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SYSCO CORPORATION-Form10-K 25
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  scal 2013 and  scal 2012:
(Inthousands, except for share and per share data)
2013 2012 Change in Dollars % Change
Operating expenses (GAAP) $ 6,209,113 $ 5,785,945 $ 423,168 7.3%
Impact of BTP costs (330,544) (193,126) (137,418) 71.2
Impact of MEPP charge (41,876) (21,899) (19,977) 91.2
Impact of severance charge (23,206) (14,452) (8,754) 60.6
Impact of restructuring executive retirement plans (20,990) - (20,990)
Impact of one-time acquisition-related charge (5,998) - (5,998)
Impact of facility closure charges (2,645) - (2,645)
ADJUSTED OPERATING EXPENSES (NON-GAAP) $ 5,783,854 $ 5,556,468 $ 227,386 4.1%
Operating Income (GAAP) $ 1,658,478 $ 1,890,632 $ (232,154) (12.3)%
Impact of BTP costs 330,544 193,126 137,418 71.2
Impact of MEPP charge 41,876 21,899 19,977 91.2
Impact of severance charge 23,206 14,452 8,754 60.6
Impact of restructuring executive retirement plans 20,990 - 20,990
Impact of one-time acquisition-related charge 5,998 - 5,998
Impact of facility closure charges 2,645 - 2,645
ADJUSTED OPERATING INCOME (NON-GAAP) $ 2,083,737 $ 2,120,109 $ (36,372) (1.7)%
Net earnings (GAAP) $ 992,427 $ 1,121,585 $ (129,158) (11.5)%
Impact of BTP costs (net of tax)(1) 211,978 121,418 90,560 74.6
Impact of MEPP charge (net of tax)(1) 26,855 13,768 13,087 95.1
Impact of severance charge (net of tax)(1) 14,882 9,086 5,796 63.8
Impact of restructuring executive retirement plans (net of tax)(1) 13,461 - 13,461
Impact of one-time acquisition-related charge (no tax impact) 5,998 - 5,998
Impact of facility closure charge (net of tax)(1) 1,696 - 1,696
ADJUSTED NET EARNINGS (NON-GAAP) $ 1,267,297 $ 1,265,857 $ 1,440 0.1%
Diluted earnings per share (GAAP) $ 1.67 $ 1.90 $ (0.23) (12.1)%
Impact of BTP costs (net of tax)(2) 0.36 0.21 0.15 71.4
Impact of MEPP charge (net of tax)(2) 0.05 0.02 0.03 150.0
Impact of severance charge (net of tax)(2) 0.03 0.02 0.01 50.0
Impact of restructuring executive retirement plans (net of tax)(2) 0.02 - 0.02
Impact of one-time acquisition-related charge (no tax impact)(2) 0.01 - 0.01
Impact of facility closure charge (net of tax)(2) - - -
ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP) $ 2.14 $ 2.15 $ (0.01) (0.5)%
Dilutedshares outstanding 592,675,110 588,991,441
(1) The aggregate tax impact of adjustments for Business Transformation Project, multiemployer pension plan expenses, severance charges, executive retirement plans restructuring and facility
closure charges was $150.3million and $85.2million for fiscal 2013 and 2012, respectively.
(2) Individual components of diluted earnings per share may not sum to the total adjusted diluted earnings due to rounding.