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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 30, 2023
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 17. QUARTERLY FINANCIAL DATA (UNAUDITED)

 

(In millions, except per share amounts)

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

Fiscal Year Ended December 30, 2023*

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,108

 

 

$

1,908

 

 

$

2,009

 

 

$

1,806

 

Gross profit

 

 

481

 

 

 

415

 

 

 

474

 

 

 

396

 

Operating income (1)

 

 

95

 

 

 

46

 

 

 

91

 

 

 

(31

)

Net income from continuing operations

 

 

72

 

 

 

34

 

 

 

70

 

 

 

(37

)

Discontinued operations, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income

 

 

72

 

 

 

34

 

 

 

70

 

 

 

(37

)

Basic earnings (loss) per share (2)

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.79

 

 

$

0.89

 

 

$

1.83

 

 

$

(0.99

)

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Net basic earnings per share

 

$

1.79

 

 

$

0.89

 

 

$

1.83

 

 

$

(0.99

)

Diluted earnings (loss) per share (2)

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.71

 

 

$

0.87

 

 

$

1.79

 

 

$

(0.99

)

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net diluted earnings per share

 

$

1.71

 

 

$

0.87

 

 

$

1.79

 

 

$

(0.99

)

 

* Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(1)
Includes Merger, restructuring and other operating expenses, net totaling $1 million, $1 million, and $2 million in the second, third and fourth quarters of 2023, respectively. The first, second, third and fourth quarters of 2023 also include asset impairments of $4 million, $6 million, $3 million and $72 million, respectively.
(2)
The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.

 

(In millions, except per share amounts)

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

Fiscal Year Ended December 31, 2022*

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,178

 

 

$

2,034

 

 

$

2,172

 

 

$

2,106

 

Gross profit

 

 

484

 

 

 

431

 

 

 

486

 

 

 

446

 

Operating income (3)

 

 

76

 

 

 

28

 

 

 

84

 

 

 

55

 

Net income from continuing operations

 

 

55

 

 

 

20

 

 

 

67

 

 

 

36

 

Discontinued operations, net of tax

 

 

—

 

 

 

7

 

 

 

—

 

 

 

(19

)

Net income (loss)

 

 

55

 

 

 

27

 

 

 

67

 

 

 

17

 

Basic earnings (loss) per share (4)

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.14

 

 

$

0.40

 

 

$

1.39

 

 

$

0.79

 

Discontinued operations

 

 

—

 

 

 

0.15

 

 

 

(0.01

)

 

 

(0.41

)

Net basic earnings (loss) per share

 

$

1.14

 

 

$

0.55

 

 

$

1.38

 

 

$

0.38

 

Diluted earnings (loss) per share (4)

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.09

 

 

$

0.39

 

 

$

1.36

 

 

$

0.76

 

Discontinued operations

 

 

—

 

 

 

0.15

 

 

 

(0.01

)

 

 

(0.40

)

Net diluted earnings (loss) per share

 

$

1.09

 

 

$

0.54

 

 

$

1.35

 

 

$

0.36

 

 

* Due to rounding, the sum of the quarterly amounts may not equal the reported amounts for the year.

(3)
Includes Merger, restructuring and other operating expenses, net totaling $10 million, $23 million, $8 million and ($3) million in the first, second, third and fourth quarters of 2022, respectively. The first, second, third and fourth quarters of 2022 also include asset impairments of $2 million, $3 million, $3 million and $6 million, respectively.
(4)
The sum of the quarterly earnings (loss) per share does not equal the annual earnings (loss) per share due to differences in quarterly and annual weighted-average shares outstanding.