鲍鱼直播 Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Mar. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

听

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)



(In thousands, except per share amounts)	First Quarter ^(a)			听	Second Quarter^{听(a) (b)}		听	Third Quarter^{听(a) (b)}			听	Fourth Quarter ^{(a) (b) (c)}			听	Full Year			听
Year Ended March 2019	听			听	听		听	听			听	听			听	听			听
Net revenues	$	2,788,146		听	$	3,907,386	听	$	3,940,159		听	$	3,212,969		听	$	13,848,660		听
Operating income	230,882			听	658,669		听	591,905			听	194,384			听	1,675,840			听
Income from continuing operations	159,953			听	507,121		听	463,126			听	128,804			听	1,259,004			听
Income from discontinued operations, net of tax	405			听	鈥�		听	383			听	鈥�			听	788			听
Net income	$	160,358		听	$	507,121	听	$	463,509		听	$	128,804		听	$	1,259,792		听
Earnings per common share - basic ^(g)	听			听	听		听	听			听	听			听	听			听
Continuing operations	$	0.41		听	$	1.28	听	$	1.17		听	$	0.33		听	$	3.19		听
Discontinued operations	鈥�			听	鈥�		听	鈥�			听	鈥�			听	鈥�			听
Total earnings per common share - basic	$	0.41		听	$	1.28	听	$	1.17		听	$	0.33		听	$	3.19		听
Earnings per common share - diluted ^(g)	听			听	听		听	听			听	听			听	听			听
Continuing operations	$	0.40		听	$	1.26	听	$	1.16		听	$	0.32		听	$	3.14		听
Discontinued operations	鈥�			听	鈥�		听	鈥�			听	鈥�			听	鈥�			听
Total earnings per common share - diluted	$	0.40		听	$	1.26	听	$	1.16		听	$	0.32		听	$	3.15		听
Dividends per common share	$	0.46		听	$	0.46	听	$	0.51		听	$	0.51		听	$	1.94		听
(In thousands, except per share amounts)	First Quarter			听	Second Quarter		听	Third Quarter			听	Fourth Quarter ^{(d) (e)}			听	Full Year			听
Year Ended December 2017	听			听	听		听	听			听	听			听	听			听
Net revenues	$	2,500,340		听	$	2,268,620	听	$	3,392,934		听	$	3,649,283		听	$	11,811,177		听
Operating income ^(f)	293,207			听	159,676		听	575,527			听	484,619			听	1,513,029			听
Income (loss) from continuing operations	213,276			听	107,092		听	473,820			听	(72,979		)	听	721,209			听
Loss (income) from discontinued operations, net of tax	(4,113		)	听	2,797		听	(87,680		)	听	(17,290		)	听	(106,286		)	听
Net income	$	209,163		听	$	109,889	听	$	386,140		听	$	(90,269	)	听	$	614,923		听
Earnings (loss) per common share - basic ^(g)	听			听	听		听	听			听	听			听	听			听
Continuing operations	$	0.52		听	$	0.27	听	$	1.20		听	$	(0.18	)	听	$	1.81		听
Discontinued operations	(0.01		)	听	0.01		听	(0.22		)	听	(0.04		)	听	(0.27		)	听
Total earnings (loss) per common share - basic	$	0.51		听	$	0.28	听	$	0.98		听	$	(0.23	)	听	$	1.54		听
Earnings (loss) per common share - diluted ^(g)	听			听	听		听	听			听	听			听	听			听
Continuing operations	$	0.51		听	$	0.27	听	$	1.19		听	$	(0.18	)	听	$	1.79		听
Discontinued operations	(0.01		)	听	0.01		听	(0.22		)	听	(0.04		)	听	(0.26		)	听
Total earnings (loss) per common share - diluted	$	0.50		听	$	0.27	听	$	0.97		听	$	(0.23	)	听	$	1.52		听
Dividends per common share	$	0.42		听	$	0.42	听	$	0.42		听	$	0.46		听	$	1.72		听

^(a)听

鲍鱼直播 recorded transaction and deal-related costs of $18.8 million ($15.3 million after-tax), $53.2 million ($45.5 million after-tax), $62.6 million ($47.5 million after-tax) and $57.1 million ($43.7 million after-tax) during the three months ended June 30, 2018, September 29, 2018, December 29, 2018 and March 30, 2019, respectively. Full year transaction and deal-related costs totaled $191.7 million ($152.0 million after-tax). Transaction and deal-related costs include acquisition and integration costs related to the acquisitions of Williamson-Dickie, Icebreaker and Altra, and divestiture costs related to the sale of the Reef^庐 brand business. The costs also include separation and related expenses associated with the planned spin-off of the Jeans business and non-operating losses on sale related primarily to the divestitures of the Reef^庐 brand business and Van Moer business.

^(b)听

鲍鱼直播 recorded relocation costs of $10.7 million ($8.0 million after-tax), $6.0 million ($4.4 million after-tax) and $30.7 million ($22.9 million after-tax) during the three months ended September 29, 2018, December 29, 2018 and March 30, 2019, respectively. Full year relocation costs totaled $47.4 million ($35.3 million after-tax). Relocation costs primarily include costs associated with the relocation of 鲍鱼直播's global headquarters and certain brands to Denver, Colorado.


^(c)听	鲍鱼直播 recorded costs related to strategic business decisions to cease operations in Argentina and planned business model changes in certain other countries in Central and South America, which totaled $30.5 million ($30.5 million after-tax) during the three months ended March 30, 2019.


^(d)听	鲍鱼直播 recorded transaction and deal-related costs of $15.6 million ($13.6 million after-tax) during the fourth quarter of the year ended December 2017.


^(e)听	鲍鱼直播 recorded a $465.5 million provisional tax charge during the fourth quarter of the year ended December 2017 related to the transitional impact of the Tax Act (Note 18).

^(f)听

In the first quarter of Fiscal 2019, 鲍鱼直播 adopted ASU 2017-07,听"Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost"听and restated the prior periods to conform to current year presentation. Operating income increased and other income (expense), net decreased by $3.5 million, $1.6 million, $1.5 million and $3.3 million for the three months ended April 1, 2017, July, 1 2017, September 30, 2017 and December 30, 2017, respectively. Full year operating income increased and other income (expense), net decreased by $9.9 million.


^(g)听	Per share amounts are computed independently for each quarter presented using unrounded numbers. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding.