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Table of Contents
Organic Net Revenues
Using the definition of “Organic Net Revenues” above, the only adjustments made to “net revenues” (the most comparable U.S.
GAAP financial measure) were to exclude the impact of acquisitions, divestitures, Integration Program costs, accounting calendar
changes (including the 53
rd
week in 2011) and foreign currency. We believe that Organic Net Revenues better reflects the
underlying growth from the ongoing activities of our business and provides improved comparability of results.
57
For the Years Ended
December 31,
2013
2012
$ Change
% Change
(in millions)
Organic Net Revenues
$
35,938
$
34,600
$
1,338
3.9%
Impact of foreign currency
(837
)
–
(
837
)
(2.4)pp
Impact of divestitures
70
415
(345
)
(1.0)pp
Impact of acquisition
91
–
91
0.2pp
Impact of accounting calendar changes
37
–
37
0.1pp
Net revenues
$
35,299
$
35,015
$
284
0.8%
For the Years Ended
December 31,
2012
2011
$ Change
% Change
(in millions)
Organic Net Revenues
$
36,347
$
34,816
$
1,531
4.4%
Impact of foreign currency
(1,576
)
–
(
1,576
)
(4.4)pp
Impact of accounting calendar changes
(1)
–
679
(679
)
(2.0)pp
Impact of divestitures
244
316
(72
)
(0.2)pp
Impact of Integration Program –
(
1
)
1
–
Net revenues
$
35,015
$
35,810
$
(795
)
(2.2)%
(1)
Includes a 53
rd
week of shipments in 2011.