Cummins_Appendixnongaap050926
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Transcript of Cummins_Appendixnongaap050926
Non-GAAP Reconciliation – EBITNon-GAAP Reconciliation – EBIT
$ 473
(29)(100)(113)
$ 715-
$ 715
6/30/05LTM
$ 350$ 132Net Earnings
(26)(6)Minority Interests in earnings of unconsolidated subsidiaries
(56)(47)Provision for income taxes(111)(75)Interest Expense
$ 543$ 260Earnings before interest, income taxes and minority interest
-(56)Restructuring, asset impairment and other$ 543$ 316
Earnings before interest, income taxes, minority interest and restructuring charges
12/31/0412/31/99Year ended$ Millions
EBIT = Earnings before interest, taxes, and minority interests.
We use EBIT to assess and measure the performance of our operating segments and also as a component in measuring our variable compensation programs. The table above reconciles EBIT, a non-GAAP financial measure, to our consolidated net earnings, for each of the applicable periods.
Additional DisclosuresAdditional DisclosuresAs previously announced, effective May 2, 2005, CMI made certain leadership changes within its management team and subsequently on July 21, 2005 in Form 8-K, restated operating segment data for the periods of 2003 to the present.
Operating segment data used in these presentations for the periods of 1999 through 2002 has not been adjusted for the changes in segment reporting.
The segment EBIT used in these presentations excludes restructuring, asset impairment and other charges, minority interest and preferred dividends.