Dow Chemical 2014 Annual Report Download - page 22
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Certain Items Impacting Results
Appendix
In millions, except per share amounts (Unaudited) Pretax Impact1Net Income2EPS Diluted3
2014 2014 2014
Adjusted to exclude certain items (non-GAAP measures)4$ 3,709 $ 2,981 $ 3.11 $ 2.48
Asset impairments and related costs $ (73) $ (194) (47) (132) (0.04) (0.11)
Warranty accrual adjustment of exited business (100) — (63) — (0.05) —
Restructuring plan implementation costs — (44) — (32) — (0.03)
1Q12 Restructuring charge — 16 — 16 — 0.01
4Q12 Restructuring charge — 6 — 5 — 0.01
Asbestos-related charge (78) — (49) — (0.04) —
— 2,161 — 1,647 — 1.37
Gain on sale of Dow Polypropylene Licensing and Catalysts business — 451 — 356 — 0.29
Gain on sale of a 7.5 percent ownership interest
in Freeport LNG Development, LP
— 87 — 69 — 0.06
Gain on sale of ownership interest in Dow Kokam LLC — 26 — 18 — 0.01
Dow Corning implant liability adjustment 407 — 378 — 0.32 —
Charge related to Dow Corning’s Clarksville, Tennessee, site abandonment (500) — (465) — (0.40) —
Chlorine value chain separation costs (49) — (31) — (0.03) —
Loss on early extinguishment of debt — (326) — (205) — (0.17)
Adjustment of uncertain tax provision — — — (276) — (0.23)
Total certain items $ (393) $ 2,183 $ (277) $ 1,466 $ (0.24) $ 1.21
Dilutive effect of assumed preferred stock
conversion into shares of common stock
— (0.01)
Reported (GAAP amounts)5,6 $ 4,447 $ 2.87
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.
20 The Dow Chemical Company