Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from the line of Bill Schmitz with Deutsche Bank.
William G. Schmitz - Deutsche Bank
Good morning, guys. Hey, just talking about the local currency guidance for the fourth quarter, the down 8% to 10%, I mean, did you see something in April that made you kind of switch that from a negative 2% you saw this quarter?
Richard W. Kunes
No -- you know, we had a very strong fourth quarter last year, Bill, and as well, there was -- there’s some of our gifts are in the third quarter, which drove a little bit of the retail performance in North America and so there’s a little bit of a change from last year but overall, we remain pretty confident in the range that we gave for the full year.
William G. Schmitz - Deutsche Bank
Okay, great and then just sort of a kind of related follow-up, I mean, in the guidance, do you have -- are there restructuring related charges or more good will write-offs in there? I mean, is there anything besides just the sort of GAAP defined restructuring that we should be mindful of in the numbers?
Richard W. Kunes
Bill, the total that we talked about was $350 million to $450 million and that would be incurred over the next several years, so will there be further restructuring and one-time charges in our fourth quarter? I think the answer is yes to that. The question is how big will the magnitude be. But we will inform you as soon as any of those decisions are reached via an 8K, but that is not included -- you know, those numbers are not included in our guidance.
William G. Schmitz - Deutsche Bank
Okay, Rick -- more the question was like if the amortization charge you guys reported this morning wasn’t included, so is there anything that isn’t defined as restructuring under GAAP that might also impact numbers, like along the lines of that write-off, the dual amortization?
Richard W. Kunes
Bill, the reason that we included that in our normal operating results is in our minds, that was business as usual and it was business decisions that we reached. It wasn’t something unusual in the fact that we are changing major distribution patterns or whatever around brands. It was really just driven by our business and that’s consistent with the way we treated some of that previously, so we included that in our numbers.
- To read the full transcript on Seeking Alpha, click here »
