Arrow's ESG and Financial Overview
Full-year GAAP to non-GAAP reconciliation (cont.)
($ in thousands, except per share data)
Year ended December 31, 2021
Operating expense
Operating income
Income before income taxes
Provision for income taxes
Consolidated net income
Noncontrolling interests
Net income attributable to
shareholders
Reported GAAP
measure
$ 2,645,543
Intangible
Amortization
Expense
$ (36,930)
Restructuring &
Integration
charges
AFS Reserves &
$
(10,911)
Recoveries
$
Digital Inventory
$
Non-recurring tax
items
$
Impairments
Impact of Wind
Down
Other (1)
Non-GAAP
measure
$
(4,482)
$
$
1,556,822
36,930
10,911
4,482
1,436,374
36,930
10,911
4,482
325,906
9,457
2,341
1,078
1,110,468
27,473
8,570
3,404
(12,770)
(3,073)
(9,697)
2,271
590
2,593,220
1,609,145
1,475,927
335,709
1,140,218
2,861
$
1,108,197 $
26,883
$
8,570
$
$
$
$
3,404
$
$ (9,697)
$
1,137,357
Net income (loss) per diluted
share (7)
$
Effective tax rate
15.10
22.7%
$
0.37
$
0.12
$
$
$
$
0.05
$
$
(0.13)
$
15.50
22.7%
Year ended December 31, 2020
Operating expense
Operating income
Income before income taxes
Provision for income taxes
Consolidated net income
Noncontrolling interests
Net income attributable to
shareholders
Reported GAAP
measure
$ 2,296,619
894,511
Intangible
Amortization
Expense
Restructuring &
Integration
charges
AFS Reserves &
Recoveries
Digital Inventory
Non-recurring tax
items (2)
$
(38,417)
$
38,417
(13,288)
13,288
$
1,796
$
(1,796)
Impairments (3)
(7,223)
7,223
Impact of Wind
Down
$
3,524
(14,728)
Other (1)
$
Non-GAAP
measure
759,259
38,417
13,288
(1,796)
7,223
(14,704)
172,795
9,866
1,301
(432)
586,464
28,551
11,987
(1,364)
1,272
(1,272)
2,356
4,867
(3,143)
(11,561)
(7,117)
(1,717)
(5,400)
2,026
568
$ 584,438
$
27,983
$
11,987 $
(1,364)
$
$
(1,272)
$
4,867
$
(11,561) $ (5,400)
$
609,678
Net income (loss) per diluted
share (7)
$
Effective tax rate
7.43 $
22.8%
0.36
$
0.15
$
(0.02)
$
$
(0.02)
$
0.06
$
(0.15)
$ (0.07)
$
7.75
22.9%
2,243,011
936,915
794,570
182,298
612,272
2,594
2,263,821
1,056,785
846,424
(1) Other includes gain on investments, net
and pension settlement gain.
(2) Includes income tax (expense) benefit
related to legislation changes and other non-
recurring tax adjustments.
(3) Impairments includes $7,223 in impairment
charges related to various other long-lived
assets unrelated to the personal computer
and mobility asset disposition business.
(4) Impairments include goodwill impairments
of $570,175, tradename impairments of
$46,000, and $7,621 in impairment charges
related to various other long-lived assets.
(5) Amounts for restructuring, integration, and
other charges, identifiable intangible asset
amortization, loss on disposition of
businesses, net, certain tax adjustments, and
impairments related to the personal computer
and mobility asset disposition business are
included in "impact of wind down".
(6) Other includes loss on disposition of
businesses, net, gain (loss) on investments,
net, interest related to uncertain tax position
related to the Tax Act and pension
settlement.
(7) For the year ended December 31, 2019, the
non-GAAP net income per diluted share
calculation includes 752 thousand shares that
were excluded from the GAAP net income per
diluted share calculation. Additionally, in all
periods presented the sum of the components
for diluted EPS, as adjusted may not agree to
totals, as presented, due to rounding.
Year ended December 31, 2019
Operating expense
Operating income
Income before income taxes
Provision for income taxes
Consolidated net income
Noncontrolling interests
Net income attributable to
shareholders
Reported GAAP
measure
$ 3,190,685
107,696
Intangible
Amortization
Expense
Restructuring &
Integration
charges
$ (42,383)
$
42,383
(78,429)
78,429
AFS Write off Digital Inventory
$ (16,169) $
Non-recurring tax
items (2)
Impact of Wind
Impairments (4)
Down (5)
Other (6)
Non-GAAP
measure
$
(623,796)
$
(164,219)
$ (1,868)
$
18,037
22,332
623,796
162,244
1,868
(111,830)
42,383
78,429
18,037
22,332
623,796
162,356
10,921
88,338
11,913
19,540
4,339
5,390
(200,168)
30,470
58,889
13,698
16,942
(1,696)
1,696
64,246
559,550
12,631
149,725
750
205,451
10,171
3,919
558
640,973
4,477
$
(204,087)
29,912
$
58,889
13,698
$
16,942
$
1,696
$
559,550
$
149,725
$
10,171
$
636,496
Net income (loss) per diluted
share (7)
$
Effective tax rate
(2.44) $
-79.0%
0.36
$
0.70
$
0.16
$
0.20
$
0.02
$
6.70
$
1.79 $
0.12
$
7.55
24.3%
NOW
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