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Reg. G Reconciliations

  • Click here to view 2006-2017 GAAP basis versus ongoing and constant currency basis sales growth comparisons.

  • Click here to view Reconciliation of 2012-2015 Margins Excluding Amortization of Intangibles.

    Reconciliation of Items that import the comparability of Net Income and Diluted Earnings Per Share between periods:
  • 2017 - Click here to view 2017 reconciliation
  • 2016 - Click here to view 2016 reconciliation
  • 2015 - Click here to view 2015 reconciliation
  • 2014 - Click here to view 2014 reconciliation
  • 2013 - Click here to view 2013 reconciliation
  • 2012 - Click here to view 2012 reconciliation
  • 2011 - Click here to view 2011 reconciliation
  • 2010 - Click here to view 2010 reconciliation
  • 2009 - Click here to view 2009 reconciliation
  • 2008 - Click here to view 2008 reconciliation
  • 2007 - Click here to view 2007 reconciliation
  • 2006 - Click here to view 2006 reconciliation

    Management’s Use of Non-GAAP Measures

    The company makes use of financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) to help in the assessment of ongoing operating performance. These non-GAAP financial measures are reconciled to their most directly comparable GAAP measures in the tables included in the links above.

    These non-GAAP financial measures include net sales excluding the impact of foreign exchange. The company analyzes net sales on a constant currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on net sales, the company believes that evaluating growth in net sales on a constant currency basis provides an additional and meaningful assessment of net sales to both management and the company’s investors.

    In addition, non-GAAP measures used by the company may include, but are not limited to: (1) cost of goods sold and marketing, selling & administrative expense, each excluding charges relating to the discontinued sale of a product or business; (2) research & development expense excluding payments for purchased research and development; (3) other (income) expense, net excluding investment gains, charges for the settlement of legal matters and charges relating to the discontinued sale of a product or business; (4) income tax provision excluding adjustments for tax matters not related to current ongoing operations and the tax effects of each of the items set forth in (1) above through this item (4); (5) net income excluding the items set forth in (1) through (4) above; and (6) diluted earnings per share (EPS) excluding the items set forth in items (1) through (4) above.

    The company excludes the examples described above because they may cause certain statement of income categories not to be indicative of ongoing operating results, and therefore affect the comparability of results between periods. The company therefore believes that non-GAAP measures provide an additional and meaningful assessment of the company’s ongoing operating performance. Because the company has historically reported non-GAAP results to the investment community, management also believes that the inclusion of non-GAAP measures provides consistency in its financial reporting and facilitates investors’ understanding of the company’s historic operating trends by providing an additional basis for comparisons to prior periods. Management uses non-GAAP measures (1) to establish financial and operational goals, (2) to monitor the company’s actual performance in relation to its business plan and operating budgets, (3) to evaluate the company’s core operating performance and understand key trends within the business, and (4) as part of several components it considers in determining incentive compensation.

    Management recognizes that the use of non-GAAP measures has limitations, including the fact that they may not be comparable with similar non-GAAP financial measures used by other companies and that management must exercise judgment in determining which types of charges or other items should be excluded from the non-GAAP financial information. Management compensates for these limitations by providing full disclosure of each non-GAAP financial measure and a reconciliation to the most directly comparable GAAP financial measure. All non-GAAP financial measures are intended to supplement the applicable GAAP disclosures and should not be considered in isolation from, or as a replacement for, financial information prepared in accordance with GAAP. For a reconciliation of these non-GAAP measures to the most comparable GAAP measures, please see the tables included in the links above.

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