Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited)

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Quarterly Results of Operations (Unaudited)
12 Months Ended
Jan. 02, 2016
Quarterly Results of Operations (Unaudited)

Note W — Quarterly Results of Operations (Unaudited)

 

    First
Quarter
    Second
Quarter
    Third
Quarter
    Fourth
Quarter
    Full
Year
 
    In thousands, except per share amounts  

2015 (a)(b)

         

Total revenues

  $ 2,837,301      $ 2,513,860      $ 3,612,820      $ 3,412,763      $ 12,376,744   

Operating income

    397,835        223,027        642,928        397,206        1,660,996   

Net income

    288,709        170,811        459,864        312,209        1,231,593   

Earnings per common share: (d)

         

Basic

  $ 0.68      $ 0.40      $ 1.08      $ 0.73      $ 2.90   

Diluted

    0.67        0.40        1.07        0.72        2.85   

Dividends per common share

  $ 0.32      $ 0.32      $ 0.32      $ 0.37      $ 1.33   

2014 (a)(c)

         

Total revenues

  $ 2,780,778      $ 2,402,076      $ 3,520,447      $ 3,578,860      $ 12,282,161   

Operating income

    403,190        219,808        633,082        181,644        1,437,724   

Net income

    297,193        157,682        470,529        122,101        1,047,505   

Earnings per common share: (d)

         

Basic

  $ 0.68      $ 0.37      $ 1.09      $ 0.28      $ 2.42   

Diluted

    0.67        0.36        1.08        0.28        2.38   

Dividends per common share

  $ 0.2625      $ 0.2625      $ 0.2625      $ 0.3200      $ 1.1075   

 

(a) 

The fourth quarter and full year 2015 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the respective 2014 periods.

 

(b) 

Intangible asset impairment charges in the fourth quarter of 2015 reduced fourth quarter and full year operating results as follows: operating income — $143.6 million; net income — $97.1 million; and diluted earnings per share — $0.23. In addition, these intangible asset impairment charges reduced fourth quarter and full year 2015 basic earnings per share by $0.23 and $0.22, respectively. See Notes E, F and S.

 

(c) 

Goodwill and intangible asset impairment charges in the fourth quarter of 2014 reduced fourth quarter and full year operating results as follows: operating income — $396.4 million; net income — $306.8 million; basic earnings per share — $0.71; and diluted earnings per share — $0.70. See Notes E, F and S.

 

(d) 

Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding.