Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in "Notes on Non-GAAP Financial Measures."
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Summary of Schedule Reconciling Selected Non-GAAP Financial Measures
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Quarter Ended January 1, 2017 | ||||||||||
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GAAP |
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Non-GAAP Adjustments |
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Non-GAAP | ||||||
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Net sales |
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$ |
435.5 |
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$ |
— |
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$ |
435.5 |
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Gross profit |
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$ |
276.5 |
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$ |
— |
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$ |
276.5 |
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Operating income |
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$ |
55.8 |
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$ |
76.9 |
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$ |
132.7 |
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Net income |
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$ |
19.5 |
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$ |
80.3 |
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$ |
99.8 |
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Diluted earnings per share |
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$ |
0.17 |
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$ |
0.69 |
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$ |
0.86 |
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Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in the "Schedule Reconciling Selected Non-GAAP Financial Measures" and "Notes on Non-GAAP Financial Measures."
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Consolidated Condensed Statements of Income
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Quarter Ended | ||||||||||
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Jan 1,
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Oct 2,
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Jan 3,
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Net sales |
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$ |
435.5 |
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$ |
450.1 |
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$ |
329.2 |
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Cost of sales |
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159.0 |
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168.3 |
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141.3 |
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Gross profit |
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$ |
276.5 |
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$ |
281.8 |
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$ |
187.9 |
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Operating expenses |
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Selling, general and administrative |
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$ |
89.8 |
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$ |
86.3 |
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$ |
63.3 |
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Research and development |
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82.3 |
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83.5 |
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54.9 |
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Amortization of intangible assets |
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45.5 |
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45.6 |
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25.4 |
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Restructuring, severance and facilities charges |
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2.4 |
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2.4 |
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1.7 |
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Acquisition and divestiture related costs |
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0.7 |
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0.2 |
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6.0 |
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Total operating expenses |
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$ |
220.7 |
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$ |
218.0 |
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$ |
151.3 |
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Operating income |
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$ |
55.8 |
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$ |
63.8 |
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$ |
36.6 |
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Interest and other expense, net |
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(27.2) |
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(28.0) |
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(8.8) |
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Income before income taxes |
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$ |
28.6 |
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$ |
35.8 |
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$ |
27.8 |
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Provision for (benefit from) income taxes |
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9.1 |
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(4.7) |
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4.1 |
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Net income |
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$ |
19.5 |
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$ |
40.5 |
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$ |
23.7 |
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Earnings per share |
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Basic |
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$ |
0.17 |
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$ |
0.36 |
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$ |
0.25 |
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Diluted |
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$ |
0.17 |
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$ |
0.35 |
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$ |
0.25 |
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Weighted-average common shares outstanding |
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Basic |
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114.0 |
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112.4 |
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95.1 |
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Diluted |
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116.3 |
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115.4 |
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96.5 |
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