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WW International, Inc. – ‘10-Q’ for 9/26/20 – ‘R24’

On:  Thursday, 10/29/20, at 4:24pm ET   ·   For:  9/26/20   ·   Accession #:  1564590-20-48882   ·   File #:  1-16769

Previous ‘10-Q’:  ‘10-Q’ on 8/4/20 for 6/27/20   ·   Next:  ‘10-Q’ on 5/5/21 for 4/3/21   ·   Latest:  ‘10-Q/A’ on 5/10/24 for 3/30/24   ·   6 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/29/20  WW International, Inc.            10-Q        9/26/20   78:14M                                    ActiveDisclosure/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.59M 
 2: EX-3.1      Articles of Incorporation/Organization or Bylaws    HTML     71K 
 3: EX-10.1     Material Contract                                   HTML     43K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     29K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     29K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     27K 
13: R1          Document and Entity Information                     HTML     77K 
14: R2          Consolidated Balance Sheets                         HTML    131K 
15: R3          Consolidated Balance Sheets (Parenthetical)         HTML     33K 
16: R4          Consolidated Statements of Net Income               HTML    102K 
17: R5          Consolidated Statements of Comprehensive Income     HTML     72K 
18: R6          Consolidated Statements of Changes in Total         HTML     64K 
                Deficit                                                          
19: R7          Consolidated Statements of Cash Flows               HTML    109K 
20: R8          Basis of Presentation                               HTML     29K 
21: R9          Recently Issued Accounting Standards                HTML     26K 
22: R10         Accounting Standards Adopted in Current Year        HTML     26K 
23: R11         Leases                                              HTML    246K 
24: R12         Revenue                                             HTML    298K 
25: R13         Franchise Rights Acquired, Goodwill and Other       HTML    157K 
                Intangible Assets                                                
26: R14         Long-Term Debt                                      HTML    164K 
27: R15         Earnings Per Share                                  HTML     94K 
28: R16         Stock Plans                                         HTML     32K 
29: R17         Income Taxes                                        HTML     29K 
30: R18         Legal                                               HTML     34K 
31: R19         Derivative Instruments and Hedging                  HTML     29K 
32: R20         Fair Value Measurements                             HTML     58K 
33: R21         Accumulated Other Comprehensive Loss                HTML    159K 
34: R22         Segment Data                                        HTML    219K 
35: R23         Related Party                                       HTML     30K 
36: R24         Restructuring                                       HTML     29K 
37: R25         Leases (Tables)                                     HTML    250K 
38: R26         Revenue (Tables)                                    HTML    297K 
39: R27         Franchise Rights Acquired, Goodwill and Other       HTML    146K 
                Intangible Assets (Tables)                                       
40: R28         Long-Term Debt (Tables)                             HTML    142K 
41: R29         Earnings Per Share (Tables)                         HTML     92K 
42: R30         Fair Value Measurements (Tables)                    HTML     50K 
43: R31         Accumulated Other Comprehensive Loss (Tables)       HTML    160K 
44: R32         Segment Data (Tables)                               HTML    214K 
45: R33         Accounting Standards Adopted in Current Year -      HTML     40K 
                Additional Information (Detail)                                  
46: R34         Leases - Schedule of Lease Assets and Lease         HTML     41K 
                Liabilities (Detail)                                             
47: R35         Leases - Schedule of Components of Lease Expense    HTML     40K 
                (Detail)                                                         
48: R36         Leases - Summary of Weighted Average Remaining      HTML     34K 
                Lease Term and Weighted Average Discount Rates                   
                (Detail)                                                         
49: R37         Leases - Additional Information (Detail)            HTML     29K 
50: R38         Leases - Schedule of Maturity of Lease Liabilities  HTML     80K 
                (Detail)                                                         
51: R39         Leases - Summary of Supplemental Cash Flow          HTML     34K 
                Information Related to Leases (Detail)                           
52: R40         Revenue - Schedule of Revenues Disaggregated by     HTML     37K 
                Revenue Source (Detail)                                          
53: R41         Revenue - Schedule of Revenues Disaggregated by     HTML     67K 
                Revenue Source and Segment (Detail)                              
54: R42         Revenue - Schedule of Accounts Receivable and       HTML     31K 
                Deferred Revenues (Detail)                                       
55: R43         Revenue - Additional Information (Detail)           HTML     29K 
56: R44         Franchise Rights Acquired, Goodwill and Other       HTML     45K 
                Intangible Assets - Change in Carrying Amount of                 
                Goodwill (Detail)                                                
57: R45         Franchise Rights Acquired, Goodwill and Other       HTML     82K 
                Intangible Assets - Additional Information                       
                (Detail)                                                         
58: R46         Franchise Rights Acquired, Goodwill and Other       HTML     42K 
                Intangible Assets - Schedule of Carrying Values of               
                Finite-lived Intangible Assets (Detail)                          
59: R47         Franchise Rights Acquired, Goodwill and Other       HTML     33K 
                Intangible Assets - Schedule of Estimated                        
                Amortization Expense of Finite-lived Intangible                  
                Assets (Detail)                                                  
60: R48         Long-Term Debt - Components of Long-Term Debt       HTML     48K 
                (Detail)                                                         
61: R49         Long-Term Debt - Additional Information (Detail)    HTML    215K 
62: R50         Earnings Per Share - Computation of Basic and       HTML     53K 
                Diluted Earnings Per Share (Detail)                              
63: R51         Earnings Per Share Data - Additional Information    HTML     25K 
                (Detail)                                                         
64: R52         Stock Plans - Additional Information (Detail)       HTML     40K 
65: R53         Income Taxes - Additional Information (Detail)      HTML     27K 
66: R54         Derivative Instruments and Hedging - Additional     HTML     69K 
                Information (Detail)                                             
67: R55         Fair Value Measurements - Additional Information    HTML     42K 
                (Detail)                                                         
68: R56         Fair Value Measurements - Aggregate Fair Value of   HTML     34K 
                Derivative Financial Instruments (Detail)                        
69: R57         Accumulated Other Comprehensive Loss - Changes in   HTML     58K 
                Accumulated Other Comprehensive Loss by Component                
                (Detail)                                                         
70: R58         Accumulated Other Comprehensive Loss -              HTML     49K 
                Reclassifications out of Accumulated Other                       
                Comprehensive Loss (Detail)                                      
71: R59         Segment Data - Additional Information (Detail)      HTML     24K 
72: R60         Segment Data - Information About Reportable         HTML     85K 
                Segments (Detail)                                                
73: R61         Related Party - Additional Information (Detail)     HTML     61K 
74: R62         Restructuring - Additional Information (Detail)     HTML     54K 
76: XML         IDEA XML File -- Filing Summary                      XML    140K 
12: XML         XBRL Instance -- ww-10q_20200926_htm                 XML   3.88M 
75: EXCEL       IDEA Workbook of Financial Reports                  XLSX     95K 
 8: EX-101.CAL  XBRL Calculations -- ww-20200926_cal                 XML    207K 
 9: EX-101.DEF  XBRL Definitions -- ww-20200926_def                  XML    530K 
10: EX-101.LAB  XBRL Labels -- ww-20200926_lab                       XML   1.30M 
11: EX-101.PRE  XBRL Presentations -- ww-20200926_pre                XML    932K 
 7: EX-101.SCH  XBRL Schema -- ww-20200926                           XSD    179K 
77: JSON        XBRL Instance as JSON Data -- MetaLinks              388±   598K 
78: ZIP         XBRL Zipped Folder -- 0001564590-20-048882-xbrl      Zip    281K 


‘R24’   —   Restructuring


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.20.2
Restructuring
9 Months Ended
Restructuring And Related Activities [Abstract]  
Restructuring

 


17.Restructuring

As previously disclosed, in the second quarter of fiscal 2020, in connection with its cost-savings initiative, the Company committed to a plan of reduction in force which has resulted and will result in the elimination of certain positions and termination of employment for certain employees worldwide. The Company had previously estimated this plan would cost $14,000. This estimate has been revised to $22,500 driven primarily by the strategic cost reductions to the Company’s global Studio + Digital operations to adjust to anticipated consumer demand. During the second and third quarters of fiscal 2020, the Company reduced its total headcount by approximately 35% since the end of fiscal 2019. As of September 26, 2020the Company had approximately 11 employees, a majority of whom were part-time employees. The Company recorded expenses in connection with employee termination benefit costs of $2,251 ($1,680 after tax) and $13,459 ($9,996 after tax) during the three and nine months ended September 26, 2020, respectively. These expenses impacted cost of revenues by $1,062 and $7,565 and selling, general and administrative expenses by $1,189 and $5,894 in the three and nine months ended September 26, 2020, respectively. All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. For the three and nine months ended September 26, 2020, the Company made payments of $4,419 and $8,086, respectively, towards the liability for these expenses and increased provision estimates by $20 for each respective period. The Company expects the remaining liability of $5,393 to be paid in full no later than the end of fiscal 2021. The Company anticipates recording additional expenses in connection with this restructuring of approximately $9,000.

As previously disclosed, in the first quarter of fiscal 2019, the Company undertook an organizational realignment which resulted in the elimination of certain positions and termination of employment for certain employees worldwide. The Company recorded expenses in connection with employee termination benefit costs of $6,331 ($4,727 after tax) during the nine months ended September 28, 2019 (all expenses were recorded in the first quarter of fiscal 2019). These expenses impacted cost of revenues by $1,425 and selling, general and administrative expenses by $4,906 in the nine months ended September 28, 2019. The Company did not record additional expenses in connection with this organizational realignment. All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. For the fiscal year ended December 28, 2019, the Company made payments of $5,077 towards the liability for these expenses and lowered provision estimates by $83. For the nine months ended September 26, 2020, the Company made payments of $1,052 towards the liability for these expenses and lowered provision estimates by $119. As of September 26, 2020, there was no outstanding liability related thereto.


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:10/29/208-K
For Period end:9/26/20
12/28/1910-K
9/28/1910-Q
 List all Filings 


6 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/24  WW International, Inc.            10-K       12/30/23  132:23M                                    Donnelley … Solutions/FA
 3/06/23  WW International, Inc.            10-K       12/31/22  123:25M                                    Donnelley … Solutions/FA
 5/05/22  WW International, Inc.            S-8         5/05/22    4:89K                                    Donnelley … Solutions/FA
 3/01/22  WW International, Inc.            10-K        1/01/22  117:22M                                    ActiveDisclosure/FA
 5/18/21  WW International, Inc.            S-8         5/18/21    3:94K                                    Donnelley … Solutions/FA
 2/25/21  WW International, Inc.            10-K        1/02/21  121:22M                                    ActiveDisclosure/FA
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Filing Submission 0001564590-20-048882   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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