Items impacting the fourth quarter of 2013 consisted of the following (see the Notes to Consolidated Statements of Operations later in this release for further discussion):
- restructuring, integration and other charges of $59.8 million pre-tax related to cost reduction actions initiated during the fourth quarter and acquisition and integration charges associated with acquired businesses.
- a small adjustment to the gain on bargain purchase related to the business in Japan acquired in the first quarter; and
- a net tax benefit of $34.2 million, which is comprised of (i) a tax benefit of $27.6 million for the release of tax valuation allowances against deferred tax assets that were determined to be realizable during the fourth quarter of fiscal 2013, and (ii) a tax benefit of $6.6 million related to the release of existing reserves due to audit settlement and statute expiration
Items impacting the full fiscal year 2013 consisted of the following (see the Notes to Consolidated Statements of Operations later in this release for further discussion):
- restructuring, integration and other charges of $149.5 million pre-tax, which included a (i) loss of $8.8 million in integration-related costs due to the exit from two multi-employer pension plans associated with acquired entities in Japan, (ii) a credit of $11.2 million in acquisition charges related to the reversal of an earn-out liability, and (iii) $6.6 million in other restructuring charges related to the write-down of the net assets and goodwill associated with the exit of a non-integrated business in the EM Americas region;
- a gain on bargain purchase of $32.7 million related to the acquisition of a Japanese entity, partially offset by a loss on divestiture of $1.7 million related to a small business in TS Asia; and
- a net tax benefit of $50.4 million, which is comprised of (i) a net tax benefit of $17.2 million for the release of valuation allowances against deferred tax assets that were determined to be realizable, and (ii) net favorable audit settlements of $33.2 million
Fiscal Year 2012
| Fourth Quarter Ended Fiscal 2012 | Fiscal Year Ended Fiscal 2012 | ||||||||||||||||||||||||||||||||||||
| Diluted | Diluted | ||||||||||||||||||||||||||||||||||||
| Op Income | Pre-tax | Net Income | EPS | Op Income | Pre-tax | Net Income | EPS | ||||||||||||||||||||||||||||||
| $ in thousands, except per share data | |||||||||||||||||||||||||||||||||||||
| GAAP results | $ | 213,438 | $ | 186,004 | $ | 133,404 | $ | 0.91 | $ | 884,165 | $ | 790,782 | $ | 567,019 | $ | 3.79 | |||||||||||||||||||||
| Restructuring, integration and other charges | 20,471 | 20,471 | 15,708 | 0.11 | 73,585 | 73,585 | 52,963 | 0.35 | |||||||||||||||||||||||||||||
| Gain on bargain purchase and other | - | 143 | 143 | - | - | (2,918 | ) | (3,463 | ) | (0.02 | ) | ||||||||||||||||||||||||||
| Net tax benefit | - | - | (3,987 | ) | (0.03 | ) | - | - | (8,616 | ) | (0.06 | ) | |||||||||||||||||||||||||
| Total adjustments |
|
20,471 | 20,614 | 11,864 | 0.08 | 73,585 | 70,667 | 40,884 | 0.27 | ||||||||||||||||||||||||||||
| Adjusted results | $ | 233,909 | $ | 206,618 | $ | 145,268 | $ | 0.99 | $ | 957,750 | $ | 861,449 | $ | 607,903 | $ | 4.06 | |||||||||||||||||||||
