Ingram Micro 2010 Annual Report Download - page 36

Results of Operations
We do not allocate stock-based compensation expense (see Note 12 to our consolidated financial statements) to
our operating units; therefore, we are reporting this as a separate amount. The following tables set forth our net sales
by geographic region and the percentage of total net sales represented thereby, as well as operating income and
operating margin by geographic region for each of the fiscal years indicated.
2010 2009 2008
Net sales by geographic region:
North America ............... $14,549,103 42.1% $12,326,555 41.8% $14,191,995 41.3%
EMEA ..................... 10,871,237 31.4 9,483,328 32.1 11,534,968 33.6
Asia Pacific ................. 7,570,403 21.9 6,243,455 21.1 6,904,640 20.1
Latin America ............... 1,598,241 4.6 1,462,108 5.0 1,730,549 5.0
Total ...................... $34,588,984 100.0% $29,515,446 100.0% $34,362,152 100.0%
2010 2009 2008
Operating income (loss) and operating
margin (loss) by geographic region:
North America ....................... $230,458 1.58% $105,679 0.86% $ (49,011) (0.35)%
EMEA ............................. 135,681 1.25 92,856 0.98 42,014 0.36
Asia Pacific . . ....................... 113,003 1.49 83,704 1.34 (353,518) (5.12)
Latin America . ....................... 32,353 2.02 35,928 2.46 43,191 2.50
Stock-based compensation expense ........ (27,062) — (22,227) — (14,845) —
Total ............................... $484,433 1.40% $295,940 1.00% $(332,169) (0.97)%
As presented above, our income from operations in 2010 includes the release of a portion of our commercial
tax reserve in Brazil totaling $9,112, or 0.03% of consolidated net sales and 0.57% of Latin America net sales, as
discussed in Note 10 to our consolidated financial statements.
Our income from operations in 2009 includes the goodwill impairment charge (discussed in Notes 2 and 4 to
our consolidated financial statements) of $2,490, or 0.01% of consolidated net sales and 0.04% of net sales in Asia
Pacific, and reorganization and expense-reduction program costs of $37,636, or 0.13% of consolidated net sales,
($24,267, or 0.20% of net sales, in North America; $9,462, or 0.10% of net sales, in EMEA; $3,574, or 0.06% of net
sales, in Asia Pacific; and $333, or 0.02% of net sales, in Latin America) as discussed in Note 3 to our consolidated
financial statements. In addition, our income from operations in 2009 includes the release of a portion of our
commercial tax reserve in Brazil totaling $9,758, or 0.03% of consolidated net sales and 0.67% of Latin America net
sales.
Our loss from operations in 2008 includes a goodwill impairment charge of $742,653, or 2.16% of consol-
idated net sales, ($243,190, or 1.71% of net sales, in North America; $24,125, or 0.21% of net sales, in EMEA; and
$475,338, or 6.88% of net sales, in Asia Pacific). Our loss from operations in 2008 also includes reorganization and
expense-reduction program costs of $18,573, or 0.05% of consolidated net sales, ($1,838, or 0.01% of net sales, in
North America; $16,444, or 0.14% of net sales, in EMEA; and $291 in Asia Pacific) as discussed in Note 3 to our
consolidated financial statements. In addition, our loss from operations in 2008 includes the release of a portion of
our commercial tax reserve in Brazil of $8,224, or 0.02% of consolidated net sales and 0.48% of Latin America net
sales.
We sell products purchased from many vendors, but generated approximately 23%, 24% and 23% of our net
sales in 2010, 2009 and 2008, respectively, from products purchased from Hewlett-Packard Company. There were
no other vendors and no customers that represented 10% or more of our consolidated net sales in each of the last
three years.
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