The company said it revised its projections for the BodyArmor trademark after operating results related to the trademark were lower than expected in the 3 months ended March 29, 2024, and that because the fair value fell below its carrying value, it recorded an impairment charge of $760 million.

1. 01

   The company said it revised its projections for the BodyArmor trademark after operating results related to the trademark were lower than expected in the 3 months ended March 29, 2024, and that because the fair value fell below its carrying value, it recorded an impairment charge of $760 million.

2. 02

   The company said net operating revenues for the 3 months ended March 29, 2024 were $11,300 million, up $320 million or 3% from $10,980 million a year earlier. It said price, product and geographic mix had a 13% favorable impact on consolidated net operating revenues.

3. 03

   The company said net cash provided by operating activities for the 3 months ended March 29, 2024 was $528 million, up $368 million or 230% from $160 million a year earlier. The company cited cash operating performance, the benefit of its trade accounts receivable factoring program, and dividends from its equity method investee in Thailand as factors behind the increase.

4. 04

   The company said that while the Tax Court's opinion in its litigation with the IRS for tax years 2007 through 2009 predominantly sided with the IRS, it plans to contest the matter through every available avenue of appeal. It said that if all of the IRS's proposed adjustments were ultimately upheld and the same methodology were applied to later years, its estimated potential aggregate incremental tax and interest liability as of December 31, 2023 would be approximately $16 billion.

Key figures

Quarter ended March 29, 2024

Revenue

$11.3B

Operating income

$2.1B

Net income

$3.2B

EPS

$0.74

Gross profit

$7.1B

Operating cash flow

$528M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.