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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 29, 2018
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 19. QUARTERLY FINANCIAL DATA (UNAUDITED)

 

(In millions, except per share amounts)

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

Fiscal Year Ended December 29, 2018*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,830

 

 

$

2,628

 

 

$

2,887

 

 

$

2,670

 

Gross profit

 

 

667

 

 

 

596

 

 

 

686

 

 

 

602

 

Operating income (1)

 

 

77

 

 

 

48

 

 

 

105

 

 

 

24

 

Net income (loss) from continuing operations (2)

 

 

33

 

 

 

19

 

 

 

60

 

 

 

(14

)

Discontinued operations, net of tax

 

 

8

 

 

 

(3

)

 

 

—

 

 

 

—

 

Net income (loss)

 

 

41

 

 

 

16

 

 

 

60

 

 

 

(14

)

Basic earnings (loss) per share (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.06

 

 

$

0.03

 

 

$

0.11

 

 

$

(0.02

)

Discontinued operations

 

$

0.01

 

 

$

—

 

 

$

—

 

 

$

—

 

Net basic earnings per share

 

$

0.07

 

 

$

0.03

 

 

$

0.11

 

 

$

(0.02

)

Diluted earnings (loss) per share (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.06

 

 

$

0.03

 

 

$

0.11

 

 

$

(0.02

)

Discontinued operations

 

$

0.01

 

 

$

—

 

 

$

—

 

 

$

—

 

Net diluted earnings per share

 

$

0.07

 

 

$

0.03

 

 

$

0.11

 

 

$

(0.02

)

 

*

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

(1)

Includes Merger and restructuring expenses, net totaling $17 million, $14 million, $14 million and $27 million in the first, second, third and fourth quarters of 2018, respectively. The fourth quarter of 2018 also includes asset impairments of $7 million and a legal expense of $25 million. Refer to Note 17 for additional information on the legal expense.

(2)

Includes a loss on debt modification of $15 million and a tax benefit of $4 million due to a book-to-tax basis difference related to the sale of Clearpath Holdings, LLC in the fourth quarter of 2018.

(3)

The sum of the quarterly earnings per share does not equal the annual earnings 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 (4)

 

Fiscal Year Ended December 30, 2017*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,676

 

 

$

2,363

 

 

$

2,620

 

 

$

2,581

 

Gross profit

 

 

675

 

 

 

545

 

 

 

633

 

 

 

607

 

Operating income (5)(6)

 

 

124

 

 

 

41

 

 

 

105

 

 

 

56

 

Net income (loss) from continuing operations (7)

 

 

74

 

 

 

21

 

 

 

98

 

 

 

(48

)

Discontinued operations, net of tax

 

 

42

 

 

 

3

 

 

 

(6

)

 

 

(4

)

Net income (loss)

 

 

116

 

 

 

24

 

 

 

92

 

 

 

(52

)

Basic earnings (loss) per share (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.14

 

 

$

0.04

 

 

$

0.19

 

 

$

(0.09

)

Discontinued operations

 

$

0.08

 

 

$

0.01

 

 

$

(0.01

)

 

$

(0.01

)

Net basic earnings per share

 

$

0.22

 

 

$

0.05

 

 

$

0.18

 

 

$

(0.10

)

Diluted earnings (loss) per share (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.14

 

 

$

0.04

 

 

$

0.19

 

 

$

(0.09

)

Discontinued operations

 

$

0.08

 

 

$

0.01

 

 

$

(0.01

)

 

$

(0.01

)

Net diluted earnings per share

 

$

0.22

 

 

$

0.05

 

 

$

0.17

 

 

$

(0.10

)

 

*

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

(4)

Includes $205 million of incremental sales from acquisitions in the fourth quarter of 2017.

(5)

Includes Merger and restructuring expenses, net totaling $20 million, $20 million, $22 million and $32 million in the first, second, third and fourth quarters of 2017, respectively. The second and fourth quarters of 2017 also include asset impairments of $1 million and $3 million, respectively.

(6)

Reflects the reclassification of $3 million, $5 million, $3 million and $3 million in the first, second, third and fourth quarters of 2017, respectively, from Selling, general and administrative expenses to Other income, net associated with the retrospective adoption of a 2018 accounting standard affecting the presentation of defined benefit plan expenses. Refer to Note 1 for additional information.

(7)

The third quarter of 2017 includes a non-cash tax benefit of approximately $37 million from the release of valuation allowances on deferred tax assets. The fourth quarter includes $18 million of net loss from businesses acquired in 2017.

(8)

The sum of the quarterly earnings per share does not equal the annual earnings per share due to differences in quarterly and annual weighted-average shares outstanding.