Log your LOA pain with Pension Lab's brilliant campaign
Non-GAAP EBIT reconciliation
1. Non-GAAP Reconciliation –
EBIT
Millions Three Months Ended For the Years Ended
Dec. 31, Dec. 31, Sept. 25, Dec. 31, Dec. 31,
2005 2004 2005 2005 2004
Earnings before interest, income taxes, minority $ 269 $ 172 $ 240 $ 907 $ 543
interest and restructuring charges
Restructuring, asset impairment and other $ - $ - $ - $ - $ -
Earnings before interest, income taxes and $ 269 $ 172 $ 240 $ 907 $ 543
minority interest
Interest Expense $ (26) $ (30) $ (27) $ (109) $ (111)
Provision for income taxes $ (63) $ (12) $ (61) $ (216) $ (56)
Minority Interests in earnings of unconsolidated $ (13) $ (11) $ (7) $ (32) $ (26)
subsidiaries
Net Earnings $ 167 $ 119 $ 145 $ 550 $ 350
EBIT = Earnings before interest, taxes, and minority interests.
We use EBIT to assess and measure the performance of our operating segments and also as a component in measuring our variable compensation
programs. The table above reconciles EBIT, a non-GAAP financial measure, to our consolidated net earnings, for each of the applicable periods.
2. Non-GAAP Reconciliation – Net
Assets
Millions Dec. 31, Dec. 31, Sept. 25,
2005 2004 2005
Net assets for operating segments $ 3,479 $ 3,151 $ 3,312
Liabilities deducted in computing net assets 3,354 3,168 3,421
Minimum pension liability excluded from net (837) (826) (826)
assets
Deferred tax assets not allocated to segments 863 990 928
Debt-related costs not allocated to segments 26 27 27
Total assets $ 6,885 $ 6,510 $ 6,862
3. Non-GAAP Reconciliation – ROANA
Millions Three Months For the Year
Ended Ended
Dec. 31, 2005 Dec. 31, 2005
Earnings before interest, income taxes and $ 269 $ 907
minority interest
Net Assets for operating segments at 3,312 3,151
beginning of period
Net Assets for operating segments at end of 3,479 3,479
period
Average Net Assets for operating segments 3,396 3,315
for period
ROANA 32% 27%