Management believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent comparison of the Company's performance between periods.
(In thousands, except per share information) |
| 13-Weeks
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| 14-Weeks
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| 52-Weeks
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| 53-Weeks
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| December 30, |
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| December 31, |
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| December 30, |
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| December 31, |
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| 2023 |
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| 2022 |
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| 2023 |
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| 2022 |
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GAAP net income |
| $ | 542,125 |
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| $ | 293,272 |
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| $ | 1,289,636 |
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| $ | 973,585 |
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Foreign currency gains / losses (1) |
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| (19,488) |
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| (44,535) |
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| (26,434) |
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| 11,274 |
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Tax effect of foreign currency gains / losses (2) |
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| 1,752 |
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| 3,974 |
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| 2,246 |
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| (892) |
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Pro forma discrete tax items (3) |
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| (193,526) |
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| 7,168 |
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| (191,257) |
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| 7,168 |
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Pro forma net income |
| $ | 330,863 |
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| $ | 259,879 |
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| $ | 1,074,191 |
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| $ | 991,136 |
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GAAP net income per share: |
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| Basic |
| $ | 2.83 |
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| $ | 1.53 |
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| $ | 6.74 |
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| $ | 5.06 |
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| Diluted |
| $ | 2.82 |
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| $ | 1.53 |
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| $ | 6.71 |
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| $ | 5.04 |
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| Pro forma net income per share: |
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| Basic |
| $ | 1.73 |
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| $ | 1.36 |
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| $ | 5.61 |
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| $ | 5.15 |
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| Diluted |
| $ | 1.72 |
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| $ | 1.35 |
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| $ | 5.59 |
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| $ | 5.13 |
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| Weighted average common shares outstanding: |
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| Basic |
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| 191,363 |
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| 191,613 |
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| 191,397 |
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| 192,544 |
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| Diluted |
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| 192,557 |
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| 192,104 |
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| 192,058 |
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| 193,042 |
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| (1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses. |
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| (2) The tax effect of foreign currency gains and losses was calculated using the pro forma effective tax rate of 9.0% and 8.5% for the 13-weeks and fiscal year ended December 30, 2023, respectively, and the pro forma effective tax rate of 8.9% and 7.9% for the 14-weeks and fiscal year ended December 31, 2022, respectively. |
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| (3) The 2023 and 2022 discrete tax items are discussed in the pro forma effective tax rate section above. |
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