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(e) Thiscalculationofworkingcapitalisdefinedascurrentassetslesscurrentliabilities.Amountsforallyearsreflectthe
reclassificationofdeferredtaxestolongtermfromcurrentasaresultoftheadoptionofanewaccountingstandard.
Summary of quarterly results:
First Second Third Fourth Fiscal
Quarter Quarter Quarter Quarter Year
(Millions, except per share amounts)
2016
Sales $ 6,969.7 $ 6,848.1 $ 6,174.7 $ 6,226.8 $ 26,219.3
Grossprofit 791.5 778.2 736.8 731.0 3,037.5
Netincome 130.2 156.0 123.5 96.8 506.5
Dilutedearningspershare 0.96 1.16 0.94 0.75 3.80
2015
Sales $ 6,839.6 $ 7,551.9 $ 6,736.9 $ 6,796.3 $ 27,924.7
Grossprofit 795.5 837.5 774.4 785.8 3,193.1
Netincome 127.9 163.7 121.5 158.7 571.9
Dilutedearningspershare 0.91 1.18 0.88 1.15 4.12
(a) Quartersmaynottotaltothefiscalyearduetorounding.
(b) Firstquarter of fiscal 2016 results were impacted byrestructuring, integration and otherexpensesof$26.0millionbefore
tax,$17.1millionaftertaxand$0.12pershareonadilutedbasisandanincometaxexpenseof$0.4million.Secondquarter
resultswereimpactedbyrestructuring,integrationandotherexpensesof$21.2millionbeforetax,$14.1millionaftertaxand
$0.10 per share on a diluted basis and an income tax benefit of $11.3 million. Third quarter results were impacted by
restructuring,integrationandother expenses of $16.2millionbeforetax,$10.8 million after taxand$0.08pershare on a
dilutedbasis andanincometax benefit of$7.1million.Fourth quarterresultswereimpactedby restructuring, integration
andotherexpensesof$16.0millionbeforetax,$10.3millionaftertaxand$0.08pershareonadilutedbasisandanincome
taxexpenseof$1.4millionand$0.08pershareonadilutedbasis.
(c) Firstquarter of fiscal 2015 results were impacted byrestructuring, integration and otherexpensesof$18.3millionbefore
tax,$13.2millionaftertaxand$0.09pershareonadilutedbasisandanincometaxbenefitof$5.9million.Secondquarter
resultswereimpactedbyrestructuring,integrationandotherexpensesof$13.3millionbeforetax,$10.2millionaftertaxand
$0.07 per share on a diluted basis and an income tax benefit of $5.6 million. Third quarter results were impacted by
restructuring,integrationandother expenses of $15.5millionbeforetax,$12.0 million after taxand$0.09pershare on a
dilutedbasisandanincometaxexpenseof$2.2million.Fourthquarterresultswereimpactedbyrestructuring,integration
andotherexpensesof$43.7millionbeforetax,$30.5millionaftertaxand$0.22pershareonadilutedbasisandanincome
taxbenefitof$45.8millionand$0.33pershareonadilutedbasisasaresultofthereleaseofvaluationallowancesagainst
certaindeferredtaxassets.
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(a)
(b)
(c)