Company Quick10K Filing
Tupperware Brands
Price15.76 EPS2
Shares49 P/E6
MCap771 P/FCF40
Net Debt476 EBIT196
TEV1,247 TEV/EBIT6
TTM 2019-09-28, in MM, except price, ratios
10-Q 2021-03-27 Filed 2021-05-05
10-K 2020-12-26 Filed 2021-03-10
10-Q 2020-09-26 Filed 2020-10-29
10-Q 2020-06-27 Filed 2020-07-29
10-Q 2020-03-28 Filed 2020-04-29
10-K 2019-12-28 Filed 2020-03-12
10-Q 2019-09-28 Filed 2019-11-06
10-Q 2019-06-29 Filed 2019-08-01
10-Q 2019-03-30 Filed 2019-05-02
10-K 2018-12-29 Filed 2019-02-26
10-Q 2018-09-29 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-30 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-07-01 Filed 2017-08-01
10-Q 2017-04-01 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-24 Filed 2016-10-25
10-Q 2016-06-25 Filed 2016-07-29
10-Q 2016-03-26 Filed 2016-05-02
10-K 2015-12-26 Filed 2016-03-04
10-Q 2015-09-26 Filed 2015-11-03
10-Q 2015-06-27 Filed 2015-08-04
10-Q 2015-03-28 Filed 2015-05-05
10-K 2014-12-27 Filed 2015-02-24
10-Q 2014-09-27 Filed 2014-11-04
10-Q 2014-06-28 Filed 2014-08-05
10-Q 2014-03-29 Filed 2014-05-06
10-K 2013-12-28 Filed 2014-02-25
10-Q 2013-09-28 Filed 2013-11-07
10-Q 2013-06-29 Filed 2013-08-06
10-Q 2013-03-30 Filed 2013-05-07
10-K 2012-12-29 Filed 2013-02-26
10-Q 2012-09-29 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-10-01 Filed 2011-11-08
10-Q 2011-07-02 Filed 2011-08-09
10-Q 2011-04-02 Filed 2011-05-10
10-K 2010-12-25 Filed 2011-02-22
10-Q 2010-09-25 Filed 2010-11-02
10-Q 2010-06-26 Filed 2010-08-04
10-Q 2010-03-27 Filed 2010-05-04
10-K 2009-12-26 Filed 2010-02-23
8-K 2020-11-11
8-K 2020-11-02
8-K 2020-10-29
8-K 2020-10-28
8-K 2020-10-09
8-K 2020-07-29
8-K 2020-07-22
8-K 2020-07-09
8-K 2020-06-24
8-K 2020-06-12
8-K 2020-06-10
8-K 2020-05-20
8-K 2020-05-20
8-K 2020-04-29
8-K 2020-04-21
8-K 2020-04-08
8-K 2020-03-30
8-K 2020-03-23
8-K 2020-03-11
8-K 2020-02-28
8-K 2020-02-24
8-K 2020-01-27
8-K 2020-01-23
8-K 2019-12-16
8-K 2019-11-11
8-K 2019-11-08
8-K 2019-10-30
8-K 2019-07-24
8-K 2019-05-22
8-K 2019-04-24
8-K 2019-03-29
8-K 2019-02-26
8-K 2019-02-20
8-K 2019-01-30
8-K 2019-01-25
8-K 2018-10-24
8-K 2018-10-10
8-K 2018-07-25
8-K 2018-06-14
8-K 2018-05-09
8-K 2018-04-25
8-K 2018-04-09
8-K 2018-02-21
8-K 2018-01-31

TUP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Shipping and Handling Costs
Note 3: Promotional Costs
Note 4: Incentive Compensation Plans
Note 5: Re - Engineering Charges
Note 6: Income Taxes
Note 7: Earnings (Loss) per Share
Note 8: Accumulated Other Comprehensive Income (Loss)
Note 9: Cash, Cash Equivalents and Restricted Cash
Note 10: Accounts Receivable
Note 11: Inventories
Note 12: Long - Term Receivables
Note 13: Assets Held for Sale
Note 14: Derivative Financial Instruments and Hedging Activities
Note 15: Deferred Revenue
Note 16: Debt
Note 17: Leases
Note 18: Retirement Benefit Plans
Note 19: Commitments and Contingencies
Note 20: Fair Value Measurements
Note 21: Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-3.2 amendedandrestatedbylaws.htm
EX-31.1 tup10q032721ex311.htm
EX-31.2 tup10q032721ex312.htm
EX-32.1 tup10q032721ex321.htm
EX-32.2 tup10q032721ex322.htm

Tupperware Brands Earnings 2021-03-27

Balance SheetIncome StatementCash Flow
4.23.32.41.50.6-0.32012201420172020
Assets, Equity
0.80.60.30.1-0.2-0.42012201420172020
Rev, G Profit, Net Income
0.50.40.20.1-0.1-0.22012201420172020
Ops, Inv, Fin

tup-20210327
000100865412/252021Q1FALSE00010086542020-12-272021-03-27xbrli:shares00010086542021-05-03iso4217:USDxbrli:shares00010086542021-03-03iso4217:USD00010086542019-12-292020-03-2800010086542021-03-2700010086542020-12-260001008654us-gaap:CommonStockMember2020-12-260001008654us-gaap:TreasuryStockMember2020-12-260001008654us-gaap:AdditionalPaidInCapitalMember2020-12-260001008654us-gaap:RetainedEarningsMember2020-12-260001008654us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-260001008654us-gaap:RetainedEarningsMember2020-06-282020-09-2600010086542020-06-282020-09-260001008654us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-282020-09-260001008654us-gaap:TreasuryStockMember2020-06-282020-09-260001008654us-gaap:AdditionalPaidInCapitalMember2020-06-282020-09-260001008654us-gaap:CommonStockMember2020-09-260001008654us-gaap:TreasuryStockMember2020-09-260001008654us-gaap:AdditionalPaidInCapitalMember2020-09-260001008654us-gaap:RetainedEarningsMember2020-09-260001008654us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-2600010086542020-09-260001008654us-gaap:CommonStockMember2019-12-280001008654us-gaap:TreasuryStockMember2019-12-280001008654us-gaap:AdditionalPaidInCapitalMember2019-12-280001008654us-gaap:RetainedEarningsMember2019-12-280001008654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-2800010086542019-12-280001008654us-gaap:RetainedEarningsMember2019-06-302019-09-2800010086542019-06-302019-09-280001008654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-302019-09-280001008654us-gaap:TreasuryStockMember2019-06-302019-09-280001008654us-gaap:AdditionalPaidInCapitalMember2019-06-302019-09-280001008654us-gaap:CommonStockMember2019-09-280001008654us-gaap:TreasuryStockMember2019-09-280001008654us-gaap:AdditionalPaidInCapitalMember2019-09-280001008654us-gaap:RetainedEarningsMember2019-09-280001008654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-2800010086542019-09-2800010086542020-03-280001008654us-gaap:ShippingAndHandlingMember2020-12-272021-03-270001008654us-gaap:ShippingAndHandlingMember2019-12-292020-03-280001008654us-gaap:EmployeeStockOptionMember2020-12-260001008654us-gaap:EmployeeStockOptionMember2020-12-272021-03-270001008654us-gaap:EmployeeStockOptionMember2021-03-270001008654tup:TimeVestedPerformanceVestedandMarketVestedShareAwardsMember2020-12-260001008654tup:TimeVestedMember2020-12-272021-03-270001008654us-gaap:PerformanceSharesMember2020-12-272021-03-270001008654tup:TimeVestedPerformanceVestedandMarketVestedShareAwardsMember2020-12-272021-03-270001008654tup:TimeVestedPerformanceVestedandMarketVestedShareAwardsMember2021-03-270001008654us-gaap:EmployeeStockOptionMember2019-12-292020-03-280001008654tup:TimeVestedPerformanceVestedandMarketVestedShareAwardsMember2019-12-292020-03-2800010086542020-09-262020-09-260001008654tup:TurnaroundPlanMember2020-12-272021-03-270001008654tup:TurnaroundPlanMember2019-12-292020-03-280001008654tup:RevitalizationPlanJuly2017Member2020-12-272021-03-270001008654tup:RevitalizationPlanJuly2017Member2019-12-292020-03-280001008654tup:AsiaPacificSegmentMembertup:TurnaroundPlanMember2020-12-272021-03-270001008654tup:AsiaPacificSegmentMembertup:TurnaroundPlanMember2019-12-292020-03-280001008654tup:TurnaroundPlanMembertup:EuropeSegmentMember2020-12-272021-03-270001008654tup:TurnaroundPlanMembertup:EuropeSegmentMember2019-12-292020-03-280001008654tup:TurnaroundPlanMembertup:NorthAmericaSegmentMember2020-12-272021-03-270001008654tup:TurnaroundPlanMembertup:NorthAmericaSegmentMember2019-12-292020-03-280001008654tup:TurnaroundPlanMembertup:SouthAmericaSegmentMember2020-12-272021-03-270001008654tup:TurnaroundPlanMembertup:SouthAmericaSegmentMember2019-12-292020-03-280001008654tup:TurnaroundPlanMemberus-gaap:CorporateNonSegmentMember2020-12-272021-03-270001008654tup:TurnaroundPlanMemberus-gaap:CorporateNonSegmentMember2019-12-292020-03-280001008654tup:TurnaroundPlanMember2020-12-260001008654tup:TurnaroundPlanMember2019-12-280001008654tup:TurnaroundPlanMember2019-12-292020-12-260001008654tup:TurnaroundPlanMemberus-gaap:EmployeeSeveranceMember2020-12-272021-03-270001008654tup:TurnaroundPlanMemberus-gaap:EmployeeSeveranceMember2019-12-292020-12-260001008654us-gaap:OtherRestructuringMembertup:TurnaroundPlanMember2020-12-272021-03-270001008654us-gaap:OtherRestructuringMembertup:TurnaroundPlanMember2019-12-292020-12-260001008654tup:TurnaroundPlanMember2021-03-270001008654tup:RevitalizationPlanJuly2017Membertup:EuropeSegmentMember2020-12-272021-03-270001008654tup:RevitalizationPlanJuly2017Membertup:EuropeSegmentMember2019-12-292020-03-280001008654tup:RevitalizationPlanJuly2017Membertup:NorthAmericaSegmentMember2020-12-272021-03-270001008654tup:RevitalizationPlanJuly2017Membertup:NorthAmericaSegmentMember2019-12-292020-03-280001008654tup:RevitalizationPlanJuly2017Member2020-12-260001008654tup:RevitalizationPlanJuly2017Member2019-12-280001008654tup:RevitalizationPlanJuly2017Member2019-12-292020-12-260001008654tup:RevitalizationPlanJuly2017Memberus-gaap:EmployeeSeveranceMember2020-12-272021-03-270001008654tup:RevitalizationPlanJuly2017Memberus-gaap:EmployeeSeveranceMember2019-12-292020-12-260001008654us-gaap:OtherRestructuringMembertup:RevitalizationPlanJuly2017Member2020-12-272021-03-270001008654us-gaap:OtherRestructuringMembertup:RevitalizationPlanJuly2017Member2019-12-292020-12-260001008654tup:RevitalizationPlanJuly2017Member2021-03-27xbrli:pure0001008654us-gaap:AccumulatedTranslationAdjustmentMember2020-12-260001008654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-260001008654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-260001008654us-gaap:AccumulatedTranslationAdjustmentMember2020-12-272021-03-270001008654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-272021-03-270001008654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-272021-03-270001008654us-gaap:AccumulatedTranslationAdjustmentMember2021-03-270001008654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-03-270001008654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-270001008654us-gaap:AccumulatedTranslationAdjustmentMember2019-12-280001008654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-280001008654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-280001008654us-gaap:AccumulatedTranslationAdjustmentMember2019-12-292020-03-280001008654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-292020-03-280001008654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-292020-03-280001008654us-gaap:AccumulatedTranslationAdjustmentMember2020-03-280001008654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-03-280001008654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-2800010086542019-12-292020-12-260001008654tup:EuropeSegmentMember2021-02-012021-02-280001008654tup:EuropeSegmentMember2020-12-272021-03-270001008654srt:MinimumMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-12-272021-03-270001008654srt:MaximumMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-12-272021-03-270001008654us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-12-272021-03-270001008654us-gaap:NetInvestmentHedgingMember2020-12-272021-03-270001008654us-gaap:NetInvestmentHedgingMember2019-12-292020-03-280001008654us-gaap:ForwardContractsMember2021-03-270001008654us-gaap:ForwardContractsMember2020-12-260001008654us-gaap:ForwardContractsMemberus-gaap:LongMembercurrency:KRW2021-03-270001008654us-gaap:ForwardContractsMemberus-gaap:LongMembercurrency:CHF2021-03-270001008654us-gaap:ForwardContractsMembercurrency:USDus-gaap:ShortMember2021-03-270001008654us-gaap:ForwardContractsMembercurrency:PHPus-gaap:ShortMember2021-03-270001008654us-gaap:ForwardContractsMemberus-gaap:LongMembercurrency:KRW2020-12-260001008654us-gaap:ForwardContractsMemberus-gaap:LongMembercurrency:CHF2020-12-260001008654us-gaap:ForwardContractsMembercurrency:USDus-gaap:ShortMember2020-12-260001008654us-gaap:ForwardContractsMembercurrency:EURus-gaap:ShortMember2020-12-260001008654tup:NonTradeAmountsReceivableMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-270001008654tup:NonTradeAmountsReceivableMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-260001008654us-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-270001008654us-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-260001008654us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2020-12-272021-03-270001008654us-gaap:ForeignExchangeContractMemberus-gaap:FairValueHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2019-12-292020-03-280001008654us-gaap:ForwardContractsMembercurrency:PHPus-gaap:ShortMemberus-gaap:OtherNonoperatingIncomeExpenseMember2020-12-272021-03-270001008654us-gaap:ForwardContractsMembercurrency:PHPus-gaap:ShortMemberus-gaap:OtherNonoperatingIncomeExpenseMember2019-12-292020-03-280001008654us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2019-12-292020-03-280001008654us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-12-272021-03-270001008654us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2019-12-292020-03-280001008654us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-12-272021-03-270001008654us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2019-12-292020-03-28iso4217:EUR0001008654tup:TermLoanMember2021-03-270001008654tup:TermLoanMember2020-12-260001008654tup:RevolvingCreditAgreementMember2021-03-270001008654tup:RevolvingCreditAgreementMember2020-12-260001008654us-gaap:LineOfCreditMembertup:TermLoanFacilityMembertup:ParentTermLoanMember2020-12-030001008654us-gaap:LineOfCreditMembertup:DartIndustriesIncMembertup:TermLoanFacilityMembertup:DartTermLoanMember2020-12-030001008654tup:TermLoanMembertup:TermLoanFacilityMember2020-12-032020-12-030001008654tup:TermLoanMembertup:TermLoanFacilityMember2020-12-030001008654us-gaap:FederalFundsEffectiveSwapRateMembertup:TermLoanMembertup:TermLoanFacilityMember2020-12-032020-12-030001008654us-gaap:EurodollarMembertup:TermLoanMembertup:TermLoanFacilityMember2020-12-032020-12-030001008654us-gaap:LineOfCreditMembertup:TermLoanMembertup:TermLoanFacilityMember2020-12-032020-12-030001008654tup:TermLoanMembertup:TermLoanFacilityMemberus-gaap:BaseRateMember2020-12-272021-03-270001008654us-gaap:EurodollarMembertup:TermLoanMembertup:TermLoanFacilityMember2020-12-272021-03-270001008654us-gaap:DebtInstrumentRedemptionPeriodOneMembertup:TermLoanMembertup:TermLoanFacilityMemberus-gaap:BaseRateMember2020-12-272021-03-270001008654tup:TermLoanMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMembertup:TermLoanFacilityMemberus-gaap:BaseRateMember2020-12-272021-03-270001008654us-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:EurodollarMembertup:TermLoanMembertup:TermLoanFacilityMember2020-12-272021-03-270001008654us-gaap:EurodollarMembertup:TermLoanMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMembertup:TermLoanFacilityMember2020-12-272021-03-270001008654tup:TermLoanMembertup:TermLoanFacilityMember2021-02-282021-02-280001008654tup:TermLoanMembertup:TermLoanFacilityMember2021-03-270001008654tup:TermLoanMembertup:TermLoanFacilityMember2020-12-260001008654tup:TermLoanMembertup:TermLoanFacilityMembertup:TermLoanMember2020-12-272021-03-270001008654us-gaap:LetterOfCreditMembertup:RevolvingCreditAgreementMember2021-03-270001008654tup:SwinglineMembertup:RevolvingCreditAgreementMember2021-03-270001008654srt:SubsidiariesMembertup:RevolvingCreditAgreementMember2021-03-270001008654tup:RevolvingCreditAgreementMember2020-12-272021-03-270001008654currency:EURtup:RevolvingCreditAgreementMember2021-03-270001008654currency:EURtup:RevolvingCreditAgreementMember2020-12-260001008654us-gaap:FederalFundsEffectiveSwapRateMembertup:RevolvingCreditAgreementMember2021-03-270001008654srt:MinimumMembertup:RevolvingCreditAgreementMember2020-12-272021-03-270001008654srt:MaximumMembertup:RevolvingCreditAgreementMember2020-12-272021-03-270001008654srt:MinimumMembertup:RevolvingCreditAgreementMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-272021-03-270001008654srt:MaximumMembertup:RevolvingCreditAgreementMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-272021-03-270001008654tup:RevolvingCreditAgreementMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-03-270001008654tup:RevolvingCreditAgreementMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-12-272021-03-270001008654tup:Period1Member2020-02-282020-02-280001008654tup:Period2Member2020-02-282020-02-280001008654tup:Period3Member2020-02-282020-02-280001008654tup:Period4Member2020-02-282020-02-280001008654tup:Period5Member2020-02-282020-02-280001008654tup:UncommittedLinesOfCreditMember2021-03-270001008654tup:SeniorNotesDue2021Member2020-12-260001008654tup:SeniorNotesDue2021Member2021-03-270001008654tup:SeniorNotesDue2021Member2020-03-292020-06-270001008654tup:SeniorNotesDue2021Member2020-06-282020-09-260001008654tup:SeniorNotesDue2021Member2020-09-272020-12-260001008654srt:MinimumMember2021-03-270001008654srt:MaximumMember2021-03-270001008654us-gaap:PensionPlansDefinedBenefitMember2020-12-272021-03-270001008654us-gaap:PensionPlansDefinedBenefitMember2019-12-292020-03-280001008654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-272021-03-270001008654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-292020-03-280001008654us-gaap:OtherNonoperatingIncomeExpenseMember2020-12-272021-03-270001008654us-gaap:OtherNonoperatingIncomeExpenseMember2019-12-292020-03-280001008654tup:TermLoanMemberus-gaap:FairValueInputsLevel2Member2021-03-270001008654tup:TermLoanMemberus-gaap:FairValueInputsLevel2Member2020-12-260001008654tup:BeautyAndPersonalCareProductsMember2020-12-272021-03-270001008654tup:BeautyAndPersonalCareProductsMember2019-12-292020-03-280001008654tup:AsiaPacificSegmentMember2020-12-272021-03-270001008654tup:AsiaPacificSegmentMember2019-12-292020-03-280001008654tup:EuropeSegmentMember2019-12-292020-03-280001008654tup:NorthAmericaSegmentMember2020-12-272021-03-270001008654tup:NorthAmericaSegmentMember2019-12-292020-03-280001008654tup:SouthAmericaSegmentMember2020-12-272021-03-270001008654tup:SouthAmericaSegmentMember2019-12-292020-03-280001008654tup:AsiaPacificSegmentMember2021-03-270001008654tup:AsiaPacificSegmentMember2020-12-260001008654tup:EuropeSegmentMember2021-03-270001008654tup:EuropeSegmentMember2020-12-260001008654tup:NorthAmericaSegmentMember2021-03-270001008654tup:NorthAmericaSegmentMember2020-12-260001008654tup:SouthAmericaSegmentMember2021-03-270001008654tup:SouthAmericaSegmentMember2020-12-260001008654us-gaap:CorporateMember2021-03-270001008654us-gaap:CorporateMember2020-12-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the 13 weeks ended March 27, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition period from               to             

Commission file number 1-11657
_________________________________________________________________
TUPPERWARE BRANDS CORPORATION
(Exact name of registrant as specified in its charter)
—————————————————————————————————————————————————————————————————
Delaware36-4062333
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
14901 South Orange Blossom Trail
OrlandoFlorida32837
(Address of principal executive offices)     (Zip Code)

(407826-5050
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueTUPNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated FilerNon-accelerated Filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No  
As of May 3, 2021, 49,666,562 shares of the common stock, $0.01 par value, of the registrant were outstanding.




TABLE OF CONTENTS
ItemPage

2

Table of contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
13 weeks ended
(In millions, except per share amounts)March 27,
2021
March 28,
2020
Net sales$460.3 $375.9 
Cost of products sold137.0 129.7 
Gross margin323.3 246.2 
Selling, general and administrative expense249.4 242.9 
Re-engineering charges3.1 3.9 
(Gain) loss on disposal of assets(8.7)0.1 
Operating income (loss)79.5 (0.7)
Loss on debt extinguishment2.1  
Interest expense11.8 10.2 
Interest income(0.3)(0.5)
Other (income) expense, net(0.2)(2.1)
Income (loss) before income taxes66.1 (8.3)
Provision (benefit) for income taxes20.8 (0.5)
Net income (loss)$45.3 $(7.8)
Basic earnings (loss) per share$0.92 $(0.16)
Diluted earnings (loss) per share$0.85 $(0.16)
Basic weighted-average shares49.4 48.9 
Diluted weighted-average shares53.4 48.9 

See accompanying notes to Consolidated Financial Statements.
3

Table of contents
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Net income (loss)$45.3 $(7.8)
Other comprehensive income (loss):
Foreign currency translation adjustments3.9 (93.6)
Deferred gain (loss) on cash flow hedges, net of tax 10.1 
Pension and other post-retirement benefit (costs), net of tax1.4 2.0 
Other comprehensive income (loss)5.3 (81.5)
Total comprehensive income (loss)$50.6 $(89.3)

See accompanying notes to Consolidated Financial Statements.
4

Table of contents
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of
(In millions, except share amounts)March 27,
2021
December 26,
2020
Assets  
Cash and cash equivalents$154.8 $139.1 
Accounts receivable, net110.1 114.7 
Inventory, net262.1 236.3 
Non-trade accounts receivable, net37.0 25.9 
Prepaid expenses and other current assets28.4 30.1 
Total current assets592.4 546.1 
Deferred tax assets, net172.4 178.5 
Property, plant and equipment, net194.7 202.5 
Operating lease assets93.4 97.9 
Long-term receivables, net9.3 12.6 
Trade names, net18.8 23.6 
Goodwill54.1 60.4 
Other assets, net91.8 98.3 
Total assets$1,226.9 $1,219.9 
Liabilities And Shareholders' Equity  
Accounts payable$110.0 $135.1 
Current debt and finance lease obligations452.5 424.7 
Accrued liabilities347.5 349.9 
Total current liabilities910.0 909.7 
Long-term debt and finance lease obligations227.5 258.6 
Operating lease liabilities67.5 70.1 
Other liabilities175.2 186.2 
Total liabilities1,380.2 1,424.6 
Commitments and contingencies (Note 19)
Shareholders' equity (deficit):  
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued
  
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued
0.6 0.6 
Paid-in capital215.3 215.5 
Retained earnings1,188.8 1,161.6 
Treasury stock, 14,030,724 and 14,312,853 shares, respectively, at cost
(877.4)(896.5)
Accumulated other comprehensive loss(680.6)(685.9)
Total shareholders' equity (deficit)(153.3)(204.7)
Total liabilities and shareholders' equity$1,226.9 $1,219.9 

See accompanying notes to Consolidated Financial Statements.
5

Table of contents
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
Common StockTreasury StockPaid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders' Equity (Deficit)
(In millions, except per share amounts)SharesDollarsSharesDollars
December 26, 202063.6$0.6 14.3$(896.5)$215.5 $1,161.6 $(685.9)$(204.7)
Net income (loss)— — — 45.3 — 45.3 
Other comprehensive income (loss)— — — — 5.3 5.3 
Stock and options issued for incentive plans— — (0.3)19.1 (0.2)(18.1)— 0.8 
March 27, 202163.60.6 14.0(877.4)215.3 1,188.8 (680.6)(153.3)

See accompanying notes to Consolidated Financial Statements.
6

Table of contents
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
Accumulated Other Comprehensive (Loss) IncomeTotal Shareholders' Equity (Deficit)
Common StockTreasury StockPaid-In CapitalRetained Earnings
(In millions, except per share amounts)SharesDollarsSharesDollars
December 28, 201963.6$0.6 14.7$(921.6)$215.0 $1,067.3 $(638.3)$(277.0)
Net income (loss)(7.8)(7.8)
Other comprehensive income (loss)(81.5)(81.5)
Stock and options issued for incentive plans— — (0.1)5.2 1.9 (4.8)— 2.3 
March 28, 202063.60.6 14.6(916.4)216.9 1,054.7 (719.8)(364.0)

See accompanying notes to Consolidated Financial Statements.
7

Table of contents
TUPPERWARE BRANDS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Operating Activities
Net income (loss)$45.3 $(7.8)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization10.7 11.7 
Unrealized foreign exchange (gain) loss 0.1 
Stock-based compensation
1.8 2.2 
Amortization of deferred debt issuance costs
1.3 0.4 
(Gain) loss on disposal of assets(8.7) 
Provision for credit losses
1.0 7.0 
Loss on debt extinguishment2.6  
Write-down of inventories2.6 2.9 
Net change in deferred taxes
0.9 (14.3)
Net cash impact from hedging activity
(3.1)(1.9)
Other
(0.7)(0.3)
Changes in assets and liabilities:
Accounts receivable
(0.7)(6.5)
Inventories(38.7)(10.5)
Non-trade amounts receivable(11.1)(3.2)
Prepaid expenses0.6 (1.2)
Other assets0.2 (1.2)
Accounts payable and accrued liabilities(15.5)(19.2)
Income taxes payable0.6 (0.3)
Other liabilities(2.7)(4.9)
Net cash used in operating activities(13.6)(47.0)
Investing Activities
Capital expenditures(7.4)(8.2)
Proceeds from disposal of assets
40.4 0.5 
Net cash provided by (used in) investing activities33.0 (7.7)
Financing Activities
Term loan repayment(34.0) 
Net increase (decrease) in short-term debt32.4 121.0 
Debt issuance costs payment(0.3)(1.7)
Finance lease repayments(0.3)(0.3)
Common stock repurchase(1.4) 
Proceeds from exercise of stock options0.5  
Net cash provided by (used in) financing activities(3.1)119.0 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(4.1)(12.4)
Net change in cash, cash equivalents and restricted cash12.2 51.9 
Cash, cash equivalents and restricted cash at beginning of year150.5 126.1 
Cash, cash equivalents and restricted cash at end of period$162.7 $178.0 

See accompanying notes to Consolidated Financial Statements.
8

Table of contents
TUPPERWARE BRANDS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements include the accounts of Tupperware Brands Corporation and its subsidiaries, collectively the “Company” or “Tupperware”, with all intercompany transactions and balances having been eliminated. The Company prepared the unaudited Consolidated Financial Statements in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission and, in the Company's opinion, reflect all adjustments, including normal recurring items that are necessary. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation.

Certain information and note disclosures normally included in the financial statements prepared in conformity with GAAP for complete financial statements have been condensed or omitted as permitted by such rules and regulations. As such, these Consolidated Financial Statements and related notes should be read in conjunction with the audited 2020 Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 26, 2020. Operating results of any interim period presented herein are not necessarily indicative of the results that may be expected for a full fiscal year.

Use of Estimates

The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ materially from these estimates.

For the first quarter ended March 27, 2021, the impact on business activity brought about by the Coronavirus pandemic (“COVID-19”) continues to evolve. As a result, many of the Company's estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company's estimates may change materially in future periods.

COVID-19

Since early 2020, the Company has followed guidance from the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) on actions required by individuals and businesses following the declaration of COVID-19 as a pandemic. Since 2020 the pandemic has impacted worldwide economic activity and many governments have implemented policies intended to stop or slow the further spread of the disease. These policies, such as shelter-in-place orders, remained in place for a significant period of time, resulting in the temporary closure of schools and non-essential businesses. Products are primarily sold directly to independent distributors, directors, managers and dealers (the “Sales Force”) throughout the world. The Company responded by taking actions to keep employees protected, support the Company’s global Sales Force and communities, and maintain business continuity. Actions taken to date include:

Monitoring of local and state governments and public health institution recommendations in the markets where the Company operates.
Revision in real-time of corporate policies and procedures to keep the Company's employees safe around the world.
Enacting travel bans consistent with emerging needs and regulation.
Provisioning all required personal protective equipment in manufacturing locations that continued to operate during the pandemic.
Conducting regular temperature checks for employees and providing additional medical leave and medical assistance as needed.
Enacting special cleaning and immediate response procedures for office and plant employees.
Accelerating access to, and training and implementation of, digital platforms for Sales Force to enable customers to continue to acquire products while enhancing the customer's digital experience.
Activating a global business continuity committee with representatives from key business functions from all over the world, with a task to guide the Company's global organization through the pandemic with a dual focus on business continuity and health and safety.
Enabling work from home arrangements and support for associates with virtual tools and equipment as required.

9

Table of contents
A top priority for the Company as it continues to navigate the impacts of the global COVID-19 pandemic is the safety of its employees and their families, Sales Force and consumers, and to mitigate the impact of the pandemic on its operations and financial results. The Company will continue to proactively respond to the situation and may take further actions that alter the Company’s business operations as may be required by governmental authorities, or that the Company determines are in the best interests of its employees, Sales Force and consumers. In order to ensure continued safety and protect the health of the employees, and to comply with applicable government directives, the Company has modified its business practices to allow its employees to work remotely, incorporate virtual meetings and restrict all non-essential employee travel until further notice. While global vaccination efforts are underway, the continued impact of COVID-19, including any increases in infection rates and renewed governmental action to slow the spread of COVID-19, like those that have occurred throughout Western Europe and Latin America in the first quarter of 2021, cannot be estimated.

New Accounting Pronouncements

Standards Recently Adopted

In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans”, an amendment to existing guidance on disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. Under the amendment, the entity is required to disclose the weighted-average interest crediting rates used, reasons for significant gains and losses affecting the benefit obligation and an explanation of any other significant changes in the benefit obligation or plan assets. The amendment also removed certain required disclosures that no longer are considered cost beneficial. This guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this guidance at the beginning of the first quarter of 2021 and the adoption did not have any material impact on its Consolidated Financial Statements.

Standards Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, an optional guidance for a limited period of time to ease the transition from the London interbank offered rate (“LIBOR”) to an alternative reference rate. The ASU intends to address certain concerns relating to accounting for contract modifications and hedge accounting. These optional expedients and exceptions to applying GAAP, assuming certain criteria are met, are allowed through December 31, 2022. The amendments should be applied on a prospective basis. The Company continues to evaluate the impact of the potential adoption of this amendment on its Consolidated Financial Statements.

Note 2: Shipping and Handling Costs

The cost of products sold line item includes costs related to the purchase and manufacture of goods sold by the Company. Among these costs are inbound freight charges, duties, purchasing and receiving costs, inspection costs, depreciation expense, internal transfer costs and warehousing costs of raw material, work in process and packing materials. The warehousing and distribution costs of finished goods are included in selling, general and administrative expense. Distribution costs are comprised of outbound freight and associated labor costs. Fees billed to customers associated with the distribution of products are classified as revenue.

Distribution costs were:

13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Distribution costs$43.4 $29.1 
10

Table of contents
Note 3: Promotional Costs

The Company frequently makes promotional offers to members of its independent Sales Force to encourage them to fulfill specific goals or targets for other activities. These activities are ancillary to the Company’s business, but considered separate and distinct services from sales, which are measured by defined group/team sales levels, party attendance, addition of new Sales Force members, or other business-critical functions. The awards offered are in the form of product awards, special prizes, or trips.

Programs are generally designed to recognize Sales Force members for achieving a primary objective. An example is holding a certain number of product demonstrations. In this situation, the Company offers a prize to Sales Force members that achieve the targeted number of product demonstrations over a specified period. The period runs from a couple of weeks to several months. The prizes are generally graded, in that meeting one level may result in receiving a piece of jewelry, with higher achievement resulting in more valuable prizes such as a television or a trip. Similar programs are designed to reward current Sales Force members who reach certain goals by promoting them to a higher level in the organization where their earning opportunity would be expanded, and they would take on additional responsibilities for adding new Sales Force members and providing training and motivation to new and existing Sales Force members. Other business drivers, such as scheduling product demonstrations, increasing the number of Sales Force members, holding product demonstrations, or increasing end consumer attendance at product demonstrations, may also be the focus of a program.

The Company also offers commissions for achieving targeted sales levels. These types of awards are generally based upon the sales achievement of at least a mid-level member of the Sales Force, and her or his down-line members. The down-line consists of those Sales Force members that have been directly added to the Sales Force by a given Sales Force member, as well as those added by her or his down-line member. In this manner, Sales Force members can build an extensive organization over time if they are committed to adding and developing their units. In addition to the commission, the positive performance of a unit may also entitle its leader to the use of a Company-provided vehicle and in some cases, the permanent awarding of a vehicle. Similar to the prize programs noted earlier, these programs generally offer varying levels of vehicles that are dependent upon performance.

The Company accrues for the costs of these awards during the period over which the Sales Force qualifies for the award and reports these costs primarily as a component of selling, general and administrative expense. These accruals require estimates as to the cost of the awards, based upon estimates of achievement and actual cost to be incurred. During the qualification period, actual results are monitored and changes to the original estimates are made when known.

Promotional costs were:
13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Promotional costs$67.4 $58.5 
Note 4: Incentive Compensation Plans

Stock Options

Stock option activity for 2021, under all of the Company's incentive plans, is summarized in the following table:

Stock OptionsWeighted Average 
Exercise Price Per Share
Aggregate Intrinsic Value
(in millions)
Outstanding at December 26, 20204,074,398 $43.74 
Expired / Forfeited(183,746)52.08 
Exercised(13,702)37.16 
Outstanding at March 27, 20213,876,950 $43.37 $22.4 
Exercisable at March 27, 20212,803,062 $57.67 $ 
11

Table of contents

The Company also has time-vested, performance-vested and market-vested share awards. The activity for such awards in 2021 is summarized in the following table:

Shares
outstanding
Weighted 
average grant date 
fair value
Outstanding at December 26, 20204,954,342 $3.60 
Time-vested shares granted334,936 25.05 
Performance shares granted284,180 24.98 
Vested(316,510)5.90 
Forfeited(99,423)16.02 
Outstanding at March 27, 20215,157,525 $5.79 

Stock-based compensation expense in the first quarters of 2021 and 2020, respectively, was:

13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Stock options$0.1 $0.3 
Time, performance and market vested share awards$1.7 $1.9 

Unrecognized stock-based compensation expense and the weighted average years to recognize the unrecognized stock-based compensation was as follows:

As of
(In millions)March 27,
2021
Unrecognized stock-based compensation expense$27.6 
Weighted average years to recognize the unrecognized stock-based compensation2.6 years

Under the Company's stock incentive programs, in certain jurisdictions, employees are allowed to use shares retained by the Company to satisfy minimum statutorily required withholding taxes.

Shares retained to fund withholding taxes and the value of shares retained to fund withholding taxes was as follows:

13 weeks ended
(In millions, except share amounts)March 27,
2021
March 28,
2020
Shares retained to fund withholding taxes44,999 1,127 
Value of shares retained to fund withholding taxes$1.4 $ 
12

Table of contents
Note 5: Re-engineering Charges

Re-engineering charges are mainly related to the transformation program, which was announced in January 2019 and re-assessed in December 2019 (collectively the “Turnaround Plan”). The key elements of the Turnaround Plan include: increasing the Company's right-sizing plans to improve profitability, accelerating the divestiture of non-core assets to strengthen the balance sheet, restructuring the Company’s debt to enhance liquidity, and structurally fixing the Company’s core business to create a more sustainable business model. The Turnaround Plan charges primarily related to severance costs and outside consulting services. Other re-engineering charges are primarily related to facility costs.

Re-engineering charges were:

13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Turnaround plan$1.6 $3.3 
Other1.5 0.6 
Total re-engineering charges$3.1 $3.9 

Turnaround Plan

Turnaround Plan charges were:

13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Asia Pacific$0.1 $0.4 
Europe0.8  
North America0.4  
South America0.3 0.2 
Corporate 2.7 
Total turnaround plan charges$1.6 $3.3 

The balance included in accrued liabilities related to the Turnaround Plan was:

As of
(In millions)March 27,
2021
December 26,
2020
Beginning balance$18.7 $12.9 
Provision1.6 33.0 
Adjustments and other charges(0.2)2.7 
Currency translation adjustment(0.1) 
Cash expenditures:
Severance(2.1)(28.5)
Other(1.7)(1.4)
Ending balance$16.2 $18.7 

13

Table of contents
Other

Other charges were:

13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Europe$0.3 $0.3 
North America1.2 0.3 
Total other charges$1.5 $0.6 

The balance included in accrued liabilities related to other charges was:

As of
(In millions)March 27,
2021
December 26,
2020
Beginning balance$ $3.1 
Provision1.5 3.1 
Adjustments and other charges (1.9)
Cash expenditures:
Severance (1.8)
Other(1.2)(2.5)
Ending balance$0.3 $ 
Note 6: Income Taxes

The effective tax rate was:

13 weeks ended
March 27,
2021
March 28,
2020
Effective tax rate31.5 %6.0 %

The change in the effective tax rate in the first quarters of 2021 and 2020, respectively, was primarily due to:

an increase in profitability for the first quarter ended March 27, 2021 as compared to the same period last year, due to the Company’s turnaround efforts
a favorable jurisdictional mix of earnings
partially offset by losses in the United States that currently have no tax benefit, and an unfavorable adjustment related to a continued limitation of interest expense deductions requiring a valuation allowance

Uncertain tax positions and related interest and penalties were:

As of
(In millions)March 27,
2021
December 26,
2020
Accrual for uncertain tax positions
$15.3 $15.3 
Uncertain tax positions impacting effective tax rate if recognized
$10.6 $10.6 
Interest and penalties related to uncertain tax positions
$0.4 $3.9 

14

Table of contents
In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is currently under examination or contesting proposed adjustments by various state and international tax authorities for fiscal years ranging from 2004 through 2020. It is reasonably possible that there could be a significant decrease or increase to the unrecognized tax benefit balance during the course of the next twelve months as these examinations continue, other tax examinations commence or various statutes of limitations expire. While the Company does not currently expect material changes, it is possible that the amount of unrecognized benefit with respect to the uncertain tax positions will significantly increase or decrease related to audits in various foreign jurisdictions that may conclude during that period or new developments that could also, in turn, impact the Company's assessment relative to the establishment of valuation allowances against certain existing deferred tax assets. An estimate of the range of possible changes cannot be made for remaining unrecognized tax benefits because of the significant number of jurisdictions in which the Company does business and the number of open tax periods.
Note 7: Earnings (Loss) Per Share
Basic earnings (loss) per share is calculated by dividing net income (loss) by the basic weighted-average shares. Diluted earnings (loss) per share is calculated by also considering the impact of dilutive securities such as stock options, restricted shares, restricted stock units and performance share units on both net income (loss) and the basic weighted-average shares.
The elements of the earnings (loss) per share computations were as follows:
13 weeks ended
 (In millions, except per share amounts)March 27,
2021
March 28,
2020
Net income (loss)$45.3 $(7.8)
Basic weighted-average shares49.4 48.9 
Effect of dilutive securities4.0  
Diluted weighted-average shares53.4 48.9 
Basic earnings (loss) per share$0.92 $(0.16)
Diluted earnings (loss) per share$0.85 $(0.16)
Excluded anti-dilutive shares2.9 4.2 
15

Table of contents
Note 8: Accumulated Other Comprehensive Income (Loss)

The change in accumulated other comprehensive loss was as follows:

(In millions, net of tax)Foreign Currency ItemsCash Flow HedgesPension and Other Post-retirement ItemsTotal
Balance at December 26, 2020$(648.4)$0.2 $(37.7)$(685.9)
Other comprehensive income (loss) before reclassifications3.9  1.0 4.9 
Amounts reclassified from accumulated other comprehensive income (loss)  0.4 0.4 
Other comprehensive income (loss)3.9  1.4 5.3 
Balance at March 27, 2021$(644.5)$0.2 $(36.3)$(680.6)

(In millions, net of tax)Foreign Currency ItemsCash Flow HedgesPension and Other Post-retirement ItemsTotal
Balance at December 28, 2019$(600.2)$(2.4)$(35.7)$(638.3)
Other comprehensive income (loss) before reclassifications(93.6)10.5 1.7 (81.4)
Amounts reclassified from accumulated other comprehensive income (loss) (0.4)0.3 (0.1)
Other comprehensive income (loss)(93.6)10.1 2.0 (81.5)
Balance at March 28, 2020$(693.8)$7.7 $(33.7)$(719.8)

Amounts reclassified from accumulated other comprehensive loss that related to cash flow hedges consisted of:

13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Cash flow hedges (gain) losses$ $(0.5)
Tax (benefit) provision 0.1 
Amounts reclassified from accumulated other comprehensive income (loss) for cash flow hedges$ $(0.4)

Amounts reclassified from accumulated other comprehensive loss related to pension and other post-retirement items consisted of:

13 weeks ended
(In millions)March 27,
2021
March 28,
2020
Prior service (benefit) costs$(0.1)$(0.1)
Actuarial (gains) losses0.6 0.5 
Tax (benefit) provision(0.1)(0.1)
Amounts reclassified from accumulated other comprehensive income (loss) related to pension and other post-retirement items$0.4 $0.3 
16

Table of contents
Note 9: Cash, Cash equivalents and Restricted Cash

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include time deposits, certificates of deposit, or similar instruments. Any funds that the Company is legally restricted to withdraw, including compensating balances, are classified as restricted cash. Restricted cash is recorded in prepaid expenses and other current assets and in the other assets, net line items in the Consolidated Balance Sheet. A reconciliation of the Company’s cash and cash equivalents in the Consolidated Balance Sheets to cash, cash equivalents, and restricted cash at end of period in the Consolidated Statements of Cash Flows is as follows:

As of
(In millions)March 27,
2021
December 26,
2020
Cash and cash equivalents$154.8 $139.1 
Restricted cash7.9 11.4 
Cash, cash equivalents and restricted cash at end of period
$162.7 $150.5 
Note 10: Accounts Receivable

The accounts receivable and allowance for credit losses balance was:

As of
(In millions)March 27,
2021
December 26,
2020
Accounts receivable$143.8 $151.9 
Allowance for credit losses(33.7)(37.2)
Accounts receivable, net
$110.1 $114.7 
Note 11: Inventories

Inventories balance net of any inventory allowance was:

As of
(In millions)March 27,
2021
December 26,
2020
Finished goods$197.4 $176.4 
Work in process29.4 27.6 
Raw materials and supplies35.3 32.3 
Inventories$262.1 $236.3 
17

Table of contents
Note 12: Long-Term Receivables

The long-term receivables and allowance for long-term receivables balance was as follows:

As of
(In millions)March 27,
2021
December 26,
2020
Long-term receivables, gross$38.5 $39.3 
Beginning balance$(26.7)$(13.9)
Write-offs 3.7 
Recoveries0.1 0.6 
Provision (a)
(3.4)(14.8)
Currency translation adjustment0.8 (2.3)
Allowance for long-term receivables$(29.2)$(26.7)
Long-term receivables net$9.3 $12.6 
____________________
(a)Provision includes $2.5 million and $8.3 million of reclassifications from current receivables as of March 27, 2021 and December 26, 2020, respectively.

Majority of long-term receivables from both active and inactive customers that are past due were reserved through the Company's allowance for credit losses. Long-term receivables that were past due were:

As of
(In millions)March 27,
2021
December 26,
2020
Long-term receivables past due$30.9 $30.9 
Note 13: Assets Held for Sale

On October 29, 2020, the Company entered into a definitive agreement for the sale of its Avroy Shlain beauty business in South Africa. The Company sold the Avroy Shlain beauty business for net cash of $30.5 million in February 2021. The Company recognized a gain of $1.0 million which is recorded in the gain (loss) on disposal of assets line item in the Consolidated Statements of Income. Avroy Shlain results are reported under the Europe segment.