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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 16. QUARTERLY FINANCIAL DATA (UNAUDITED)

 

(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 (1)

 

 

76

 

 

 

28

 

 

 

84

 

 

 

55

 

Net income from continuing operations

 

 

55

 

 

 

20

 

 

 

67

 

 

 

36

 

Discontinued operations, net of tax

 

 

—

 

 

 

7

 

 

 

—

 

 

 

(19

)

Net income

 

 

55

 

 

 

27

 

 

 

67

 

 

 

17

 

Basic earnings (loss) per share (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.14

 

 

$

0.40

 

 

$

1.39

 

 

$

0.79

 

Discontinued operations

 

 

—

 

 

 

0.15

 

 

 

(0.01

)

 

 

(0.41

)

Net basic earnings per share

 

$

1.14

 

 

$

0.55

 

 

$

1.38

 

 

$

0.38

 

Diluted earnings (loss) per share (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.09

 

 

$

0.39

 

 

$

1.36

 

 

$

0.76

 

Discontinued operations

 

 

—

 

 

 

0.15

 

 

 

(0.01

)

 

 

(0.40

)

Net diluted earnings 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.

(1)

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.

 (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 25, 2021*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,174

 

 

$

2,070

 

 

$

2,179

 

 

$

2,042

 

Gross profit

 

 

495

 

 

 

432

 

 

 

504

 

 

 

432

 

Operating income (3)

 

 

69

 

 

 

30

 

 

 

104

 

 

 

31

 

Net income from continuing operations

 

 

63

 

 

 

20

 

 

 

73

 

 

 

32

 

Discontinued operations, net of tax

 

 

(10

)

 

 

(108

)

 

 

28

 

 

 

(306

)

Net income (loss)

 

 

53

 

 

 

(88

)

 

 

101

 

 

 

(274

)

Basic earnings (loss) per share (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.17

 

 

$

0.36

 

 

$

1.38

 

 

$

0.63

 

Discontinued operations

 

 

(0.18

)

 

 

(1.98

)

 

 

0.54

 

 

 

(6.07

)

Net basic earnings (loss) per share

 

$

0.99

 

 

$

(1.62

)

 

$

1.92

 

 

$

(5.44

)

Diluted earnings (loss) per share (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.12

 

 

$

0.35

 

 

$

1.33

 

 

$

0.61

 

Discontinued operations

 

 

(0.17

)

 

 

(1.93

)

 

 

0.52

 

 

 

(5.87

)

Net diluted earnings (loss) per share

 

$

0.95

 

 

$

(1.58

)

 

$

1.85

 

 

$

(5.26

)

 

*

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 $13 million, $11 million, $13 million and $14 million in the first, second, third and fourth quarters of 2021, respectively. The first, second, third and fourth quarters of 2021 also include asset impairments of $12 million, $1 million, $5 million and $2 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.