UNAUDITED QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 28, 2024

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Consolidated Quarterly Financial Information

The following table presents summarized unaudited consolidated financial information for each of the quarters in the year ended December 28, 2024 and the fourth quarter of the year ended December 30, 2023:


	Three Months Ended
	March 30, 2024		June 29, 2024		September 28, 2024		December 28, 2024		December 30, 2023
(millions, except per share data)	(As Restated)		(As Restated)		(As Restated)		(As Restated)		(As Revised)
Net sales	$	707	$	672	$	689	$	640	$	651
Cost of goods sold	502		469		491		442		462
Selling, general and administrative expense	157		149		162		163		165
Restructuring costs	—		—		38		15		—
Operating profit	48		54		(2)		20		24
Interest expense	8		8		7		7		10
Other income (expense), net	6		4		(2)		(2)		10
Income before income taxes	46		50		(11)		11		24
Income taxes	12		13		(3)		(7)		7
Net income	34		37		(8)		18		17
Basic earnings per share	$	0.40	$	0.43	$	(0.10)	$	0.21	$	0.21
Diluted earnings per share	$	0.39	$	0.42	$	(0.10)	$	0.20	$	0.21

Schedule of Effects of Restatements and Immaterial Revisions to Previously Issued Financial Statements

The effects of the restatements on the Consolidated Balance Sheet as of December 28, 2024 are as follows:



(millions)	As Reported		Adjustment		As Restated
Cash	$	40	$	7	$	47
Inventories	353		14		367
Total current assets	619		21		640

Total assets	1,962		21		1,983

Accounts payable	513		7		520
Other current liabilities	94		3		97
Total current liabilities	841		10		851

Retained earnings	16		11		27
Total equity	317		11		328
Total liabilities and equity	1,962		21		1,983

Note A: Please refer to discussion in preceding paragraphs regarding adjustments to cash and accounts payable unrelated to the Error.

Note B: The Company's Consolidated Statements of Equity were also affected by the restated retained earnings amounts for the period presented above.

The effects of the revisions of errors not material to 2023 on the Consolidated Balance Sheet as of December 30, 2023 are as follows:



(millions)	As Reported	Adjustment	As Revised

Inventories	345	3	348
Total current assets	706	3	709

Total assets	1,889	3	1,892


Other current liabilities	105	1	106
Total current liabilities	836	1	837

Retained earnings	1	2	3
Total equity	300	2	302
Total liabilities and equity	1,889	3	1,892

Note: The Company's Consolidated Statements of Equity were also affected by the revised retained earnings amounts for the period presented above.

The effects of the restatements on the Consolidated Statement of Income and the Consolidated Statement of Comprehensive Income for the year ended December 28, 2024 are as follows:



(millions, except per share data)	As Reported		Adjustment		As Restated
Cost of goods sold	$	1,915	$	(11)	$	1,904
Operating profit	109		11		120
Income before income taxes	85		11		96
Income taxes	13		2		15
Net income	72		9		81
Comprehensive income	58		9		67
Basic earnings per share	0.83		0.11		0.94
Diluted earnings per share	0.82		0.09		0.91

The effects of the revisions of errors not material to 2023 on the Consolidated Statement of Income and the Consolidated Statement of Comprehensive Income for the year ended December 30, 2023 are as follows:



(millions, except per share data)	As Reported		Adjustment		As Revised
Cost of goods sold	$	2,009	$	(3)	$	2,006
Operating profit	92		3		95
Income before income taxes	145		3		148
Income taxes	35		1		36
Net income	110		2		112
Comprehensive income	113		2		115
Basic earnings per share	1.28		0.03		1.31
Diluted earnings per share	1.28		0.03		1.31

The effects of the restatements on the Consolidated Statement of Cash Flows for the year ended December 28, 2024 are as follows:



(millions)	As Reported		Adjustment		As Restated
Operating activities:
Net Income	$	72	$	9	$	81
Changes in operating assets and liabilities:
Inventories	(12)		(11)		(23)
Income taxes payable	7		2		9
Accounts payable	(67)		7		(60)
Net cash provided by (used in) operating activities	100		7		107



Increase (decrease) in cash and cash equivalents	(49)		7		(42)
Cash and cash equivalents at end of period	40		7		47

Note: Please refer to discussion in preceding paragraphs regarding adjustments to cash and accounts payable unrelated to the Error.

The effects of the revision of errors not material to 2023 on the Consolidated Statement of Cash Flows for the year ended December 30, 2023 are as follows:



(millions)	As Reported		Adjustment		As Revised
Operating activities:
Net Income	$	110	$	2	$	112
Changes in operating assets and liabilities:
Inventories	86		(3)		83
Income taxes payable	7		1		8
Net cash provided by (used in) operating activities	422		—		422

The effects of the restatements on the Unaudited Consolidated Balance Sheets as of March 30, 2024, June 29, 2024 and September 28, 2024 are as follows:


	March 30, 2024
(millions)	As Reported		Adjustment		As Restated
Cash	$	70	$	1	$	71
Inventories	328		5		333
Total current assets	664		6		670

Total assets	1,888		6		1,894
Notes payable	2		1		3

Other current liabilities	90		2		92
Total current liabilities	789		3		792

Retained earnings	20		3		23
Total equity	317		3		320
Total liabilities and equity	1,888		6		1,894

Note A: Please refer to Note 1 "Basis of Presentation" regarding adjustments to cash and notes payable unrelated to the Error.

Note B: The Company's Consolidated Statements of Equity were also affected by the restated retained earnings amounts for the period presented above.


	June 29, 2024
(millions)	As Reported		Adjustment		As Restated
Cash	$	44	$	3	$	47
Inventories	360		12		372
Total current assets	642		15		657

Total assets	1,897		15		1,912
Notes payable	1		3		4

Other current liabilities	103		3		106
Total current liabilities	778		6		784

Retained earnings	37		9		46
Total equity	336		9		345
Total liabilities and equity	1,897		15		1,912

Note A: Please refer to Note 1 "Basis of Presentation" regarding adjustments to cash and notes payable unrelated to the Error.

Note B: The Company's Consolidated Statements of Equity were also affected by the restated retained earnings amounts for the period presented above.


	September 28, 2024
(millions)	As Reported		Adjustment		As Restated
Cash	$	47	$	4	$	51
Inventories	339		16		355
Total current assets	602		20		622

Total assets	1,900		20		1,920
Notes payable	2		4		6

Other current liabilities	101		4		105
Total current liabilities	770		8		778

Retained earnings	11		12		23
Total equity	316		12		328
Total liabilities and equity	1,900		20		1,920

Note A: Please refer to Note 1 "Basis of Presentation" regarding adjustments to cash and notes payable unrelated to the Error.

Note B: The Company's Consolidated Statements of Equity were also affected by the restated retained earnings amounts for the period presented above.

The effects of the restatements on the Unaudited Consolidated Statement of Income and the Unaudited Consolidated Statement of Comprehensive Income for the quarters ended March 30, 2024, June 28, 2024, September 28, 2024 and December 28, 2024 and the year-to-date periods ended June 28, 2024 and September 28, 2024 are as follows:


	For the quarter ended March 30, 2024
(millions, except per share data)	As Reported		Adjustment		As Restated
Cost of goods sold	$	504	$	(2)	$	502
Operating profit	46		2		48
Income before income taxes	44		2		46
Income taxes	11		1		12
Net income	33		1		34
Comprehensive income	30		1		31
Basic earnings per share	0.38		0.02		0.40
Diluted earnings per share	0.37		0.02		0.39


	For the quarter ended June 29, 2024						For the year-to-date period ended June 29, 2024
(millions, except per share data)	As Reported		Adjustment		As Restated		As Reported		Adjustment		As Restated
Cost of goods sold	$	476	$	(7)	$	469	$	980	$	(9)	$	971
Operating profit	47		7		54		93		9		102
Income before income taxes	43		7		50		87		9		96
Income taxes	12		1		13		23		2		25
Net income	31		6		37		64		7		71
Comprehensive income	28		6		34		58		7		65
Basic earnings per share	0.37		0.06		0.43		0.75		0.07		0.82
Diluted earnings per share	0.36		0.06		0.42		0.73		0.08		0.81


	For the quarter ended September 28, 2024						For the year-to-date period ended September 28, 2024
(millions, except per share data)	As Reported		Adjustment		As Restated		As Reported		Adjustment		As Restated
Cost of goods sold	$	495	$	(4)	$	491	$	1,475	$	(13)	$	1,462
Operating profit	(6)		4		(2)		87		13		100
Income before income taxes	(15)		4		(11)		72		13		85
Income taxes (benefit)	(4)		1		(3)		19		3		22
Net income	(11)		3		(8)		53		10		63
Comprehensive income	(11)		3		(8)		47		10		57
Basic earnings per share	(0.13)		0.03		(0.10)		0.62		0.11		0.73
Diluted earnings per share	(0.13)		0.03		(0.10)		0.60		0.11		0.71


	For the quarter ended December 28, 2024
(millions, except per share data)	As Reported		Adjustment		As Restated
Cost of goods sold	$	440	$	2	$	442
Operating profit	22		(2)		20
Income before income taxes	13		(2)		11
Income taxes (benefit)	(6)		(1)		(7)
Net income	19		(1)		18
Comprehensive income	11		(1)		10
Basic earnings per share	0.21		—		0.21
Diluted earnings per share	0.22		(0.02)		0.20

The effects of the revision of errors not material to 2023 on the Consolidated Statement of Income and the Consolidated Statement of Comprehensive Income for the quarter ended December 30, 2023 are as follows:



	For the quarter ended December 30, 2023
(millions, except per share data)	As Reported		Adjustment		As Revised
Cost of goods sold	$	465	$	(3)	$	462
Operating profit	21		3		24
Income before income taxes	21		3		24
Income taxes	6		1		7
Net income	15		2		17
Comprehensive income	15		2		17
Basic earnings per share	0.18		0.03		0.21
Diluted earnings per share	0.18		0.03		0.21

The effects of the restatements on the Unaudited Consolidated Statement of Cash Flows for the quarter ended March 30, 2024 and the year-to-date periods ended June 28, 2024 and September 28, 2024 are as follows:


	For the quarter ended March 30, 2024
(millions)	As Reported		Adjustment		As Restated
Operating activities:
Net Income	$	33	$	1	$	34
Changes in operating assets and liabilities:
Inventories	16		(2)		14
Income taxes payable	4		1		5
Net cash provided by (used in) operating activities	10		—		10
Financing activities:
Net increase (reduction) of notes payable, with maturities less than or equal to 90 days	(3)		1		(2)
Net cash provided by (used in) financing activities	(19)		1		(18)
Increase (decrease) in cash and cash equivalents	(18)		1		(17)
Cash and cash equivalents at end of period	70		1		71

Note A: Please refer to Note 1 "Basis of Presentation" regarding adjustments to cash and notes payable unrelated to the Error.


	For the year-to-date period ended June 29, 2024
(millions)	As Reported		Adjustment		As Restated
Operating activities:
Net Income	$	64	$	7	$	71
Changes in operating assets and liabilities:
Inventories	(17)		(9)		(26)
Income taxes payable	3		2		5
Net cash provided by (used in) operating activities	37		—		37
Financing activities:
Net increase (reduction) of notes payable, with maturities less than or equal to 90 days	(3)		3		—
Net cash provided by (used in) financing activities	(33)		3		(30)
Increase (decrease) in cash and cash equivalents	(45)		3		(42)
Cash and cash equivalents at end of period	44		3		47

Note A: Please refer to Note 1 "Basis of Presentation" regarding adjustments to cash and notes payable unrelated to the Error.


	For the year-to-date period ended September 28, 2024
(millions)	As Reported		Adjustment		As Restated
Operating activities:
Net Income	$	53	$	10	$	63
Changes in operating assets and liabilities:
Inventories	5		(13)		(8)
Income taxes payable	5		3		8
Net cash provided by (used in) operating activities	98		—		98
Financing activities:
Net increase (reduction) of notes payable, with maturities less than or equal to 90 days	(2)		4		2
Net cash provided by (used in) financing activities	(44)		4		(40)
Increase (decrease) in cash and cash equivalents	(42)		4		(38)
Cash and cash equivalents at end of period	47		4		51

Note A: Please refer to Note 1 "Basis of Presentation" regarding adjustments to cash and notes payable unrelated to the Error.