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IHS Inc. (NYSE: IHS), the leading global source of information and
analytics, today reported results for the fourth quarter and full year
ended November 30, 2012. Revenue for the fourth quarter of 2012 totaled
$414 million, a 12 percent increase over fourth quarter 2011 revenue of
$371 million. Net income for the fourth quarter of 2012 was $46 million,
or $0.69 per diluted share, compared to fourth quarter 2011 net income
of $23 million, or $0.34 per diluted share. Revenue for fiscal year 2012
totaled $1.530 billion, up 15 percent over the prior year total of
$1.326 billion. Fiscal year 2012 net income was $158 million, or $2.37
per diluted share, compared to fiscal year 2011 net income of $135
million, or $2.06 per diluted share.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) totaled $140 million for the fourth quarter of 2012, up 17
percent from $119 million in the fourth quarter of 2011. Adjusted
earnings per diluted share were $1.21 for the fourth quarter of 2012, an
increase of 22 percent over the prior-year period. Adjusted EBITDA for
fiscal year 2012 totaled $485 million, up 21 percent from $401 million
in 2011. Adjusted earnings per diluted share were $3.94 for fiscal 2012,
an increase of 15 percent over the prior-year period. Adjusted EBITDA
and adjusted earnings per share (EPS) are non-GAAP (Generally Accepted
Accounting Principles) financial measures used by management to measure
operating performance. Please see the end of this release for more
information about these non-GAAP measures.
“The fourth quarter proved to be exactly what we thought it would be -
solid performance in the face of strong macroeconomic headwinds, and we
were pleased to deliver the fourth quarter and full year goals we
outlined in September,” said Jerre Stead, IHS chairman and chief
executive officer. “As we complete key investments in 2013, we will be
better positioned than ever to achieve our long-term profitable growth
goals."
Fourth Quarter 2012 Details
Revenue for the fourth quarter of 2012 totaled $414 million, a 12
percent increase over fourth quarter 2011 revenue of $371 million.
Organic growth in the fourth quarter of 2012 was four percent.
Acquisitions added eight percent, and foreign currency movements had a
negligible impact. The subscription-based business grew seven percent
organically.
Three Months Ended November 30,
Absolute
Organic
Year Ended November 30,
Absolute
Organic
2012
2011
% change
% change
2012
2011
% change
% change
Subscription revenue
$
302,187
$
272,893
11
%
7
%
$
1,157,347
$
1,020,800
13
%
8
%
Non-subscription revenue
112,171
97,763
15
%
(4
)%
372,522
304,838
22
%
(4
)%
Total revenue
$
414,358
$
370,656
12
%
4
%
$
1,529,869
$
1,325,638
15
%
5
%
IHS continued to grow its business overall in all three of its operating
regions. The Americas segment increased its revenue during the fourth
quarter by $24 million, or 11 percent, to $243 million. The EMEA segment
grew its fourth quarter revenue by $13 million, or 12 percent, to $122
million. The APAC segment's revenue was up $7 million, or 15 percent, to
$50 million.
Adjusted EBITDA for the fourth quarter of 2012 was $140 million, up $21
million, or 17 percent, over the prior-year period. Operating income
increased $29 million, or 112 percent, to $55 million. Americas'
operating income increased $10 million, or 15 percent, to $73 million.
EMEA's operating income was down $2 million, or six percent, to $26
million. APAC's operating income grew $1 million, or seven percent, to
$17 million.
Full Year 2012
Revenue for the year ended November 30, 2012, increased $204 million, or
15 percent, to $1.530 billion. Organic revenue growth was five percent
overall and eight percent for the subscription-based portion of the
business. Acquisitions added 11 percent, and foreign currency movements
decreased revenue by one percent during fiscal year 2012. The Americas
segment grew its revenue during the year ended November 30, 2012, by
$114 million, or 14 percent, to $912 million. The EMEA segment increased
its fiscal year 2012 revenue by $59 million, or 15 percent, to $443
million. The APAC segment increased its revenue by $31 million, or 22
percent, to $174 million, during fiscal 2012.
Adjusted EBITDA for fiscal 2012 increased $84 million, or 21 percent, to
$485 million. Operating income increased $35 million, or 20 percent,
year-over-year to $207 million. Americas’ operating income was $263
million, up $38 million, or 17 percent, over the prior-year period. EMEA
grew its fiscal year 2012 operating income to $95 million, up $13
million, or 16 percent, over the prior year. APAC’s operating income was
$46 million, an increase of $2 million, or four percent, over last year.
Cash Flows
Excluding a $57 million pension funding contribution, IHS generated $371
million of cash flow from operations during the year ended November 30,
2012, representing a nine percent increase over last year's $342 million.
Balance Sheet
IHS ended fourth quarter 2012 with $345 million of cash and cash
equivalents and $1.061 billion of debt.
Outlook (forward-looking statement)
For the year ending November 30, 2013, IHS reaffirms and expects:
All-in revenue in a range of $1.640 billion to $1.710 billion,
including an overall organic growth rate expected to be between 5-7
percent at the midpoint;
All-in adjusted EBITDA in a range of $540 million to $582 million; and
Adjusted EPS between $4.23 and $4.43 per diluted share.
Additionally, for the year ending November 30, 2013, IHS expects:
Depreciation and amortization expense to be approximately $140-145
million;
Net interest expense to be approximately $21 million;
Stock-based compensation expense to be approximately $138-142 million;
An adjusted tax rate of approximately 26-28 percent; and
Fully diluted shares to be approximately 67 million.
The above outlook assumes no further currency movements, acquisitions,
divestitures, pension mark-to-market adjustments or unanticipated
events. See discussion of non-GAAP financial measures at the end of this
release.
As previously announced, IHS will hold a conference call to discuss
fourth quarter and full year 2012 results on January 8, 2013, at 8:00
a.m. EST. The conference call will be simultaneously webcast on the
company's website: www.ihs.com.
Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to the financial
statements based on U.S. generally accepted accounting principles
(GAAP). The non-GAAP financial information is provided to enhance the
reader's understanding of our financial performance, but no non-GAAP
measure should be considered in isolation or as a substitute for
financial measures calculated in accordance with GAAP. Reconciliations
of the most directly comparable GAAP measures to non-GAAP measures, such
as adjusted EBITDA and adjusted earnings per diluted share, are provided
within the schedules attached to this release.
EBITDA is defined as net income plus or minus net interest plus income
taxes, depreciation and amortization. Adjusted EBITDA further excludes
(i) non-cash items (e.g., stock-based compensation expense and non-cash
pension and postretirement expense) and (ii) items that management does
not consider to be useful in assessing our operating performance (e.g.,
acquisition-related costs, restructuring charges, income or loss from
discontinued operations, and gain or loss on sale of assets). Adjusted
earnings per diluted share exclude similar items as adjusted EBITDA.
None of these non-GAAP financial measures are recognized terms under
GAAP and do not purport to be an alternative to net income as an
indicator of operating performance or any other GAAP measure.
Management uses these non-GAAP measures in its operational and financial
decision-making, believing that it is useful to eliminate certain items
in order to focus on what it deems to be a more reliable indicator of
ongoing operating performance and our ability to generate cash flow from
operations. As a result, internal management reports used during monthly
operating reviews feature the adjusted EBITDA and adjusted earnings per
diluted share metrics. Management also believes that investors may find
non-GAAP financial measures useful for the same reasons, although
investors are cautioned that non-GAAP financial measures are not a
substitute for GAAP disclosures. EBITDA, adjusted EBITDA, and adjusted
earnings per diluted share are also used by many of our investors,
research analysts, investment bankers, and lenders to assess our
operating performance. For example, a measure similar to adjusted EBITDA
is required by the lenders under our term loan and revolving credit
agreement.
Because not all companies use identical calculations, our presentation
of non-GAAP financial measures may not be comparable to other
similarly-titled measures of other companies. However, these measures
can still be useful in evaluating our performance against our peer
companies because management believes the measures provide users with
valuable insight into key components of GAAP financial disclosures. For
example, a company with greater GAAP net income may not be as appealing
to investors if its net income is more heavily comprised of gains on
asset sales. Likewise, eliminating the effects of interest income and
expense moderates the impact of a company's capital structure on its
performance.
All of the items included in the reconciliation from net income to
adjusted EBITDA are either (i) non-cash items (e.g., depreciation and
amortization, stock-based compensation, non-cash pension and
postretirement expense) or (ii) items that we do not consider to be
useful in assessing our operating performance (e.g., income taxes,
acquisition-related costs, restructuring charges, income or loss from
discontinued operations, and gain or loss on sale of assets). In the
case of the non-cash items, management believes that investors can
better assess our operating performance if the measures are presented
without such items because, unlike cash expenses, these adjustments do
not affect our ability to generate free cash flow or invest in our
business. For example, by eliminating depreciation and amortization from
EBITDA, users can compare operating performance without regard to
different accounting determinations such as useful life. In the case of
the other items, management believes that investors can better assess
operating performance if the measures are presented without these items
because their financial impact does not reflect ongoing operating
performance.
IHS Forward-Looking Statements
This release may contain forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. Such statements
may include financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations
with respect to future operations, products and services, and statements
regarding future performance. Forward-looking statements are generally
identified by the words "expect," "anticipate," "believe," "intend,"
"estimate," "plan" and similar expressions. Although IHS and its
management believe that the expectations reflected in such
forward-looking statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various risks
and uncertainties-many of which are difficult to predict and generally
beyond the control of IHS-that could cause actual results and
developments to differ materially from those expressed in, or implied or
projected by, the forward-looking information and statements. These
risks and uncertainties include those discussed or identified by IHS
from time to time in its public filings. Other than as required by
applicable law, IHS does not undertake any obligation to update or
revise any forward-looking information or statements. Please consult our
public filings at www.sec.gov
or www.ihs.com.
IHS (NYSE: IHS) is the leading source of information, insight and
analytics in critical areas that shape today’s business landscape.
Businesses and governments in more than 165 countries around the globe
rely on the comprehensive content, expert independent analysis and
flexible delivery methods of IHS to make high-impact decisions and
develop strategies with speed and confidence. IHS has been in business
since 1959 and became a publicly traded company on the New York Stock
Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is
committed to sustainable, profitable growth and employs more than 6,000
people in 31 countries around the world.
IHS is a registered trademark of IHS Inc. All other company and
product names may be trademarks of their respective owners.
(In thousands, except for share and per-share amounts)
(Unaudited)
As of
As of
November 30, 2012
November 30, 2011
Assets
Current assets:
Cash and cash equivalents
$
345,008
$
234,685
Accounts receivable, net
372,117
326,009
Income tax receivable
20,464
25,194
Deferred subscription costs
47,065
43,136
Deferred income taxes
55,084
45,253
Other
24,145
23,801
Total current assets
863,883
698,078
Non-current assets:
Property and equipment, net
163,013
128,418
Intangible assets, net
554,552
514,949
Goodwill, net
1,959,223
1,722,312
Other
8,540
9,280
Total non-current assets
2,685,328
2,374,959
Total assets
$
3,549,211
$
3,073,037
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt
$
170,102
$
144,563
Accounts payable
52,079
32,428
Accrued compensation
50,497
57,516
Accrued royalties
33,637
26,178
Other accrued expenses
55,304
69,000
Deferred revenue
515,318
487,172
Total current liabilities
876,937
816,857
Long-term debt
890,922
658,911
Accrued pension liability
19,602
59,460
Accrued postretirement benefits
10,425
9,200
Deferred income taxes
139,235
123,895
Other liabilities
27,732
19,985
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.01 par value per share, 160,000,000 shares
authorized, 67,621,367 and 67,527,344 shares issued, and 65,577,530
and 65,121,884 shares outstanding at November 30, 2012 and November
30, 2011, respectively
676
675
Additional paid-in capital
681,409
636,440
Treasury stock, at cost: 2,043,837 and 2,405,460 shares at November
30, 2012 and 2011, respectively
(139,821
)
(133,803
)
Retained earnings
1,088,787
930,619
Accumulated other comprehensive loss
(46,693
)
(49,202
)
Total stockholders’ equity
1,584,358
1,384,729
Total liabilities and stockholders’ equity
$
3,549,211
$
3,073,037
IHS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per-share amounts)
(Unaudited)
Three Months Ended
November 30,
Year Ended
November 30,
2012
2011
2012
2011
Revenue:
Products
$
357,925
$
319,085
$
1,322,369
$
1,151,091
Services
56,433
51,571
207,500
174,547
Total revenue
414,358
370,656
1,529,869
1,325,638
Operating expenses:
Cost of revenue:
Products
134,283
120,701
527,214
464,138
Services
24,624
25,906
97,300
94,354
Total cost of revenue (includes stock-based compensation expense of
$1,739; $1,042; $6,206 and $3,680 for the three months and years
ended November 30, 2012 and 2011, respectively)
158,907
146,607
624,514
558,492
Selling, general and administrative (includes stock-based
compensation expense of $28,872; $21,339; $115,337 and $82,514 for
the three months and years ended November 30, 2012 and 2011,
respectively)
143,503
128,689
534,043
453,481
Depreciation and amortization
31,560
25,628
118,243
88,039
Restructuring charges
4,749
540
16,829
1,242
Acquisition-related costs
675
1,911
4,147
8,000
Net periodic pension and postretirement expense
18,919
42,612
24,917
44,995
Other expense (income), net
569
(1,495
)
(111
)
(1,079
)
Total operating expenses
358,882
344,492
1,322,582
1,153,170
Operating income
55,476
26,164
207,287
172,468
Interest income
325
208
999
862
Interest expense
(5,736
)
(4,572
)
(20,573
)
(11,346
)
Non-operating expense, net
(5,411
)
(4,364
)
(19,574
)
(10,484
)
Income from continuing operations before income taxes
50,065
21,800
187,713
161,984
Income tax benefit (provision)
(3,656
)
1,256
(29,564
)
(26,695
)
Income from continuing operations
46,409
23,056
158,149
135,289
Income (loss) from discontinued operations, net
11
(328
)
19
126
Net income
$
46,420
$
22,728
$
158,168
$
135,415
Basic earnings per share:
Income from continuing operations
$
0.70
$
0.35
$
2.40
$
2.08
Income (loss) from discontinued operations, net
$
—
$
(0.01
)
$
—
$
—
Net income
$
0.70
$
0.35
$
2.40
$
2.09
Weighted average shares used in computing basic earnings per share
65,974
65,163
65,840
64,938
Diluted earnings per share:
Income from continuing operations
$
0.69
$
0.35
$
2.37
$
2.06
Income (loss) from discontinued operations, net
$
—
$
—
$
—
$
—
Net income
$
0.69
$
0.34
$
2.37
$
2.06
Weighted average shares used in computing diluted earnings per share
67,136
66,199
66,735
65,716
IHS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Year Ended November 30,
2012
2011
Operating activities:
Net income
$
158,168
$
135,415
Reconciliation of net income to net cash provided by operating
activities:
Depreciation and amortization
118,243
88,039
Stock-based compensation expense
121,543
86,194
Excess tax benefit from stock-based compensation
(13,199
)
(9,943
)
Net periodic pension and postretirement expense
24,917
44,648
Pension and postretirement contributions
(68,339
)
—
Deferred income taxes
(16,451
)
(1,683
)
Change in assets and liabilities:
Accounts receivable, net
(35,410
)
(35,137
)
Other current assets
(2,246
)
(1,508
)
Accounts payable
22,383
(4,302
)
Accrued expenses
(17,567
)
5,267
Income tax payable
21,220
(9,082
)
Deferred revenue
692
43,757
Other liabilities
419
385
Net cash provided by operating activities
314,373
342,050
Investing activities:
Capital expenditures on property and equipment
(64,732
)
(54,340
)
Acquisitions of businesses, net of cash acquired
(306,268
)
(730,058
)
Intangible assets acquired
(3,700
)
(2,985
)
Change in other assets
1,708
(5,687
)
Settlements of forward contracts
(2,268
)
(168
)
Net cash used in investing activities
(375,260
)
(793,238
)
Financing activities:
Proceeds from borrowings
750,001
954,031
Repayment of borrowings
(493,080
)
(444,775
)
Payment of debt issuance costs
(824
)
(6,326
)
Excess tax benefit from stock-based compensation
13,199
9,992
Proceeds from the exercise of employee stock options
2,938
2,144
Repurchases of common stock
(92,823
)
(32,249
)
Net cash provided by financing activities
179,411
482,817
Foreign exchange impact on cash balance
(8,201
)
2,321
Net increase in cash and cash equivalents
110,323
33,950
Cash and cash equivalents at the beginning of the period
234,685
200,735
Cash and cash equivalents at the end of the period
$
345,008
$
234,685
IHS INC.
SUPPLEMENTAL REVENUE DISCLOSURE
(In thousands)
(Unaudited)
Three Months Ended
November 30,
Absolute
Organic
Year Ended
November 30,
Absolute
Organic
2012
2011
% change
% change
2012
2011
% change
% change
Revenue by segment:
Americas revenue
$
242,733
$
218,484
11
%
2
%
$
912,490
$
798,673
14
%
3
%
EMEA revenue
121,947
108,995
12
%
6
%
443,385
384,441
15
%
7
%
APAC revenue
49,678
43,177
15
%
9
%
173,994
142,524
22
%
9
%
Total revenue
$
414,358
$
370,656
12
%
4
%
$
1,529,869
$
1,325,638
15
%
5
%
Revenue by transaction type:
Subscription revenue
$
302,187
$
272,893
11
%
7
%
$
1,157,347
$
1,020,800
13
%
8
%
Non-subscription revenue
112,171
97,763
15
%
(4
)%
372,522
304,838
22
%
(4
)%
Total revenue
$
414,358
$
370,656
12
%
4
%
$
1,529,869
$
1,325,638
15
%
5
%
Revenue by information domain:
Energy revenue
$
191,103
$
168,079
$
712,061
$
571,782
Product Lifecycle (PLC) revenue
137,274
115,409
501,569
436,533
Security revenue
33,328
30,819
120,852
119,389
Environment revenue
31,873
30,156
103,751
98,934
Macroeconomic Forecasting and Intersection revenue
20,780
26,193
91,636
99,000
Total revenue
$
414,358
$
370,656
$
1,529,869
$
1,325,638
IHS INC.
RECONCILIATION OF CONSOLIDATED NON-GAAP FINANCIAL MEASUREMENTS
TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(In thousands, except for per-share amounts)
(Unaudited)
Three Months Ended
November 30,
Year Ended
November 30,
2012
2011
2012
2011
Net income
$
46,420
$
22,728
$
158,168
$
135,415
Interest income
(325
)
(208
)
(999
)
(862
)
Interest expense
5,736
4,572
20,573
11,346
Income tax (benefit) provision
3,656
(1,256
)
29,564
26,695
Depreciation and amortization
31,560
25,628
118,243
88,039
EBITDA
$
87,047
$
51,464
$
325,549
$
260,633
Stock-based compensation expense
30,611
22,381
121,543
86,194
Restructuring charges
4,749
540
16,829
1,242
Acquisition-related costs
675
1,911
4,147
8,000
Non-cash net periodic pension and postretirement expense
16,922
42,538
16,922
44,648
(Income) loss from discontinued operations, net
(11
)
328
(19
)
(126
)
Adjusted EBITDA
$
139,993
$
119,162
$
484,971
$
400,591
Three Months Ended
November 30,
Year Ended
November 30,
2012
2011
2012
2011
Earnings per diluted share
$
0.69
$
0.34
$
2.37
$
2.06
Stock-based compensation expense
0.29
0.22
1.18
0.85
Restructuring charges
0.05
0.01
0.17
0.01
Acquisition-related costs
0.01
0.02
0.05
0.10
Non-cash net periodic pension and postretirement expense
0.17
0.40
0.17
0.42
(Income) loss from discontinued operations, net
—
—
—
—
Adjusted earnings per diluted share
$
1.21
$
0.99
$
3.94
$
3.44
Note: Amounts may not sum due to rounding
Three Months Ended
November 30,
Year Ended
November 30,
2012
2011
2012
2011
Net cash provided by operating activities
$
68,117
$
88,808
$
314,373
$
342,050
Capital expenditures on property and equipment
(15,033
)
(8,967
)
(64,732
)
(54,340
)
Free cash flow
$
53,084
$
79,841
$
249,641
$
287,710
Pension deficit funding
—
—
57,000
—
Adjusted free cash flow
$
53,084
$
79,841
$
306,641
$
287,710
IHS INC.
RECONCILIATION OF SEGMENT NON-GAAP FINANCIAL MEASUREMENTS TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASUREMENTS
(In thousands)
(Unaudited)
Three Months Ended November 30, 2012
Americas
EMEA
APAC
Shared Services
Total
Operating income
$
72,882
$
25,591
$
16,553
$
(59,550
)
$
55,476
Adjustments:
Stock-based compensation expense
—
—
—
30,611
30,611
Depreciation and amortization
23,417
6,019
354
1,770
31,560
Restructuring charges
3,533
1,092
124
—
4,749
Acquisition-related costs
675
—
—
—
675
Non-cash net periodic pension and postretirement expense
—
5,762
—
11,160
16,922
Adjusted EBITDA
$
100,507
$
38,464
$
17,031
$
(16,009
)
$
139,993
Three Months Ended November 30, 2011
Americas
EMEA
APAC
Shared Services
Total
Operating income
$
63,240
$
27,210
$
15,415
$
(79,701
)
$
26,164
Adjustments:
Stock-based compensation expense
—
—
—
22,381
22,381
Depreciation and amortization
20,775
4,307
38
508
25,628
Restructuring charges
—
540
—
—
540
Acquisition-related costs
1,911
—
—
—
1,911
Non-cash net periodic pension and postretirement expense
—
—
—
42,538
42,538
Adjusted EBITDA
$
85,926
$
32,057
$
15,453
$
(14,274
)
$
119,162
Year Ended November 30, 2012
Americas
EMEA
APAC
Shared Services
Total
Operating income
$
262,953
$
95,144
$
46,042
$
(196,852
)
$
207,287
Adjustments:
Stock-based compensation expense
—
—
—
121,543
121,543
Depreciation and amortization
88,456
22,188
1,065
6,534
118,243
Restructuring charges
13,430
3,033
366
—
16,829
Acquisition-related costs
3,929
218
—
—
4,147
Non-cash net periodic pension and postretirement expense
—
5,762
—
11,160
16,922
Adjusted EBITDA
$
368,768
$
126,345
$
47,473
$
(57,615
)
$
484,971
Year Ended November 30, 2011
Americas
EMEA
APAC
Shared Services
Total
Operating income
$
224,699
$
82,314
$
44,452
$
(178,997
)
$
172,468
Adjustments:
Stock-based compensation expense
—
—
—
86,194
86,194
Depreciation and amortization
68,285
17,369
172
2,213
88,039
Restructuring charges
338
904
—
—
1,242
Acquisition-related costs
7,598
402
—
—
8,000
Non-cash net periodic pension and postretirement expense
—
—
—
44,648
44,648
Adjusted EBITDA
$
300,920
$
100,989
$
44,624
$
(45,942
)
$
400,591
IHS INC.
SUPPLEMENTAL INFORMATION
(In thousands)
(Unaudited)
Three Months Ended
November 30, 2012
Three Months Ended
November 30, 2011
Pre-tax
After tax
Pre-tax
After tax
Stock-based compensation expense
$
30,611
$
19,803
$
22,381
$
14,323
Restructuring charges
$
4,749
$
3,209
$
540
$
392
Acquisition-related costs
$
675
$
544
$
1,911
$
1,549
Non-cash net periodic pension and postretirement expense
$
16,922
$
11,336
$
42,538
$
26,373
(Income) loss from discontinued operations, net
$
(18
)
$
(11
)
$
400
$
328
Year Ended
November 30, 2012
Year Ended
November 30, 2011
Pre-tax
After tax
Pre-tax
After tax
Stock-based compensation expense
$
121,543
$
78,584
$
86,194
$
55,692
Restructuring charges
$
16,829
$
11,410
$
1,242
$
844
Acquisition-related costs
$
4,147
$
3,346
$
8,000
$
6,566
Non-cash net periodic pension and postretirement expense
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