DuPont 2012 Annual Report Download - page 61
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(Dollars in millions, except per share)
The results of discontinued operations are summarized below:
Net sales $ 4,218 $ 4,280 $ 3,805
Income before income taxes $568 $ 501 $ 451
Provision for income taxes1248 146 144
Income from discontinued operations after income taxes $320 $355 $307
1. Full year 2012 includes expense of $70 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested
as these entities have been reclassified as held for sale.
The key components of the assets and liabilities classified as held for sale at December 31, 2012 related to Performance Coatings consisted of the following:
Cash and cash equivalents $95
Accounts and notes receivable, net 783
Inventories 468
Prepaid expenses 6
Deferred income taxes - current 32
Property, plant and equipment, net of accumulated depreciation 749
Goodwill 808
Other intangible assets 67
Deferred income taxes - noncurrent 14
Other assets - noncurrent 34
Total assets held for sale $3,056
Accounts payable $408
Income taxes 17
Other accrued liabilities 237
Other liabilities - noncurrent 388
Deferred income taxes - noncurrent 34
Total liabilities related to assets held for sale $1,084
At December 31, 2012, total liabilities relating to restructuring activities were $180, primarily relating to the 2012 restructuring program.
In 2012, the company commenced a restructuring plan to increase productivity, enhance competitiveness and accelerate growth. The plan is designed to
eliminate corporate costs previously allocated to the Performance Coatings business as well as utilize additional cost-cutting actions to improve
competitiveness. As a result, pre-tax charges of $234 were recorded in employee separation / asset related charges, net. The 2012 charges consist of $157 of
employee separation costs, $8 of other non-personnel charges, and $69 of asset related charges, which includes $30 of asset impairments and $39 of asset
shut downs.
The 2012 restructuring program charges impacted segment earnings as follows: Agriculture - $11, Electronics & Communications - $9, Industrial
Biosciences - $3, Nutrition & Health - $53, Performance Chemicals - $3, Performance Materials - $13, and Safety & Protection - $58, as well as Corporate
expenses - $84. The company expects this plan and all related payments to be substantially complete by December 31, 2013.
F-13