Cumulative Operating Margin definition
Cumulative Operating Margin means the aggregate Operating Income for the three Performance Years included in the Performance Period expressed as a percentage of the aggregate Revenues for the same Performance Years.
Cumulative Operating Margin means the three-year total of the “operating income” divided by the “total revenue” of the company for the applicable fiscal years, expressed as a percentage. For purposes of this calculation “operating income” and “total revenue” are defined as the operating income and total revenue, respectively, of the Company as reported in the Company’s 10-K for the applicable fiscal years, adjusted in the Committee’s reasonable discretion to exclude the effects of: extraordinary items, discontinued operations, restructurings, acquisitions or divestitures of any division, business segment, subsidiary or affiliate, acquisition or divestiture of assets that are significant otherwise than in the ordinary course of business, legislative, regulatory or administrative rule changes, other unusual or non-recurring items, and the cumulative effect of accounting changes, as determined in the Committee’s reasonable discretion.