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8-K - 8-K - GOODYEAR TIRE & RUBBER CO /OH/d675633d8k.htm

Exhibit 99.1

 

LOGO

 

  MEDIA CONTACT:    Keith Price
     330-796-1863
  ANALYST CONTACT:    Tom Kaczynski
     330-796-6704
 

 

FOR IMMEDIATE RELEASE

Goodyear Reports Higher Fourth Quarter, Full-Year Results

- Record fourth quarter segment operating income of $419 million, up 54%

- Record full-year segment operating income of $1.6 billion, up 27%

- North America sets earnings records for fourth quarter, full year

- Free cash flow from operations of $1 billion for 2013, up 43%

- Company achieves milestone, fully funds hourly U.S. pension plans

- Company reaffirms 2014-2016 financial targets

AKRON, Ohio, February 13, 2014 – The Goodyear Tire & Rubber Company today reported results for the fourth quarter and full-year of 2013.

“Our outstanding fourth quarter and full-year earnings confirm that our strategy is working and demonstrate Goodyear’s ability to deliver sustainable earnings growth and strong free cash flow,” said Richard J. Kramer, chairman and chief executive officer. “Our North America business achieved record earnings in all four quarters of 2013.”

Subsequent to the year-end, and consistent with its previously announced pension strategy, Goodyear has taken steps to fully fund its hourly U.S. pension plans with $1.15 billion of available cash balances and has begun the process to freeze and de-risk the plans.

“Our 2013 performance has given us the confidence to fully fund our hourly U.S. pension plans,” Kramer said. “This is a major milestone in our history and will provide greater transparency to our underlying tire business while improving earnings and cash flow. Moving past these legacy obligations is a new beginning for our company.”

Goodyear’s fourth quarter 2013 sales were $4.8 billion, down 5 percent from the year ago quarter. Fourth quarter 2013 sales reflect $64 million in higher tire unit volumes; $178 million in lower sales in other tire related businesses, most notably third party chemical sales in North America; $36 million in lower price/mix, principally due to lower raw material costs; and $102 million in unfavorable foreign currency translation. Tire unit volumes totaled 40.7 million, up 2 percent from the fourth quarter of 2012.

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“As industry volumes recover, we continue to see mixed growth rates globally, but there is strong growth in the high-value-added segments we are targeting,” Kramer said. “We remain disciplined in our approach, seeking growth where our brands and value proposition enhance our profitability.”

The company reported record segment operating income of $419 million in the fourth quarter of 2013. This was up 54 percent from the 2012 quarter, reflecting favorable price/mix net of raw materials of $98 million (excluding raw material cost savings), lower unabsorbed overhead of $55 million due to higher production levels and $11 million in higher tire unit volumes, partially offset by $32 million in higher SAG expenses and $24 million in unfavorable foreign currency translation. See the note at the end of this release for further explanation and a segment operating income reconciliation table.

Goodyear’s fourth quarter 2013 net income available to common shareholders was $228 million (84 cents per share), a fourth quarter record and up from breakeven in the 2012 quarter. All per share amounts are diluted.

The 2013 fourth quarter included total charges of $17 million (6 cents per share) due to rationalizations, asset write-offs and accelerated depreciation; and gains of $41 million (15 cents per share) due to income and other discrete tax benefits and $2 million (1 cent per share) from asset sales. All amounts are after taxes and minority interest.

The 2012 fourth quarter included total charges of $85 million (34 cents per share) due to rationalizations, asset write-offs and accelerated depreciation, primarily related to the announced closure of the Amiens North factory in France; $9 million (4 cents per share) due to discrete tax charges; $6 million (2 cents per share) resulting from a strike in South Africa; and $5 million (2 cents per share) due to charges relating to labor claims with respect to a previously closed facility in Europe; and gains of $6 million (2 cents per share) in insurance recoveries related to flooding in Thailand and $2 million (1 cent per share) from asset sales. All amounts are after taxes and minority interest.

See the table at the end of this release for a list of significant items impacting the 2013 and 2012 quarters.

Full-Year Results

Goodyear’s 2013 annual sales were $19.5 billion, down 7 percent from 2012. Sales reflect $665 million in lower sales in other tire-related businesses, most notably third party chemical sales in North America; $354 million in unfavorable foreign currency translation; $166 million in lower tire unit volumes; and $206 million in lower price/mix. Tire unit volumes totaled 162.3 million, down 1 percent from 2012.

 

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The company’s segment operating income of $1.6 billion was up 27 percent from 2012. Compared to the prior year, 2013 segment operating income reflects favorable price/mix net of raw materials of $436 million (excluding raw material cost savings), which more than offset $52 million in higher unabsorbed overhead costs, $63 million in unfavorable foreign currency translation and $24 million in lower tire volume.

Goodyear’s 2013 net income available to common shareholders of $600 million ($2.28 per share) is up from $183 million (74 cents per share) in 2012. All per share amounts are diluted.

The company generated more than $1 billion of free cash flow from operations, resulting from higher net income and a $415 million benefit from working capital. See the note at the end of this release for further explanation and a free cash flow from operations reconciliation table.

Business Segment Results

North America

 

     Fourth Quarter     Twelve Months  
(in millions)    2013     2012     2013     2012  

Tire Units

     16.3        15.8        61.7        62.6   

Sales

   $ 2,131      $ 2,314      $ 8,684      $ 9,666   

Segment Operating Income

     199        116        691        514   

Segment Operating Margin

     9.3     5.0     8.0     5.3

North America’s fourth quarter sales decreased 8 percent from 2012 to $2.1 billion. Sales reflect a $170 million decline in sales in other tire-related businesses, most notably third-party chemical sales, and lower price/mix. These were partially offset by the impact of a 3 percent increase in tire unit volumes. Original equipment unit volume was up 7 percent. Replacement tire shipments were up 1 percent.

Fourth quarter segment operating income of $199 million was up 72 percent from the prior year, and a fourth quarter record. Segment operating income was positively impacted by favorable price/mix net of raw materials of $45 million, lower conversion costs of $31 million and increased tire volume of $8 million.

Europe, Middle East and Africa

 

     Fourth Quarter     Twelve Months  
(in millions)    2013     2012     2013     2012  

Tire Units

     14.4        14.2        60.8        62.7   

Sales

   $ 1,631      $ 1,602      $ 6,567      $ 6,884   

Segment Operating Income

     101        38        298        252   

Segment Operating Margin

     6.2     2.4     4.5     3.7

 

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Europe, Middle East and Africa’s fourth quarter sales increased 2 percent from 2012. Sales reflect a 1 percent increase in tire unit volume and favorable foreign currency translation of $27 million, which was partially offset by lower price/mix. Original equipment unit volume was up 4 percent. Replacement tire shipments were flat.

Fourth quarter 2013 segment operating income of $101 million was $63 million above the prior year. Favorable price/mix net of raw materials of $40 million, lower conversion costs of $27 million, higher tire unit volumes of $4 million and $3 million in favorable foreign currency translation positively impacted segment operating income.

The company has ceased production at its Amiens North plant in France, which produced consumer and farm tires. The facility will close during the first quarter of 2014. The timing of the company’s exit from the Europe, Middle East and Africa farm tire business will be determined later in the year. These actions will result in about $75 million of annual profit improvement, with approximately $40 million expected in 2014.

Latin America

 

     Fourth Quarter     Twelve Months  
(in millions)    2013     2012     2013     2012  

Tire Units

     4.4        4.8        17.9        18.1   

Sales

   $ 492      $ 541      $ 2,063      $ 2,085   

Segment Operating Income

     52        61        283        223   

Segment Operating Margin

     10.6     11.3     13.7     10.7

Latin America’s fourth quarter sales decreased $49 million from the prior year to $492 million. Sales reflect $83 million in unfavorable foreign currency translation. Improved price/mix more than offset an 8 percent decrease in tire unit volume. Original equipment unit volume was down 16 percent, primarily due to reduced vehicle production in Brazil. Replacement tire shipments were down 4 percent, primarily in Venezuela.

Fourth quarter segment operating income of $52 million was down $9 million from 2012. Segment operating income was positively impacted by price/mix improvements of $48 million and lower raw material costs of $12 million. These were more than offset by $28 million in higher SAG expenses, primarily due to marketing activities in support of new product launches and the impact of inflation on wages and other costs; higher conversion costs of $22 million due to the impact of inflation on wages and other costs; $12 million in unfavorable currency translation; and $10 million in lower tire unit volume.

 

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Asia Pacific

 

     Fourth Quarter     Twelve Months  
(in millions)    2013     2012     2013     2012  

Tire Units

     5.6        5.2        21.9        20.6   

Sales

   $ 537      $ 588      $ 2,226      $ 2,357   

Segment Operating Income

     67        57        308        259   

Segment Operating Margin

     12.5     9.7     13.8     11.0

Asia Pacific’s fourth quarter sales decreased 9 percent from 2012 to $537 million. Sales reflect an 8 percent increase in tire unit volume, which was more than offset by reduced price/mix, $39 million in unfavorable foreign currency translation and $7 million in lower sales in other tire-related businesses. Original equipment unit volume was up 6 percent. Replacement tire shipments were up 9 percent.

Fourth quarter segment operating income of $67 million was up 18 percent from 2012. Segment operating income was positively impacted by favorable price/mix net of raw materials of $12 million, lower factory start-up costs of $14 million and $9 million in higher tire unit volumes, which more than offset $14 million in unfavorable foreign currency translation and $4 million in higher SAG expenses.

Outlook

The company reaffirmed its 2014-2016 financial targets, which include:

- Annual segment operating income growth of between 10 percent and 15 percent,

- Annual positive free cash flow from operations and,

- An adjusted debt to EBITDAP ratio of 2.5x.

Additionally, the company continues to expect about a 2 percent to 3 percent increase in unit volumes for 2014 over 2013.

Common Stock Dividend

The company paid a quarterly dividend of 5 cents per share of common stock on December 1, 2013. On January 13, 2014, the Board of Directors also declared a dividend of 5 cents per share payable March 3, 2014, to shareholders of record on January 31, 2014.

Conference Call

Goodyear will hold an investor conference call at 9 a.m. today. Approximately 45 minutes prior to the commencement of the call, the company will post the financial and other related information that will be presented on its investor relations Web site: http://investor.goodyear.com.

Participating in the conference call will be Richard J. Kramer, chairman and chief executive officer, and Laura K. Thompson, executive vice president and chief financial officer.

 

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Investors, members of the media and other interested persons can access the conference call on the Web site or via telephone by calling either (800) 895-1085 or (785) 424-1055 before 8:55 a.m. and providing the Conference ID “Goodyear.” A taped replay will be available by calling (800) 753-4606 or (402) 220-2103. The replay will also remain available on the Web site.

Goodyear is one of the world’s largest tire companies. It employs about 69,000 people and manufactures its products in 52 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate. GT-FN

Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; deteriorating economic conditions or an inability to access capital markets; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

(financial statements follow)

 

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The Goodyear Tire & Rubber Company and Subsidiaries

Consolidated Statements of Operations

 

    

(Unaudited)

Three Months
Ended

   

Year

Ended

 
     December 31,     December 31,  
(In millions, except per share amounts)    2013     2012     2013      2012  

NET SALES

   $ 4,791      $ 5,045      $ 19,540       $ 20,992   

Cost of Goods Sold

     3,690        4,100        15,422         17,163   

Selling, Administrative and General Expense

     736        707        2,758         2,718   

Rationalizations

     17        108        58         175   

Interest Expense

     105        87        392         357   

Other (Income) Expense

     (15     11        97         139   
  

 

 

   

 

 

   

 

 

    

 

 

 

Income before Income Taxes

     258        32        813         440   

United States and Foreign Taxes

     2        39        138         203   
  

 

 

   

 

 

   

 

 

    

 

 

 

Net Income (Loss)

     256        (7     675         237   

Less: Minority Shareholders’ Net Income (Loss)

     21        (14     46         25   
  

 

 

   

 

 

   

 

 

    

 

 

 

Goodyear Net Income

     235        7        629         212   

Less: Preferred Stock Dividends

     7        7        29         29   
  

 

 

   

 

 

   

 

 

    

 

 

 

Goodyear Net Income Available to Common Shareholders

   $ 228      $ —        $ 600       $ 183   
  

 

 

   

 

 

   

 

 

    

 

 

 

Goodyear Net Income Available to Common Shareholders - Per Share of Common Stock

         

Basic

   $ 0.92      $ —        $ 2.44       $ 0.75   
  

 

 

   

 

 

   

 

 

    

 

 

 

Weighted Average Shares Outstanding

     247        245        246         245   

Diluted

   $ 0.84      $ —        $ 2.28       $ 0.74   
  

 

 

   

 

 

   

 

 

    

 

 

 

Weighted Average Shares Outstanding

     280        247        277         247   

Cash Dividends Declared Per Common Share

   $ —          —        $ 0.05         —     
  

 

 

   

 

 

   

 

 

    

 

 

 

 

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The Goodyear Tire & Rubber Company and Subsidiaries

Consolidated Balance Sheets

 

     December 31,     December 31,  
(In millions, except share data)    2013     2012  

Assets:

    

Current Assets:

    

Cash and Cash Equivalents

   $ 2,996      $ 2,281   

Accounts Receivable, less Allowance - $99 ($99 in 2012)

     2,435        2,563   

Inventories:

    

Raw Materials

     592        743   

Work in Process

     164        169   

Finished Products

     2,060        2,338   
  

 

 

   

 

 

 
     2,816        3,250   

Prepaid Expenses and Other Current Assets

     397        404   
  

 

 

   

 

 

 

Total Current Assets

     8,644        8,498   

Goodwill

     668        664   

Intangible Assets

     138        140   

Deferred Income Taxes

     157        186   

Other Assets

     600        529   

Property, Plant and Equipment less Accumulated Depreciation - $9,158 ($8,991 in 2012)

     7,320        6,956   
  

 

 

   

 

 

 

Total Assets

   $ 17,527      $ 16,973   
  

 

 

   

 

 

 

Liabilities:

    

Current Liabilities:

    

Accounts Payable-Trade

   $ 3,097      $ 3,223   

Compensation and Benefits

     758        719   

Other Current Liabilities

     1,083        1,182   

Notes Payable and Overdrafts

     14        102   

Long Term Debt and Capital Leases due Within One Year

     73        96   
  

 

 

   

 

 

 

Total Current Liabilities

     5,025        5,322   

Long Term Debt and Capital Leases

     6,162        4,888   

Compensation and Benefits

     2,673        4,340   

Deferred and Other Noncurrent Income Taxes

     256        264   

Other Long Term Liabilities

     966        1,000   
  

 

 

   

 

 

 

Total Liabilities

     15,082        15,814   

Commitments and Contingent Liabilities

    

Minority Shareholders’ Equity

     577        534   

Shareholders’ Equity:

    

Goodyear Shareholders’ Equity:

    

Preferred Stock, no par value:

    

Authorized, 50 million shares, Outstanding shares – 10 million (10 million in 2012), liquidation preference $50 per share

     500        500   

Common Stock, no par value:

    

Authorized, 450 million shares, Outstanding shares – 248 million (245 million in 2012) after deducting 3 million treasury shares (6 million in 2012)

     248        245   

Capital Surplus

     2,847        2,815   

Retained Earnings

     1,958        1,370   

Accumulated Other Comprehensive Loss

     (3,947     (4,560
  

 

 

   

 

 

 

Goodyear Shareholders’ Equity

     1,606        370   

Minority Shareholders’ Equity – Nonredeemable

     262        255   
  

 

 

   

 

 

 

Total Shareholders’ Equity

     1,868        625   
  

 

 

   

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 17,527      $ 16,973   
  

 

 

   

 

 

 

 

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The Goodyear Tire & Rubber Company and Subsidiaries

Consolidated Statements of Cash Flows

 

     Year Ended  
(In millions)    December 31,  
     2013     2012  

Cash Flows from Operating Activities:

    

Net Income

   $ 675      $ 237   

Adjustments to reconcile net income to cash flows from operating activities:

    

Depreciation and amortization

     722        687   

Amortization and write-off of debt issuance costs

     18        67   

Net rationalization charges

     58        175   

Rationalization payments

     (72     (106

Net gains on asset sales

     (8     (25

Pension contributions and direct payments

     (1,162     (684

Venezuela currency devaluation

     115        —     

Customer prepayments and government grants

     44        131   

Insurance proceeds

     17        50   

Changes in operating assets and liabilities, net of asset acquisitions and dispositions:

    

Accounts receivable

     79        291   

Inventories

     366        619   

Accounts payable - trade

     (30     (453

Compensation and benefits

     243        260   

Other current liabilities

     (28     (24

Other assets and liabilities

     (99     (187
  

 

 

   

 

 

 

Total Cash Flows from Operating Activities

     938        1,038   

Cash Flows from Investing Activities:

    

Capital expenditures

     (1,168     (1,127

Asset dispositions

     25        16   

Government grants received

     9        2   

Decrease in restricted cash

     14        11   

Short term securities acquired

     (105     (57

Short term securities redeemed

     89        28   

Other transactions

     —          4   
  

 

 

   

 

 

 

Total Cash Flows from Investing Activities

     (1,136     (1,123

Cash Flows from Financing Activities:

    

Short term debt and overdrafts incurred

     31        77   

Short term debt and overdrafts paid

     (120     (156

Long term debt incurred

     1,913        3,531   

Long term debt paid

     (681     (3,717

Common stock issued

     22        3   

Common stock dividends paid

     (12     —     

Preferred stock dividends paid

     (29     (29

Transactions with minority interests in subsidiaries

     (26     (71

Debt related costs and other transactions

     (16     (64
  

 

 

   

 

 

 

Total Cash Flows from Financing Activities

     1,082        (426

Effect of exchange rate changes on cash and cash equivalents

     (169     20   
  

 

 

   

 

 

 

Net Change in Cash and Cash Equivalents

     715        (491

Cash and Cash Equivalents at Beginning of the Period

     2,281        2,772   
  

 

 

   

 

 

 

Cash and Cash Equivalents at End of the Period

   $ 2,996      $ 2,281   
  

 

 

   

 

 

 

 

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Non-GAAP Financial Measures

This earnings release presents total segment operating income and free cash flow from operations, on a historical basis, which are important financial measures for the company but are not financial measures defined by U.S. GAAP, and should not be construed as an alternative to corresponding financial measures presented in accordance with U.S. GAAP.

Total segment operating income is the sum of the individual strategic business units’ (SBUs) segment operating income as determined in accordance with U.S. GAAP. Management believes that total segment operating income is useful because it represents the aggregate value of income created by the company’s SBUs and excludes items not directly related to the SBUs for performance evaluation purposes.

Free cash flow from operations is the company’s cash flow from operations as determined in accordance with U.S. GAAP before pension contributions and direct payments and rationalization payments, less capital expenditures. Management believes that free cash flow from operations is useful because it represents the cash generating capability of the company’s ongoing operations, after taking into consideration capital expenditures necessary to maintain its business and pursue growth opportunities.

This earnings release also contains our targeted total segment operating income growth rate for 2014-2016 and our targeted ratio of Adjusted Debt to EBITDAP for 2016. Forward-looking total segment operating income and the ratio of Adjusted Debt to EBITDAP are important financial measures for the company but are not financial measures defined by U.S. GAAP, and should not be construed as an alternative to corresponding financial measures presented in accordance with U.S. GAAP.

Adjusted Debt is the sum of our total debt and our global pension liability, each as determined in accordance with U.S. GAAP, and EBITDAP, as adjusted, represents net income (the most directly comparable GAAP financial measure) before interest expense, income tax expense, depreciation and amortization expense, net periodic pension cost, rationalization charges and other (income) and expense. We refer to the ratio of Adjusted Debt to EBITDAP because we believe it is widely used by investors as a means of evaluating a company’s leverage. It should be noted that companies may calculate the components of this ratio differently; as a result, the ratio of Adjusted Debt to EBITDAP as presented herein may not be comparable to similarly-titled measures reported by other companies.

We are unable to present a quantitative reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures, because management cannot reliably predict all of the necessary components of those GAAP financial measures without unreasonable effort. These components could be significant to the calculation of those GAAP financial measures in the future.

See the tables below for reconciliations of historical total segment operating income and free cash flow from operations to the most directly comparable GAAP measures.

Total Segment Operating Income Reconciliation Table

 

     Three Months
Ended
    Twelve Months
Ended
 
   December 31,     December 31,  
(In millions)    2013     2012     2013     2012  

Segment Operating Income

   $ 419      $ 272      $ 1,580      $ 1,248   

Rationalizations

     17        108        58        175   

Interest expense

     105        87        392        357   

Other (income) expense

     (15     11        97        139   

Asset write-offs and accelerated depreciation

     8        1        23        20   

Corporate incentive compensation plans

     29        22        108        69   

Corporate pension curtailments/settlements

     —          12        —          1   

Intercompany profit elimination

     (9     (1     (4     (1

Retained expenses of divested operations

     (7     2        24        14   

Other

     19        (2     69        34   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before Income Taxes

   $ 258      $ 32      $ 813      $ 440   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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Free Cash Flow from Operations Reconciliation Table

 

     Year Ended     Year Ended  
(in millions)    Dec. 31,  2013     Dec. 31, 2012  

Net Income

   $ 675      $ 237   

Depreciation and Amortization

     722        687   

Working Capital (1)

     415        457   

Pension Expense (2)

     285        307   

Other (3)

     75        140   

Capital Expenditures

     (1,168     (1,127
  

 

 

   

 

 

 

Free Cash Flow from Operations (non-GAAP)

     1,004        701   
  

 

 

   

 

 

 

Capital Expenditures

     1,168        1,127   

Pension Contributions and Direct Payments

     (1,162     (684

Rationalization Payments

     (72     (106
  

 

 

   

 

 

 

Cash Flow from Operating Activities (GAAP)

   $ 938      $ 1,038   
  

 

 

   

 

 

 

Amounts are calculated from the consolidated Statements of Cash Flows except for pension expense, which is as reported in the Notes to Consolidated Financial Statements.

 

(1) Working Capital represents total changes in accounts receivable, inventories and accounts payable – trade.
(2) Pension expense is the net periodic cost (before curtailments, settlements and termination benefits) as reported in the pension-related note in the Notes to Consolidated Financial Statements.
(3) Other includes amortization and write-off of debt issuance costs, net rationalization charges, net losses (gains) on asset sales, Venezuela currency devaluation, customer prepayments and government grants, insurance proceeds, compensation and benefits less pension expense, other current liabilities, and other assets and liabilities.

Fourth Quarter Significant Items (after tax and minority interest)

2013

 

    Rationalizations, asset write-offs and accelerated depreciation, $17 million (6 cents per share)

 

    Income and other discrete tax benefits, $41 million (15 cents per share)

 

    Gains from asset sales, $2 million (1 cent per share)

2012

 

    Rationalizations, asset write-offs and accelerated depreciation, $85 million (34 cents per share)

 

    Discrete tax charges, $9 million (4 cents per share)

 

    Loss resulting from a strike in South Africa, $6 million (2 cents per share)

 

    Charges relating to labor claims with respect to a previously closed facility in Europe, $5 million (2 cents per share)

 

    Insurance recoveries related to flooding in Thailand, $6 million (2 cents per share)

 

    Gains from asset sales, $2 million (1 cent per share)

 

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