TUPPERWARE BRANDS CORP

CIK:0001008654|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jun. 25, 2022	Mar. 26, 2022	Jul. 01, 2023	Jun. 25, 2022	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 276.3		$ 339.7		$ 568.7	$ 686.8
Cost of products sold	104.4		121.6		222.2	246.7
Gross profit	171.9		218.1		346.5	440.1
Selling, general and administrative expense	160.5		187.4		329.0	392.0
Re-engineering and impairment (gains) charges	(1.4)		7.0		(1.6)	8.5	$ 29.4
(Gain) loss on disposal of assets	(5.9)		2.3		(4.1)	2.2
Impairment of goodwill and intangible assets	0.0		3.2		0.0	3.2
Operating income	18.7		18.2		23.2	34.2
Loss on financing transactions	3.9		0.0		8.5	0.0
Interest expense	17.8		6.0		33.3	10.6
Interest income	(2.2)		(1.2)		(4.5)	(1.9)
Other expense (income), net	20.2		(13.4)		37.0	(15.2)
(Loss) income from continuing operations before income taxes	(21.0)		26.8		(51.1)	40.7
Provision for income taxes	9.1		15.2		18.5	22.6
(Loss) income from continuing operations	(30.1)		11.6		(69.6)	18.1
Loss from operations of discontinued operations before income taxes	(1.0)		(5.9)		(1.8)	(5.5)
Gain (loss) on held for sale assets and dispositions	1.3		1.4		2.1	(1.2)
Benefit from income taxes	0.0		(1.2)		0.0	(0.8)
Income (loss) on discontinued operations	0.3		(3.3)		0.3	(5.9)
Net (loss) income	$ (29.8)	$ (39.5)	$ 8.3	$ 3.9	$ (69.3)	$ 12.2
Basic (loss) earnings from continuing operations - per share (in dollars per share)	$ (0.65)		$ 0.25		$ (1.53)	$ 0.39
Basic earnings (loss) from discontinued operations - per share (in dollars per share)	0.01		(0.07)		0.01	(0.13)
Basic loss per share - Total (in dollars per share)	(0.64)		0.18		(1.52)	0.26
Diluted (loss) earnings from continuing operations - per share (in dollars per share)	(0.65)		0.24		(1.53)	0.36
Diluted earnings (loss) from discontinued operations - per share (in dollars per share)	0.01		(0.07)		0.01	(0.12)
Diluted loss per share - Total (in dollars per share)	$ (0.64)		$ 0.17		$ (1.52)	$ 0.24
Basic weighted-average shares (in shares)	46.0		45.5		45.4	46.7
Diluted weighted-average shares (in shares)	46.0		48.3		45.4	49.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

6 Months Ended

Jul. 01, 2023

Jun. 25, 2022

Operating Activities

Net cash used in operating activities

$ (22.9)

$ (51.1)

Investing Activities

Capital expenditures

(6.7)

(15.7)

Proceeds from disposal of assets

13.6

1.2

Net cash settlement from net investment hedges

0.0

(4.9)

Net cash provided by (used in) in investing activities

6.9

(19.4)

Financing Activities

Term loan repayment

(5.3)

(2.4)

Borrowings on Revolver Facility

48.3

123.0

Repayment of Revolver Facility

(3.0)

(116.2)

Debt issuance costs payment

(4.5)

0.0

Finance lease repayments

(0.1)

(0.7)

Common stock repurchase

0.0

(75.0)

Cash payments of employee withholding tax for stock awards

(1.4)

(1.9)

Net cash provided by (used in) financing activities

34.0

(73.2)

Discontinued Operations

Cash used in operating activities

(0.1)

(5.0)

Cash provided by investing activities

0.0

6.7

Cash (used in) provided by discontinued operations

(0.1)

1.7

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(7.2)

(3.3)

Net change in cash, cash equivalents and restricted cash

10.7

(145.3)

Cash, cash equivalents and restricted cash at beginning of year

120.2

274.0

Cash, cash equivalents and restricted cash at end of period

^[1],[2]

130.9

128.7

Cash paid for:

Interest, net of amounts capitalized

20.6

10.2

Income taxes paid, net

$ 22.8

$ 35.7

[1]	Includes $0.0 million and $0.2 million of cash on discontinued operations as of July 1, 2023 and June 25, 2022, respectively.
[2]	Includes Short-term restricted cash of $5.8 million and $1.9 million as of July 1, 2023 and June 25, 2022, respectively, and Long-term restricted cash of $7.1 million and $6.0 million as of July 1, 2023 and June 25, 2022, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 118.0	$ 110.1
Accounts receivable, net	70.7	63.7
Inventories	181.6	217.6
Non-trade accounts receivable, net	22.0	16.5
Short-term restricted cash	5.8	4.1
Prepaid expenses and other current assets	27.3	19.6
Total current assets	425.4	431.6
Property, plant and equipment, net	119.4	136.9
Operating lease assets	68.3	69.1
Long-term receivables, net of an allowance for credit losses of $35.3 million as of July 1, 2023 and $34.5 million as of December 31, 2022	4.5	5.6
Long-term non-trade accounts receivable, net of an allowance for credit losses of $0.8 million as of July 1, 2023 and $0.8 million as of December 31, 2022	26.9	35.7
Long-term refundable income taxes	49.4	43.1
Long-term restricted cash	7.1	6.0
Other assets, net	12.8	15.6
Assets held for sale	0.5	0.0
Total assets	714.3	743.6
Liabilities And Stockholders' Equity
Accounts payable	63.1	78.8
Current debt and finance lease obligations	754.8	709.8
Income taxes payable	3.3	12.2
Accrued liabilities	174.2	194.5
Current liabilities held for sale	6.3	6.6
Total current liabilities	1,001.7	1,001.9
Long-term debt and finance lease obligations	3.5	3.1
Operating lease liabilities	52.5	53.7
Long-term pension liabilities	51.8	50.9
Long-term deferred income taxes	28.3	26.4
Other liabilities	32.7	36.4
Liabilities held for sale	0.6	1.0
Total liabilities	1,171.1	1,173.4
Commitments and contingencies (Note 19)
Stockholders' deficit:
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued	0.6	0.6
Paid-in capital	201.9	208.4
Retained earnings	717.8	887.3
Treasury stock, 17,342,294 and 19,089,764 shares, respectively, at cost	(804.6)	(912.8)
Accumulated other comprehensive (loss) income	(572.5)	(613.3)
Total stockholders' deficit	(456.8)	(429.8)
Total liabilities and stockholders' deficit	$ 714.3	$ 743.6