Contact
Venk Nathamuni
Managing Director, Investor Relations
(408) 601-5293
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CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
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(Unaudited) | ||||||||||
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|
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Three Months Ended |
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Year Ended | ||||||
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|
|
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June 29, |
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March 30, |
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June 30, |
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June 29, |
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June 30, |
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|
|
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2013 |
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2013 |
|
2012 |
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2013 |
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2012 |
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|
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(in thousands, except per share data) | ||||||||
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Net revenues |
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$608,194 |
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$604,884 |
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$604,956 |
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$2,441,459 |
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$2,403,529 |
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Cost of goods sold |
|
236,795 |
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228,782 |
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232,967 |
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944,892 |
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952,677 |
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Gross margin |
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371,399 |
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376,102 |
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371,989 |
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1,496,567 |
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1,450,852 |
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Operating expenses: |
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|
|
|
|
|
|
|
|
|
|
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Research and development |
|
132,009 |
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134,138 |
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134,007 |
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534,819 |
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552,379 |
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Selling, general and administrative |
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82,083 |
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81,954 |
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79,980 |
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324,282 |
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321,273 |
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Intangible asset amortization |
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3,670 |
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3,903 |
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4,049 |
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15,525 |
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16,737 |
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Impairment of long-lived assets (1) |
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- |
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- |
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22,383 |
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24,929 |
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30,095 |
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Severance and restructuring expenses |
|
442 |
|
151 |
|
18 |
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2,829 |
|
6,785 |
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Other operating expenses (income), net (2) |
|
2,105 |
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1,678 |
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(4,469) |
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5,864 |
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(11,214) |
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Total operating expenses |
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220,309 |
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221,824 |
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235,968 |
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908,248 |
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916,055 |
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Operating income |
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151,090 |
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154,278 |
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136,021 |
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588,319 |
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534,797 |
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Interest and other income (expense), net (3) |
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(6,830) |
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(2,669) |
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(108) |
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(18,040) |
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(2,064) |
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Income before provision for income taxes |
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144,260 |
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151,609 |
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135,913 |
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570,279 |
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532,733 |
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Provision for income taxes (4) |
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25,246 |
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22,824 |
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25,279 |
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117,970 |
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177,815 |
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Income from continuing operations |
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119,014 |
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128,785 |
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110,634 |
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452,309 |
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354,918 |
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Income from discontinued operations, net of tax (5) |
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- |
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2,603 |
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- |
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2,603 |
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31,809 |
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Net income |
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$119,014 |
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$131,388 |
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$110,634 |
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$ 454,912 |
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$ 386,727 |
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Earnings per share: basic |
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From continuing operations |
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$ 0.41 |
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$ 0.44 |
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$ 0.38 |
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$ 1.55 |
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$ 1.21 |
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From discontinued operations, net of tax (5) |
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- |
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0.01 |
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- |
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0.01 |
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0.11 |
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Basic |
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$ 0.41 |
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$ 0.45 |
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$ 0.38 |
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$ 1.56 |
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$ 1.32 |
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Earnings per share: diluted |
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From continuing operations |
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$ 0.40 |
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$ 0.43 |
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$ 0.37 |
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$ 1.51 |
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$ 1.18 |
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From discontinued operations, net of tax (5) |
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- |
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0.01 |
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- |
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0.01 |
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0.11 |
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Diluted |
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$ 0.40 |
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$ 0.44 |
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$ 0.37 |
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$ 1.52 |
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$ 1.29 |
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Shares used in the calculation of earnings per share: |
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Basic |
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290,146 |
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292,888 |
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292,757 |
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291,835 |
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292,810 |
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Diluted |
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296,756 |
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300,082 |
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299,793 |
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298,596 |
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300,002 |
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Dividends paid per share |
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$ 0.24 |
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$ 0.24 |
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$ 0.22 |
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$ 0.96 |
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$ 0.88 |
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SCHEDULE OF SPECIAL ITEMS | ||||||||||
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(Unaudited) | ||||||||||
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Three Months Ended |
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Year Ended | ||||||
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June 29, |
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March 30, |
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June 30, |
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June 29, |
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June 30, |
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|
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2013 |
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2013 |
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2012 |
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2013 |
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2012 |
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(in thousands) | ||||||||
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Cost of goods sold: |
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|
|
|
|
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Intangible asset amortization |
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$ 7,777 |
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$ 7,777 |
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$ 9,392 |
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$ 33,994 |
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$ 36,693 |
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Acquisition related inventory write up |
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- |
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- |
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- |
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- |
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1,801 |
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Total |
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$ 7,777 |
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$ 7,777 |
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$ 9,392 |
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$ 33,994 |
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$ 38,494 |
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Operating expenses: |
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Intangible asset amortization |
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$ 3,670 |
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$ 3,903 |
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$ 4,049 |
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$ 15,525 |
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$ 16,737 |
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Impairment of long-lived assets (1) |
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- |
|
- |
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22,383 |
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24,929 |
|
30,095 |
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Severance and restructuring |
|
442 |
|
151 |
|
18 |
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2,829 |
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6,785 |
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Other operating expenses (income) , net (2) |
|
2,105 |
|
1,678 |
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(4,469) |
|
5,864 |
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(11,214) |
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Total |
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$ 6,217 |
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$ 5,732 |
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$ 21,981 |
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$ 49,147 |
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$ 42,403 |
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Interest and other expense (income), net (3) |
|
$ 700 |
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$ - |
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$ 550 |
|
$ 700 |
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$ (1,226) |
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Total |
|
$ 700 |
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$ - |
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$ 550 |
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$ 700 |
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$ (1,226) |
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Provision for income taxes: |
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Reversal of tax reserves |
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$ - |
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$ - |
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$ - |
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$ - |
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$ (2,272) |
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International restructuring implementation (4) |
|
- |
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- |
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2,751 |
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18,726 |
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65,389 |
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Fiscal year 2012 research & development tax credits |
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- |
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(3,899) |
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- |
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(3,899) |
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- |
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Total |
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$ - |
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$ (3,899) |
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$ 2,751 |
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$ 14,827 |
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$ 63,117 |
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Discontinued operations: |
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Income from discontinued operations, net of tax (5) |
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$ - |
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$ (2,603) |
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$ - |
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$ (2,603) |
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$ (31,809) |
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Total |
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$ - |
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$ (2,603) |
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$ - |
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$ (2,603) |
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$ (31,809) |
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(1) Includes impairment charges relating to wafer fab and end of line manufacturing equipment and land & building held for sale. | ||||||||||
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(2) Other operating expenses (income), net are primarily for in-process research and development, certain payroll taxes, contingent consideration adjustments related to certain acquisitions, loss (gain) relating to sale of land and buildings, loss on lease abandonment, and stock option related litigation. | ||||||||||
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(3) Includes gain on sale and impairment of privately-held companies. | ||||||||||
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(4) Includes impact due to international restructuring. | ||||||||||
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(5) Includes gain on sale, net of tax relating to certain businesses divested. | ||||||||||
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STOCK-BASED COMPENSATION BY TYPE OF AWARD (in thousands) | ||||||||
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(Unaudited) | ||||||||
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Three Months Ended June 29, 2013 |
Stock Options |
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Restricted Stock Units |
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Employee Stock Purchase Plan |
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Total |
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Cost of goods sold |
$ 320 |
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$ 1,999 |
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$ 559 |
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$ 2,878 |
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Research and development expense |
1,673 |
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6,748 |
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1,226 |
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9,647 |
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Selling, general and administrative expense |
1,333 |
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4,488 |
|
507 |
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6,328 |
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Total |
$ 3,326 |
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$ 13,235 |
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$ 2,292 |
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$18,853 |
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Three Months Ended March 30, 2013 |
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Cost of goods sold |
$ 337 |
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$ 2,120 |
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$ 598 |
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$ 3,055 |
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Research and development expense |
1,440 |
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7,116 |
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1,480 |
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10,036 |
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Selling, general and administrative expense |
1,157 |
|
4,764 |
|
601 |
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6,522 |
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Total |
$ 2,934 |
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$ 14,000 |
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$ 2,679 |
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$19,613 |
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Three Months Ended June 30, 2012 |
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Cost of goods sold |
$ 462 |
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$ 2,206 |
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$ 423 |
|
$ 3,091 |
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|
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Research and development expense |
1,607 |
|
8,331 |
|
1,413 |
|
11,351 |
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|
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Selling, general and administrative expense |
1,468 |
|
4,518 |
|
462 |
|
6,448 |
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Total |
$ 3,537 |
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$ 15,055 |
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$ 2,298 |
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$20,890 |
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Year Ended June 29, 2013 |
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Cost of goods sold |
$ 1,532 |
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$ 8,862 |
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$ 2,210 |
|
$12,604 |
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|
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Research and development expense |
7,230 |
|
31,475 |
|
5,441 |
|
44,146 |
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|
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Selling, general and administrative expense |
5,331 |
|
19,523 |
|
2,204 |
|
27,058 |
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Total |
$ 14,093 |
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$ 59,860 |
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$ 9,855 |
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$83,808 |
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Year Ended June 30, 2012 |
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Cost of goods sold |
$ 2,014 |
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$ 9,387 |
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$ 1,738 |
|
$13,139 |
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Research and development expense |
7,844 |
|
35,699 |
|
5,525 |
|
49,068 |
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|
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Selling, general and administrative expense |
6,436 |
|
19,493 |
|
1,731 |
|
27,660 |
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Total |
$ 16,294 |
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$ 64,579 |
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$ 8,994 |
|
$89,867 |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
| |||||
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|
|
June 29, |
|
March 30, |
|
June 30, |
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|
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2013 |
|
2013 |
|
2012 |
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(in thousands) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$1,174,986 |
|
$1,547,980 |
|
$ 881,060 |
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|
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Short-term investments |
25,060 |
|
25,095 |
|
75,326 |
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|
|
Total cash, cash equivalents and short-term investments |
1,200,046 |
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1,573,075 |
|
956,386 |
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|
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Accounts receivable, net |
285,438 |
|
300,046 |
|
317,461 |
|
|
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Inventories |
275,640 |
|
268,018 |
|
242,162 |
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|
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Deferred tax assets |
82,173 |
|
81,809 |
|
98,180 |
|
|
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Other current assets |
96,609 |
|
113,010 |
|
85,177 |
|
|
|
Total current assets |
1,939,906 |
|
2,335,958 |
|
1,699,366 |
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|
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Property, plant and equipment, net |
1,373,124 |
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1,368,905 |
|
1,353,606 |
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|
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Intangible assets, net |
157,146 |
|
165,591 |
|
208,913 |
|
|
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Goodwill |
422,004 |
|
422,004 |
|
423,073 |
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|
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Other assets |
43,730 |
|
41,660 |
|
52,988 |
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|
|
TOTAL ASSETS |
$3,935,910 |
|
$4,334,118 |
|
$3,737,946 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
|
|
|
|
|
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|
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Accounts payable |
$ 105,322 |
|
$ 114,629 |
|
$ 147,086 |
|
|
|
Income taxes payable |
22,437 |
|
20,200 |
|
22,589 |
|
|
|
Accrued salary and related expenses |
187,970 |
|
182,894 |
|
191,846 |
|
|
|
Accrued expenses |
60,592 |
|
59,075 |
|
64,092 |
|
|
|
Current portion of long term debt |
2,015 |
|
304,314 |
|
303,496 |
|
|
|
Deferred income on shipments to distributors |
26,557 |
|
25,851 |
|
26,280 |
|
|
|
Total current liabilities |
404,893 |
|
706,963 |
|
755,389 |
|
|
|
Long term debt |
503,573 |
|
503,573 |
|
5,592 |
|
|
|
Income taxes payable |
282,697 |
|
271,815 |
|
212,389 |
|
|
|
Deferred tax liabilities |
206,855 |
|
213,138 |
|
198,502 |
|
|
|
Other liabilities |
29,894 |
|
26,063 |
|
27,797 |
|
|
|
Total liabilities |
1,427,912 |
|
1,721,552 |
|
1,199,669 |
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|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
288 |
|
292 |
|
293 |
|
|
|
Retained earnings |
2,523,457 |
|
2,629,895 |
|
2,553,418 |
|
|
|
Accumulated other comprehensive loss |
(15,747) |
|
(17,621) |
|
(15,434) |
|
|
|
Total stockholders' equity |
2,507,998 |
|
2,612,566 |
|
2,538,277 |
|
|
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$3,935,910 |
|
$4,334,118 |
|
$3,737,946 |
|
|
|
|
|
|
|
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|
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| |||||||||
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| |||||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
|
|
(Unaudited) | |||||||||
|
|
|
Three Months Ended |
|
Year Ended | ||||||
|
|
|
June 29, |
|
March 30, |
|
June 30, |
|
June 29, |
|
June 30, |
|
|
|
2013 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
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(in thousands) | ||||||||
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 119,014 |
|
$ 131,388 |
|
$110,634 |
|
$ 454,912 |
|
$386,727 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
18,853 |
|
19,613 |
|
20,890 |
|
83,808 |
|
89,867 |
|
|
Depreciation and amortization |
51,191 |
|
50,391 |
|
53,554 |
|
207,136 |
|
211,096 |
|
|
Deferred taxes |
(2,813) |
|
18,392 |
|
1,224 |
|
25,372 |
|
30,759 |
|
|
Loss (gain) from sale of property, plant and equipment |
1,380 |
|
(2,397) |
|
(1,412) |
|
(1,156) |
|
(7,648) |
|
|
Tax benefit (shortfall) related to stock-based compensation |
358 |
|
1,317 |
|
1,309 |
|
8,197 |
|
3,113 |
|
|
Impairment of long-lived assets |
- |
|
- |
|
22,933 |
|
24,929 |
|
30,645 |
|
|
Excess tax benefit from stock-based compensation |
(2,792) |
|
(4,297) |
|
(5,247) |
|
(18,923) |
|
(17,482) |
|
|
In-process research and development written-off |
- |
|
2,800 |
|
- |
|
2,800 |
|
1,600 |
|
|
Loss (gain) on sale of discontinued operations |
- |
|
(3,285) |
|
- |
|
(3,285) |
|
(45,372) |
|
|
Gain from sale of investments in privately-held companies |
- |
|
- |
|
- |
|
- |
|
(1,811) |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
14,608 |
|
(35,501) |
|
(21,206) |
|
32,023 |
|
(19,262) |
|
|
Inventories |
(7,657) |
|
(12,143) |
|
(22,090) |
|
(35,245) |
|
(432) |
|
|
Other current assets |
(2,132) |
|
(14,653) |
|
(5,634) |
|
(20,533) |
|
(16,757) |
|
|
Accounts payable |
(6,961) |
|
10,453 |
|
11,802 |
|
(32,510) |
|
25,515 |
|
|
Income taxes payable |
13,118 |
|
9,100 |
|
20,329 |
|
70,156 |
|
134,967 |
|
|
Deferred revenue on shipments to distributors |
706 |
|
489 |
|
(2,449) |
|
277 |
|
(10,601) |
|
|
All other accrued liabilities |
17,527 |
|
40,026 |
|
5,457 |
|
19,977 |
|
(38,202) |
|
|
Net cash provided by (used in) operating activities |
214,400 |
|
211,693 |
|
190,094 |
|
817,935 |
|
756,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Payments for property, plant and equipment |
(48,922) |
|
(54,945) |
|
(76,610) |
|
(216,672) |
|
(264,348) |
|
|
Proceeds from sales of property, plant and equipment |
4,538 |
|
10,199 |
|
1,400 |
|
19,196 |
|
16,883 |
|
|
Proceeds from sales of property, plant and equipment through note receivable |
10,786 |
|
- |
|
- |
|
10,786 |
|
- |
|
|
Proceeds from sale of discontinued operations |
- |
|
- |
|
- |
|
- |
|
56,607 |
|
|
Proceeds from maturity of available-for-sale securities |
- |
|
50,000 |
|
- |
|
50,000 |
|
- |
|
|
Purchases of available-for-sale securities |
- |
|
- |
|
- |
|
- |
|
(25,108) |
|
|
Purchases of privately-held companies securities |
(500) |
|
- |
|
(1,500) |
|
(500) |
|
(3,480) |
|
|
Acquisitions |
(2,767) |
|
- |
|
(2,257) |
|
(2,767) |
|
(168,544) |
|
|
Proceeds from sales of investments of privately-held companies |
585 |
|
- |
|
- |
|
585 |
|
3,225 |
|
|
Net cash provided by (used in) investing activities |
(36,280) |
|
5,254 |
|
(78,967) |
|
(139,372) |
|
(384,765) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
2,792 |
|
4,297 |
|
5,247 |
|
18,923 |
|
17,482 |
|
|
Contingent consideration paid |
(6,305) |
|
- |
|
- |
|
(13,781) |
|
- |
|
|
Dividends paid |
(69,532) |
|
(70,421) |
|
(64,408) |
|
(280,215) |
|
(257,731) |
|
|
Repayment of notes payable |
(302,299) |
|
(903) |
|
(400) |
|
(303,500) |
|
(20,806) |
|
|
Issuance of debt |
- |
|
494,395 |
|
- |
|
494,395 |
|
- |
|
|
Debt issuance cost |
(671) |
|
(3,250) |
|
- |
|
(3,921) |
|
- |
|
|
Repurchase of common stock |
(193,221) |
|
(66,330) |
|
(56,282) |
|
(375,135) |
|
(246,412) |
|
|
Issuance of ESPP |
19,529 |
|
- |
|
18,807 |
|
36,297 |
|
33,772 |
|
|
Net issuance of restricted stock units |
(7,456) |
|
(7,941) |
|
(6,929) |
|
(29,042) |
|
(29,649) |
|
|
Proceeds from stock options exercised |
6,049 |
|
26,079 |
|
13,347 |
|
71,342 |
|
49,906 |
|
|
Net cash provided by (used in) financing activities |
(551,114) |
|
375,926 |
|
(90,618) |
|
(384,637) |
|
(453,438) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(372,994) |
|
592,873 |
|
20,509 |
|
293,926 |
|
(81,481) |
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
1,547,980 |
|
955,107 |
|
860,551 |
|
881,060 |
|
962,541 |
|
|
End of period |
$1,174,986 |
|
$1,547,980 |
|
$881,060 |
|
$1,174,986 |
|
$881,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments |
$1,200,046 |
|
$1,573,075 |
|
$956,386 |
|
$1,200,046 |
|
$956,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
| ||||||||||
|
|
ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES | ||||||||||
|
|
(Unaudited) | ||||||||||
|
|
|
|
Three Months Ended |
|
Year Ended | ||||||
|
|
|
|
June 29, |
|
March 30, |
|
June 30, |
|
June 29, |
|
June 30, |
|
|
|
|
2013 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
(in thousands, except per share data) | ||||||||
|
|
Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ 371,399 |
|
$ 376,102 |
|
$ 371,989 |
|
$ 1,496,567 |
|
$ 1,450,852 |
|
|
GAAP gross profit % |
|
61.1% |
|
62.2% |
|
61.5% |
|
61.3% |
|
60.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
|
7,777 |
|
7,777 |
|
9,392 |
|
33,994 |
|
36,693 |
|
|
Acquisition related inventory write up |
|
- |
|
- |
|
- |
|
- |
|
1,801 |
|
|
Total special expense items |
|
7,777 |
|
7,777 |
|
9,392 |
|
33,994 |
|
38,494 |
|
|
GAAP gross profit excluding special expense items |
|
$ 379,176 |
|
$ 383,879 |
|
$ 381,381 |
|
$ 1,530,561 |
|
$ 1,489,346 |
|
|
GAAP gross profit % excluding special expense items |
|
62.3% |
|
63.5% |
|
63.0% |
|
62.7% |
|
62.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ 220,309 |
|
$ 221,824 |
|
$ 235,968 |
|
$ 908,248 |
|
$ 916,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special expense (income) items: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
|
3,670 |
|
3,903 |
|
4,049 |
|
15,525 |
|
16,737 |
|
|
Impairment of long-lived assets (1) |
|
- |
|
- |
|
22,383 |
|
24,929 |
|
30,095 |
|
|
Severance and restructuring |
|
442 |
|
151 |
|
18 |
|
2,829 |
|
6,785 |
|
|
Other operating expenses (income), net (2) |
|
2,105 |
|
1,678 |
|
(4,469) |
|
5,864 |
|
(11,214) |
|
|
Total special expense items |
|
6,217 |
|
5,732 |
|
21,981 |
|
49,147 |
|
42,403 |
|
|
GAAP operating expenses excluding special expense items |
|
$ 214,092 |
|
$ 216,092 |
|
$ 213,987 |
|
$ 859,101 |
|
$ 873,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income to GAAP net income excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ 119,014 |
|
$ 131,388 |
|
$ 110,634 |
|
$ 454,912 |
|
$ 386,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special expense (income) items: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset amortization |
|
11,447 |
|
11,680 |
|
13,441 |
|
49,519 |
|
53,430 |
|
|
Acquisition related inventory write up |
|
- |
|
- |
|
- |
|
- |
|
1,801 |
|
|
Impairment of long-lived assets (1) |
|
- |
|
- |
|
22,383 |
|
24,929 |
|
30,095 |
|
|
Severance and restructuring |
|
442 |
|
151 |
|
18 |
|
2,829 |
|
6,785 |
|
|
Other operating expenses (income) , net (2) |
|
2,105 |
|
1,678 |
|
(4,469) |
|
5,864 |
|
(11,214) |
|
|
Interest and other expense (income), net (3) |
|
700 |
|
- |
|
550 |
|
700 |
|
(1,226) |
|
|
Pre-tax total special expense items |
|
14,694 |
|
13,509 |
|
31,923 |
|
83,841 |
|
79,671 |
|
|
Tax effect of special items |
|
(4,231) |
|
(3,806) |
|
(10,613) |
|
(22,963) |
|
(25,579) |
|
|
Reversal of tax reserves |
|
- |
|
- |
|
- |
|
- |
|
(2,272) |
|
|
International restructuring implementation (4) |
|
- |
|
- |
|
2,751 |
|
18,726 |
|
65,389 |
|
|
Fiscal year 2012 research & development tax credits |
|
- |
|
(3,899) |
|
- |
|
(3,899) |
|
- |
|
|
Discontinued operations, net of tax (5) |
|
- |
|
(2,603) |
|
- |
|
(2,603) |
|
(31,809) |
|
|
GAAP net income excluding special expense items |
|
$ 129,477 |
|
$ 134,589 |
|
$ 134,695 |
|
$ 528,014 |
|
$ 472,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share excluding special expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ 0.45 |
|
$ 0.46 |
|
$ 0.46 |
|
$ 1.81 |
|
$ 1.61 |
|
|
Diluted |
|
$ 0.44 |
|
$ 0.45 |
|
$ 0.45 |
|
$ 1.77 |
|
$ 1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the calculation of earnings per share excluding special expense items: |
|
|
|
|
|
|
|
|
| |
|
|
Basic |
|
290,146 |
|
292,888 |
|
292,757 |
|
291,835 |
|
292,810 |
|
|
Diluted |
|
296,756 |
|
300,082 |
|
299,793 |
|
298,596 |
|
300,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes impairment charges relating to wafer fab and end of line manufacturing equipment and land & building held for sale. | ||||||||||
|
|
(2) Other operating expenses (income), net are primarily for in-process research and development, certain payroll taxes, contingent consideration adjustments related to certain acquisitions, loss (gain) relating to sale of land and buildings, loss on lease abandonment, and stock option related litigation. | ||||||||||
|
|
(3) Includes gain on sale and impairment of privately-held companies. | ||||||||||
|
|
(4) Includes impact due to international restructuring. | ||||||||||
|
|
(5) Includes gain on sale, net of tax relating to certain businesses divested. |