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Summary of Reconciling Items 2003
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Summary of Reconciling Items 2003

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  • 1. 2003 Summary of Reconciling Items ® ® Q1 03 Q2 03 Q3 03 Q4 03 FY 03 ($ U.S. millions) Reorganization costs (1) $ 21.6 $ 6.9 $ 1.3 $ 11.9 1.5 $ Other major-program costs included in: 1.8 (1) 7.8 2.5 11.2 23.3 Selling, general and administrative expenses Cost of sales (1) 0.5 0.5 - - - 20.2 12.5 4.0 8.7 45.4 Pre-tax items Provisions for taxes: Tax effect on pre-tax items (7.1) (4.4) (0.2) (2.8) (14.5) (2) Favorable tax resolution - - (70.5) - (70.5) ($ 39.6) Total net of tax 5.9 8.1 $ $ 13.1 ($ 66.7) $ (1) Major-program costs in Q1 03 include reorganization costs of $11.9 ($5.0 in North America, $6.7 in Europe, less than $0.1 in Asia-Pacific and $0.2 in Latin America) primarily for employee termination benefits for workforce reductions worldwide, lease exit costs for facility consolidations in Europe and other costs related to reorganization activities in North America; and $7.8 charged to selling, general and administrative expenses ($6.9 in North America and $0.9 in Europe) primarily comprised of accelerated depreciation of fixed assets associated with the planned exit of facilities and outsourcing of the company’s IT infrastructure, relocation and transition, and other related costs; and $0.5 recorded as costs of sales in Europe, comprised of incremental inventory losses caused by the exit of certain markets. Major-program costs in Q2 03 include reorganization costs of $1.3 ($1.5 in North America, ($0.3) in Europe, less than $0.1 in Asia-Pacific and $0.1 in Latin America) primarily for employee termination benefits for workforce reductions worldwide and $11.2 charged to selling, general and administrative expenses ($6.1 in North America and $5.1 in Europe), primarily comprised of the loss on the sale of a German semiconductor equipment distribution business, accelerated depreciation of fixed assets associated with the planned exit of facilities and outsourcing of our IT infrastructure, relocation and transition costs, and other related costs. Major-program costs in Q3 03 include reorganization costs of $1.5 ($0.7 in North America, $0.7 in Europe, less than $0.1 in Asia-Pacific and $0.1 in Latin America) primarily for employee termination benefits for workforce reductions worldwide and $2.5 charged to selling, general and administrative expenses in North America, primarily comprised of accelerated depreciation of fixed assets associated with software replaced by a more efficient solution, the planned exit of facilities and outsourcing of our IT infrastructure, as well as relocation, transition, and other related costs, partially offset by a gain on sale of excess land near the Company’s corporate headquarters in Southern California. Major-program costs in Q4 03 include reorganization costs of $6.9 ($4.1 in North America, $2.0 in Europe, $0.1 in Asia-Pacific and $0.7 in Latin America) primarily for employee termination benefits for workforce reductions worldwide and lease exit costs for facility consolidations in North America, Europe and Latin America and $1.8 charged to selling, general and administrative expenses in North America, primarily comprised of accelerated depreciation of fixed assets associated with software replaced by a more efficient solution, the planned exit of facilities and outsourcing of our IT infrastructure, as well as relocation, transition, and other related costs, partially offset by a gain on sale of excess land near the Company’s corporate headquarters in Southern California. (2) Favorable tax resolution in Q3 03 represents income tax benefit for the reversal of previously accrued federal income taxes related to the gains on the sale of securities in 1999. 000000_1 1

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