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ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES |
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(Unaudited) |
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Three Months Ended |
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September 27, |
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June 28, |
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September 28, |
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2014 |
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2014 |
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2013 |
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(in thousands, except per share data) |
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Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
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GAAP gross profit |
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$ 338,821 |
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$ 368,960 |
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$ 347,196 |
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GAAP gross profit % |
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58.4% |
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57.4% |
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59.3% |
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Special items: |
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Intangible asset amortization |
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18,750 |
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18,750 |
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8,092 |
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Acquisition-related inventory write-up |
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- |
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371 |
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- |
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Total special items |
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18,750 |
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19,121 |
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8,092 |
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GAAP gross profit excluding special items |
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$ 357,571 |
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$ 388,081 |
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$ 355,288 |
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GAAP gross profit % excluding special items |
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61.6% |
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60.4% |
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60.7% |
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Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
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GAAP operating expenses |
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$ 237,863 |
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$ 252,410 |
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$ 218,587 |
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Special items: |
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Intangible asset amortization |
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4,327 |
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4,423 |
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3,436 |
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Impairment of long-lived assets (1) |
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10,226 |
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6,447 |
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- |
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Severance and restructuring (2) |
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1,385 |
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5,790 |
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5,547 |
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Other operating expenses (income), net (3) |
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1,574 |
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8,795 |
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2,272 |
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Total special items |
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17,512 |
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25,455 |
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11,255 |
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GAAP operating expenses excluding special items |
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$ 220,351 |
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$ 226,955 |
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$ 207,332 |
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Reconciliation of GAAP net income to GAAP net income excluding special items: |
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GAAP net income |
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$ 99,980 |
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$ 84,793 |
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$ 103,120 |
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Special items: |
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Intangible asset amortization |
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23,077 |
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23,173 |
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11,528 |
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Acquisition-related inventory write-up |
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- |
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371 |
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- |
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Impairment of long-lived assets (1) |
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10,226 |
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6,447 |
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- |
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Severance and restructuring (2) |
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1,385 |
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5,790 |
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5,547 |
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Other operating expenses (income), net (3) |
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1,574 |
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8,795 |
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2,272 |
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Interest and other expense, net (4) |
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- |
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2,432 |
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- |
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Pre-tax total special items |
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36,262 |
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47,008 |
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19,347 |
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Tax effect of special items |
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(5,873) |
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(6,850) |
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(2,981) |
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Fixed asset tax basis adjustment (5) |
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- |
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(1,041) |
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- |
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Reversal of tax reserves (6) |
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(21,747) |
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- |
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- |
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GAAP net income excluding special items |
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$ 108,622 |
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$ 123,910 |
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$ 119,486 |
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GAAP net income per share excluding special items: |
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Basic |
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$ 0.38 |
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$ 0.44 |
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$ 0.42 |
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Diluted |
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$ 0.38 |
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$ 0.43 |
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$ 0.41 |
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Shares used in the calculation of earnings per share excluding special items: |
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Basic |
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284,086 |
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283,431 |
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284,654 |
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Diluted |
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289,430 |
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289,487 |
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290,260 |
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(1) Includes impairment charges relating to EDA software, wafer fab tools, land and buildings held-for-sale, and end of line manufacturing equipment. |
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(2) include severance charges associated with the reorganizaton of various business units and manufacturing operations. |
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(3) Other operating expenses (income), net are primarily for loss (gain) relating to sale of land and buildings, reserve for uncollectible note related to a divestiture, expected loss on rent expense, and contingent consideration adjustments related to certain acquisitions. |
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(4) Includes impairment of investment in a privately-held company. |
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(5) Includes one-time fixed asset tax basis adjustments relating to prior year depreciation expense. |
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(6) Reversal of tax reserves related to the favorable settlement of a foreign tax issue. |
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