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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 28, 2019
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 28, 2019*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,769

 

 

$

2,588

 

 

$

2,782

 

 

$

2,508

 

Gross profit

 

 

641

 

 

 

585

 

 

 

667

 

 

 

571

 

Operating income (loss) (1)

 

 

24

 

 

 

(15

)

 

 

108

 

 

 

74

 

Net income (loss)

 

 

8

 

 

 

(24

)

 

 

60

 

 

 

55

 

Net earnings (loss) per share (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

(0.04

)

 

$

0.11

 

 

$

0.10

 

Diluted

 

$

0.01

 

 

$

(0.04

)

 

$

0.11

 

 

$

0.10

 

 

*

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 $14 million, $69 million, $22 million and $11 million in the first, second, third and fourth quarters of 2019, respectively. The first, second, third and fourth quarters of 2019 also include asset impairments of $29 million, $16 million, $5 million and $6 million, respectively.

 (2)

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

 

Fiscal Year Ended December 29, 2018*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,830

 

 

$

2,628

 

 

$

2,887

 

 

$

2,670

 

Gross profit

 

 

667

 

 

 

596

 

 

 

686

 

 

 

602

 

Operating income (3)

 

 

77

 

 

 

48

 

 

 

105

 

 

 

24

 

Net income (loss) from continuing operations (4)

 

 

33

 

 

 

19

 

 

 

60

 

 

 

(14

)

Discontinued operations, net of tax

 

 

8

 

 

 

(3

)

 

 

—

 

 

 

—

 

Net income (loss)

 

 

41

 

 

 

16

 

 

 

60

 

 

 

(14

)

Basic earnings (loss) per share (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

(3)

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.

(4)

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.

(5)

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.