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) |
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13-Weeks Ended |
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52-Weeks Ended |
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December 25, |
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December 26, |
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December 25, |
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December 26, |
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2021 |
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2020 |
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2021 |
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2020 |
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GAAP net income |
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$ |
286,135 |
|
|
$ |
333,547 |
|
|
$ |
1,082,200 |
|
|
$ |
992,324 |
|
Foreign currency gains / losses (1) |
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|
14,642 |
|
|
|
(12,627 |
) |
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|
45,263 |
|
|
|
(2,825 |
) |
Tax effect of foreign currency gains / losses (2) |
|
|
(1,076 |
) |
|
|
1,513 |
|
|
|
(4,673 |
) |
|
|
293 |
|
Pro forma discrete tax items (3) |
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|
|
|
|
|
11,016 |
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|
|
|
|
|
(3,292 |
) |
| Pro forma net income |
|
$ |
299,701 |
|
|
$ |
333,449 |
|
|
$ |
1,122,790 |
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|
$ |
986,500 |
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| GAAP net income per share: |
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| Basic |
|
$ |
1.49 |
|
|
$ |
1.74 |
|
|
$ |
5.63 |
|
|
$ |
5.19 |
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| Diluted |
|
$ |
1.48 |
|
|
$ |
1.73 |
|
|
$ |
5.61 |
|
|
$ |
5.17 |
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| Pro forma net income per share: |
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|
|
|
|
|
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|
|
|
|
|
|
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| Basic |
|
$ |
1.56 |
|
|
$ |
1.74 |
|
|
$ |
5.84 |
|
|
$ |
5.16 |
|
| Diluted |
|
$ |
1.55 |
|
|
$ |
1.73 |
|
|
$ |
5.82 |
|
|
$ |
5.14 |
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| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Basic |
|
|
192,353 |
|
|
|
191,278 |
|
|
|
192,180 |
|
|
|
191,085 |
|
| Diluted |
|
|
193,306 |
|
|
|
192,303 |
|
|
|
193,043 |
|
|
|
191,895 |
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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 7.4% and 10.3% for the 13-weeks and fiscal year ended December 25, 2021, respectively, and the pro forma effective tax rate of 12.0% and 10.4% for the 13-weeks and fiscal year ended December 26, 2020, respectively. |
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| (3) The 2020 discrete tax items are discussed in the pro forma effective tax rate section above. |
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