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
 3 Months Ended 9 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Sep. 26, 2020
Sep. 28, 2019
Income Statement [Abstract]        
Net Sales $ 1,233,100,000 $ 976,600,000 $ 3,186,400,000 $ 3,190,800,000
Cost of Sales 856,200,000 699,700,000 2,309,700,000 2,306,400,000
Selling, General and Administrative Expense 151,300,000 120,100,000 381,800,000 380,000,000.0
Research and Development Expense 31,200,000 29,700,000 87,800,000 91,900,000
Restructuring, Exit and Impairment Charges 1,800,000 7,400,000 4,300,000 16,000,000.0
Operating Earnings 192,600,000 119,700,000 402,800,000 396,500,000
Equity Earnings 600,000 1,900,000 3,500,000 5,400,000
Pension Settlement Charge (200,000) (294,100,000) 1,100,000 (294,100,000)
Other Income (Expense), Net (1,200,000) 100,000 (2,700,000) (1,600,000)
Earnings Before Interest and Income Taxes 191,800,000 (172,400,000) 404,700,000 106,200,000
Interest Expense (16,400,000) (18,800,000) (52,000,000.0) (59,400,000)
Interest Income 300,000 1,600,000 900,000 2,400,000
Earnings Before Income Taxes 175,700,000 (189,600,000) 353,600,000 49,200,000
Income Tax Provision 38,900,000 43,300,000 74,900,000 93,800,000
Net Earnings from Continuing Operations 136,800,000 (232,900,000) 278,700,000 (44,600,000)
Discontinued operations:        
Loss from Discontinued Operations, Net of Tax [1] 1,500,000 (2,900,000) 400,000 (108,500,000) [2]
Loss on Disposal of Discontinued Operations, Net of Tax [3] (400,000) (3,500,000) (1,500,000) (45,000,000.0)
Net Loss From Discontinued Operations, Net of Tax 1,100,000 (6,400,000) (1,100,000) (153,500,000)
Net Earnings (Loss) $ 137,900,000 $ (239,300,000) $ 277,600,000 $ (198,100,000)
Basic        
Earnings from Continuing Operations $ 1.72 $ (2.74) $ 3.51 $ (0.52)
Loss from Discontinued Operations 0.02 (0.08) (0.02) (1.77)
Net Earnings (Loss) 1.74 (2.82) 3.49 (2.29)
Diluted        
Earnings from Continuing Operations 1.71 (2.74) 3.49 (0.52)
Loss from Discontinued Operations 0.02 (0.08) (0.02) (1.77)
Net Earnings (Loss) $ 1.73 $ (2.82) $ 3.47 $ (2.29)
Weighted Average Shares Used for Computation of [Abstract]        
Basic Earnings (Loss) Per Common Share 79.4 85.0 79.4 86.5
Diluted Earnings (Loss) per Common Share 79.8 85.0 79.9 86.5
Comprehensive Income (loss) $ 146,600,000 $ 53,900,000 $ 279,100,000 $ 111,700,000
[1] (A) The Company recorded $2.1 million and $0.7 million for the three and nine months ended September 26, 2020, respectively, primarily resulting from adjustments of certain retained liabilities. The Company recorded $2.5 million and $13.4 million for the three and nine months ended September 28, 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 nine months ended September 28, 2019.
[3] (C) Loss on disposal of discontinued operations, net of tax, for the three months ended September 26, 2020 includes a pre-tax loss of $0.5 million and a tax benefit of $0.1 million. Loss on disposal of discontinued operations, net of tax, for the nine months ended September 26, 2020 includes a pre-tax loss of $2.0 million and a tax benefit of $0.5 million. Loss on disposal of discontinued operations, net of tax, for the three months ended September 28, 2019 includes a pre-tax loss of $4.7 million and a tax benefit of $1.2 million. Loss on disposal of discontinued operations, net of tax, for the nine months ended September 28, 2019 includes a pre-tax loss of $52.4 million and a tax benefit of $7.4 million.