dd-202207110001666700false00016667002022-07-112022-07-11
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 11, 2022
DuPont de Nemours, Inc.
(Exact name of registrant as specified in its charter)
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Delaware | 001-38196 | 81-1224539 |
(State or other jurisdiction of
incorporation) | (Commission file number)
| (IRS Employer Identification No.)
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| 974 Centre Road, | Building 730 | Wilmington, | Delaware | 19805 |
(Address of Principal Executive Offices) | (Zip Code) |
(302) 774-3034
(Registrant’s Telephone Number, Including Area Code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | DD | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Section 7 - Regulation FD
Item 7.01 Regulation FD Disclosure.
On February 17, 2022, DuPont entered into a Transaction Agreement (the "Transaction Agreement") with Celanese Corporation ("Celanese") to divest a majority of the historic Mobility & Materials segment, including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines, (the “M&M Divestiture”). The transaction is expected to close around the end of 2022, subject to customary closing conditions and regulatory approvals. In addition, on February 18, 2022, the Company announced it is advancing the process to divest its Delrin® acetal homopolymer (H-POM) business (the Delrin® business together with the M&M Divestiture businesses, the "M&M Businesses”), subject to entry into a definitive agreement and satisfaction of customary closing conditions. The Delrin® divestiture together with the M&M Divestiture discussed above (the "M&M Divestitures") represent a strategic shift that will have a major impact on DuPont's operations and results.
The Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines (the "Retained Businesses") are not included within the M&M Divestitures. Effective with the signing of the transaction agreement, the Retained Businesses were realigned to Corporate & Other.
The Company is providing, as an exhibit to this report, unaudited revised consolidated statements of operations for the years ended December 31, 2021 and 2020 as well as the three month periods ended March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021, that reflect the M&M Businesses as discontinued operations and the Retained Businesses presented within Corporate & Other. These reporting changes have been retrospectively applied for all periods presented.
The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished pursuant to Regulation FD in order to provide summary financial information and historical data that is used internally to review and assess performance and to provide meaningful comparability among periods. The supplemental information provides investors with data on a basis that is consistent with how management evaluates business results. The financial information contained in this report, including Exhibit 99.1 attached hereto, should be read in conjunction with the separate historical financial statements and accompanying notes contained in each of the Company’s Quarterly Reports on Form 10-Q for the interim periods included herein and Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission ("SEC").
The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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| Supplemental Revised Statements of Operations and Revised Segment Information adjusted to reflect the M&M Businesses as discontinued operations and the Retained Businesses within Corporate & Other, by quarter. |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DUPONT DE NEMOURS, INC.
Registrant
Date: July 11, 2022
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| By: | /s/ Michael G. Goss | | | |
| Name: | Michael G. Goss | | | |
| Title: | Vice President and Controller | | | |
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EXHIBIT INDEX
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| Exhibit No. | Description |
| Supplemental Revised Statements of Operations and Revised Segment Information adjusted to reflect the M&M Businesses as discontinued operations and the Retained Businesses within Corporate & Other, by quarter. |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
Exhibit 99.1
Unaudited Revised Combined Statements of Operations and Historical Segment Information
On February 17, 2022, DuPont entered into a Transaction Agreement (the "Transaction Agreement") with Celanese Corporation ("Celanese") to divest a majority of the historic Mobility & Materials segment, including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines (the “M&M Divestiture”). The transaction is expected to close around the end of 2022, subject to customary closing conditions and regulatory approvals. In addition, on February 18, 2022, the Company announced it is advancing the process to divest its Delrin® acetal homopolymer (H-POM) business (the Delrin® business together with the M&M Divestiture businesses, the "M&M Businesses”), subject to entry into a definitive agreement and satisfaction of customary closing conditions. The Delrin® divestiture together with the M&M Divestiture discussed above (the "M&M Divestitures") represent a strategic shift that will have a major impact on DuPont's operations and results. The Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines previously within the historic Mobility & Materials segment (the "Retained Businesses") are not included within the M&M Divestitures.
The following unaudited revised financial information and historical segment information for DuPont are derived from DuPont’s historical consolidated financial statements and accompanying notes adjusted to give effect to the separation of the M&M Businesses through the M&M Divestitures, which is treated as discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification 205, “Presentation of Financial Statements” (“ASC 205”). The unaudited revised financial information reflects the Company’s current best estimate of its historical results. These amounts are considered preliminary, and as such, actual amounts could differ from these estimates. The Retained Businesses are reported in Corporate & Other along with previously divested businesses and general corporate costs. These reporting changes have been retrospectively applied for all periods presented.
Non-GAAP Financial Measures
These supplemental schedules include information that does not conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont’s management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided herein and are defined below.
The historic Mobility & Material segment costs that are classified as discontinued operations include only direct operating expenses incurred by the M&M Businesses which the Company will cease to incur upon the close of the M&M Divestitures. Indirect costs, such as those related to corporate and shared service functions previously allocated to the M&M Businesses, do not meet the criteria for discontinued operations and remain reported within continuing operations. A portion of these indirect costs include costs related to activities the Company will continue to undertake post-closing of the M&M Divestiture, and for which it will be reimbursed (“Future Reimbursable Indirect Costs”). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from Adjusted EPS and operating EBITDA as defined below. The remaining portion of these indirect costs are not subject to future reimbursement (“Stranded Costs”). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Adjusted EPS and Operating EBITDA.
Adjusted earnings per common share from continuing operations - diluted ("Adjusted EPS"), is defined as earnings per common share from continuing operations - diluted, excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits (“OPEB”) credits / costs and Future Reimbursable Indirect Costs.
The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.
Significant items are items that arise outside the ordinary course of the Company’s business that management believes may cause misinterpretation of underlying business performance, both historical and future, based on a combination of some or all of the item’s size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance.
DuPont de Nemours, Inc.
Summary of Revised Consolidated Statements of Operations (Unaudited)
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| Year Ended | Three Months Ended | Year Ended |
| In millions, except per share amounts | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
| Net sales | $ | 12,566 | | $ | 3,246 | | $ | 3,199 | | $ | 3,104 | | $ | 3,017 | | $ | 11,128 | |
| Cost of sales | 7,971 | | 2,119 | | 2,032 | | 1,959 | | 1,861 | | 7,063 | |
| Research and development expenses | 557 | | 148 | | 137 | | 133 | | 139 | | 565 | |
| Selling, general and administrative expenses | 1,602 | | 401 | | 411 | | 395 | | 395 | | 1,492 | |
| Amortization of intangibles | 566 | | 156 | | 158 | | 127 | | 125 | | 542 | |
| Restructuring and asset related charges – net | 50 | | 42 | | 1 | | 5 | | 2 | | 814 | |
| Goodwill impairment charges | — | | — | | — | | — | | — | | 1,862 | |
| Acquisition, integration and separation costs | 81 | | 23 | | 29 | | 23 | | 6 | | 177 | |
| Equity in earnings of nonconsolidated affiliates | 85 | | 20 | | 22 | | 20 | | 23 | | 168 | |
| Sundry income (expense) - net | 145 | | (10) | | 1 | | 135 | | 19 | | 632 | |
| Interest expense | 525 | | 135 | | 115 | | 129 | | 146 | | 672 | |
| Income (Loss) from continuing operations before income taxes | $ | 1,444 | | $ | 232 | | $ | 339 | | $ | 488 | | $ | 385 | | $ | (1,259) | |
| Provision for (Benefit from) income taxes on continuing operations | 237 | | 65 | | 80 | | 93 | | (1) | | 90 | |
| Income (Loss) from continuing operations, net of tax | $ | 1,207 | | $ | 167 | | $ | 259 | | $ | 395 | | $ | 386 | | $ | (1,349) | |
| Net income (loss) from continuing operations attributable to noncontrolling interests | 30 | | 18 | | 9 | | 5 | | (2) | | 16 | |
| Net income (loss) in from continuing operations available to DuPont common stockholders | $ | 1,177 | | $ | 149 | | $ | 250 | | $ | 390 | | $ | 388 | | $ | (1,365) | |
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| Per common share data: | | | | | | |
Earnings (Loss) per common share from continuing operations - basic 1 | $ | 2.17 | | $ | 0.29 | | $ | 0.48 | | $ | 0.74 | | $ | 0.64 | | $ | (1.86) | |
Earnings (Loss) per common share from continuing operations - diluted 1 | $ | 2.16 | | $ | 0.29 | | $ | 0.48 | | $ | 0.73 | | $ | 0.64 | | $ | (1.86) | |
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| Weighted-average common shares outstanding - basic | 542.7 | | 516.1 | | 521.5 | | 529.6 | | 604.8 | | 735.5 | |
| Weighted-average common shares outstanding - diluted | 544.2 | | 517.8 | | 523.1 | | 531.2 | | 606.3 | | 735.5 | |
1.Earnings per common share from continuing operations for the year may not equal the sum of the quarterly earnings per common share from continuing operations amounts due to the change in average share calculations.
DuPont de Nemours, Inc.
Selected Revised Historical Segment Information (Unaudited)
The Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines previously within the historic Mobility & Materials segment (the "Retained Businesses") are not included in the scope of the intended divestitures. The following tables reflect the new segment structure of DuPont with the M&M Businesses excluded and the Retained Businesses reported in Corporate & Other.
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| Year Ended | Three Months Ended | Year Ended |
| In millions | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
| Net Sales | | | | | | |
| Electronics & Industrial | $ | 5,554 | | $ | 1,467 | | $ | 1,467 | | $ | 1,320 | | $ | 1,300 | | $ | 4,674 | |
| Water & Protection | 5,552 | | 1,415 | | 1,397 | | 1,412 | | 1,328 | | 4,993 | |
| Corporate & Other | 1,460 | | 364 | | 335 | | 372 | | 389 | | 1,461 | |
| Total Net Sales | $ | 12,566 | | $ | 3,246 | | $ | 3,199 | | $ | 3,104 | | $ | 3,017 | | $ | 11,128 | |
| Operating EBITDA | | | | | | |
| Electronics & Industrial | $ | 1,758 | | $ | 423 | | $ | 475 | | $ | 424 | | $ | 436 | | $ | 1,468 | |
| Water & Protection | 1,385 | | 325 | | 353 | | 352 | | 355 | | 1,313 | |
| Corporate & Other | 9 | | 4 | | (11) | | 4 | | 12 | | 61 | |
| Total Operating EBITDA (non-GAAP) | $ | 3,152 | | $ | 752 | | $ | 817 | | $ | 780 | | $ | 803 | | $ | 2,842 | |
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DuPont de Nemours, Inc.
Revised Disaggregation of Revenue
Historical Net Sales by Segment and Major Product Line (Unaudited)
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| Year Ended | Three Months Ended | Year Ended |
| In millions | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
| Industrial Solutions | $ | 1,890 | | $ | 478 | | $ | 474 | | $ | 480 | | $ | 458 | | $ | 1,617 | |
| Interconnect Solutions | 1,617 | | 459 | | 489 | | 339 | | 330 | | 1,280 | |
| Semiconductor Technologies | 2,047 | | 530 | | 504 | | 501 | | 512 | | 1,777 | |
| Electronics & Industrial | $ | 5,554 | | $ | 1,467 | | $ | 1,467 | | $ | 1,320 | | $ | 1,300 | | $ | 4,674 | |
| Safety Solutions | $ | 2,567 | | $ | 634 | | $ | 646 | | $ | 650 | | $ | 637 | | $ | 2,291 | |
| Shelter Solutions | 1,615 | | 422 | | 414 | | 419 | | 360 | | 1,426 | |
| Water Solutions | 1,370 | | 359 | | 337 | | 343 | | 331 | | 1,276 | |
| Water & Protection | $ | 5,552 | | $ | 1,415 | | $ | 1,397 | | $ | 1,412 | | $ | 1,328 | | $ | 4,993 | |
| Retained Businesses | $ | 958 | | $ | 237 | | $ | 226 | | $ | 239 | | $ | 256 | | $ | 795 | |
Other 1 | 502 | | 127 | | 109 | | 133 | | 133 | | 666 | |
| Corporate & Other | $ | 1,460 | | $ | 364 | | $ | 335 | | $ | 372 | | $ | 389 | | $ | 1,461 | |
| Total | $ | 12,566 | | $ | 3,246 | | $ | 3,199 | | $ | 3,104 | | $ | 3,017 | | $ | 11,128 | |
1. Net sales reflected in Other include activity of previously divested businesses.
DuPont de Nemours, Inc.
Reconciliation of Revised Income from Continuing Operations, Net of Tax
to Revised Operating EBITDA (Unaudited)
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| Year Ended | Three Months Ended | Year Ended |
| In millions | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
| Income (Loss) from continuing operations, net of tax (GAAP) | $ | 1,207 | | $ | 167 | | $ | 259 | | $ | 395 | | $ | 386 | | $ | (1,349) | |
| + | Provision for (Benefit from) income taxes on continuing operations | 237 | | 65 | | 80 | | 93 | | (1) | | 90 | |
| Income (Loss) from continuing operations before income taxes | $ | 1,444 | | $ | 232 | | $ | 339 | | $ | 488 | | $ | 385 | | $ | (1,259) | |
| + | Depreciation and amortization | 1,112 | | 295 | | 300 | | 262 | | 255 | | 1,086 | |
| - | Interest income 1 | 12 | | 2 | | 1 | | 5 | | 4 | | 18 | |
| + | Interest expense 2 | 503 | | 113 | | 115 | | 129 | | 146 | | 672 | |
| - | Non-operating pension/OPEB benefit | 30 | | 8 | | 9 | | 7 | | 6 | | 12 | |
| - | Foreign exchange losses, net 1 | (53) | | (18) | | (19) | | (10) | | (6) | | (54) | |
| + | Future reimbursable indirect costs | 60 | | 14 | | 15 | | 15 | | 16 | | 59 | |
| - | Adjusted significant items | (22) | | (90) | | (39) | | 112 | | (5) | | (2,260) | |
| Operating EBITDA (Non-GAAP) | $ | 3,152 | | $ | 752 | | $ | 817 | | $ | 780 | | $ | 803 | | $ | 2,842 | |
1. Included in “Sundry income (expense) - net"” in the unaudited revised statements of operations.
2. The three months and year ended December 31, 2021 excludes significant items, refer to details below.
DuPont de Nemours, Inc.
Revised Significant Items (Unaudited)
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| Year Ended | Three Months Ended | Year Ended |
| In millions | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
| Acquisition, integration and separation costs | $ | (81) | | $ | (23) | | $ | (29) | | $ | (23) | | $ | (6) | | $ | (177) | |
| Restructuring and asset related charges - net | (50) | | (42) | | (1) | | (5) | | (2) | | (172) | |
| Goodwill impairment charges | — | | — | | — | | — | | — | | (1,862) | |
| Asset impairment charges | — | | — | | — | | — | | — | | (642) | |
| Net gain (loss) on divestitures | 143 | | (3) | | 3 | | 140 | | 3 | | 593 | |
| Merger-related inventory step-up amortization | (12) | | — | | (12) | | — | | — | | — | |
| Rogers acquisition financing fees | (22) | | (22) | | — | | — | | — | | — | |
Total pretax significant items (charge) benefit 1 | $ | (22) | | $ | (90) | | $ | (39) | | $ | 112 | | $ | (5) | | $ | (2,260) | |
| + | Total tax impact of significant items (charge) benefit 2 | (43) | | (16) | | 3 | | (31) | | 1 | | (34) | |
| + | Tax only significant items benefit (charge) | 55 | | (20) | | — | | (2) | | 77 | | 128 | |
Total significant items (charge) benefit, net of tax 3 | $ | (10) | | $ | (126) | | $ | (36) | | $ | 79 | | $ | 73 | | $ | (2,166) | |
1.Impact on “Income (Loss) from continuing operations before income taxes.”
2.The income tax effect for each adjustment was calculated based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deductible.
3.Impact on “Net income (loss) from continuing operations available for DuPont common stockholders.”
DuPont de Nemours, Inc.
Reconciliation of Revised Earnings (Loss) Per Common Share from Continuing Operations - Diluted
to Adjusted Earnings Per Common Share from Continuing Operations - Diluted (Unaudited)
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| Year Ended | Three Months Ended | Year Ended |
| Pretax (in millions) | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
| Income (Loss) from continuing operations before income taxes (GAAP) | $ | 1,444 | | $ | 232 | | $ | 339 | | $ | 488 | | $ | 385 | | $ | (1,259) | |
Less: Pretax significant items 1 | (22) | | (90) | | (39) | | 112 | | (5) | | (2,260) | |
Less: Amortization of intangibles 1 | (566) | | (156) | | (158) | | (127) | | (125) | | (542) | |
Less: Non-op pension / OPEB benefit 1 | 30 | | 8 | | 9 | | 7 | | 6 | | 12 | |
Less: Future reimbursable indirect costs 1 | (60) | | (14) | | (15) | | (15) | | (16) | | (59) | |
| Adjusted results, before tax (non-GAAP) | $ | 2,062 | | $ | 484 | | $ | 542 | | $ | 511 | | $ | 525 | | $ | 1,590 | |
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| Year Ended | Three Months Ended | Year Ended |
| Net of tax (in millions) | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
| Net income (loss) from continuing operations available to DuPont common stockholders (GAAP) | $ | 1,177 | | $ | 149 | | $ | 250 | | $ | 390 | | $ | 388 | | $ | (1,365) | |
Less: Significant items, net of tax 2 | (10) | | (126) | | (36) | | 79 | | 73 | | (2,166) | |
Less: Amortization of intangibles, net of tax 2 | (441) | | (120) | | (124) | | (100) | | (97) | | (418) | |
Less: Non-op pension / OPEB benefit, net of tax 2 | 18 | | 5 | | 6 | | 4 | | 3 | | 9 | |
Less: Future reimbursable indirect costs 2 | (46) | | (11) | | (11) | | (12) | | (12) | | (45) | |
| Adjusted results, net of tax (non-GAAP) | $ | 1,656 | | $ | 401 | | $ | 415 | | $ | 419 | | $ | 421 | | $ | 1,255 | |
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| Year Ended 3 | Three Months Ended | Year Ended 3 |
| Earnings per common share (“EPS”) from continuing operations - diluted | Dec 31, 2021 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 |
Earnings (Loss) per common share from continuing operations - diluted (GAAP) | $ | 2.16 | | $ | 0.29 | | $ | 0.48 | | $ | 0.73 | | $ | 0.64 | | $ | (1.86) | |
Less: Significant items - diluted 4 | (0.02) | | (0.24) | | (0.07) | | 0.15 | | 0.12 | | (2.94) | |
Less: Amortization of intangibles - diluted 4 | (0.81) | | (0.23) | | (0.23) | | (0.20) | | (0.16) | | (0.57) | |
Less: Non-op pension / OPEB benefit - diluted 4 | 0.03 | | 0.01 | | 0.01 | | 0.01 | | 0.01 | | 0.01 | |
Less: Future reimbursable indirect costs 4 | (0.08) | | (0.02) | | (0.02) | | (0.02) | | (0.02) | | (0.07) | |
| Adjusted earnings per common share from continuing operations - diluted (non-GAAP) | $ | 3.04 | | $ | 0.77 | | $ | 0.79 | | $ | 0.79 | | $ | 0.69 | | $ | 1.71 | |
1.Impact on “Income (Loss) from continuing operations before income taxes.”
2.Impact on “Income (Loss) from continuing operations, net of tax.” The income tax effect for each adjustment was calculated based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deductible.
3.Earnings per share amounts from continuing operations - diluted for the year may not equal the sum of the quarterly earnings per common share from continuing operations - diluted amounts due to the change in average share calculations.
4.Impact on earnings per common share from continuing operations - diluted.