Schedule Reconciling Selected Non-GAAP Financial Measures | ||||||||||||||||||||
(unaudited, in millions, except for per share amounts) | ||||||||||||||||||||
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Quarter Ended |
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Six Months Ended | ||||||||||||||||
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Apr 2,
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Jan 1,
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Apr 3,
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Apr 2,
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Apr 3,
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GAAP and Non-GAAP gross profit |
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$ |
284.1 |
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$ |
276.5 |
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$ |
200.6 |
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$ |
560.6 |
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$ |
388.5 |
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Manufacturing profit in acquired inventory (1) |
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— |
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— |
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66.2 |
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— |
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66.2 |
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Inventory write-offs from restructuring activities (2) |
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— |
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— |
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4.0 |
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— |
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4.0 |
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Non-GAAP gross profit |
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$ |
284.1 |
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$ |
276.5 |
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$ |
270.8 |
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$ |
560.6 |
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$ |
458.7 |
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GAAP operating income (loss) |
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$ |
69.1 |
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$ |
55.8 |
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$ |
(97.9) |
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$ |
124.9 |
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$ |
(61.3) |
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Adjustments to GAAP gross profit |
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— |
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— |
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70.2 |
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— |
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70.2 |
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Restructuring, severance, facilities and other special charges (1) |
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5.9 |
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2.4 |
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51.9 |
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8.3 |
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53.7 |
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Amortization of intangible assets (2) |
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46.5 |
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45.5 |
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45.3 |
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92.1 |
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70.7 |
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Stock based compensation (3) |
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15.6 |
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28.3 |
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24.4 |
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43.9 |
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38.4 |
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Acquisition and divestiture related costs (4) |
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0.4 |
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0.7 |
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22.3 |
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1.1 |
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28.3 |
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Non-GAAP operating income |
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$ |
137.5 |
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$ |
132.7 |
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$ |
116.2 |
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$ |
270.3 |
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$ |
200.0 |
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GAAP net income (loss) |
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$ |
41.2 |
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$ |
19.5 |
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$ |
(212.0) |
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$ |
60.6 |
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$ |
(188.3) |
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Adjustments to GAAP gross profit and operating income |
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68.4 |
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76.9 |
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214.1 |
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145.4 |
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261.3 |
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Adjustment to gain on divestiture (4) |
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— |
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1.2 |
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— |
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1.2 |
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— |
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Credit facility issuance and debt extinguishment costs (5) |
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2.4 |
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2.1 |
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78.2 |
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4.5 |
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78.9 |
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Fair value change in foreign tax liabilities (6) |
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1.1 |
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(1.0) |
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3.0 |
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0.1 |
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3.0 |
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Income tax effect on non-GAAP adjustments (7) |
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(6.9) |
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1.1 |
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(8.6) |
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(5.8) |
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(10.9) |
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Non-GAAP net income |
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$ |
106.2 |
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$ |
99.8 |
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$ |
74.7 |
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$ |
206.0 |
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$ |
144.0 |
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GAAP diluted earnings (loss) per share |
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$ |
0.35 |
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$ |
0.17 |
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$ |
(1.93) |
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$ |
0.52 |
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$ |
(1.85) |
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Effect of non-GAAP adjustments on diluted earnings per share |
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$ |
0.56 |
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$ |
0.69 |
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$ |
2.60 |
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$ |
1.25 |
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$ |
3.24 |
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Non-GAAP diluted earnings per share |
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$ |
0.91 |
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$ |
0.86 |
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$ |
0.67 |
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$ |
1.77 |
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$ |
1.39 |
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Weighted-average diluted shares used in calculating non-GAAP diluted earnings per share |
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117.0 |
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116.3 |
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111.6 |
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116.6 |
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103.8 |
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Operating cash flow |
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$ |
121.5 |
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$ |
77.6 |
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$ |
5.4 |
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$ |
199.1 |
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$ |
88.3 |
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Payments for capital expenditures |
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(16.0) |
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(10.5) |
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(12.5) |
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(26.5) |
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(23.1) |
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Free cash flow (8) |
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$ |
105.5 |
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$ |
67.1 |
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$ |
(7.1) |
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$ |
172.6 |
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$ |
65.2 |
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