Initial Letter Date |
Form filed |
Market Capitalization |
06/26/2012 |
10-K |
$ 10,150 M |
You state that you believe the non-GAAP financial measures disclosed, "better enable management and investors to understand and analyze your performance by providing meaningful information relevant to events of a non-recurring nature that impact the comparability of underlying business results from period to period." Item 10(e)(1)(ii)(B) of Regulation S-K prohibits adjusting a non-GAAP performance measure to eliminate or smooth items identified as non-recurring when the nature of the charge or gain is such that it is reasonably likely to recur within two years or there was a similar charge or gain within the prior two years. Please tell us why you believe the tax refund received in 2011, integration and restructuring costs in 2010 and 2009, and costs associated with a legal settlement in 2009 are non-recurring. Otherwise, please do not refer to these items as non-recurring. |