Dow Chemical 2013 Annual Report Download - page 20
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18 The Dow Chemical Company
In millions, except per share amounts (Unaudited) Pretax Impact1 Net Income2 EPS — Diluted3
Twelve Months Ended December 31 2013 2012 2013 2012 2013 2012
Adjusted to exclude certain items (non-GAAP measures)4 $ 2 ,981 $ 2,249 $ 2.48 $ 1.90
Certain items:
Asset impairments and related costs4 $ (194) $ — (132) — (0.11) —
Restructuring plan implementation costs4 (44) (22) (32) (14) (0.03) (0.01)
Goodwill impairment — (220) — (220) — (0.19)
1Q12 Restructuring (charge) credits4 16 (353) 16 (280) 0.01 (0.25)
4Q12 Restructuring (charge) credits4 6 (990) 5 (671) 0.01 (0.57)
Charge related to Dow Corning restructuring and
asset abandonment — (89) — (82) — (0.07)
Charge for Sadara-related development
and other costs — (73) — (70) — (0.06)
Gain from KDow arbitration4 2,161 — 1,647 — 1.37 —
Gain on sale of Dow Polypropylene Licensing
and Catalysts business4 451 — 356 — 0.29 —
Gain on sale of 7.5 percent ownership in
Freeport LNG Development, L.P.4 87 — 69 — 0.06 —
Gain on sale of ownership interest in
Dow Kokam LLC4 26 — 18 — 0.01 —
Gain on sale of a contract manufacturing business — 8 — 8 — 0.01
Loss on early extinguishment of debt4 (326) (123) (205) (78) (0.17) (0.06)
Adjustment of uncertain tax positions4 — — (276) — (0.23) —
Total certain items4 $ 2 ,183 $ (1,862) $ 1,466 $ (1,407) $ 1.21 $ (1.20)
Dilutive effect of assumed preferred stock
conversion into shares of common stock (0.01) —
Reported (GAAP amounts)5, 6 $ 4,447 $ 842 $ 3.68 $ 0.70
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1 Impact on “Income Before Income Taxes.”
2 “Net Income Available for The Dow Chemical Company Common Stockholders.”
3 “Earnings per common share diluted.”
4 For the year ended December 31, 2013, conversion of the Company’s Cumulative Convertible Perpetual Preferred Stock, Series A, into shares of the Company’s
common stock was excluded from the calculation of “Diluted earnings per share adjusted to exclude certain items” as well as the earnings per share impact of certain
items because the effect of including them would have been antidilutive.
5 For the year ended December 31, 2013, an assumed conversion of the Company’s Cumulative Convertible Perpetual Preferred Stock, Series A, into shares of the
Company’s common stock was included in the calculation of diluted earnings per share (reported GAAP amount).
6 The Company used “Net Income Attributable to The Dow Chemical Company” when calculating diluted earnings per share (reported GAAP amount) for the twelve-month
period ended December 31, 2013, as it excludes preferred dividends of $340 million.
Certain Items Impacting Results