Arrow Electronics Reports Fourth-Quarter and Year-End 2019 Results

For a further discussion of factors to consider in connection with these forward-looking statements, investors should refer to Item 1A Risk Factors of the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2019.

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the company also provides certain non-GAAP financial information relating to sales, operating income, net income attributable to shareholders, and net income per basic and diluted share.

The company provides sales, gross profit, and operating expenses as adjusted for the impact of changes in foreign currencies (referred to as changes in foreign currencies) by re-translating prior-period results at current period foreign exchange rates, the impact of dispositions by adjusting the company's operating results for businesses disposed, as if the dispositions had occurred at the beginning of the earliest period presented (referred to as dispositions), the impact of the company's personal computer and mobility asset disposition business (referred to as wind down), the impact of inventory write-downs related to the digital business (referred to as “digital inventory write-downs and recoveries”), and the impact of the notes receivable reserves and inventory write-downs related to the AFS business (referred to as “AFS notes receivable reserves and credits” and “AFS inventory write-downs and recoveries,” respectively). Operating income is adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, loss on disposition of businesses, net, AFS notes receivable reserves and credits and inventory write-downs and recoveries, digital inventory write-downs and recoveries, the impact of non-cash charges related to goodwill, trade names, and long-lived assets, and the impact of wind down. Net income attributable to shareholders as adjusted to exclude identifiable intangible asset amortization, restructuring, integration, and other charges, and loss on disposition of businesses, net, AFS notes receivable reserves and credits and inventory write-downs and recoveries, digital inventory write-downs and recoveries, the impact of non-cash charges related to goodwill, trade names, and long-lived assets, the impact of wind down, pension settlements, net gains and losses on investments, and certain tax adjustments including related interest expense. A reconciliation of the company’s non-GAAP financial information to GAAP is set forth in the tables below.

The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company’s operating performance and underlying trends in the company’s business because management considers these items referred to above to be outside the company’s core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company’s financial and operating performance. In addition, the company’s Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation.

The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, sales, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.


ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)

	Quarter Ended						Year Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
	(Unaudited)			(Unaudited)
Sales	$	7,338,190		$	7,918,182		$	28,916,847		$	29,676,768
Cost of sales	6,515,247			6,942,812			25,618,466			25,975,856
Gross profit	822,943			975,370			3,298,381			3,700,912
Operating expenses:
Selling, general, and administrative expenses	513,878			583,943			2,191,612			2,303,051
Depreciation and amortization	50,051			47,183			189,790			186,384
Loss on disposition of businesses, net	5,813			—			21,252			3,604
Impairments	—			—			698,246			—
Restructuring, integration, and other charges	15,093			9,864			89,785			60,361
	584,835			640,990			3,190,685			2,553,400
Operating income	238,108			334,380			107,696			1,147,512
Equity in earnings (losses) of affiliated companies	(610		)	(1,524		)	(2,765		)	(2,332		)
Gain (loss) on investments, net	3,967			(10,221		)	11,831			(14,166		)
Employee benefit plan expense	(21,500		)	(3,086		)	(24,849		)	(6,870		)
Interest and other financing expense, net	(50,317		)	(54,584		)	(203,743		)	(214,771		)
Income (loss) before income taxes	169,648			264,965			(111,830		)	909,373
Provision for income taxes	57,460			32,474			88,338			187,799
Consolidated net income (loss)	112,188			232,491			(200,168		)	721,574
Noncontrolling interests	175			1,838			3,919			5,379
Net income (loss) attributable to shareholders	$	112,013		$	230,653		$	(204,087	)	$	716,195

Net income (loss) per share:
Basic	$	1.37		$	2.66		$	(2.44	)	$	8.19
Diluted	$	1.36		$	2.63		$	(2.44	)	$	8.10

Weighted average shares outstanding:
Basic	81,613			86,559			83,568			87,476
Diluted	82,493			87,561			83,568			88,444

ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except par value)

	December 31, 2019			December 31, 2018

ASSETS
Current assets:
Cash and cash equivalents	$	300,103		$	509,327
Accounts receivable, net	8,482,687			8,945,463
Inventories	3,477,120			3,878,678
Other current assets	266,249			274,832
Total current assets	12,526,159			13,608,300
Property, plant, and equipment, at cost:
Land	7,793			7,882
Buildings and improvements	173,370			158,712
Machinery and equipment	1,481,525			1,425,933
	1,662,688			1,592,527
Less: Accumulated depreciation and amortization	(859,578		)	(767,827		)
Property, plant, and equipment, net	803,110			824,700
Investments in affiliated companies	86,942			83,693
Intangible assets, net	271,903			372,644
Goodwill	2,061,322			2,624,690
Other assets	651,360			270,418
Total assets	$	16,400,796		$	17,784,445
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	7,046,221		$	7,631,879
Accrued expenses	880,507			912,292
Short-term borrowings, including current portion of long-term debt	331,431			246,257
Total current liabilities	8,258,159			8,790,428
Long-term debt	2,640,129			3,239,115
Other liabilities	636,115			378,536
Equity:
Shareholders' equity:
Common stock, par value $1:
Authorized – 160,000 shares in both 2019 and 2018
Issued – 125,424 shares in both 2019 and 2018	125,424			125,424
Capital in excess of par value	1,150,006			1,135,934
Treasury stock (44,804 and 40,233 shares in 2019 and 2018, respectively), at cost	(2,332,548		)	(1,972,254		)
Retained earnings	6,131,248			6,335,335
Accumulated other comprehensive loss	(262,211		)	(299,449		)
Total shareholders' equity	4,811,919			5,324,990
Noncontrolling interests	54,474			51,376
Total equity	4,866,393			5,376,366
Total liabilities and equity	$	16,400,796		$	17,784,445

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Quarter Ended
	December 31, 2019			December 31, 2018
Cash flows from operating activities:
Consolidated net income	$	112,188		$	232,491
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization	50,051			47,183
Amortization of stock-based compensation	6,321			8,134
Equity in (earnings) losses of affiliated companies	610			1,524
Deferred income taxes	15,196			(16,533		)
(Gain) loss on investment, net	(3,840		)	10,221
Loss on disposition of businesses, net	5,813			—
Pension settlement expense	20,111			—
Other	(155		)	3,142
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable	(578,059		)	(752,891		)
Inventories	40,448			(162,825		)
Accounts payable	827,614			764,726
Accrued expenses	43,649			96,946
Other assets and liabilities	(45,145		)	31,016
Net cash provided by operating activities	494,802			263,134

Cash flows from investing activities:
Proceeds from (cash paid on) disposition of businesses	(11,769		)	—
Acquisition of property, plant, and equipment	(30,111		)	(30,439		)
Proceeds from sale of property, plant, and equipment	—			5,421
Cash paid for customer relationship intangible asset	(7,616		)	(20,000		)
Other	(4,127		)	(2,500		)
Net cash used for investing activities	(53,623		)	(47,518		)

Cash flows from financing activities:
Change in short-term and other borrowings	(20,794		)	88,034
Proceeds from (repayment of) long-term bank borrowings, net	(308,047		)	(114,120		)
Proceeds from exercise of stock options	5,201			900
Repurchases of common stock	(100,009		)	(150,132		)
Net cash used for financing activities	(423,649		)	(175,318		)
Effect of exchange rate changes on cash	20,319			(5,162		)
Net increase in cash and cash equivalents	37,849			35,136
Cash and cash equivalents at beginning of period	262,254			474,191
Cash and cash equivalents at end of period	$	300,103		$	509,327

ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	Year Ended
	December 31, 2019			December 31, 2018
Cash flows from operating activities:
Consolidated net income (loss)	$	(200,168	)	$	721,574
Adjustments to reconcile consolidated net income to net cash provided by operations:
Depreciation and amortization	189,790			186,384
Amortization of stock-based compensation	41,070			46,238
Equity in (earnings) losses of affiliated companies	2,765			2,332
Deferred income taxes	(50,288		)	1,236
(Gain) loss on investment, net	(11,462		)	14,166
Loss on disposition of businesses, net	21,252			3,604
Pension settlement expense	20,111			1,665
Impairments	698,246			—
Other	10,659			9,198
Change in assets and liabilities, net of effects of acquired and disposed businesses:
Accounts receivable	338,849			(1,007,308		)
Inventories	383,058			(618,875		)
Accounts payable	(521,575		)	936,423
Accrued expenses	(27,475		)	112,123
Other assets and liabilities	(36,837		)	(136,070		)
Net cash provided by operating activities	857,995			272,690

Cash flows from investing activities:
Cash consideration paid for acquired businesses, net of cash acquired	—			(331,563		)
Proceeds from (cash paid on) disposition of businesses	(13,094		)	32,013
Acquisition of property, plant, and equipment	(143,191		)	(135,336		)
Proceeds from sale of property, plant and equipment	—			5,421
Cash paid for customer relationship intangible asset	(7,616		)	(20,000		)
Other	(9,682		)	(13,500		)
Net cash used for investing activities	(173,583		)	(462,965		)

Cash flows from financing activities:
Change in short-term and other borrowings	(113,923		)	192,192
Proceeds from (repayments of) long-term bank borrowings, net	(405,007		)	306,635
Redemption of notes	—			(300,000		)
Proceeds from exercise of stock options	16,911			8,819
Repurchases of common stock	(404,203		)	(243,305		)
Other	(147		)	(1,174		)
Net cash provided by (used for) financing activities	(906,369		)	(36,833		)
Effect of exchange rate changes on cash	12,733			6,352
Net decrease in cash and cash equivalents	(209,224		)	(220,756		)
Cash and cash equivalents at beginning of period	509,327			730,083
Cash and cash equivalents at end of period	$	300,103		$	509,327

ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)

	Quarter Ended
	December 31, 2019			December 31, 2018			% Change

Consolidated sales, as reported	$	7,338,190		$	7,918,182		(7.3	)%
Impact of changes in foreign currencies	—			(65,384		)
Impact of dispositions and wind down	(19,375		)	(118,184		)
Consolidated sales, as adjusted	$	7,318,815		$	7,734,614		(5.4	)%

Global components sales, as reported	$	4,738,993		$	5,261,477		(9.9	)%
Impact of changes in foreign currencies	—			(40,608		)
Impact of dispositions and wind down	(19,375		)	(102,965		)
Global components sales, as adjusted	$	4,719,618		$	5,117,904		(7.8	)%

Americas components sales, as reported	$	1,644,757		$	2,021,033		(18.6	)%
Impact of changes in foreign currencies	—			(214		)
Impact of dispositions and wind down	(19,239		)	(78,246		)
Americas components sales, as adjusted	$	1,625,518		$	1,942,573		(16.3	)%

Europe components sales, as reported	$	1,189,016		$	1,407,429		(15.5	)%
Impact of changes in foreign currencies	—			(36,312		)
Impact of dispositions and wind down	(136		)	(24,719		)
Europe components sales, as adjusted	$	1,188,880		$	1,346,398		(11.7	)%

Asia components sales, as reported	$	1,905,220		$	1,833,015		3.9	%
Impact of changes in foreign currencies	—			(4,082		)
Asia components sales, as adjusted	$	1,905,220		$	1,828,933		4.2	%

Global ECS sales, as reported	$	2,599,197		$	2,656,705		(2.2	)%
Impact of changes in foreign currencies	—			(24,776		)
Impact of dispositions	—			(15,219		)
Global ECS sales, as adjusted	$	2,599,197		$	2,616,710		(0.7	)%

Europe ECS sales, as reported	$	959,449		$	954,343		0.5	%
Impact of changes in foreign currencies	—			(20,834		)
Impact of dispositions	—			(15,219		)
Europe ECS sales, as adjusted	$	959,449		$	918,290		4.5	%

Americas ECS sales, as reported	$	1,639,748		$	1,702,362		(3.7	)%
Impact of changes in foreign currencies	—			(3,942		)
Americas ECS sales, as adjusted	$	1,639,748		$	1,698,420		(3.5	)%

ARROW ELECTRONICS, INC.
NON-GAAP SALES RECONCILIATION
(In thousands)
(Unaudited)

	Year Ended
	December 31, 2019			December 31, 2018			% Change

Consolidated sales, as reported	$	28,916,847		$	29,676,768		(2.6	)%
Impact of changes in foreign currencies	—			(513,217		)
Impact of dispositions and wind down	(251,614		)	(496,108		)
Consolidated sales, as adjusted	$	28,665,233		$	28,667,443		flat

Global components sales, as reported	$	20,250,735		$	20,856,851		(2.9	)%
Impact of changes in foreign currencies	—			(337,828		)
Impact of dispositions and wind down	(240,473		)	(415,707		)
Global components sales, as adjusted	$	20,010,262		$	20,103,316		(0.5	)%

Americas components sales, as reported	$	7,167,295		$	7,816,533		(8.3	)%
Impact of changes in foreign currencies	—			(4,496		)
Impact of dispositions and wind down	(189,963		)	(310,198		)
Americas components sales, as adjusted	$	6,977,332		$	7,501,839		(7.0	)%

Europe components sales, as reported	$	5,412,379		$	5,733,222		(5.6	)%
Impact of changes in foreign currencies	—			(292,551		)
Impact of dispositions and wind down	(50,510		)	(105,509		)
Europe components sales, as adjusted	$	5,361,869		$	5,335,162		0.5	%

Asia components sales, as reported	$	7,671,061		$	7,307,096		5.0	%
Impact of changes in foreign currencies	—			(40,781		)
Asia components sales, as adjusted	$	7,671,061		$	7,266,315		5.6	%

Global ECS sales, as reported	$	8,666,112		$	8,819,917		(1.7	)%
Impact of changes in foreign currencies	—			(175,389		)
Impact of dispositions	(11,141		)	(80,401		)
Global ECS sales, as adjusted	$	8,654,971		$	8,564,127		1.1	%

Europe ECS sales, as reported	$	3,034,087		$	3,077,391		(1.4	)%
Impact of changes in foreign currencies	—			(145,468		)
Impact of dispositions	(11,141		)	(52,908		)
Europe ECS sales, as adjusted	$	3,022,946		$	2,879,015		5.0	%

Americas ECS sales, as reported	$	5,632,025		$	5,742,526		(1.9	)%
Impact of changes in foreign currencies	—			(29,921		)
Impact of dispositions	—			(27,493		)
Americas ECS sales, as adjusted	$	5,632,025		$	5,685,112		(0.9	)%

ARROW ELECTRONICS, INC.
NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)

Three months ended December 31, 2019
	Reported GAAP measure			Intangible amortization expense		Restructuring & Integration charges		AFS Write Downs		Digital Write Downs		Impact of Wind Down ⁽⁶⁾			Tax adjustments ⁽⁷⁾			Other ⁽¹⁾		Non-GAAP measure
Sales	$	7,338,190		$	—	$	—	$	—	$	—	$	(19,375	)	$	—		$	—	$	7,318,815
Gross Profit	822,943			—		—		—		1,117		5,388			—			—		829,448
Operating income	238,108			14,311		16,350		2,850		1,117		10,912			—			1,002		284,650
Income before income taxes	169,648			14,311		16,350		2,850		1,117		10,942			—			17,919		233,137
Provision for income taxes	57,460			4,050		3,042		607		156		(18,380		)	1,806			2,700		51,441
Consolidated net income	112,188			10,261		13,308		2,243		961		29,322			(1,806		)	15,219		181,696
Noncontrolling interests	175			138		—		—		—		—			—			—		313
Net income attributable to shareholders	$	112,013		$	10,123	$	13,308	$	2,243	$	961	$	29,322		$	(1,806	)	$	15,219	$	181,383
Net income per diluted share ⁽⁵⁾	$	1.36		$	0.12	$	0.16	$	0.03	$	0.01	$	0.36		$	(0.02	)	$	0.18	$	2.20
Effective tax rate	33.9		%																	22.1		%

Three months ended December 31, 2018
	Reported GAAP measure			Intangible amortization expense		Restructuring & Integration charges		AFS Write Downs		Digital Write Downs		Impact of Wind Down ⁽⁶⁾			Tax adjustments ⁽⁷⁾			Other ⁽²⁾		Non-GAAP measure
Sales	$	7,918,182		$	—	$	—	$	—	$	—	$	(102,965	)	$	—		$	—	$	7,815,217
Gross Profit	975,370			—		—		—		—		(16,947		)	—			—		958,423
Operating income	334,380			9,493		11,126		—		—		4,471			—			—		359,470
Income before income taxes	264,965			9,493		11,126		—		—		4,114			—			11,886		301,584
Provision for income taxes	32,474			2,772		4,786		—		—		1,635			28,323			3,025		73,015
Consolidated net income	232,491			6,721		6,340		—		—		2,479			(28,323		)	8,861		228,569
Noncontrolling interests	1,838			142		—		—		—		—			—			—		1,980
Net income attributable to shareholders	$	230,653		$	6,579	$	6,340	$	—	$	—	$	2,479		$	(28,323	)	$	8,861	$	226,589
Net income per diluted share ⁽⁵⁾	$	2.63		$	0.08	$	0.07	$	—	$	—	$	0.03		$	(0.32	)	$	0.10	$	2.59
Effective tax rate	12.3		%																	24.2		%

NON-GAAP EARNINGS RECONCILIATION
(In thousands except per share data)
(Unaudited)

Year ended December 31, 2019
	Reported GAAP measure			Intangible amortization expense		Restructuring & Integration charges		AFS Write Downs		Digital Write Downs		Impairments ⁽⁴⁾		Impact of Wind Down ⁽⁶⁾			Tax adjustments ⁽⁷⁾			Other ⁽¹⁾		Non-GAAP measure
Sales	$	28,916,847		$	—	$	—	$	—	$	—	$	—	$	(240,473	)	$	—		$	—	$	28,676,374
Gross Profit	3,298,381			—		—		1,868		22,332		—		(1,975		)	—			—		3,320,606
Operating income	107,696			42,383		78,429		18,037		22,332		623,796		162,244			—			1,868		1,056,785
Income before income taxes	(111,830		)	42,383		78,429		18,037		22,332		623,796		162,356			—			10,921		846,424
Provision for income taxes	88,338			11,913		19,540		4,339		5,390		64,246		12,631			(1,696		)	750		205,451
Consolidated net income	(200,168		)	30,470		58,889		13,698		16,942		559,550		149,725			1,696			10,171		640,973
Noncontrolling interests	3,919			558		—		—		—		—		—			—			—		4,477
Net income attributable to shareholders	$	(204,087	)	$	29,912	$	58,889	$	13,698	$	16,942	$	559,550	$	149,725		$	1,696		$	10,171	$	636,496
Net income per diluted share ⁽⁵⁾	$	(2.44	)	$	0.36	$	0.70	$	0.16	$	0.20	$	6.70	$	1.79		$	0.02		$	0.12	$	7.55
Effective tax rate	(79.0		)%																			24.3		%

Year ended December 31, 2018
	Reported GAAP measure			Intangible amortization expense		Restructuring & Integration charges		AFS Write Downs		Digital Write Downs		Impairments		Impact of Wind Down ⁽⁶⁾			Tax adjustments ⁽⁷⁾			Other ⁽³⁾		Non-GAAP measure
Sales	$	29,676,768		$	—	$	—	$	—	$	—	$	—	$	(415,707	)	$	—		$	—	$	29,261,061
Gross Profit	3,700,912			—		—		—		—		—		(71,091		)	—			—		3,629,821
Operating income	1,147,512			38,215		49,297		—		—		—		19,910			—			3,604		1,258,538
Income before income taxes	909,373			38,215		49,297		—		—		—		19,675			—			19,435		1,035,995
Provision for income taxes	187,799			10,782		14,815		—		—		—		6,031			28,323			4,678		252,428
Consolidated net income	721,574			27,433		34,482		—		—		—		13,644			(28,323		)	14,757		783,567
Noncontrolling interests	5,379			589		—		—		—		—		—			—			—		5,968
Net income attributable to shareholders	$	716,195		$	26,844	$	34,482	$	—	$	—	$	—	$	13,644		$	(28,323	)	$	14,757	777,599
Net income per diluted share ⁽⁵⁾	$	8.10		$	0.30	$	0.39	$	—	$	—	$	—	$	0.15		$	(0.32	)	$	0.17	$	8.79
Effective tax rate	20.7		%																			24.4		%

(1)		Other includes loss on disposition of businesses, net, gain (loss) on investments, net, interest related to uncertain tax position related to the Tax Act and pension settlement.
(2)		Other includes gain (loss) on investments, net, and pension settlement.
(3)		Other includes loss on disposition of businesses, net, gain (loss) on investments, net, and pension settlement.
(4)		Impairments include goodwill impairments of $570,175, tradename impairments of $46,000, and $7,621 in impairment charges related to various other long-lived assets.
(5)		For the year ended December 31, 2019, the non-GAAP net income per diluted share calculation includes 752 thousand shares that were excluded from the GAAP net income per diluted share calculation. Additionally, in all periods presented the sum of the components for diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.
(6)		Amounts for restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, net, certain tax adjustments, and impairments related to the personal computer and mobility asset disposition business are included in “impact of wind down” above.
(7)		Includes income tax expense related to repatriation of foreign earnings and the Tax Act.

ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)

	Quarter Ended						Year Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Sales:
Global components	$	4,738,993		$	5,261,477		$	20,250,735		$	20,856,851
Global ECS	2,599,197			2,656,705			8,666,112			8,819,917
Consolidated	$	7,338,190		$	7,918,182		$	28,916,847		$	29,676,768
Operating income (loss):
Global components	$	149,794		$	252,313		$	(10,199	)	$	1,007,638
Global ECS	148,711			152,195			426,192			427,605
Corporate (a)	(60,397		)	(70,128		)	(308,297		)	(287,731		)
Consolidated	$	238,108		$	334,380		$	107,696		$	1,147,512

(a)		Includes restructuring, integration, and other charges of $16.4 million and $79.0 million for the fourth quarter and year ended December 31, 2019 and $11.1 million and $49.3 million for the fourth quarter and year ended December 31, 2018, respectively. Also included is a net loss on disposition of $1.0 million and $1.9 million for the fourth quarter and year ended December 31, 2019 and $3.6 million for the year ended December 31, 2018, respectively.

NON-GAAP SEGMENT RECONCILIATION

	Quarter Ended				Year Ended
	December 31, 2019		December 31, 2018		December 31, 2019			December 31, 2018
Global components operating income, as reported	$	149,794	$	252,313	$	(10,199	)	$	1,007,638
Intangible assets amortization expense (b)	7,135		6,600		26,594			24,226
Impairments (b)	—		—		623,796			—
Impact of wind-down (b)	10,912		5,733		161,664			8,846
AFS notes receivable reserve	2,850		—		18,037			—
Digital inventory reserve	1,117		—		22,332			—
Global components operating income, as adjusted	$	171,808	$	264,646	$	842,224		$	1,040,710
Global ECS operating income, as reported	$	148,711	$	152,195	$	426,192		$	427,605
Intangible assets amortization expense	7,176		2,893		15,789			13,989
Global ECS operating income, as adjusted	$	155,887	$	155,088	$	441,981		$	441,594

(b)

Restructuring, integration, and other charges, identifiable intangible asset amortization, loss on disposition of businesses, net, and impairments related to the personal computer and mobility asset disposition business are included in “impact of wind down” above.

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