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CTS Corporation
Reconciliation of Net Earnings to Adjusted Net Earnings
($ in millions)
March 31
2016
2015
2015
2014
Full Year
2013
2012
2011
Net earnings from continuing operations (A)
$
7.9
$
6.3
$
7.0
$
26.5
$
2.0
$
13.5
$
11.3
Charges (credits) to reported net earnings from continuing operations:
Restructuring, restructuring-related, and asset impairment charges
Gain on sale-leaseback
Non-recurring environmental charge
Foreign currency loss
CEO search costs, legal costs, and acquisition-related costs
Total adjustments to reported net earnings from continuing operations
Total adjustments, tax affected from continuing operations (B)
$
$
$
$
$
$
$
0.2
0.8
1.0
0.7
$
$
$
$
$
$
$
0.8
0.8
0.6
$
$
$
$
$
$
$
15.2
14.5
29.7
22.4
$
$
$
$
$
$
$
7.9
7.9
6.3
$
$
$
$
$
$
$
11.8
4.1
15.9
12.1
$
$
$
$
$
$
$
4.5
(10.3)
3.9
(1.9)
(1.4)
$
$
$
$
$
$
$
2.6
0.4
3.0
2.1
Tax adjustments:
Tax repatriation
U.K. deferred tax asset write-off
Tax asset write-off related to restructuring
Reserve on an uncertain tax position
Change in valuation allowance
Change in treatment of certain foreign taxes
Total tax adjustments (C)
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
8.8
5.2
3.5
(15.7)
1.8
$
$
$
$
$
$
$
0.4
0.4
$
$
$
$
$
$
$
10.5
1.0
11.5
$
$
$
$
$
$
$
-
$
$
$
$
$
$
$
-
Adjusted net earnings from continuing operations (A+B+C)
$
8.6
$
6.9
$
31.2
$
33.2
$
25.5
$
12.1
$
13.4
Sales from continuing operations
$
96.7 $
98.3
8.9%
7.0%
Adjusted operating earnings as a % of sales from continuing operations
$ 382.3 $ 404.0 $ 409.5 $ 304.5 $ 279.9
8.2%
8.2%
6.2%
4.0%
4.8%