Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Comprehensive Income

v3.20.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
Jun. 27, 2020
Jun. 29, 2019
Income Statement [Abstract]        
Net Sales $ 987.8 $ 1,163.5 $ 1,953.3 $ 2,214.2
Cost of Sales 731.8 835.5 1,453.5 1,606.7
Selling, General and Administrative Expense 119.2 126.4 230.5 259.9
Research and Development Expense 27.7 33.5 56.6 62.2
Restructuring, Exit and Impairment Charges 2.1 5.4 2.5 8.6
Operating Earnings 107.0 162.7 210.2 276.8
Equity Earnings 1.1 1.6 2.9 3.5
Other Income (Expense), Net (0.9) (0.1) (0.2) (1.7)
Earnings Before Interest and Income Taxes 107.2 164.2 212.9 278.6
Interest Expense (18.7) (20.8) (35.6) (40.6)
Interest Income 0.3 0.4 0.6 0.8
Earnings Before Income Taxes 88.8 143.8 177.9 238.8
Income Tax Provision 17.6 31.7 36.0 50.5
Net Earnings from Continuing Operations 71.2 112.1 141.9 188.3
Discontinued operations:        
Loss from Discontinued Operations, Net of Tax (0.5) 6.9 [1] (1.1) (105.6) [1],[2]
Loss on Disposal of Discontinued Operations, Net of Tax 0.0 (41.5) [3] (1.1) [3] (41.5) [3]
Net Loss From Discontinued Operations, Net of Tax (0.5) (34.6) (2.2) (147.1)
Net Earnings (Loss) $ 70.7 $ 77.5 $ 139.7 $ 41.2
Basic        
Earnings from Continuing Operations $ 0.89 $ 1.29 $ 1.78 $ 2.16
Loss from Discontinued Operations 0.00 (0.40) (0.03) (1.69)
Net Earnings (Loss) 0.89 0.89 1.75 0.47
Diluted        
Earnings from Continuing Operations 0.89 1.28 1.77 2.15
Loss from Discontinued Operations 0.00 (0.39) (0.02) (1.68)
Net Earnings (Loss) $ 0.89 $ 0.89 $ 1.75 $ 0.47
Weighted Average Shares Used for Computation of [Abstract]        
Basic Earnings (Loss) Per Common Share 79.6 86.9 79.8 87.2
Diluted Earnings (Loss) per Common Share 79.8 87.3 80.0 87.7
Comprehensive Income (loss) $ 71.4 $ 93.1 $ 132.5 $ 57.8
[1]
(A) The Company recorded $3.1 million and $10.9 million for the three and six months ended June 29, 2019, respectively, of net costs incurred in connection with the sale of the Fitness business.
[2]
(B) In the first quarter of 2019, the Company re-evaluated the fair value of the Fitness reporting unit and determined the fair value of the business was less than its carrying value. As a result, the Company recorded a $137.2 million ($103.0 million after tax) goodwill impairment charge for the six months ended June 29, 2019.
[3]
(C) Loss on disposal of discontinued operations, net of tax, for the six months ended June 27, 2020 includes a pre-tax loss of $1.5 million and a tax benefit of $0.4 million. Loss on disposal of discontinued operations, net of tax, for the three and six months ended June 29, 2019 includes a pre-tax loss of $47.7 million and a tax benefit of $6.2 million.