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From time to time, Covidien discusses measures which may be considered “non-GAAP” financial measures under applicable Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with generally accepted accounting principles. The definition of these non-GAAP measures may differ from similarly titled measures used by others.
The Company generally uses non-GAAP financial measures to facilitate management’s internal comparisons to Covidien’s historical operating results, to competitors’ operating results and to guidance provided to investors. In addition, the use of these non-GAAP financial measures provided greater transparency to investors of supplemental information used by management in its financial and operational decision-making, including to evaluate Covidien’s operating performance and to determine management incentive compensation. Certain non-GAAP financial measures may exclude certain charges and credits because Covidien believes that such items are not indicative of its core operating results, are not indicative of trends and do not provide meaningful comparisons with other reporting periods.
The following is a list of non-GAAP financial measures which Covidien has discussed or expects to discuss in the future.
|1.||Total assets exclude cash and cash equivalents, assets held for sale and income tax related assets.|
|2.||Total liabilities exclude liabilities associated with assets held for sale, income tax related liabilities and debt.|