XML 69 R30.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
SELECTED QUARTERLY FINANCIAL DATA SELECTED QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 28, 2019
Quarterly Financial Information [Text Block]
SELECTED QUARTERLY FINANCIAL DATA (unaudited) 
 
 
Quarter
 
 
(Millions of Dollars, except per share amounts)
 
First
 
Second
 
Third
 
Fourth
 
Year
2019
 
 
 
 
 
 
 
 
 
 
Net Sales
 
$
3,333.6

 
$
3,761.3

 
$
3,633.1

 
$
3,714.2

 
$
14,442.2

Gross profit
 
1,105.6

 
1,299.8

 
1,239.5

 
1,160.6

 
4,805.5

Selling, general and administrative (1)
 
778.9

 
782.3

 
756.1

 
723.7

 
3,041.0

Net earnings
 
170.4

 
357.4

 
231.1

 
199.1

 
958.0

Less: Net earnings attributable to non-controlling interest
 
0.5

 
1.1

 
0.6

 
—

 
2.2

Net Earnings Attributable to Common Shareowners
 
$
169.9

 
$
356.3

 
$
230.5

 
$
199.1

 
$
955.8

Earnings per share of common stock:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.15

 
$
2.41

 
$
1.55

 
$
1.34

 
$
6.44

Diluted
 
$
1.13

 
$
2.37

 
$
1.53

 
$
1.32

 
$
6.35

2018
 
 
 
 
 
 
 
 
 
 
Net Sales
 
$
3,209.3

 
$
3,643.6

 
$
3,494.8

 
$
3,634.7

 
$
13,982.4

Gross profit
 
1,165.7

 
1,287.1

 
1,238.4

 
1,159.9

 
4,851.1

Selling, general and administrative (1)
 
785.6

 
805.8

 
798.9

 
781.4

 
3,171.7

Net earnings (loss)
 
170.1

 
293.4

 
248.3

 
(106.0
)
 
605.8

Less: Net (loss) earnings attributable to non-controlling interest
 
(0.5
)
 
(0.2
)
 
0.5

 
0.8

 
0.6

Net Earnings (Loss) Attributable to Common Shareowners
 
$
170.6

 
$
293.6

 
$
247.8

 
$
(106.8
)
 
$
605.2

Earnings (loss) per share of common stock:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.13

 
$
1.96

 
$
1.67

 
$
(0.72
)
 
$
4.06

Diluted
 
$
1.11

 
$
1.93

 
$
1.65

 
$
(0.72
)
 
$
3.99

(1) Includes provision for doubtful accounts.

The 2019 year-to-date results above include $363 million of pre-tax acquisition-related and other charges, a $78 million tax benefit of the pre-tax acquisition-related and other charges, as well as $24 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
 
Acquisition-Related Charges & Other
  
Diluted EPS Impact
• Q1 2019 —   $52 million loss ($43 million after-tax and equity interest)
  
($0.29) per diluted share
• Q2 2019 —   $33 million loss ($44 million after-tax and equity interest)
  
($0.29) per diluted share
• Q3 2019 —   $114 million loss ($91 million after-tax and equity interest)
  
($0.60) per diluted share
• Q4 2019 —   $164 million loss ($131 million after-tax and equity interest)
  
($0.86) per diluted share

The 2018 year-to-date results above include $450 million of pre-tax acquisition-related and other charges, as well as net tax charges of $181 million, which is comprised of charges related to the Tax Cuts and Jobs Act ("the Act") partially offset by the tax benefit of the pre-tax acquisition-related and other charges. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
 
Acquisition-Related Charges & Other
  
Diluted EPS Impact
• Q1 2018 —   $25 million loss ($43 million after-tax)
  
($0.28) per diluted share
• Q2 2018 —   $127 million loss ($98 million after-tax)
  
($0.64) per diluted share
• Q3 2018 —   $85 million loss ($66 million after-tax)
  
($0.43) per diluted share
• Q4 2018 —   $213 million loss ($424 million after-tax)
  
($2.83) per diluted share