Exhibit 99
1201 S. Second Street
Milwaukee, WI 53204
USA
Fax: 414.382.5560
News Release
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| Contact | | John Bernaden Media Relations Rockwell Automation 414.382.2555 | | Rondi Rohr-Dralle Investor Relations Rockwell Automation 414.382.8510 |
Rockwell Automation Reports Third Quarter 2012 Results
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| • | Sales up 3 percent; organic sales up 7 percent |
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| • | Company revises EPS guidance range for fiscal 2012 to $5.00 - $5.20 |
MILWAUKEE (July 25, 2012) — Rockwell Automation, Inc. (NYSE: ROK) today reported fiscal 2012 third quarter sales of $1,560.4 million, up 3 percent from $1,516.2 million in the third quarter of fiscal 2011. Organic sales increased 7 percent and currency translation reduced sales by 4 percentage points. Income from continuing operations was $190.7 million ($1.33 per share) compared to $178.8 million ($1.22 per share) last year. Earnings per share from continuing operations increased 9 percent.
Total segment operating earnings were $284.0 million in the third quarter of fiscal 2012, up from $263.3 million in the same period of 2011. Total segment operating margin expanded to 18.2 percent from 17.4 percent a year ago.
Free cash flow was $232.2 million in the third quarter of fiscal 2012. Return on invested capital was 30.4 percent.
Organic sales, total segment operating earnings, total segment operating margin, free cash flow and return on invested capital are non-GAAP measures that are reconciled to GAAP measures in the attachments to this release.
Commenting on the results, Keith D. Nosbusch, chairman and chief executive officer, said, “We delivered solid 7 percent organic sales growth in the quarter with organic growth in all regions. Operating margin expanded almost a point and earnings per share grew 9 percent. It was a good quarter in the midst of a challenging macroeconomic environment.”
Outlook
Commenting on the outlook, Nosbusch added, “Most economic indicators have weakened from a quarter ago and the global political environment remains unsettled. Based on this increased uncertainty and our sales performance in the third quarter, we now expect slower growth in the fourth quarter, particularly in Latin America and emerging Asia. Taking these factors into consideration, plus an increasing headwind from currency, we are reducing our sales outlook for the fiscal year to approximately $6.2 billion. Correspondingly, we are revising our fiscal 2012 earnings per share guidance range to $5.00 to $5.20, with about five cents of the reduction coming from currency. Sales and earnings in this range would represent another record year for the company.
“We are monitoring business conditions closely and will continue to balance near-term financial performance with longer-term growth opportunities. The additional share repurchase authorization and 11 percent dividend increase announced in June support our commitment to provide superior returns to shareowners."
Following is a discussion of third quarter results for both segments.
Architecture & Software
Architecture & Software fiscal 2012 third quarter sales were $663.8 million, a decrease of 1 percent from $672.9 million last year. Organic sales increased 3 percent and currency translation reduced sales by 4 percentage points. Segment operating earnings were $182.3 million in the third quarter of fiscal 2012, compared to $175.9 million in 2011. Segment operating margin increased to 27.5 percent in the third quarter of fiscal 2012, from 26.1 percent a year ago.
Control Products & Solutions
Control Products & Solutions fiscal 2012 third quarter sales were $896.6 million, an increase of 6 percent from $843.3 million last year. Organic sales increased 10 percent, acquisitions contributed 1 percentage point to the increase and currency translation reduced sales by 5 percentage points. Segment operating earnings increased to $101.7 million in the third quarter of fiscal 2012, compared to $87.4 million in 2011. Segment operating margin was 11.3 percent in the third quarter of fiscal 2012, compared to 10.4 percent a year ago.
Other Information
Fiscal 2012 third quarter general corporate net expense decreased to $19.0 million from $22.3 million in 2011.
The effective tax rate for the third quarter of fiscal 2012 was 22.1 percent, up from 19.2 percent in the third quarter of fiscal 2011, primarily due to larger discrete tax benefits a year ago. The Company continues to expect the effective tax rate for fiscal year 2012 to be approximately 24 percent.
During the third quarter of fiscal 2012, the Company repurchased 1.6 million shares of its common stock at a cost of $121.0 million. At June 30, 2012, $32.5 million remained available under the November 7, 2007 $1.0 billion share repurchase authorization. On June 7, 2012, the Board of Directors authorized the Company to expend up to an additional $1.0 billion to repurchase shares of its common stock. The Board also declared an 11 percent increase in the quarterly dividend to 47 cents per share on common stock, payable on September 10, 2012.
Conference Call
A conference call to discuss our financial results will take place at 8:30 A.M. Eastern Time on July 25, 2012. The call and related financial charts will be webcast and accessible via the Rockwell Automation website (http://www.rockwellautomation.com/investors/).
This news release contains statements (including certain projections and business trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Words such as “believe”, “estimate”, “project”, “plan”, “expect”, “anticipate”, “will”, “intend” and other similar expressions may identify forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, many of which are beyond our control, including but not limited to:
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| • | macroeconomic factors, including global and regional business conditions, the availability and cost of capital, the cyclical nature of our customers' capital spending, sovereign debt concerns and currency exchange rates; |
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| • | laws, regulations and governmental policies affecting our activities in the countries where we do business; |
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| • | the successful development of advanced technologies and demand for and market acceptance of new and existing products; |
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| • | the availability, effectiveness and security of our information technology systems; |
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| • | competitive product and pricing pressures; |
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| • | a disruption of our operations due to natural disasters, acts of war, strikes, terrorism, social unrest or other causes; |
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| • | intellectual property infringement claims by others and the ability to protect our intellectual property; |
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| • | our ability to successfully address claims by taxing authorities in the various jurisdictions where we do business; |
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| • | our ability to attract and retain qualified personnel; |
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| • | our ability to manage costs related to employee retirement and health care benefits; |
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| • | the uncertainties of litigation; |
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| • | a disruption of our distribution channels; |
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| • | the availability and price of components and materials; |
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| • | the successful execution of our cost productivity and globalization initiatives; and |
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| • | other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission filings. |
These forward-looking statements reflect our beliefs as of the date of filing this release. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and information, makes its customers more productive and the world more sustainable. Headquartered in Milwaukee, Wis., Rockwell Automation employs over 21,000 people serving customers in more than 80 countries.
ROCKWELL AUTOMATION, INC.
SALES AND EARNINGS INFORMATION
(in millions, except per share amounts)
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| | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | Three Months Ended
June 30, | | Nine Months Ended
June 30, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
| Sales | | | | | | | | |
| Architecture & Software (a) | | $ | 663.8 |
| | $ | 672.9 |
| | $ | 1,979.1 |
| | $ | 1,911.0 |
|
| Control Products & Solutions (b) | | 896.6 |
| | 843.3 |
| | 2,616.3 |
| | 2,435.1 |
|
| Total sales (c) | | $ | 1,560.4 |
| | $ | 1,516.2 |
| | $ | 4,595.4 |
| | $ | 4,346.1 |
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| | | | | | | | | |
| Segment operating earnings | | | | | | | | |
| Architecture & Software (d) | | $ | 182.3 |
| | $ | 175.9 |
| | $ | 536.3 |
| | $ | 481.2 |
|
| Control Products & Solutions (e) | | 101.7 |
| | 87.4 |
| | 299.8 |
| | 248.3 |
|
Total segment operating earnings1 (f) | | 284.0 |
| | 263.3 |
| | 836.1 |
| | 729.5 |
|
| | | | | | | | | |
| Purchase accounting depreciation and amortization | | (5.0 | ) | | (5.1 | ) | | (14.9 | ) | | (14.6 | ) |
| General corporate—net | | (19.0 | ) | | (22.3 | ) | | (65.0 | ) | | (58.5 | ) |
| Interest expense | | (15.2 | ) | | (14.7 | ) | | (45.2 | ) | | (44.9 | ) |
| Income from continuing operations before income taxes | | 244.8 |
| | 221.2 |
| | 711.0 |
| | 611.5 |
|
| Income tax provision | | (54.1 | ) | | (42.4 | ) | | (169.2 | ) | | (116.2 | ) |
| Income from continuing operations | | $ | 190.7 |
| | $ | 178.8 |
| | $ | 541.8 |
| | $ | 495.3 |
|
| Income from discontinued operations | | — |
| | 0.7 |
| | — |
| | 0.7 |
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| Net income | | $ | 190.7 |
| | $ | 179.5 |
| | $ | 541.8 |
| | $ | 496.0 |
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| | | | | | | | | |
| Diluted earnings per share | | | | | | | | |
| Continuing operations | | $ | 1.33 |
| | $ | 1.22 |
| | $ | 3.76 |
| | $ | 3.40 |
|
| Discontinued operations | | — |
| | 0.01 |
| | — |
| | — |
|
| Net income | | $ | 1.33 |
| | $ | 1.23 |
| | $ | 3.76 |
| | $ | 3.40 |
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| | | | | | | | | |
| Average diluted shares | | 143.5 |
| | 145.9 |
| | 144.0 |
| | 145.5 |
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| | | | | | | | | |
| Segment operating margin | | | | | | | | |
| Architecture & Software (d/a) | | 27.5 | % | | 26.1 | % | | 27.1 | % | | 25.2 | % |
| Control Products & Solutions (e/b) | | 11.3 | % | | 10.4 | % | | 11.5 | % | | 10.2 | % |
Total segment operating margin1 (f/c) | | 18.2 | % | | 17.4 | % | | 18.2 | % | | 16.8 | % |
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1 | Total segment operating earnings and total segment operating margin are non-GAAP financial measures. We believe that these measures are useful to investors as measures of operating performance. We use these measures to monitor and evaluate the profitability of our operating segments. Our measure of total segment operating earnings may be different from that used by other companies. |
ROCKWELL AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions)
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| | | | | | | | | | | | | | | | |
| | | Three Months Ended
June 30, | | Nine Months Ended
June 30, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
| Sales | | $ | 1,560.4 |
| | $ | 1,516.2 |
| | $ | 4,595.4 |
| | $ | 4,346.1 |
|
| Cost of sales | | (928.9 | ) | | (909.4 | ) | | (2,726.9 | ) | | (2,618.9 | ) |
| Gross profit | | 631.5 |
| | 606.8 |
| | 1,868.5 |
| | 1,727.2 |
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| | | | | | | | | |
| Selling, general and administrative expenses | | (369.8 | ) | | (370.0 | ) | | (1,105.3 | ) | | (1,073.1 | ) |
| Other (expense) income | | (1.7 | ) | | (0.9 | ) | | (7.0 | ) | | 2.3 |
|
| Interest expense | | (15.2 | ) | | (14.7 | ) | | (45.2 | ) | | (44.9 | ) |
| Income from continuing operations before income taxes | | 244.8 |
| | 221.2 |
| | 711.0 |
| | 611.5 |
|
| Income tax provision | | (54.1 | ) | | (42.4 | ) | | (169.2 | ) | | (116.2 | ) |
| | | | | | | | | |
| Income from continuing operations | | 190.7 |
| | 178.8 |
| | 541.8 |
| | 495.3 |
|
| Income from discontinued operations | | — |
| | 0.7 |
| | — |
| | 0.7 |
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| | | | | | | | | |
| Net income | | $ | 190.7 |
| | $ | 179.5 |
| | $ | 541.8 |
| | $ | 496.0 |
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ROCKWELL AUTOMATION, INC.
CONDENSED BALANCE SHEET INFORMATION
(in millions)
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| | | | | | | | |
| | | June 30,
2012 | | September 30,
2011 |
| Assets | | | | |
| Cash and cash equivalents | | $ | 805.6 |
| | $ | 988.9 |
|
| Short-term investments | | 350.0 |
| | — |
|
| Receivables | | 1,139.1 |
| | 1,063.4 |
|
| Inventories | | 634.8 |
| | 641.7 |
|
| Property, net | | 563.9 |
| | 561.4 |
|
| Goodwill and intangibles | | 1,143.7 |
| | 1,170.6 |
|
| Other assets | | 745.3 |
| | 858.9 |
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| | | | | |
| Total | | $ | 5,382.4 |
| | $ | 5,284.9 |
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| | | | | |
| Liabilities and Shareowners’ Equity | | | | |
| Short-term debt | | $ | 270.0 |
| | $ | — |
|
| Accounts payable | | 486.3 |
| | 455.1 |
|
| Long-term debt | | 905.0 |
| | 905.0 |
|
| Other liabilities | | 1,798.6 |
| | 2,176.8 |
|
| Shareowners’ equity | | 1,922.5 |
| | 1,748.0 |
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| | | | | |
| Total | | $ | 5,382.4 |
| | $ | 5,284.9 |
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ROCKWELL AUTOMATION, INC.
CONDENSED CASH FLOW INFORMATION
(in millions)
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| | | | | | | | |
| | | Nine Months Ended
June 30, |
| | | 2012 | | 2011 |
| Continuing operations: | | | | |
| Operating activities: | | | | |
| Income from continuing operations | | $ | 541.8 |
| | $ | 495.3 |
|
| Depreciation and amortization | | 102.9 |
| | 96.6 |
|
| Retirement benefits expense | | 78.6 |
| | 75.6 |
|
| Pension trust contributions | | (328.5 | ) | | (23.3 | ) |
| Receivables/inventories/payables | | (78.7 | ) | | (184.8 | ) |
| Advanced payments from customers and deferred revenue | | 42.6 |
| | 10.5 |
|
| Compensation and benefits | | (128.7 | ) | | (73.7 | ) |
| Income taxes | | 79.6 |
| | 67.5 |
|
| Other | | 19.0 |
| | (1.2 | ) |
| | | | | |
| Cash provided by operating activities | | 328.6 |
| | 462.5 |
|
| | | | | |
| Investing activities: | | | | |
| Capital expenditures | | (94.9 | ) | | (76.0 | ) |
| Acquisition of businesses, net of cash acquired | | (16.2 | ) | | (45.9 | ) |
| Purchases of short-term investments | | (400.0 | ) | | — |
|
| Proceeds from maturities of short-term investments | | 50.0 |
| | — |
|
| Proceeds from sale of property and investments | | 2.4 |
| | 4.3 |
|
| | | | | |
| Cash used for investing activities | | (458.7 | ) | | (117.6 | ) |
| | | | | |
| Financing activities: | | | | |
| Net issuance of short-term debt | | 270.0 |
| | — |
|
| Cash dividends | | (181.5 | ) | | (150.3 | ) |
| Purchases of treasury stock | | (168.3 | ) | | (222.7 | ) |
| Proceeds from the exercise of stock options | | 44.4 |
| | 170.8 |
|
| Excess income tax benefit from share-based compensation | | 17.3 |
| | 37.8 |
|
| Other financing activities | | (0.3 | ) | | (0.3 | ) |
| | | | | |
| Cash used for financing activities | | (18.4 | ) | | (164.7 | ) |
| | | | | |
| Effect of exchange rate changes on cash | | (34.1 | ) | | 31.6 |
|
| | | | | |
| Cash (used for) provided by continuing operations | | (182.6 | ) | | 211.8 |
|
| | | | | |
| Discontinued operations: | | | | |
| Cash used for discontinued operations | | (0.7 | ) | | (3.4 | ) |
| | | | | |
| (Decrease) increase in cash and cash equivalents | | $ | (183.3 | ) | | $ | 208.4 |
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ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in millions)
Organic Sales
Our press release contains information regarding sales excluding the effect of changes in currency and organic sales, which we define as sales excluding the effect of changes in currency exchange rates and acquisitions. We believe these non-GAAP measures provide useful information to investors because they reflect regional performance from our activities without the effect of changes in currency exchange rates and/or acquisitions. We use organic sales and sales excluding the effect of changes in currency as two measures to monitor and evaluate our regional performance. We determine the effect of changes in currency exchange rates by translating the respective period’s sales using the currency exchange rates that were in effect during the prior year. When we acquire businesses, we exclude sales in the current year for which there are no comparable sales in the prior period. Organic sales growth is calculated by comparing organic sales to reported sales in the prior year. Sales are attributed to the geographic regions based on the country of destination.
The following is a reconciliation of reported sales to organic sales for the three and nine months ended June 30, 2012 compared to sales for the three and nine months ended June 30, 2011:
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, |
| | | 2012 | | 2011 |
| | | Sales | | Effect of Changes in Currency | | Sales Excluding Effect of Changes in Currency | | Effect of Acquisitions | | Organic Sales | | Sales |
| United States | | $ | 775.1 |
| | $ | 1.6 |
| | $ | 776.7 |
| | $ | (0.5 | ) | | $ | 776.2 |
| | $ | 732.9 |
|
| Canada | | 121.5 |
| | 5.1 |
| | 126.6 |
| | — |
| | 126.6 |
| | 101.7 |
|
| Europe, Middle East, Africa | | 306.9 |
| | 36.6 |
| | 343.5 |
| | (6.3 | ) | | 337.2 |
| | 327.1 |
|
| Asia-Pacific | | 238.8 |
| | 7.0 |
| | 245.8 |
| | (0.9 | ) | | 244.9 |
| | 228.6 |
|
| Latin America | | 118.1 |
| | 14.5 |
| | 132.6 |
| | — |
| | 132.6 |
| | 125.9 |
|
| Total | | $ | 1,560.4 |
| | $ | 64.8 |
| | $ | 1,625.2 |
| | $ | (7.7 | ) | | $ | 1,617.5 |
| | $ | 1,516.2 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended June 30, |
| | | 2012 | | 2011 |
| | | Sales | | Effect of Changes in Currency | | Sales Excluding Effect of Changes in Currency | | Effect of Acquisitions | | Organic Sales | | Sales |
| United States | | $ | 2,250.4 |
| | $ | 2.4 |
| | $ | 2,252.8 |
| | $ | (1.4 | ) | | $ | 2,251.4 |
| | $ | 2,117.8 |
|
| Canada | | 343.0 |
| | 7.5 |
| | 350.5 |
| | — |
| | 350.5 |
| | 292.0 |
|
| Europe, Middle East, Africa | | 956.1 |
| | 56.6 |
| | 1,012.7 |
| | (33.1 | ) | | 979.6 |
| | 924.1 |
|
| Asia-Pacific | | 683.7 |
| | 3.9 |
| | 687.6 |
| | (1.1 | ) | | 686.5 |
| | 650.2 |
|
| Latin America | | 362.2 |
| | 27.2 |
| | 389.4 |
| | — |
| | 389.4 |
| | 362.0 |
|
| Total | | $ | 4,595.4 |
| | $ | 97.6 |
| | $ | 4,693.0 |
| | $ | (35.6 | ) | | $ | 4,657.4 |
| | $ | 4,346.1 |
|
The following is a reconciliation of reported sales to organic sales for our reporting segments for the three and nine months ended June 30, 2012 compared to sales for the three and nine months ended June 30, 2011:
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, |
| | | 2012 | | 2011 |
| | | Sales | | Effect of Changes in Currency | | Sales Excluding Effect of Changes in Currency | | Effect of Acquisitions | | Organic Sales | | Sales |
| Architecture & Software | | $ | 663.8 |
| | $ | 29.1 |
| | $ | 692.9 |
| | $ | — |
| | $ | 692.9 |
| | $ | 672.9 |
|
| Control Products & Solutions | | 896.6 |
| | 35.7 |
| | 932.3 |
| | (7.7 | ) | | 924.6 |
| | 843.3 |
|
| Total | | $ | 1,560.4 |
| | $ | 64.8 |
| | $ | 1,625.2 |
| | $ | (7.7 | ) | | $ | 1,617.5 |
| | $ | 1,516.2 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended June 30, |
| | | 2012 | | 2011 |
| | | Sales | | Effect of Changes in Currency | | Sales Excluding Effect of Changes in Currency | | Effect of Acquisitions | | Organic Sales | | Sales |
| Architecture & Software | | $ | 1,979.1 |
| | $ | 43.4 |
| | $ | 2,022.5 |
| | $ | — |
| | $ | 2,022.5 |
| | $ | 1,911.0 |
|
| Control Products & Solutions | | 2,616.3 |
| | 54.2 |
| | 2,670.5 |
| | (35.6 | ) | | 2,634.9 |
| | 2,435.1 |
|
| Total | | $ | 4,595.4 |
| | $ | 97.6 |
| | $ | 4,693.0 |
| | $ | (35.6 | ) | | $ | 4,657.4 |
| | $ | 4,346.1 |
|
ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in millions)
Free Cash Flow
Our definition of free cash flow, which is a non-GAAP financial measure, takes into consideration capital investments required to maintain the operations of our businesses and execute our strategy. We account for share-based compensation under U.S. GAAP, which requires that we report the excess income tax benefit from share-based compensation as a financing cash flow rather than as an operating cash flow. We have added this benefit back to our calculation of free cash flow in order to generally classify cash flows arising from income taxes as operating cash flows.
In our opinion, free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one measure to monitor and evaluate performance. Our definition of free cash flow may be different from definitions used by other companies.
The following table summarizes free cash flow by quarter:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | | | |
| | | Dec. 31,
2010 | | Mar. 31,
2011 | | Jun. 30,
2011 | | Sept. 30,
2011 | | Dec. 31,
2011 | | Mar. 31,
2012 | Jun. 30, 2012 |
| Cash provided by (used for) continuing operating activities | | $ | 12.6 |
| | $ | 225.2 |
| | $ | 224.7 |
| | $ | 181.2 |
| | $ | (189.0 | ) | | $ | 253.5 |
| $ | 264.1 |
|
| Capital expenditures of continuing operations | | (20.3 | ) | | (22.6 | ) | | (33.1 | ) | | (44.1 | ) | | (31.6 | ) | | (30.9 | ) | (32.4 | ) |
| Excess income tax benefit from share-based compensation | | 12.1 |
| | 23.6 |
| | 2.1 |
| | 0.3 |
| | 9.8 |
| | 7.0 |
| 0.5 |
|
Free cash flow1 | | $ | 4.4 |
| | $ | 226.2 |
| | $ | 193.7 |
| | $ | 137.4 |
| | $ | (210.8 | ) | | $ | 229.6 |
| $ | 232.2 |
|
|
| |
1 | Free cash flow for the first quarter of 2012 and the fourth quarter of 2011 include discretionary pre-tax contributions to the company’s U.S. pension trust of $300 million and $150 million, respectively. |
Return On Invested Capital
Our press release contains information regarding Return On Invested Capital (ROIC), which is a non-GAAP financial measure. We believe that ROIC is useful to investors as a measure of performance and of the effectiveness of the use of capital in our operations. We use ROIC as one measure to monitor and evaluate performance. Our measure of ROIC may be different from that used by other companies. We define ROIC as the percentage resulting from the following calculation:
(a) Income from continuing operations, before interest expense, income tax provision, and purchase accounting depreciation and amortization, for the most recent twelve months, divided by;
(b) average invested capital for the year, calculated as a five quarter rolling average using the sum of short-term debt, long-term debt, shareowners’ equity, and accumulated amortization of goodwill and other intangible assets, minus cash and cash equivalents and short-term investments, multiplied by;
(c) one minus the effective tax rate for the twelve-month period.
ROIC is calculated as follows:
|
| | | | | | | | |
| | | Twelve Months Ended |
| | | June 30, |
| | | 2012 | | 2011 |
| (a) Return | | | | |
| Income from continuing operations | | $ | 743.6 |
| | $ | 626.6 |
|
| Interest expense | | 59.8 |
| | 60.1 |
|
| Income tax provision | | 223.5 |
| | 142.7 |
|
| Purchase accounting depreciation and amortization | | 20.1 |
| | 19.3 |
|
| Return | | 1,047.0 |
| | 848.7 |
|
| | | | | |
| (b) Average invested capital | | | | |
| Short-term debt | | 175.8 |
| | — |
|
| Long-term debt | | 905.0 |
| | 904.9 |
|
| Shareowners’ equity | | 1,890.6 |
| | 1,635.3 |
|
| Accumulated amortization of goodwill and intangibles | | 742.6 |
| | 706.7 |
|
| Cash and cash equivalents | | (902.4 | ) | | (890.2 | ) |
| Short-term investments | | (162.5 | ) | | — |
|
| Average invested capital | | 2,649.1 |
| | 2,356.7 |
|
| | | | | |
| (c) Effective tax rate | | | | |
| Income tax provision | | 223.5 |
| | 142.7 |
|
| Income from continuing operations before income taxes | | $ | 967.1 |
| | $ | 769.3 |
|
| Effective tax rate | | 23.1 | % | | 18.5 | % |
| | | | | |
| (a) / (b) * (1-c) Return On Invested Capital | | 30.4 | % | | 29.3 | % |
