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ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL EXPENSE ITEMS DISCLOSURES |
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(Unaudited) |
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Three Months Ended |
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September 28, |
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June 29, |
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September 29, |
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2013 |
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2013 |
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2012 |
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(in thousands, except per share data) |
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Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
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GAAP gross profit |
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$ 347,196 |
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$ 371,399 |
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$ 385,691 |
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GAAP gross profit % |
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59.3% |
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61.1% |
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61.9% |
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Special expense items: |
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Intangible asset amortization |
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8,092 |
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7,777 |
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9,454 |
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Total special expense items |
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8,092 |
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7,777 |
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9,454 |
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GAAP gross profit excluding special expense items |
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$ 355,288 |
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$ 379,176 |
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$ 395,145 |
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GAAP gross profit % excluding special expense items |
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60.7% |
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62.3% |
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63.4% |
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Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
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GAAP operating expenses |
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$ 218,587 |
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$ 220,309 |
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$ 220,288 |
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Special expense (income) items: |
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Intangible asset amortization |
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3,436 |
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3,670 |
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4,049 |
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Impairment of long-lived assets |
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- |
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- |
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2,707 |
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Severance and restructuring (1) |
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5,547 |
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442 |
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- |
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Other operating expenses (income), net (2) |
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2,272 |
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2,105 |
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415 |
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Total special expense items |
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11,255 |
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6,217 |
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7,171 |
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GAAP operating expenses excluding special expense items |
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$ 207,332 |
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$ 214,092 |
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$ 213,117 |
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Reconciliation of GAAP net income to GAAP net income excluding special items: |
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GAAP net income |
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$ 103,120 |
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$ 119,014 |
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$ 127,888 |
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Special expense (income) items: |
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Intangible asset amortization |
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11,528 |
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11,447 |
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13,503 |
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Impairment of long-lived assets |
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- |
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- |
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2,707 |
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Severance and restructuring (1) |
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5,547 |
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442 |
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- |
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Other operating expenses (income) , net (2) |
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2,272 |
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2,105 |
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415 |
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Interest and other expense, net (3) |
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- |
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700 |
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- |
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Pre-tax total special expense items |
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19,347 |
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14,694 |
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16,625 |
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Tax effect of special items |
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(2,981) |
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(4,231) |
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(5,371) |
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GAAP net income excluding special expense items |
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$ 119,486 |
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$ 129,477 |
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$ 139,142 |
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GAAP net income per share excluding special expense items: |
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Basic |
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$ 0.42 |
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$ 0.45 |
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$ 0.48 |
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Diluted |
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$ 0.41 |
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$ 0.44 |
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$ 0.47 |
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Shares used in the calculation of earnings per share excluding special expense items: |
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Basic |
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284,654 |
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290,146 |
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292,213 |
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Diluted |
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290,260 |
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296,756 |
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298,782 |
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(1) Includes severance charges associated with the reorganization of various business units and manufacturing operations. | |||||||
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(2) Other operating expenses (income), net are primarily for certain payroll taxes, contingent consideration adjustments related to certain acquisitions, loss (gain) relating to sale of land and buildings, acquisition related expenses and loss on lease abandonment. | |||||||
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(3) Includes impairment of investment in a privately held company. | |||||||
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