Motorola Solutions Reports Third-Quarter Results

Definitions

* Total cash = Cash and cash equivalents + Sigma Fund (current and non-current) and short-term investments

** Amounts attributable to Motorola Solutions, Inc. common stockholders

*** Non-GAAP financial information excludes from GAAP results the effects of stock-based compensation expense, intangible assets amortization expense and highlighted items

About Motorola Solutions

Motorola Solutions is a leading provider of mission-critical communication solutions and services for enterprise and government customers. Through leading-edge innovation and communications technology, it is a global leader that enables its customers to be their best in the moments that matter. Motorola Solutions trades on the New York Stock Exchange under the ticker “MSI.” To learn more, visit www.motorolasolutions.com. For ongoing news, please visit our media center or subscribe to our news feed.

MOTOROLA, MOTOROLA SOLUTIONS and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license. All other trademarks are the property of their respective owners. ©2011 Motorola Solutions, Inc. All rights reserved.

     
GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
     
Three Months Ended
October 1, 2011 October 2, 2010
Net sales from products $ 1,572 $ 1,413
Net sales from services   533     495  
Net sales 2,105 1,908
 
Costs of products sales 695 624
Costs of services sales   350     320  
Costs of sales 1,045 944
   
Gross margin   1,060     964  
 
Selling, general and administrative expenses 475 457
Research and development expenditures 272 262
Other charges (income) 10 (17 )
Intangibles amortization   50     51  
Operating earnings   253     211  
 
Other income (expense):
Interest expense, net (18 ) (29 )
Gain on sales of investments and businesses, net 2 4
Other   -     6  
Total other income (expense)   (16 )   (19 )
Earnings from continuing operations before income taxes 237 192
Income tax expense   84     203  
Earnings (loss) from continuing operations 153 (11 )
 
Earnings (loss) from discontinued operations, net of tax   (24 )   123  
Net earnings 129 112
 
Less: Earnings attributable to noncontrolling interests   1     2  
Net earnings attributable to Motorola Solutions, Inc. $ 128   $ 110  
 
Amounts attributable to Motorola Solutions, Inc. common shareholders
Earnings (loss) from continuing operations, net of tax $ 152 $ (13 )
Earnings (loss) from discontinued operations, net of tax   (24 )   123  
Net earnings $ 128   $ 110  
 

Earnings (loss) per common share

Basic:
Continuing operations $ 0.45 $ (0.04 )
Discontinued operations   (0.07 )   0.37  
$ 0.38   $ 0.33  
 
Diluted:
Continuing operations $ 0.45 $ (0.04 )
Discontinued operations   (0.07 )   0.37  
$ 0.38   $ 0.33  
 

Weighted average common shares outstanding

Basic 335.4 334.1
Diluted   339.5     334.1  
 
     
Percentage of Net Sales*
Net sales from products 74.7 % 74.1 %
Net sales from services   25.3 %   25.9 %
Net sales   100 %   100 %
 
Costs of products sales 44.2 % 44.2 %
Costs of services sales   65.7 %   64.6 %
Costs of sales   49.6 %   49.5 %
   
Gross margin   50.4 %   50.5 %
 
Selling, general and administrative expenses 22.6 % 24.0 %
Research and development expenditures 12.9 % 13.7 %
Other charges (income) 0.5 % -0.9 %
Intangibles amortization   2.4 %   2.7 %
Operating earnings   12.0 %   11.1 %
 
Other income (expense):
Interest expense, net -0.9 % -1.5 %
Gain on sales of investments and businesses, net 0.1 % 0.2 %
Other   0.0 %   0.3 %
Total other income (expense)   -0.8 %   -1.0 %
Earnings from continuing operations before income taxes 11.3 % 10.1 %
Income tax expense   4.0 %   10.6 %
Earnings (loss) from continuing operations 7.3 % -0.6 %
 
Earnings (loss) from discontinued operations, net of tax   -1.1 %   6.4 %
Net earnings 6.1 % 5.9 %
 
Less: Earnings attributable to noncontrolling interests   0.0 %   0.1 %
Net earnings attributable to Motorola Solutions, Inc.   6.1 %   5.8 %
 
* Percentages may not add up due to rounding
     
GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
     
Nine Months Ended
October 1, 2011 October 2, 2010
Net sales from products $ 4,445 $ 4,056
Net sales from services   1,524     1,442  
Net sales 5,969 5,498
 
Costs of products sales 2,001 1,833
Costs of services sales   967     928  
Costs of sales 2,968 2,761
   
Gross margin   3,001     2,737  
 
Selling, general and administrative expenses 1,425 1,369
Research and development expenditures 775 772
Other charges (income) 71 (33 )
Intangibles amortization   150     152  
Operating earnings   580     477  
 
Other income (expense):
Interest expense, net (59 ) (97 )
Gain on sales of investments and businesses, net 21 44
Other   (72 )   (9 )
Total other income (expense)   (110 )   (62 )
Earnings from continuing operations before income taxes 470 415
Income tax expense (benefit)   (91 )   332  
Earnings from continuing operations 561 83
 
Earnings from discontinued operations, net of tax   407     263  
Net earnings 968 346
 
Less: Earnings (loss) attributable to noncontrolling interests   (6 )   5  
Net earnings attributable to Motorola Solutions, Inc. $ 974   $ 341  
 
Amounts attributable to Motorola Solutions, Inc. common shareholders
Earnings from continuing operations, net of tax $ 567 $ 78
Earnings from discontinued operations, net of tax   407     263  
Net earnings $ 974   $ 341  
 

Earnings per common share

Basic:
Continuing operations $ 1.68 $ 0.23
Discontinued operations   1.21     0.80  
$ 2.89   $ 1.03  
 
Diluted:
Continuing operations $ 1.65 $ 0.23
Discontinued operations   1.19     0.78  
$ 2.84   $ 1.01  
 

Weighted average common shares outstanding

Basic 337.3 332.5
Diluted   343.4     337.1  
 
     
Percentage of Net Sales*
Net sales from products 74.5 % 73.8 %
Net sales from services   25.5 %   26.2 %
Net sales   100 %   100 %
 
Costs of products sales 45.0 % 45.2 %
Costs of services sales   63.5 %   64.4 %
Costs of sales   49.7 %   50.2 %
   
Gross margin   50.3 %   49.8 %
 
Selling, general and administrative expenses 23.9 % 24.9 %
Research and development expenditures 13.0 % 14.0 %
Other charges (income) 1.2 % -0.6 %
Intangibles amortization   2.5 %   2.8 %
Operating earnings   9.7 %   8.7 %
 
Other income (expense):
Interest expense, net -1.0 % -1.8 %
Gain on sales of investments and businesses, net 0.4 % 0.8 %
Other   -1.2 %   -0.2 %
Total other income (expense)   -1.8 %   -1.1 %
Earnings from continuing operations before income taxes 7.9 % 7.5 %
Income tax expense (benefit)   -1.5 %   6.0 %
Earnings from continuing operations 9.4 % 1.5 %
 
Earnings from discontinued operations, net of tax   6.8 %   4.8 %
Net earnings 16.2 % 6.3 %
 
Less: Earnings (loss) attributable to noncontrolling interests   -0.1 %   0.1 %
Net earnings attributable to Motorola Solutions, Inc.   16.3 %   6.2 %
 
* Percentages may not add up due to rounding
     
GAAP-3
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)
   
October 1, December 31,
2011 2010
Assets
Cash and cash equivalents $ 1,785 $ 4,208
Sigma Fund and short-term investments 4,465 4,655
Accounts receivable, net 1,535 1,547
Inventories, net 548 521
Deferred income taxes 629 871
Other current assets 743 748
Current assets held for disposition   10   4,604
Total current assets   9,715   17,154
 
Property, plant and equipment, net 889 922
Sigma Fund 26 70
Investments 167 172
Deferred income taxes 2,074 1,920
Goodwill 1,449 1,429
Other assets 449 734
Non-current assets held for disposition   2   3,176
Total assets $ 14,771 $ 25,577
 
Liabilities and Stockholders' Equity
Notes payable and current portion of long-term debt $ 605 $ 605
Accounts payable 641 731
Accrued liabilities 2,911 2,574
Current liabilities held for disposition   12   4,800
Total current liabilities   4,169   8,710
 
Long-term debt 1,538 2,098
Other liabilities 2,906 3,045
Non-current liabilities held for disposition - 737
 
Total Motorola Solutions, Inc. stockholders' equity   6,098   10,885
 
Noncontrolling interests   60   102
 
Total liabilities and stockholders' equity $ 14,771 $ 25,577
 
 
Total cash* $ 6,276 $ 8,933
Net cash** 4,133 6,230
 
*Total cash = Cash and cash equivalents + Sigma Fund (current and non-current) + Short-term investments
**Net cash = Total cash - Notes payable and current portion of long-term debt - Long-term debt
     
GAAP-4
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
     
Three Months Ended
October 1, 2011 October 2, 2010
Operating
Net earnings attributable to Motorola Solutions, Inc. $ 128 $ 110
Earnings attributable to the noncontrolling interests   1     2  
Net earnings 129 112
Earnings (loss) from discontinued operations, net of tax   (24 )   123  
Earnings (loss) from continuing operations 153 (11 )
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:
Depreciation and amortization 92 85
Non-cash other income (6 ) (22 )
Share-based compensation expense 45 39
Gain on sales of investments and businesses, net (2 ) (4 )
Loss from the extinguishment of long-term debt - -
Deferred income taxes 40 143
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable (6 ) (48 )
Inventories (26 ) (54 )
Other current assets (15 ) (63 )
Accounts payable and accrued liabilities 107 326
Other assets and liabilities   95     (73 )
Net cash provided by operating activities from continuing operations   477     318  
Investing
Acquisitions and investments, net (24 ) (1 )
Proceeds from sales of investments and businesses, net (14 ) (1 )
Capital expenditures (43 ) (37 )
Proceeds from sales of property, plant and equipment 2 -
Purchases of Sigma Fund investments, net (41 ) 278
Proceeds from sales of short-term investments, net   -     17  
Net cash provided by (used for) investing activities from continuing operations   (120 )   256  
Financing
Repayment of short-term borrowings, net - -
Repayment of debt (1 ) (3 )
Contribution to Motorola Mobility (75 ) -
Issuance of common stock 20 84
Purchase of common stock (744 ) -
Excess tax benefits from share-based compensation 39 -
Distribution from discontinued operations   20     104  
Net cash provided by (used for) financing activities from continuing operations   (741 )   185  
Discontinued Operations
Net cash provided by operating activities from discontinued operations 19 271
Net cash used for investing activities from discontinued operations - (72 )
Net cash used for financing activities from discontinued operations (20 ) (104 )
Effect of exchange rate changes on cash and cash equivalents from discontinued operations   1     (95 )
Net cash provided by (used for) financing activities from discontinued operations   -     -  
 
Effect of exchange rate changes on cash and cash equivalents from continuing operations   (34 )   196  
Net decrease in cash and cash equivalents (418 ) 955
Cash and cash equivalents, beginning of period   2,203     2,893  
Cash and cash equivalents, end of period $ 1,785   $ 3,848  
 
Financial Ratios:
Free cash flow* $ 434 $ 281
 
*Free cash flow = Net cash provided by operating activities - Capital expenditures
     
GAAP-5
Motorola Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
     
Nine Months Ended
October 1, 2011 October 2, 2010
Operating
Net earnings attributable to Motorola Solutions, Inc. $ 974 $ 341
Earnings (loss) attributable to the noncontrolling interests   (6 )   5  
Net earnings 968 346
Earnings from discontinued operations, net of tax   407     263  
Earnings from continuing operations 561 83
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:
Depreciation and amortization 273 257
Non-cash other charges (income) 40 (60 )
Share-based compensation expense 123 108
Gain on sales of investments and businesses, net (21 ) (44 )
Loss from the extinguishment of long-term debt 81 12
Deferred income taxes 30 398
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable 82 (80 )
Inventories (37 ) (90 )
Other current assets (6 ) (53 )
Accounts payable and accrued liabilities (230 ) 182
Other assets and liabilities   (93 )   (242 )
Net cash provided by operating activities from continuing operations   803     471  
Investing
Acquisitions and investments, net (26 ) (7 )
Proceeds from sales of investments and businesses, net 1,064 238
Capital expenditures (103 ) (111 )
Proceeds from sales of property, plant and equipment 6 27
Purchases of Sigma Fund investments, net 225 30
Proceeds from sales (purchases) of short-term investments, net   6     (6 )
Net cash provided by investing activities from continuing operations   1,172     171  
Financing
Repayment of short-term borrowings, net - (5 )
Repayment of debt (617 ) (484 )
Contribution to Motorola Mobility (3,275 ) -
Issuance of common stock 148 152
Purchase of common stock (744 ) -
Excess tax benefits from share-based compensation 39 -
Distribution from discontinued operations   102     644  
Net cash provided by (used for) financing activities from continuing operations   (4,347 )   307  
Discontinued Operations
Net cash provided by operating activities from discontinued operations 65 847
Net cash used for investing activities from discontinued operations (8 ) (160 )
Net cash used for financing activities from discontinued operations (102 ) (644 )
 
Effect of exchange rate changes on cash and cash equivalents from discontinued operations   45     (43 )
Net cash provided by (used for) financing activities from discontinued operations   -     -  
 
Effect of exchange rate changes on cash and cash equivalents from continuing operations   (51 )   30  
Net increase (decrease) in cash and cash equivalents (2,423 ) 979
Cash and cash equivalents, beginning of period   4,208     2,869  
Cash and cash equivalents, end of period $ 1,785   $ 3,848  
 
Financial Ratios:
Free cash flow* $ 700 $ 360
 
*Free cash flow = Net cash provided by operating activities - Capital expenditures
       
GAAP-6
Motorola Solutions, Inc. and Subsidiaries
Segment Information
(In millions)
 

Summarized below are the Company's Net sales and Operating earnings by reportable segment for the three and nine months ended October 1, 2011 and October 2, 2010.

 
 
Net Sales
     
Three Months Ended
     
October 1, 2011 October 2, 2010 % Change
 
Government $ 1,379 $ 1,267 9 %
Enterprise   726   641 13 %
Company Total $ 2,105 $ 1,908 10 %
     
Nine Months Ended
     
October 1, 2011 October 2, 2010 % Change
 
Government $ 3,876 $ 3,661 6 %
Enterprise   2,093   1,837 14 %
Company Total $ 5,969 $ 5,498 9 %
 
 
Operating Earnings
     
Three Months Ended
     
October 1, 2011 October 2, 2010 % Change
 
Government $ 185 $ 159 16 %
Enterprise   68   52 31 %
Company Total $ 253 $ 211 20 %
     
Nine Months Ended
     
October 1, 2011 October 2, 2010 % Change
 
Government $ 388 $ 352 10 %
Enterprise   192   125 54 %
Company Total $ 580 $ 477 22 %
             
Non-GAAP-1
Motorola Solutions, Inc. and Subsidiaries
Non-GAAP Adjustments Bridge
(In millions, except per share amounts)
                   
Three Months Ended Three Months Ended
October 1, 2011 October 2, 2010
GAAP Results

Non-GAAP
Adjustments and
Discontinued
Operations

Non-GAAP Results GAAP Results

Non-GAAP
Adjustments and
Discontinued
Operations

Non-GAAP Results
           
Net sales $ 2,105 $ - $ 2,105 $ 1,908 $ - $ 1,908
Costs of sales   1,045     6     1,039     944     11     933  
Gross margin   1,060     (6 )   1,066     964     (11 )   975  
 
Selling, general and administrative expenses 475 29 446 457 22 435
Research and development expenditures 272 10 262 262 11 251
Other charges 10 10 - (17 ) (17 ) -
Intangibles amortization   50     50     -     51     51     -  
Operating earnings   253     (105 )   358     211     (78 )   289  
 
Other income (expense):
Interest expense, net (18 ) - (18 ) (29 ) - (29 )
Gain on sales of investments and businesses, net 2 - 2 4 - 4
Other   -     -     -     6     -     6  
Total other income (expense)   (16 )   -     (16 )   (19 )   -     (19 )
Earnings from continuing operations before income taxes 237 (105 ) 342 192 (78 ) 270
Income tax expense (benefit)   84     (35 )   119     203     115     88  
Earnings (loss) from continuing operations 153 (70 ) 223 (11 ) (193 ) 182
 
Earnings (loss) from discontinued operations, net of tax   (24 )   (24 )   -     123     123     -  
Net earnings 129 (94 ) 223 112 (70 ) 182
 
Less: Earnings attributable to noncontrolling interests   1     -     1     2     -     2  
Net earnings attributable to Motorola Solutions, Inc. $ 128   $ (94 ) $ 222   $ 110   $ (70 ) $ 180  
 
 
Earnings (loss) from continuing operations, net of tax $ 152 $ (70 ) $ 222 $ (13 ) $ (193 ) $ 180
Earnings (loss) from discontinued operations, net of tax   (24 )   (24 )   -     123     123     -  
Net earnings $ 128   $ (94 ) $ 222   $ 110   $ (70 ) $ 180  
 

Earnings per common share

Basic:
Continuing operations $ 0.45 $ (0.21 ) $ 0.66 $ (0.04 ) $ (0.58 ) $ 0.54
Discontinued operations   (0.07 )   (0.07 )   -     0.37     0.37     -  
$ 0.38   $ (0.28 ) $ 0.66   $ 0.33   $ (0.21 ) $ 0.54  
 
Diluted:
Continuing operations $ 0.45 $ (0.20 ) $ 0.65 $ (0.04 ) $ (0.58 ) $ 0.54
Discontinued operations   (0.07 )   (0.07 )   -     0.37     0.37     -  
$ 0.38   $ (0.27 ) $ 0.65   $ 0.33   $ (0.21 ) $ 0.54  
 

Weighted average common shares outstanding

Basic 335.4 335.4 335.4 334.1 334.1 334.1
Diluted   339.5     339.5     339.5     334.1     334.1     334.1  
 
 
Percentage of Net Sales*          
Net sales 100 % 100 % 100 % 100 %
Costs of sales   49.6 %   49.4 %   49.5 %   48.9 %
Gross margin   50.4 %   50.6 %   50.5 %   51.1 %
 
Selling, general and administrative expenses 22.6 % 21.2 % 24.0 % 22.8 %
Research and development expenditures 12.9 % 12.4 % 13.7 % 13.2 %
Other charges 0.5 % 0.0 % -0.9 % 0.0 %
Intangibles amortization   2.4 %   0.0 %   2.7 %   0.0 %
Operating earnings   12.0 %   17.0 %   11.1 %   15.1 %
 
Other income (expense):
Interest expense, net -0.9 % -0.9 % -1.5 % -1.5 %
Gain on sales of investments and businesses, net 0.1 % 0.1 % 0.2 % 0.2 %
Other   0.0 %   0.0 %   0.3 %   0.3 %
Total other income (expense)   -0.8 %   -0.8 %   -1.0 %   -1.0 %
Earnings from continuing operations before income taxes 11.3 % 16.2 % 10.1 % 14.2 %
Income tax expense (benefit)   4.0 %   5.7 %   10.6 %   4.6 %
Earnings (loss) from continuing operations 7.3 % 10.6 % -0.6 % 9.5 %
 
Earnings (loss) from discontinued operations, net of tax   -1.1 %   0.0 %   6.4 %   0.0 %
Net earnings 6.1 % 10.6 % 5.9 % 9.5 %
 
Less: Earnings attributable to noncontrolling interests   0.0 %   0.0 %   0.1 %   0.1 %
Net earnings attributable to Motorola Solutions, Inc.   6.1 %   10.5 %   5.8 %   9.4 %
 
* Percentages may not add up due to rounding
         
Non-GAAP-2
Motorola Solutions, Inc. and Subsidiaries
Operating Earnings after Non-GAAP Adjustments
 
Q1 2011
       
          TOTAL Government Enterprise
Net sales $ 1,856 $ 1,189 $ 667
Operating earnings         $ 168   $ 98   $ 70  
 
Above-OE non-GAAP adjustments by P&L statement line:

Statement Line

Reorganization of business charges Cost of sales 3 3 -
Stock-based compensation expense Cost of sales 3 2 1
Stock-based compensation expense SG&A and R&D 36 24 12
Reorganization of business charges Other charges (income) 5 5 -
Intangibles amortization expense Intangibles amortization   50     1     49  
Less: Total above-OE non-GAAP adjustments 97 35 62
               
Operating earnings after non-GAAP adjustments         $ 265   $ 133   $ 132  
     
Operating earnings as a percentage of net sales - GAAP 9.1 % 8.2 % 10.5 %
Operating earnings as a percentage of net sales - after non-GAAP adjustments   14.3 %   11.2 %   19.8 %
 
Q2 2011
     
          TOTAL Government Enterprise
Net sales $ 2,008 $ 1,308 $ 700
Operating earnings         $ 159   $ 105   $ 54  
 
Above-OE non-GAAP adjustments by P&L statement line:

Statement Line

Stock-based compensation expense Cost of sales 5 3 2
Stock-based compensation expense SG&A and R&D 34 23 11
Legal matters, net Other charges 48 32 16
Reorganization of business charges Other charges 17 10 7
Pension plan adjustments, net Other charges (9 ) (6 ) (3 )
Intangibles amortization expense Intangibles amortization   50     1     49  
Less: Total above-OE non-GAAP adjustments 145 63 82
               
Operating earnings after non-GAAP adjustments         $ 304   $ 168   $ 136  
     
Operating earnings as a percentage of net sales - GAAP 7.9 % 8.0 % 7.7 %
Operating earnings as a percentage of net sales - after non-GAAP adjustments   15.1 %   12.8 %   19.4 %
 
Q3 2011
     
          TOTAL Government Enterprise
Net sales $ 2,105 $ 1,379 $ 726
Operating earnings         $ 253   $ 185   $ 68  
 
Above-OE non-GAAP adjustments by P&L statement line:

Statement Line

Stock-based compensation expense Cost of sales 6 4 2
Stock-based compensation expense SG&A and R&D 39 26 13
Reorganization of business charges Other charges 10 7 3
Intangibles amortization expense Intangibles amortization   50     1     49  
Less: Total above-OE non-GAAP adjustments 105 38 67
               
Operating earnings after non-GAAP adjustments         $ 358   $ 223   $ 135  
     
Operating earnings as a percentage of net sales - GAAP 12.0 % 13.4 % 9.4 %
Operating earnings as a percentage of net sales - after non-GAAP adjustments   17.0 %   16.2 %   18.6 %
         
Non-GAAP-3
Motorola Solutions, Inc. and Subsidiaries
Non-GAAP Adjustments (Intangibles Amortization Expense, Stock-Based Compensation Expense and Highlighted Items)
                     
Q1 2011
 
PBT Tax PAT
Highlighted Items Statement Line (Inc)/Exp Inc/(Exp) (Inc)/Exp EPS impact
 
Intangibles amortization expense Intangibles amortization $ 50 $ 18 $ 32 0.09
Stock-based compensation expense Cost of sales, SG&A and R&D 39 11 28 0.08
Reorganization of business charges Cost of sales and Other charges (income) 8 4 4 0.02
Reduction in deferred tax valuation allowance Income tax benefit - 244 (244 ) (0.71 )
        -  
Total continuing operations impact $ 97 $ 277 $ (180 ) $ (0.52 )
                     
Q2 2011
 
PBT Tax PAT
Highlighted Items Statement Line (Inc)/Exp Inc/(Exp) (Inc)/Exp EPS impact
 
Debt extinguishment loss Other income (expense) $ 81 $ 30 $ 51 0.14
Intangibles amortization expense Intangibles amortization 50 18 32 0.09
Legal matters, net Other charges 48 18 30 0.08
Stock-based compensation expense Cost of sales, SG&A and R&D 39 12 27 0.08
Reorganization of business charges Other charges 17 4 13 0.04
Pension plan adjustments, net Other charges (9 ) 2 (11 ) (0.03 )
        -  
Total continuing operations impact $ 226 $ 84 $ 142 $ 0.40
                     
Q3 2011
 
PBT Tax PAT
Highlighted Items Statement Line (Inc)/Exp Inc/(Exp) (Inc)/Exp EPS impact
 
Intangibles amortization expense Intangibles amortization 50 18 32 0.09
Stock-based compensation expense Cost of sales, SG&A and R&D 45 14 31 0.09
Reorganization of business charges Other charges   10     3   7     0.02  
Total continuing operations impact $ 105 $ 35 $ 70 $ 0.20

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