Divestitures

Any references to organic growth are on an adjusted basis and exclude foreign currency translation, acquisitions and divestitures, unless otherwise noted.

Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $10 billion) relating to a specific client.

The company also saw a decline in revenue due to divestitures.

We believe the combination of these actions, along with our existing cash balance and expected proceeds from facility divestitures should provide us with flexibility to drive our businesses forward, while meeting all of our debt obligations.

We had some divestitures in there in prior quarters.

Mr. Lau has over 25 years’ experience as an investment banking professional for initial public offerings, reverse takeovers, mergers & acquisitions, divestitures and various financial advisory services.

Performances in some of its key segments, including Steel Products, have been lackluster due to strategic divestitures.

Additionally, the company realized of cash proceeds in the quarter from the sale of assets associated with previously announced business divestitures.

Consumer Health worldwide operational sales, excluding the net impact of acquisitions and divestitures, increased by 3.1%*, inclusive of the net negative impact of COVID-19 primarily in international over-the-counter products.

Divestiture costs of $3 million primarily related to completed divestitures and loss on disposition of $9 million related to the sale of a product line in the Learning and Development segment.

In 2019, this includes mainly restructuring expenses, but also legal and litigation costs, partially offset with income resulting from gain on the divestitures.

Non-GAAP Free Cash Flow is a non-GAAP measure defined as Non-GAAP Cash Flow in excess of capital investment, excluding net acquisitions and divestitures.

Primarily professional fees incurred and costs related to transitioning acquisitions or divestitures.

The modified definition is as follows: Organic growth is defined as the reported revenue growth after removing the effects of acquisitions, divestitures and at constant foreign exchange rates.

These components, net of tax, include but are not limited to, acquisitions, divestitures, impairment charges, changes in accounting principles, extreme weather events and other natural disasters.

Pro forma Professional Services also excludes expected stranded costs associated with planned separations and divestitures that are expected to be eliminated.

Divestitures * 1967 - General Atomics to Gulf Oil * 1976 - Canadair sold back to the Canadian government.