
|
|
|
(411.7
|
)
|
|
259.9
|
|
|||||
Provision (benefit) for income taxes
|
(15.1
|
)
|
|
(4.0
|
)
|
|
93.2
|
|
|
—
|
|
|
74.1
|
|
|||||
Net income (loss)
|
$
|
185.8
|
|
|
$
|
205.5
|
|
|
$
|
206.2
|
|
|
$
|
(411.7
|
)
|
|
$
|
185.8
|
|
Comprehensive income (loss)
|
$
|
72.5
|
|
|
$
|
84.0
|
|
|
$
|
104.0
|
|
|
$
|
(188.0
|
)
|
|
$
|
72.5
|
|
|
December 30, 2017
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
144.0
|
|
|
$
|
—
|
|
|
$
|
144.1
|
|
Accounts receivable, net
|
—
|
|
|
—
|
|
|
144.4
|
|
|
—
|
|
|
144.4
|
|
|||||
Inventories
|
—
|
|
|
—
|
|
|
262.2
|
|
|
—
|
|
|
262.2
|
|
|||||
Non-trade amounts receivable, net
|
—
|
|
|
179.2
|
|
|
79.4
|
|
|
(200.0
|
)
|
|
58.6
|
|
|||||
Intercompany receivables
|
300.8
|
|
|
1,101.9
|
|
|
255.4
|
|
|
(1,658.1
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
1.1
|
|
|
2.1
|
|
|
82.2
|
|
|
(64.2
|
)
|
|
21.2
|
|
|||||
Total current assets
|
301.9
|
|
|
1,283.3
|
|
|
967.6
|
|
|
(1,922.3
|
)
|
|
630.5
|
|
|||||
Deferred income tax benefits, net
|
33.4
|
|
|
72.6
|
|
|
172.0
|
|
|
—
|
|
|
278.0
|
|
|||||
Property, plant and equipment, net
|
—
|
|
|
54.9
|
|
|
223.3
|
|
|
—
|
|
|
278.2
|
|
|||||
Long-term receivables, net
|
—
|
|
|
0.2
|
|
|
19.1
|
|
|
—
|
|
|
19.3
|
|
|||||
Trademarks and tradenames, net
|
—
|
|
|
—
|
|
|
62.5
|
|
|
—
|
|
|
62.5
|
|
|||||
Goodwill
|
—
|
|
|
2.9
|
|
|
76.0
|
|
|
—
|
|
|
78.9
|
|
|||||
Investments in subsidiaries
|
1,174.9
|
|
|
1,371.0
|
|
|
—
|
|
|
(2,545.9
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
498.4
|
|
|
100.0
|
|
|
968.9
|
|
|
(1,567.3
|
)
|
|
—
|
|
|||||
Other assets, net
|
0.6
|
|
|
0.7
|
|
|
69.8
|
|
|
(30.5
|
)
|
|
40.6
|
|
|||||
Total assets
|
$
|
2,009.2
|
|
|
$
|
2,885.6
|
|
|
$
|
2,559.2
|
|
|
$
|
(6,066.0
|
)
|
|
$
|
1,388.0
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts payable
|
$
|
—
|
|
|
$
|
3.1
|
|
|
$
|
121.3
|
|
|
$
|
—
|
|
|
$
|
124.4
|
|
Short-term borrowings and current portion of long-term debt and capital lease obligations
|
131.1
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
133.0
|
|
|||||
Intercompany payables
|
1,013.4
|
|
|
436.1
|
|
|
208.6
|
|
|
(1,658.1
|
)
|
|
—
|
|
|||||
Accrued liabilities
|
287.0
|
|
|
80.4
|
|
|
298.2
|
|
|
(264.2
|
)
|
|
401.4
|
|
|||||
Total current liabilities
|
1,431.5
|
|
|
519.6
|
|
|
630.0
|
|
|
(1,922.3
|
)
|
|
658.8
|
|
|||||
Long-term debt and capital lease obligations
|
599.5
|
|
|
—
|
|
|
5.6
|
|
|
—
|
|
|
605.1
|
|
|||||
Intercompany notes payable
|
88.5
|
|
|
1,172.0
|
|
|
306.8
|
|
|
(1,567.3
|
)
|
|
—
|
|
|||||
Other liabilities
|
9.1
|
|
|
75.6
|
|
|
189.3
|
|
|
(30.5
|
)
|
|
243.5
|
|
|||||
Shareholders' equity (deficit)
|
(119.4
|
)
|
|
1,118.4
|
|
|
1,427.5
|
|
|
(2,545.9
|
)
|
|
(119.4
|
)
|
|||||
Total liabilities and shareholders' equity
|
$
|
2,009.2
|
|
|
$
|
2,885.6
|
|
|
$
|
2,559.2
|
|
|
$
|
(6,066.0
|
)
|
|
$
|
1,388.0
|
|
|
December 31, 2016
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
0.5
|
|
|
$
|
92.7
|
|
|
$
|
—
|
|
|
$
|
93.2
|
|
Accounts receivable, net
|
—
|
|
|
—
|
|
|
125.3
|
|
|
—
|
|
|
125.3
|
|
|||||
Inventories
|
—
|
|
|
—
|
|
|
240.4
|
|
|
—
|
|
|
240.4
|
|
|||||
Non-trade amounts receivable, net
|
—
|
|
|
50.5
|
|
|
85.1
|
|
|
(70.7
|
)
|
|
64.9
|
|
|||||
Intercompany receivables
|
11.9
|
|
|
935.8
|
|
|
270.3
|
|
|
(1,218.0
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
1.1
|
|
|
5.4
|
|
|
100.9
|
|
|
(85.9
|
)
|
|
21.5
|
|
|||||
Total current assets
|
13.0
|
|
|
992.2
|
|
|
914.7
|
|
|
(1,374.6
|
)
|
|
545.3
|
|
|||||
Deferred income tax benefits, net
|
142.7
|
|
|
193.2
|
|
|
203.8
|
|
|
—
|
|
|
539.7
|
|
|||||
Property, plant and equipment, net
|
—
|
|
|
50.4
|
|
|
209.4
|
|
|
—
|
|
|
259.8
|
|
|||||
Long-term receivables, net
|
—
|
|
|
0.1
|
|
|
13.1
|
|
|
—
|
|
|
13.2
|
|
|||||
Trademarks and tradenames, net
|
—
|
|
|
—
|
|
|
67.3
|
|
|
—
|
|
|
67.3
|
|
|||||
Goodwill
|
—
|
|
|
2.9
|
|
|
129.7
|
|
|
—
|
|
|
132.6
|
|
|||||
Investment in subsidiaries
|
1,356.7
|
|
|
1,321.3
|
|
|
—
|
|
|
(2,678.0
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
479.4
|
|
|
95.6
|
|
|
725.6
|
|
|
(1,300.6
|
)
|
|
—
|
|
|||||
Other assets, net
|
1.2
|
|
|
1.2
|
|
|
57.8
|
|
|
(30.3
|
)
|
|
29.9
|
|
|||||
Total assets
|
$
|
1,993.0
|
|
|
$
|
2,656.9
|
|
|
$
|
2,321.4
|
|
|
$
|
(5,383.5
|
)
|
|
$
|
1,587.8
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts payable
|
$
|
—
|
|
|
$
|
5.0
|
|
|
$
|
112.7
|
|
|
$
|
—
|
|
|
$
|
117.7
|
|
Short-term borrowings and current portion of long-term debt and capital lease obligations
|
104.0
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
105.9
|
|
|||||
Intercompany payables
|
858.9
|
|
|
263.4
|
|
|
95.7
|
|
|
(1,218.0
|
)
|
|
—
|
|
|||||
Accrued liabilities
|
130.9
|
|
|
102.8
|
|
|
246.9
|
|
|
(156.6
|
)
|
|
324.0
|
|
|||||
Total current liabilities
|
1,093.8
|
|
|
371.2
|
|
|
457.2
|
|
|
(1,374.6
|
)
|
|
547.6
|
|
|||||
Long-term debt and capital lease obligations
|
599.4
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
|
606.0
|
|
|||||
Intercompany notes payable
|
77.0
|
|
|
928.0
|
|
|
295.6
|
|
|
(1,300.6
|
)
|
|
—
|
|
|||||
Other liabilities
|
10.0
|
|
|
56.8
|
|
|
184.9
|
|
|
(30.3
|
)
|
|
221.4
|
|
|||||
Shareholders' equity
|
212.8
|
|
|
1,300.9
|
|
|
1,377.1
|
|
|
(2,678.0
|
)
|
|
212.8
|
|
|||||
Total liabilities and shareholders' equity
|
$
|
1,993.0
|
|
|
$
|
2,656.9
|
|
|
$
|
2,321.4
|
|
|
$
|
(5,383.5
|
)
|
|
$
|
1,587.8
|
|
|
Year ended December 30, 2017
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
(32.7
|
)
|
|
$
|
(40.1
|
)
|
|
$
|
310.7
|
|
|
$
|
(20.9
|
)
|
|
$
|
217.0
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(18.1
|
)
|
|
(54.2
|
)
|
|
—
|
|
|
(72.3
|
)
|
|||||
Proceeds from disposal of property, plant and equipment
|
—
|
|
|
—
|
|
|
14.7
|
|
|
—
|
|
|
14.7
|
|
|||||
Net intercompany loans
|
(7.5
|
)
|
|
(174.1
|
)
|
|
(226.4
|
)
|
|
408.0
|
|
|
—
|
|
|||||
Net cash provided by (used in) investing activities
|
(7.5
|
)
|
|
(192.2
|
)
|
|
(265.9
|
)
|
|
408.0
|
|
|
(57.6
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend payments to shareholders
|
(139.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(139.5
|
)
|
|||||
Dividend payments to parent
|
—
|
|
|
—
|
|
|
(21.0
|
)
|
|
21.0
|
|
|
—
|
|
|||||
Proceeds from exercise of stock options
|
11.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|||||
Repurchase of common stock
|
(2.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.5
|
)
|
|||||
Repayment of long-term debt and capital lease obligations
|
—
|
|
|
—
|
|
|
(2.0
|
)
|
|
—
|
|
|
(2.0
|
)
|
|||||
Net change in short-term debt
|
15.8
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
15.6
|
|
|||||
Net intercompany borrowings
|
154.6
|
|
|
231.9
|
|
|
21.6
|
|
|
(408.1
|
)
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
40.2
|
|
|
231.9
|
|
|
(1.6
|
)
|
|
(387.1
|
)
|
|
(116.6
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
8.1
|
|
|
—
|
|
|
8.1
|
|
|||||
Net change in cash and cash equivalents
|
—
|
|
|
(0.4
|
)
|
|
51.3
|
|
|
—
|
|
|
50.9
|
|
|||||
Cash and cash equivalents at beginning of year
|
—
|
|
|
0.5
|
|
|
92.7
|
|
|
—
|
|
|
93.2
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
144.0
|
|
|
$
|
—
|
|
|
$
|
144.1
|
|
|
Year ended December 31, 2016
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
(29.9
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
275.2
|
|
|
$
|
(5.9
|
)
|
|
$
|
238.6
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(16.0
|
)
|
|
(45.6
|
)
|
|
—
|
|
|
(61.6
|
)
|
|||||
Proceeds from disposal of property, plant and equipment
|
—
|
|
|
—
|
|
|
35.9
|
|
|
—
|
|
|
35.9
|
|
|||||
Net intercompany loans
|
(18.9
|
)
|
|
(186.4
|
)
|
|
(194.5
|
)
|
|
399.8
|
|
|
—
|
|
|||||
Net cash provided by (used in) investing activities
|
(18.9
|
)
|
|
(202.4
|
)
|
|
(204.2
|
)
|
|
399.8
|
|
|
(25.7
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend payments to shareholders
|
(138.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138.8
|
)
|
|||||
Dividend payments to parent
|
—
|
|
|
—
|
|
|
(21.2
|
)
|
|
21.2
|
|
|
—
|
|
|||||
Net proceeds from issuance of senior notes
|
(0.2
|
)
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|||||
Proceeds from exercise of stock options
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|||||
Repurchase of common stock
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|||||
Repayment of long-term debt and capital lease obligations
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
(2.2
|
)
|
|||||
Net change in short-term debt
|
17.5
|
|
|
(1.2
|
)
|
|
(68.3
|
)
|
|
—
|
|
|
(52.0
|
)
|
|||||
Excess tax benefits from share-based payment arrangements
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|||||
Net intercompany borrowings
|
170.6
|
|
|
204.9
|
|
|
39.6
|
|
|
(415.1
|
)
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
48.8
|
|
|
203.7
|
|
|
(51.9
|
)
|
|
(393.9
|
)
|
|
(193.3
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
—
|
|
|
(6.2
|
)
|
|
—
|
|
|
(6.2
|
)
|
|||||
Net change in cash and cash equivalents
|
—
|
|
|
0.5
|
|
|
12.9
|
|
|
—
|
|
|
13.4
|
|
|||||
Cash and cash equivalents at beginning of year
|
—
|
|
|
—
|
|
|
79.8
|
|
|
—
|
|
|
79.8
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
0.5
|
|
|
$
|
92.7
|
|
|
$
|
—
|
|
|
$
|
93.2
|
|
|
Year ended December 26, 2015
|
||||||||||||||||||
(In millions)
|
Parent
|
|
Guarantor
|
|
Non-Guarantors
|
|
Eliminations
|
|
Total
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
438.9
|
|
|
$
|
230.6
|
|
|
$
|
66.4
|
|
|
$
|
(510.2
|
)
|
|
$
|
225.7
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(14.7
|
)
|
|
(46.4
|
)
|
|
—
|
|
|
(61.1
|
)
|
|||||
Proceeds from disposal of property, plant and equipment
|
—
|
|
|
—
|
|
|
18.0
|
|
|
—
|
|
|
18.0
|
|
|||||
Net intercompany loans
|
(335.7
|
)
|
|
296.3
|
|
|
492.0
|
|
|
(452.6
|
)
|
|
—
|
|
|||||
Return of capital
|
—
|
|
|
105.5
|
|
|
—
|
|
|
(105.5
|
)
|
|
—
|
|
|||||
Net cash provided by (used in) investing activities
|
(335.7
|
)
|
|
387.1
|
|
|
463.6
|
|
|
(558.1
|
)
|
|
(43.1
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend payments to shareholders
|
(138.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138.0
|
)
|
|||||
Dividend payments to parent
|
—
|
|
|
(400.0
|
)
|
|
(103.1
|
)
|
|
503.1
|
|
|
—
|
|
|||||
Net proceeds from issuance of senior notes
|
0.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||||
Proceeds from exercise of stock options
|
16.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.1
|
|
|||||
Repurchase of common stock
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|||||
Repayment of long-term debt and capital lease obligations
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|
—
|
|
|
(2.6
|
)
|
|||||
Net change in short-term debt
|
(9.5
|
)
|
|
(2.3
|
)
|
|
(24.6
|
)
|
|
—
|
|
|
(36.4
|
)
|
|||||
Debt issuance costs
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|||||
Excess tax benefits from share-based payment arrangements
|
6.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.0
|
|
|||||
Net intercompany borrowings
|
24.3
|
|
|
(215.3
|
)
|
|
(268.8
|
)
|
|
459.8
|
|
|
—
|
|
|||||
Return of capital to parent
|
—
|
|
|
—
|
|
|
(105.5
|
)
|
|
105.5
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
(103.2
|
)
|
|
(617.6
|
)
|
|
(504.7
|
)
|
|
1,068.4
|
|
|
(157.1
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(0.1
|
)
|
|
(22.5
|
)
|
|
(0.1
|
)
|
|
(22.7
|
)
|
|||||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|||||
Cash and cash equivalents at beginning of year
|
—
|
|
|
—
|
|
|
77.0
|
|
|
—
|
|
|
77.0
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79.8
|
|
|
$
|
—
|
|
|
$
|
79.8
|
|
Note 19:
|
Quarterly Financial Summary (Unaudited)
|
(In millions, except per share amounts)
|
First
quarter
|
|
Second
quarter
|
|
Third
quarter
|
|
Fourth
quarter
|
||||||||
Year ended December 30, 2017
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
554.8
|
|
|
$
|
572.9
|
|
|
$
|
539.5
|
|
|
$
|
588.6
|
|
Gross margin
|
377.1
|
|
|
390.3
|
|
|
356.8
|
|
|
387.0
|
|
||||
Net income (loss)
|
47.4
|
|
|
(17.7
|
)
|
|
31.4
|
|
|
(326.5
|
)
|
||||
Basic earnings (loss) per share
|
0.94
|
|
|
(0.35
|
)
|
|
0.62
|
|
|
(6.41
|
)
|
||||
Diluted earnings (loss) per share
|
0.93
|
|
|
(0.35
|
)
|
|
0.61
|
|
|
(6.41
|
)
|
||||
Dividends declared per share
|
0.68
|
|
|
0.68
|
|
|
0.68
|
|
|
0.68
|
|
||||
Composite stock price range:
|
|
|
|
|
|
|
|
||||||||
High
|
63.00
|
|
|
74.36
|
|
|
71.23
|
|
|
65.44
|
|
||||
Low
|
53.17
|
|
|
61.44
|
|
|
56.45
|
|
|
56.30
|
|
||||
Close
|
62.72
|
|
|
70.23
|
|
|
61.82
|
|
|
62.70
|
|
||||
Year ended December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
525.7
|
|
|
$
|
564.7
|
|
|
$
|
521.8
|
|
|
$
|
600.9
|
|
Gross margin
|
359.7
|
|
|
380.8
|
|
|
353.4
|
|
|
404.2
|
|
||||
Net income
|
43.4
|
|
|
52.4
|
|
|
48.8
|
|
|
79.0
|
|
||||
Basic earnings per share
|
0.86
|
|
|
1.04
|
|
|
0.97
|
|
|
1.56
|
|
||||
Diluted earnings per share
|
0.86
|
|
|
1.03
|
|
|
0.96
|
|
|
1.55
|
|
||||
Dividends declared per share
|
0.68
|
|
|
0.68
|
|
|
0.68
|
|
|
0.68
|
|
||||
Composite stock price range:
|
|
|
|
|
|
|
|
||||||||
High
|
58.30
|
|
|
62.40
|
|
|
66.90
|
|
|
66.67
|
|
||||
Low
|
42.60
|
|
|
52.64
|
|
|
50.43
|
|
|
52.32
|
|
||||
Close
|
55.39
|
|
|
53.15
|
|
|
64.31
|
|
|
52.62
|
|
•
|
Pretax re-engineering and impairment costs of
$2.3 million
,
$32.6 million
,
$9.0 million
and
$22.1 million
were recorded in the first through fourth quarters of
2017
, respectively. Pretax re-engineering and impairment costs of
$1.1 million
,
$1.9 million
,
$2.4 million
and
$2.2 million
were recorded in the first through fourth quarters of
2016
, respectively. Refer to Note 2 to the Consolidated Financial Statements for further discussion.
|
•
|
In the second quarter of 2017, the Company recorded a
$62.9 million
impairment charge related to goodwill of Fuller Mexico.
|
•
|
In Venezuela, 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 to when it was sold, as well as in the fourth quarter, a write-down of inventory due to its lower fair market value from the most recent devaluation, the Company recorded charges of
$0.2 million
,
$1.5 million
,
$2.4 million
and
$3.3 million
in the first, second, third and fourth quarters of
2017
, respectively, and charges of
$0.2 million
,
$3.6 million
,
$0.3 million
and
$0.2 million
in the same quarters of
2016
. See Note 1 of the Consolidated Financial Statements.
|
•
|
Pretax gains on disposal of assets, primarily related to transactions related to land near the Company's Orlando headquarters, were
$0.1 million
,
$3.1 million
,
$4.1 million
and
$1.8 million
in the first through fourth quarters of
2017
, respectively. They were
$0.1 million
,
$0.8 million
,
$24.2 million
and
$2.2 million
in the same quarters of
2016
, respectively.
|
•
|
The Company's fiscal year ends on the last Saturday of December, and as a result, the fourth quarter of 2016 contained 14 weeks, as compared with 13 weeks in the fourth quarter of 2017. The Company also ceased operations at Beauticontrol in the third quarter of 2017.
|
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
|
Item 9A.
|
Controls and Procedures.
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Item 15.
|
Exhibits, Financial Statement Schedules.
|
Exhibit
Number
|
Description
|
*3.1
|
|
*3.2
|
|
*4
|
|
*10.1
|
|
*10.2
|
|
*10.3
|
|
*10.4
|
|
*10.5
|
|
*10.6
|
|
*10.7
|
|
*10.8
|
|
*10.9
|
|
*10.10
|
|
*10.11
|
|
*10.12
|
Exhibit
Number
|
Description
|
*10.13
|
|
*10.14
|
|
*10.15
|
|
*10.16
|
|
*10.17
|
Credit Agreement, as amended through June 9, 2015 (Attached as
Exhibit 10.1 to Form 10-Q
and
Exhibit 10.2 to Form 10-Q
, filed with the Commission on August 5, 2014 and as
Exhibit 10.1 to Form 8-K
as filed with the Commission on June 12, 2015 and incorporated herein by reference).
|
21**
|
|
23**
|
|
24**
|
|
31.1**
|
|
31.2**
|
|
32.1***
|
|
32.2***
|
|
101**
|
The following financial statements from Tupperware Brands Corporation's Annual Report on Form 10-K for the year ended December 30, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, (vi) Notes to the Consolidated Financial Statements, tagged in detail, and (vii) Schedule II. Valuation and Qualifying Accounts.
|
Item 16.
|
Form 10-K Summary.
|
F1
|
Represents write-offs, less recoveries.
|
F2
|
Foreign currency translation adjustment.
|
F3
|
Represents write-offs of net operating losses for which a valuation allowance was already recorded. See Note 12 to the consolidated financial statements for additional information.
|
|
TUPPERWARE BRANDS CORPORATION
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
/
S
/ E.V. GOINGS
|
|
|
E.V. Goings
|
|
|
Chairman and Chief Executive Officer
|
Signature
|
|
Title
|
|
|
|
/s/ E.V. GOINGS
|
|
Chairman and Chief Executive Officer and Director (Principal Executive Officer)
|
E.V. Goings
|
|
|
|
|
|
/s/ MICHAEL S. POTESHMAN
|
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
Michael S. Poteshman
|
|
|
|
|
|
/s/ NICHOLAS K. POUCHER
|
|
Senior Vice President and Controller (Principal Accounting Officer)
|
Nicholas K. Poucher
|
|
|
|
|
|
*
|
|
Director
|
Catherine A. Bertini
|
|
|
|
|
|
*
|
|
Director
|
Susan M. Cameron
|
|
|
|
|
|
*
|
|
Director
|
Kriss Cloninger III
|
|
|
|
|
|
*
|
|
Director
|
Meg Crofton
|
|
|
|
|
|
*
|
|
Director
|
Angel R. Martinez
|
|
|
|
|
|
*
|
|
Director
|
Antonio Monteiro de Castro
|
|
|
*
|
|
Director
|
David R. Parker
|
|
|
|
|
|
*
|
|
Director
|
Richard T. Riley
|
|
|
|
|
|
*
|
|
Director
|
Joyce M. Roche
|
|
|
|
|
|
*
|
|
Director
|
M. Anne Szostak
|
|
|
By:
|
/s/ KAREN M. SHEEHAN
|
|
Karen M. Sheehan
|
|
Attorney-in-fact
|
1 Year Tupperware Brands Chart |
1 Month Tupperware Brands Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions