Sysco 2012 Annual Report Download - page 46

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SYSCO CORPORATION-Form10-K 23
PARTII
ITEM7Management’s Discussion and Analysis of Financial Condition and Results of Operations
Set forth below is a reconciliation of actual operating expenses, operating income, net earnings and diluted earnings per share to adjusted results for these
measures for fi scal 2012 and fi scal 2011:
(In thousands, except for share and per share data)
2012 2011 Change in Dollars % Change
Operating expenses (GAAP) $ 5,785,945 $ 5,463,210 $ 322,735 5.9%
Impact of BTP costs (193,126) (102,623) (90,503) 88.2
Impact of MEPP charge (21,899) (41,544) 19,645 (47.3)
Impact of restructuring charge (6,415) - (6,415)
Impact of COLI 3,721 28,197 (24,476) (86.8)
ADJUSTED OPERATING EXPENSES (NON-GAAP) $ 5,568,226 $ 5,347,240 $ 220,986 4.1%
Operating Income (GAAP) $ 1,890,632 $ 1,931,502 $ (40,870) (2.1)%
Impact of BTP costs 193,126 102,623 90,503 88.2
Impact of MEPP charge 21,899 41,544 (19,645) (47.3)
Impact of restructuring charge 6,415 - 6,415
Impact of COLI (3,721) (28,197) 24,476 (86.8)
ADJUSTED OPERATING INCOME (NON-GAAP) $ 2,108,351 $ 2,047,472 $ 60,879 3.0%
Net earnings (GAAP) $ 1,121,585 $ 1,152,030 $ (30,445) (2.6)%
Impact of BTP costs (net of tax)(1) 121,416 64,694 56,722 87.7
Impact of MEPP charge (net of tax)(1) 13,768 26,189 (12,421) (47.4)
Impact of restructuring charge (net of tax)(1) 4,033 - 4,033
Impact of COLI (3,721) (28,197) 24,476 (86.8)
Impact of tax benefi ts - (14,032) 14,032 0.0
ADJUSTED NET EARNINGS (NON-GAAP) $ 1,257,081 $ 1,200,684 $ 56,397 4.7%
Diluted earnings per share (GAAP) $ 1.90 $ 1.96 $ (0.06) (3.1)%
Impact of BTP costs(2) 0.21 0.11 0.10 90.9
Impact of MEPP charge(2) 0.02 0.04 (0.02) (50.0)
Impact of restructuring charge(2) 0.01 - 0.01
Impact of COLI(2) (0.00) (0.05) 0.05
Impact of tax benefi ts(2) - (0.02) 0.02
ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP) $ 2.13 $ 2.04 $ 0.09 4.4%
Diluted shares outstanding 588,991,441 588,691,546
(1) Tax impact of adjustments for Business Transformation Project, multiemployer pension plan expenses, restructuring charges was $82.2million and $53.3million for fiscal 2012 and 2011, respectively.
(2) Individual components of diluted earnings per share may not sum to the total adjusted diluted earnings due to rounding.