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Jarden Corporation Annual Report 2013 79
Reconciliation of GAAP to Non-GAAP Measures
Jarden Corporation Annual Report 2013
For the years ended December 31,
(In millions) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Net income (loss) $ 36.3 $31.8 $42.4 $60.7 $106.0 $28.1 $(58.9) $128.7 $106.7 $204.7 $243.9 $203.9
Income tax provision 16.2 20.5 26.0 35.0 82.0 38.5 26.3 110.7 122.8 125.7 147.6 147.7
Interest expense, net 12.6 19.2 27.6 84.2 112.6 149.7 178.7 147.5 177.8 179.7 185.3 195.4
Loss on early extinguishment
of debt — — — 6.1 — 15.7 — — — 12.8 — 25.9
Operating earnings 65.1 71.5 96.0 186.0 300.6 232.0 146.1 386.9 407.3 522.9 576.8 572.9
Adjustments to reconcile to
lllSegment Earnings:
Depreciation and amortization 10.0 15.0 19.2 57.6 66.4 96.4 120.3 130.3 142.8 163.7 152.8 165.9
Fair value adjustment to inventory — — — 22.4 10.4 118.9 — — 27.4 6.9 6.0 89.8
Venezuela hyperinationary and
llldevaluation charges
— — — — — — — — 70.6 — — 29.0
Reorganization costs, net — — — 29.1 36.8 49.6 59.8 48.5 — 23.4 27.1 22.0
Acquisition-related and other
lllcosts, net — — — — — 4.6 — — 42.3 21.4 17.5 17.6
Impairment of goodwill,
lllintangibles and other assets
— — — — — — 283.2 22.9 19.7 52.5 — —
Stock compensation adjustment — — — — — — — 17.1 — — 33.6 38.8
Other adjustments — — — 2.5 4.8 — — — — — — —
Segment Earnings $ 75.1 $86.5 $115.2 $297.6 $419.0 $501.5 $609.4 $605.7 $710.1 $790.8 $813.8 $936.0
Net Sales $ 7,355.9
Segment Earnings Margin (%) 12.7%
Reconciliation of Non-GAAP Measure:
We use certain non-GAAP nancial measures in this Annual Report because they are a basis upon which the Company’s management
has assessed its nancial performance in the years presented. Additionally, the Company uses non-GAAP nancial measures because
the Company’s credit agreement provides for certain adjustments in calculations used for determining whether the Company is
in compliance with certain credit agreement covenants, including, but not limited to, adjustments relating to non-cash purchase
accounting adjustments, certain reorganization and acquisition-related integration costs, impairment of goodwill and intangible assets,
non-cash stock-based compensation costs, loss on early extinguishment of debt and other items. The non-GAAP nancial measures
should not be considered a primary measure of the Company’s performance and should be reviewed in conjunction with, and not as
substitute for, nancial measures prepared in accordance with GAAP that are presented in this Annual Report.