Dow Chemical 2015 Annual Report Download - page 184
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Certain Items Impacting Results
In millions, except per share amounts (Unaudited) Pretax Impact(1) Net Income(2) EPS Diluted(3),(4)
TWELVE MONTHS ENDED DECEMBER 31 2015 2014 2015 2014 2015 2014
Adjusted to exclude certain items (non-GAAP measures) $ 4,054 $ 3,709 $ 3.47 $ 3.11
Asset impairments and related costs $ (144) $ (73) (123) (47) (0.11) (0.04)
Warranty accrual adjustment of exited business — (100) — (63) — (0.05)
2015 Restructuring charges (415) — (274) — (0.24) —
Asbestos-related charge — (78) — (49) — (0.04)
Joint venture actions (36) (93) (26) (87) (0.02) (0.08)
Gain on split-off of chlorine value chain 2,233 — 2,215 — 1.96 —
Gain on sale of MEGlobal 723 — 589 — 0.52 —
Gain on 2015 business divestitures 1,320 — 823 — 0.71 —
Gain on Univation step acquisition 349 — 351 — 0.30 —
Costs associated with portfolio and productivity actions (194) (49) (153) (31) (0.13) (0.03)
Impact of Argentine peso devaluation (98) — (106) — (0.09) —
Loss on early extinguishment of debt (8) — (5) — — —
Total certain items $ 3,730 $ (393) $ 3,291 $ (277) $ 2.90 $ (0.24)
Dilutive effect of assumed preferred stock
conversion into shares of common stock $ (0.22) N/A
Reported (GAAP amounts)(5),(6) $ 7,345 $ 3,432 $ 6.15 $ 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, 2015, 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, 2015, 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, 2015, as it excludes preferred dividends of $340 million.
Appendix