Investor Presentaiton
Adjusted Operating Income and Margin
Reconciliation to US GAAP
The Company defines adjusted operating income as operating income adjusted to exclude the impact of restructuring expense, merger, acquisition
and divestiture expense, intangible asset amortization expense, other net expenses, discontinued operations, and other gains and losses not reflective
of the Company's ongoing operations. Adjusted operating margin is defined as adjusted operating income divided by net sales.
$ in millions
Sales
Operating income
Operating margin %
2027E
$21,000+
~$1,800-$1850
Mid 8% Range
25
25
Non-comparable items:
Restructuring expense
Merger, acquisition and divestiture expense, net
Intangible asset amortization expense
Service and lease agreement termination
Gain on sale of business
Gain on sale of asset
Other non-comparable items
Adjusted operating income
Adjusted operating margin
~100-150
~50
~92
~$2,100
~10%
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