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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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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.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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