EX-99.2 3 tup122521ex992supplemental.htm EX-99.2 Document
Exhibit 99.2
Supplemental non-GAAP information

GAAP to non-GAAP Earnings Per Share Reconciliation

13 weeks ended13 weeks ended
December 25,
2021
December 26,
2020
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$394.9 $— $394.9 $448.3 $— $448.3 
Cost of products sold154.0 (1.5)a)152.5 142.7 (3.2)a)139.5 
Gross profit240.9 1.5 242.4 305.6 3.2 308.8 
Gross margin percentage61.0 %61.4 %68.2 %68.9 %
Selling, general and administrative expense206.7 (0.7)a), b)206.0 231.8 (1.2)a), b)230.6 
Selling, general and administrative expense as percentage of net sales52.3 %52.2 %51.7 %51.4 %
Re-engineering charges5.1 (5.1)c)— 5.6 (5.6)c)— 
(Gain) loss on disposal of assets(23.4)23.4 c)— (32.8)32.8 c)— 
Impairment expense8.1 (8.1)c)— — — — 
Operating income (loss)44.4 (8.0)36.4 101.0 (22.8)78.2 
Operating income as percentage of net sales11.2 %9.2 %22.5 %17.4 %
(Gain) Loss on debt extinguishment11.8 (11.8)— 9.6 (9.6)c)— 
Interest expense5.5 — 5.5 8.1 — 8.1 
Interest income(0.2)— (0.2)(0.5)— (0.5)
Other (income) expense, net(2.5)— (2.5)(1.2)(0.6)(1.8)
Income (loss) from continuing operations before income taxes29.8 3.8 33.6 85.0 (12.6)72.4 
Provision (benefit) for income taxes10.4 3.1 d)13.5 57.2 3.4 d)60.6 
Income from continuing operations$19.4 $0.7 $20.1 $27.8 $(16.0)$11.8 
Net income as percentage of net sales4.9 %5.1 %6.2 %2.6 %
Basic earnings (loss) from continuing operations - per share$0.40 $0.01 $0.41 $0.57 $(0.33)$0.24 
Diluted earnings (loss) from continuing operations - per share$0.37 $0.01 $0.38 $0.52 $(0.30)$0.22 
Basic weighted-average shares48.9 49.2 
Diluted weighted-average shares52.3 53.6 



Exhibit 99.2
a.This adjustments is related to the foreign currency impact and inventory write-offs for Argentina and Venezuela.
b.This adjustment is related to the pension settlement costs, amortization, consultant fees, software licensing, and litigation fees. The 2020 adjustment also includes CEO transition costs.
c.The adjustment amount equals the GAAP amounts for continuing operations
d.The adjustment represents the net tax impact of adjusted amounts.



Exhibit 99.2
52 weeks ended52 weeks ended
December 25,
2021
December 26,
2020
(In millions, except per share amounts)GAAP AmountsAdjustmentsNon-GAAP AmountsGAAP AmountsAdjustmentsNon-GAAP Amounts
Net sales$1,602.3 $— $1,602.3 $1,557.8 $— $1,557.8 
Cost of products sold534.0 (2.9)a)531.1 504.8 (4.8)a)500.0 
Gross profit1,068.3 2.9 1,071.2 1,053.0 4.8 1,057.8 
Gross margin percentage66.7 %66.9 %67.6 %67.9 %
Selling, general and administrative expense827.2 (7.9)a), b)819.3 840.4 (18.7)a), b)821.7 
Selling, general and administrative expense as percentage of net sales51.6 %51.1 %53.9 %52.7 %
Re-engineering charges14.8 (14.8)c)— 35.3 (35.3)c)— 
(Gain) loss on disposal of assets(32.3)32.3 c)— (14.3)14.3 c)— 
Impairment expense8.1 (8.1)c)— — — — 
Operating income (loss)250.5 1.4 251.9 191.6 44.5 236.1 
Operating income as percentage of net sales15.6 %15.7 %12.3 %15.2 %
(Gain) Loss on debt extinguishment19.9 (19.9)c)— (40.2)40.2 c)— 
Interest expense35.2 — 35.2 38.6 — 38.6 
Interest income(1.1)— (1.1)(1.5)— (1.5)
Other (income) expense, net(1.7)(0.7)(2.4)(12.0)(1.2)(13.2)
Income (loss) from continuing operations before income taxes198.2 22.0 220.2 206.7 5.5 212.2 
Provision (benefit) for income taxes42.6 5.6 d)48.2 95.8 3.6 d)99.4 
Income from continuing operations$155.6 $16.4 $172.0 $110.9 $1.9 $112.8 
Net income from continuing operations as percentage of net sales9.7 %10.7 %7.1 %7.2 %
Basic earnings (loss) from continuing operations - per share$3.15 $0.33 $3.48 $2.26 $0.04 $2.30 
Diluted earnings (loss) from continuing operations - per share$2.93 $0.32 $3.25 $2.12 $0.03 $2.15 
Basic weighted-average shares49.4 49.1 
Diluted weighted-average shares53.0 52.3 

a.This adjustments is related to the foreign currency impact and inventory write-offs for Argentina and Venezuela.
b.This adjustment is related to the pension settlement costs, amortization, consultant fees, software licensing and litigation fees. The 2020 adjustment also includes CEO transition costs.
c.The adjustment amount equals the GAAP amounts.
d.The adjustment represents the net tax impact of adjusted amounts.