Delaware | 1-12203 | 62-1644402 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press release dated July 24, 2014 and related financial schedules. |
INGRAM MICRO INC. | ||
By: | /s/ Larry C. Boyd | |
Name: | Larry C. Boyd | |
Title: | Executive Vice President, | |
Secretary and General Counsel |
Exhibit No. | Description | |
99.1 | Press release dated July 24, 2014 and related financial schedules |
Second Quarter Ended | |||||||||
June 28, 2014 | June 29, 2013 | ||||||||
Net Sales | $ | 10,909 | $ | 10,308 | |||||
Non-GAAP operating income | $ | 146 | $ | 136 | |||||
Non-GAAP operating margin | 1.34 | % | 1.32 | % | |||||
Operating income | $ | 98 | $ | 114 | |||||
Operating margin | 0.90 | % | 1.10 | % | |||||
Non-GAAP earnings per diluted share | $ | 0.54 | $ | 0.55 | * | ||||
Earnings per diluted share | $ | 0.32 | $ | 0.45 | * | ||||
Diluted shares outstanding (millions) | 159.2 | 154.9 |
• | North America and Europe revenues benefited from robust mobility distribution sales, strong sales of networking products and an uptick in demand for systems products, including PCs. |
• | Latin America revenue growth was driven by strong sales of advanced solutions in Brazil and strength in tablets in Mexico. |
• | Strong revenue growth in North America, Europe and Latin America was partially offset by declines in Asia Pacific driven primarily by lower handset sales in Indonesia and continued sales weakness in China related to lower sales of tablets and softer demand for some of the products and vendors the company carries. |
• | Gross margin and non-GAAP operating margin grew respectively by 3 and 2 basis points year-over-year, benefiting from a better overall mix of higher value business, which more than offset lower margin volume growth in consumer and retail markets in Europe and new mobility distribution wins in North America. |
• | As part of its strategic initiatives to build out faster growing, higher margin service-focused businesses, Ingram Micro launched a new company brand identity, signaling the company's leadership in technology, supply chain, Cloud and mobility. With recent investments in growth, this new brand reflects the company’s creation of a platform of new capabilities and services whereby Ingram Micro helps businesses fully realize the promise of technology. |
• | Ingram Micro was selected as the partner of choice for three of Verizon Wireless’ largest retailer partners, further cementing the company’s role as the go-to provider of global mobility services and solutions. The company grew second quarter mobility revenue in the low double-digits year-over-year aided by these wins, as well as its win in April 2014 to serve as the preferred Verizon Wireless handset distributor and services provider for the 360 Group. |
• | Ingram Micro expanded its mobility services offerings acquiring Global Mobility Products, Inc. (GMP), a Canadian-based leading provider of mobile reverse logistics, repair and asset recovery services. GMP is expected to provide the business with a superior, end-to-end forward and reverse logistics value proposition, enhancing the company's ability to provide a full suite of wireless device lifecycle services in Canada. |
• | While launching a new Cloud Marketplace, the company also announced the general availability of three new, Ingram Micro-branded and Ingram Micro-hosted cloud solutions: Ingram Micro Hosted Exchange, Ingram Micro Virtual Private Servers (VPS) and Ingram Micro Web Hosting. The company currently offers more than 200 cloud-based solutions from over 70 vendor partners. |
• | Building on its worldwide technical services and training expertise, Ingram Micro announced it was selected as an authorized IBM Global Training Provider, one of five companies authorized to provide the complete portfolio of software and systems courses from IBM Training. In addition, Ingram Micro was named a Premier VMware Authorized Training Center (“VATC”). The win differentiates Ingram Micro as one of four Premier VATCs within North America and the only provider offering "After Dark" VMware technical training courses and the Public Sector Smart Enablement Program. |
• | The company’s CloudBlue IT asset disposal operation was awarded additional product categories from a major e-tailer, which has the potential to significantly increase CloudBlue’s North America volume. |
• | Since Ingram Micro acquired Shipwire in December of last year, the business has continued to grow in all regions where it offers services and is rapidly expanding its capabilities internationally. The company is currently integrating Shipwire capabilities into its Australian and Canadian facilities to better enable emerging companies to easily leverage global, world class logistics. |
• | Ingram Micro was named OEM Distributor of the Year for North America by Microsoft Corp., North American Distributor of the Year by EMC Corporation, 2013 U.S. Distributor of the Year by Emerson Network Power, a business of Emerson, and 2013 Distributor of the Year by security vendor Trend Micro. The company was also named “Best Microsoft Distributor” for the “Highest Distribution Revenue Growth” for its Middle East and Africa business. |
• | Ingram Micro was ranked 69th in the 2014 Fortune 100 list of largest U.S. companies. |
June 28, 2014 | December 28, 2013 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 470,691 | $ | 674,390 | ||||
Trade accounts receivable, net | 4,881,336 | 5,454,832 | ||||||
Inventory | 4,205,002 | 3,724,447 | ||||||
Other current assets | 572,905 | 521,902 | ||||||
Total current assets | 10,129,934 | 10,375,571 | ||||||
Property and equipment, net | 488,012 | 488,699 | ||||||
Goodwill | 532,037 | 527,526 | ||||||
Intangible assets, net | 354,567 | 375,423 | ||||||
Other assets | 46,157 | 23,976 | ||||||
Total assets | $ | 11,550,707 | $ | 11,791,195 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,704,082 | $ | 6,175,604 | ||||
Accrued expenses | 530,818 | 710,040 | ||||||
Short-term debt and current maturities of long-term debt | 106,622 | 48,772 | ||||||
Total current liabilities | 6,341,522 | 6,934,416 | ||||||
Long-term debt, less current maturities | 1,053,602 | 797,454 | ||||||
Other liabilities | 106,153 | 109,700 | ||||||
Total liabilities | 7,501,277 | 7,841,570 | ||||||
Stockholders’ equity | 4,049,430 | 3,949,625 | ||||||
Total liabilities and stockholders’ equity | $ | 11,550,707 | $ | 11,791,195 |
Thirteen Weeks Ended | ||||||||
June 28, 2014 | June 29, 2013 | |||||||
Net sales | $ | 10,909,379 | $ | 10,308,015 | ||||
Cost of sales | 10,275,634 | 9,712,261 | ||||||
Gross profit | 633,745 | 595,754 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 497,592 | 465,325 | ||||||
Amortization of intangible assets | 14,421 | 11,997 | ||||||
Reorganization costs | 23,513 | 4,636 | ||||||
535,526 | 481,958 | |||||||
Income from operations | 98,219 | 113,796 | ||||||
Other expense (income): | ||||||||
Interest income | (1,312 | ) | (2,026 | ) | ||||
Interest expense | 18,425 | 14,303 | ||||||
Net foreign currency exchange loss | 582 | 3,682 | ||||||
Other | 3,561 | 4,211 | ||||||
21,256 | 20,170 | |||||||
Income before income taxes | 76,963 | 93,626 | ||||||
Provision for income taxes | 26,350 | 23,940 | ||||||
Net income | $ | 50,613 | $ | 69,686 | ||||
Diluted earnings per share | $ | 0.32 | $ | 0.45 | ||||
Diluted weighted average shares outstanding | 159,186 | 154,864 |
Twenty-six Weeks Ended | ||||||||
June 28, 2014 | June 29, 2013 | |||||||
Net sales | $ | 21,293,368 | $ | 20,570,459 | ||||
Cost of sales | 20,049,043 | 19,389,400 | ||||||
Gross profit | 1,244,325 | 1,181,059 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 987,236 | 939,403 | ||||||
Amortization of intangible assets | 28,573 | 23,762 | ||||||
Reorganization costs | 61,937 | 13,302 | ||||||
1,077,746 | 976,467 | |||||||
Income from operations | 166,579 | 204,592 | ||||||
Other expense (income): | ||||||||
Interest income | (2,737 | ) | (3,855 | ) | ||||
Interest expense | 37,747 | 29,941 | ||||||
Net foreign currency exchange loss | 2,170 | 1,748 | ||||||
Other | 8,544 | 7,080 | ||||||
45,724 | 34,914 | |||||||
Income before income taxes | 120,855 | 169,678 | ||||||
Provision for income taxes | 45,409 | 50,233 | ||||||
Net income | $ | 75,446 | $ | 119,445 | ||||
Diluted earnings per share | $ | 0.47 | $ | 0.77 | ||||
Diluted weighted average shares outstanding | 158,962 | 154,739 |
Twenty-six Weeks Ended | ||||||||
June 28, 2014 | June 29, 2013 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 75,446 | $ | 119,445 | ||||
Adjustments to reconcile net income to cash provided (used) by operating activities: | ||||||||
Depreciation and amortization | 71,089 | 62,558 | ||||||
Stock-based compensation | 16,460 | 13,957 | ||||||
Excess tax benefit from stock-based compensation | (3,703 | ) | (1,135 | ) | ||||
Write-off of assets | 8,302 | 2,277 | ||||||
Gain on sale of land and building | — | (1,045 | ) | |||||
Noncash charges for interest and bond discount amortization | 1,181 | 1,131 | ||||||
Deferred income taxes | (5,767 | ) | 2,429 | |||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||
Trade accounts receivable | 593,179 | 980,723 | ||||||
Inventory | (466,876 | ) | (161,272 | ) | ||||
Other current assets | (49,659 | ) | (20,321 | ) | ||||
Accounts payable | (568,496 | ) | (650,770 | ) | ||||
Change in book overdrafts | 78,263 | (15,552 | ) | |||||
Accrued expenses | (201,703 | ) | (4,410 | ) | ||||
Cash provided (used) by operating activities | (452,284 | ) | 328,015 | |||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (40,897 | ) | (39,457 | ) | ||||
Sales of marketable securities, net | 1,100 | 1,042 | ||||||
Proceeds from sale of land and building | — | 1,169 | ||||||
Cost-based investment | (10,000 | ) | — | |||||
Acquisition and earn-out payment, net of cash acquired | (17,367 | ) | (325 | ) | ||||
Cash used by investing activities | (67,164 | ) | (37,571 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | 11,511 | 15,693 | ||||||
Excess tax benefit from stock-based compensation | 3,703 | 1,135 | ||||||
Net proceeds from (repayments of) revolving credit facilities | 311,187 | (165,263 | ) | |||||
Cash provided (used) by financing activities | 326,401 | (148,435 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | (10,652 | ) | (10,264 | ) | ||||
Increase (decrease) in cash and cash equivalents | (203,699 | ) | 131,745 | |||||
Cash and cash equivalents, beginning of period | 674,390 | 595,147 | ||||||
Cash and cash equivalents, end of period | $ | 470,691 | $ | 726,892 |
Thirteen Weeks Ended June 28, 2014 | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | Stock-based compensation | Consolidated Total | ||||||||||||||||||
Net Sales | $ | 4,611.0 | $ | 3,417.7 | $ | 2,359.1 | $ | 521.6 | $ | — | $ | 10,909.4 | |||||||||||
GAAP Operating Income | $ | 72.1 | $ | 3.1 | $ | 23.7 | $ | 8.0 | $ | (8.6 | ) | $ | 98.2 | ||||||||||
Reorganization, integration and transition costs | 16.8 | 15.4 | 1.2 | 0.1 | — | 33.5 | |||||||||||||||||
Amortization of intangible assets | 9.9 | 2.9 | 1.4 | 0.2 | — | 14.4 | |||||||||||||||||
Non-GAAP Operating Income | $ | 98.7 | $ | 21.4 | $ | 26.3 | $ | 8.3 | $ | (8.6 | ) | $ | 146.2 | ||||||||||
GAAP Operating Margin | 1.56 | % | 0.09 | % | 1.00 | % | 1.53 | % | 0.90 | % | |||||||||||||
Non-GAAP Operating Margin | 2.14 | % | 0.63 | % | 1.12 | % | 1.59 | % | 1.34 | % | |||||||||||||
Thirteen Weeks Ended June 29, 2013 | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | Stock-based compensation | Consolidated Total | ||||||||||||||||||
Net Sales | $ | 4,267.9 | $ | 3,030.5 | $ | 2,549.8 | $ | 459.8 | $ | — | $ | 10,308.0 | |||||||||||
GAAP Operating Income | $ | 70.0 | $ | 14.8 | $ | 26.0 | $ | 9.5 | $ | (6.5 | ) | $ | 113.8 | ||||||||||
Reorganization, integration and transition costs | 7.1 | 1.7 | 1.7 | 0.0 | — | 10.6 | |||||||||||||||||
Amortization of intangible assets | 7.3 | 3.0 | 1.5 | 0.2 | — | 12.0 | |||||||||||||||||
Non-GAAP Operating Income | $ | 84.4 | $ | 19.5 | $ | 29.2 | $ | 9.7 | $ | (6.5 | ) | $ | 136.4 | ||||||||||
GAAP Operating Margin | 1.64 | % | 0.49 | % | 1.02 | % | 2.07 | % | 1.10 | % | |||||||||||||
Non-GAAP Operating Margin | 1.98 | % | 0.64 | % | 1.15 | % | 2.12 | % | 1.32 | % |
Twenty-six Weeks Ended June 28, 2014 | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | Stock-based compensation | Consolidated Total | ||||||||||||||||||
Net Sales | $ | 8,753.1 | $ | 6,877.0 | $ | 4,648.2 | $ | 1,015.1 | $ | — | $ | 21,293.4 | |||||||||||
GAAP Operating Income | $ | 133.8 | $ | (8.1 | ) | $ | 40.5 | $ | 17.0 | $ | (16.5 | ) | $ | 166.6 | |||||||||
Reorganization, integration and transition costs | 29.9 | 46.2 | 3.8 | 0.6 | — | 80.5 | |||||||||||||||||
Amortization of intangible assets | 19.6 | 5.7 | 2.8 | 0.4 | — | 28.6 | |||||||||||||||||
LCD class action settlement | (6.6 | ) | — | — | — | — | (6.6 | ) | |||||||||||||||
Non-GAAP Operating Income | $ | 176.7 | $ | 43.8 | $ | 47.1 | $ | 18.0 | $ | (16.5 | ) | $ | 269.1 | ||||||||||
GAAP Operating Margin | 1.53 | % | (0.12 | )% | 0.87 | % | 1.67 | % | 0.78 | % | |||||||||||||
Non-GAAP Operating Margin | 2.02 | % | 0.64 | % | 1.01 | % | 1.77 | % | 1.26 | % | |||||||||||||
Twenty-six Weeks Ended June 29, 2013 | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | Stock-based compensation | Consolidated Total | ||||||||||||||||||
Net Sales | $ | 8,341.8 | $ | 6,209.9 | $ | 5,097.0 | $ | 921.8 | $ | — | $ | 20,570.5 | |||||||||||
GAAP Operating Income | $ | 136.7 | $ | 24.5 | $ | 42.3 | $ | 15.1 | $ | (14.0 | ) | $ | 204.6 | ||||||||||
Reorganization, integration and transition costs | 11.1 | 7.4 | 5.3 | 0.0 | — | 23.8 | |||||||||||||||||
Amortization of intangible assets | 14.6 | 5.8 | 3.0 | 0.4 | — | 23.8 | |||||||||||||||||
Non-GAAP Operating Income | $ | 162.4 | $ | 37.7 | $ | 50.6 | $ | 15.5 | $ | (14.0 | ) | $ | 252.2 | ||||||||||
GAAP Operating Margin | 1.64 | % | 0.39 | % | 0.83 | % | 1.64 | % | 0.99 | % | |||||||||||||
Non-GAAP Operating Margin | 1.95 | % | 0.61 | % | 0.99 | % | 1.68 | % | 1.23 | % |
Thirteen Weeks Ended June 28, 2014 | ||||||||
Net Income | Diluted Earnings per Share (a) | |||||||
As Reported Under GAAP | $ | 50.6 | $ | 0.32 | ||||
Reorganization, integration and transition costs | 25.9 | 0.16 | ||||||
Amortization of intangible assets | 10.3 | 0.06 | ||||||
Pan-Europe foreign exchange gain | (0.4 | ) | 0.00 | |||||
Non-GAAP Financial Measure | $ | 86.4 | $ | 0.54 | ||||
Thirteen Weeks Ended June 29, 2013 | ||||||||
Net Income | Diluted Earnings per Share (a) | |||||||
As Reported Under GAAP | $ | 69.7 | $ | 0.45 | ||||
Reorganization, integration and transition costs | 7.2 | 0.05 | ||||||
Amortization of intangible assets | 8.2 | 0.05 | ||||||
Pan-Europe foreign exchange loss | 0.6 | 0.00 | ||||||
Non-GAAP Financial Measure | $ | 85.7 | $ | 0.55 |
(a) | Per share impact is calculated by dividing net income amount by the diluted weighted average shares outstanding of 159,185,922 and 154,864,425 for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively. |
Twenty-six Weeks Ended June 28, 2014 | ||||||||
Net Income | Diluted Earnings per Share (a) | |||||||
As Reported Under GAAP | $ | 75.4 | $ | 0.47 | ||||
Reorganization, integration and transition costs | 64.8 | 0.41 | ||||||
Amortization of intangible assets | 20.4 | 0.13 | ||||||
LCD class action settlement | (4.7 | ) | (0.03 | ) | ||||
Pan-Europe foreign exchange gain | (1.6 | ) | (0.01 | ) | ||||
Non-GAAP Financial Measure | $ | 154.3 | $ | 0.97 | ||||
Twenty-six Weeks Ended June 29, 2013 | ||||||||
Net Income | Diluted Earnings per Share (a) | |||||||
As Reported Under GAAP | $ | 119.4 | $ | 0.77 | ||||
Reorganization, integration and transition costs | 16.0 | 0.10 | ||||||
Amortization of intangible assets | 15.9 | 0.10 | ||||||
Pan-Europe foreign exchange gain | (2.4 | ) | (0.01 | ) | ||||
Non-GAAP Financial Measure | $ | 148.9 | $ | 0.96 |
(a) | Per share impact is calculated by dividing net income amount by the diluted weighted average shares outstanding of 158,962,173 and 154,739,367 for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively. |
Thirteen Weeks Ended March 29, 2014 | ||||||||||||||||||||||||
Stock-based | Consolidated | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | compensation | Total | |||||||||||||||||||
Net Sales | $ | 4,142.1 | $ | 3,459.3 | $ | 2,289.1 | $ | 493.5 | $ | — | $ | 10,384.0 | ||||||||||||
GAAP Operating Income | $ | 61.7 | $ | (11.2 | ) | $ | 16.7 | $ | 9.0 | $ | (7.9 | ) | $ | 68.4 | ||||||||||
Reorganization, integration and transition costs | 13.2 | 30.7 | 2.7 | 0.5 | — | 47.0 | ||||||||||||||||||
Amortization of intangible assets | 9.6 | 2.9 | 1.4 | 0.2 | — | 14.1 | ||||||||||||||||||
LCD settlement | (6.6 | ) | — | — | — | — | (6.6 | ) | ||||||||||||||||
Non-GAAP Operating Income | $ | 77.9 | $ | 22.4 | $ | 20.8 | $ | 9.7 | $ | (7.9 | ) | $ | 122.9 | |||||||||||
GAAP Operating Margin | 1.49 | % | (0.32 | )% | 0.73 | % | 1.82 | % | 0.66 | % | ||||||||||||||
Non-GAAP Operating Margin | 1.88 | % | 0.65 | % | 0.91 | % | 1.97 | % | 1.18 | % | ||||||||||||||
Thirteen Weeks Ended December 28, 2013 | ||||||||||||||||||||||||
Stock-based | Consolidated | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | compensation | Total | |||||||||||||||||||
Net Sales | $ | 4,719.9 | $ | 4,047.1 | $ | 2,384.3 | $ | 681.5 | $ | — | $ | 11,832.8 | ||||||||||||
GAAP Operating Income | $ | 85.5 | $ | 62.1 | $ | 15.3 | $ | 18.4 | $ | (8.7 | ) | $ | 172.6 | |||||||||||
Reorganization, integration and transition costs | 8.6 | 10.9 | 5.6 | — | — | 25.1 | ||||||||||||||||||
Amortization of intangible assets | 8.6 | 2.9 | 1.4 | 0.2 | — | 13.1 | ||||||||||||||||||
Non-GAAP Operating Income | $ | 102.7 | $ | 75.9 | $ | 22.3 | $ | 18.6 | $ | (8.7 | ) | $ | 210.8 | |||||||||||
GAAP Operating Margin | 1.81 | % | 1.53 | % | 0.64 | % | 2.70 | % | 1.46 | % | ||||||||||||||
Non-GAAP Operating Margin | 2.18 | % | 1.88 | % | 0.94 | % | 2.74 | % | 1.78 | % | ||||||||||||||
Thirteen Weeks Ended September 28, 2013 | ||||||||||||||||||||||||
Stock-based | Consolidated | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | compensation | Total | |||||||||||||||||||
Net Sales | $ | 4,305.3 | $ | 2,927.3 | $ | 2,469.4 | $ | 448.6 | $ | — | $ | 10,150.6 | ||||||||||||
GAAP Operating Income | $ | 107.2 | $ | 6.2 | $ | 22.4 | $ | 9.6 | $ | (7.7 | ) | $ | 137.7 | |||||||||||
Reorganization, integration and transition costs | 4.1 | 5.0 | 1.5 | — | — | 10.6 | ||||||||||||||||||
Amortization of intangible assets | 7.3 | 2.7 | 1.4 | 0.2 | — | 11.6 | ||||||||||||||||||
European indirect tax declarations charge | — | 5.0 | — | — | — | 5.0 | ||||||||||||||||||
LCD settlement | (28.5 | ) | — | — | (1.0 | ) | — | (29.5 | ) | |||||||||||||||
Non-GAAP Operating Income | $ | 90.1 | $ | 18.9 | $ | 25.3 | $ | 8.8 | $ | (7.7 | ) | $ | 135.4 | |||||||||||
GAAP Operating Margin | 2.49 | % | 0.21 | % | 0.91 | % | 2.14 | % | 1.36 | % | ||||||||||||||
Non-GAAP Operating Margin | 2.09 | % | 0.65 | % | 1.02 | % | 1.96 | % | 1.33 | % |
Thirteen Weeks Ended June 29, 2013 | ||||||||||||||||||||||||
Stock-based | Consolidated | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | compensation | Total | |||||||||||||||||||
Net Sales | $ | 4,267.9 | $ | 3,030.5 | $ | 2,549.8 | $ | 459.8 | $ | — | $ | 10,308.0 | ||||||||||||
GAAP Operating Income | $ | 70.0 | $ | 14.8 | $ | 26.0 | $ | 9.5 | $ | (6.5 | ) | $ | 113.8 | |||||||||||
Reorganization, integration and transition costs | 7.1 | 1.7 | 1.7 | — | — | 10.6 | ||||||||||||||||||
Amortization of intangible assets | 7.3 | 3.0 | 1.5 | 0.2 | — | 12.0 | ||||||||||||||||||
Non-GAAP Operating Income | $ | 84.4 | $ | 19.5 | $ | 29.2 | $ | 9.7 | $ | (6.5 | ) | $ | 136.4 | |||||||||||
GAAP Operating Margin | 1.64 | % | 0.49 | % | 1.02 | % | 2.07 | % | 1.10 | % | ||||||||||||||
Non-GAAP Operating Margin | 1.98 | % | 0.64 | % | 1.15 | % | 2.12 | % | 1.32 | % | ||||||||||||||
Thirteen Weeks Ended March 30, 2013 | ||||||||||||||||||||||||
Stock-based | Consolidated | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | compensation | Total | |||||||||||||||||||
Net Sales | $ | 4,073.8 | $ | 3,179.4 | $ | 2,547.2 | $ | 462.0 | $ | — | $ | 10,262.4 | ||||||||||||
GAAP Operating Income | $ | 66.6 | $ | 9.8 | $ | 16.2 | $ | 5.6 | $ | (7.4 | ) | $ | 90.8 | |||||||||||
Reorganization, integration and transition costs | 4.0 | 5.6 | 3.6 | — | — | 13.2 | ||||||||||||||||||
Amortization of intangible assets | 7.3 | 2.8 | 1.5 | 0.2 | — | 11.8 | ||||||||||||||||||
Non-GAAP Operating Income | $ | 77.9 | $ | 18.2 | $ | 21.3 | $ | 5.8 | $ | (7.4 | ) | $ | 115.8 | |||||||||||
GAAP Operating Margin | 1.63 | % | 0.31 | % | 0.64 | % | 1.21 | % | 0.88 | % | ||||||||||||||
Non-GAAP Operating Margin | 1.91 | % | 0.57 | % | 0.84 | % | 1.26 | % | 1.13 | % | ||||||||||||||
Thirteen Weeks Ended December 29, 2012 | ||||||||||||||||||||||||
Stock-based | Consolidated | |||||||||||||||||||||||
North America | Europe | Asia-Pacific | Latin America | compensation | Total | |||||||||||||||||||
Net Sales | $ | 4,656.2 | $ | 3,658.8 | $ | 2,462.2 | $ | 602.7 | $ | — | $ | 11,379.9 | ||||||||||||
GAAP Operating Income | $ | 79.5 | $ | 57.5 | $ | 19.8 | $ | 16.6 | $ | (5.4 | ) | $ | 167.9 | |||||||||||
Reorganization, integration and transition costs | 7.2 | 1.4 | 0.1 | — | — | 8.7 | ||||||||||||||||||
Amortization of intangible assets | 7.3 | 4.0 | 1.0 | 0.2 | — | 12.5 | ||||||||||||||||||
Non-GAAP Operating Income | $ | 94.0 | $ | 62.9 | $ | 20.9 | $ | 16.8 | $ | (5.4 | ) | $ | 189.1 | |||||||||||
GAAP Operating Margin | 1.71 | % | 1.57 | % | 0.80 | % | 2.75 | % | 1.48 | % | ||||||||||||||
Non-GAAP Operating Margin | 2.02 | % | 1.72 | % | 0.85 | % | 2.79 | % | 1.66 | % |