Attached files
file | filename |
---|---|
8-K - FORM 8-K - SEALED AIR CORP/DE | d713145d8k.htm |
EX-99.1 - EX-99.1 - SEALED AIR CORP/DE | d713145dex991.htm |
Exhibit 99.2
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
REVISED U.S. GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)
(unaudited)
(in millions, except per share data)
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year Ended |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year Ended |
|||||||||||||||||||||||||||||||
Net sales |
$ | 1,828.9 | $ | 1,937.4 | $ | 1,912.0 | $ | 2,012.5 | $ | 7,690.8 | $ | 1,822.8 | $ | 1,901.9 | $ | 1,878.6 | $ | 1,955.9 | $ | 7,559.2 | ||||||||||||||||||||
Cost of sales |
1,216.7 | 1,278.3 | 1,262.1 | 1,346.2 | 5,103.3 | 1,207.5 | 1,279.2 | 1,240.3 | 1,309.9 | 5,036.9 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Gross profit |
612.2 | 659.1 | 649.9 | 666.3 | 2,587.5 | 615.3 | 622.7 | 638.3 | 646.0 | 2,522.3 | ||||||||||||||||||||||||||||||
As a % of total net sales |
33.5 | % | 34.0 | % | 34.0 | % | 33.1 | % | 33.6 | % | 33.8 | % | 32.7 | % | 34.0 | % | 33.0 | % | 33.4 | % | ||||||||||||||||||||
Selling, general and administrative expenses |
434.7 | 449.9 | 426.0 | 438.6 | 1,749.2 | 442.2 | 464.5 | 423.9 | 426.1 | 1,756.7 | ||||||||||||||||||||||||||||||
As a % of total net sales |
23.8 | % | 23.2 | % | 22.3 | % | 21.8 | % | 22.7 | % | 24.3 | % | 24.4 | % | 22.6 | % | 21.8 | % | 23.2 | % | ||||||||||||||||||||
Amortization expense of intangible assets acquired |
31.9 | 31.4 | 29.1 | 30.8 | 123.2 | 32.3 | 33.6 | 32.7 | 34.1 | 132.7 | ||||||||||||||||||||||||||||||
Impairment of goodwill and other intangible assets |
| | | | | | | 1,334.3 | 558.0 | 1,892.3 | ||||||||||||||||||||||||||||||
Stock appreciation rights expense (income) |
18.0 | 0.1 | 8.7 | 11.3 | 38.1 | 11.8 | (9.1 | ) | 2.9 | 12.8 | 18.4 | |||||||||||||||||||||||||||||
Costs related to the acquisition and integration of Diversey |
0.4 | | 0.3 | 0.4 | 1.1 | 1.8 | 1.7 | 1.3 | 2.6 | 7.4 | ||||||||||||||||||||||||||||||
Restructuring and other charges |
(0.2 | ) | 11.9 | 49.5 | 12.6 | 73.8 | 47.0 | 26.3 | 36.8 | 32.4 | 142.5 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Operating profit (loss) |
127.4 | 165.8 | 136.3 | 172.6 | 602.1 | 80.2 | 105.7 | (1,193.6 | ) | (420.0 | ) | (1,427.7 | ) | |||||||||||||||||||||||||||
As a % of total net sales |
7.0 | % | 8.6 | % | 7.1 | % | 8.6 | % | 7.8 | % | 4.4 | % | 5.6 | % | -63.5 | % | -21.5 | % | -18.9 | % | ||||||||||||||||||||
Interest expense |
(90.8 | ) | (89.7 | ) | (88.9 | ) | (91.6 | ) | (361.0 | ) | (97.3 | ) | (97.3 | ) | (96.6 | ) | (93.5 | ) | (384.7 | ) | ||||||||||||||||||||
Impairments of equity method investment |
| | (2.1 | ) | | (2.1 | ) | | (23.5 | ) | | | (23.5 | ) | ||||||||||||||||||||||||||
Foreign currency exchange income (losses) related to Venezuelan subsidiaries |
(13.1 | ) | (0.5 | ) | 0.7 | (0.2 | ) | (13.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | |||||||||||||||||||||
Losses on debt redemption |
(32.3 | ) | (0.1 | ) | | (3.9 | ) | (36.3 | ) | | | | (36.9 | ) | (36.9 | ) | ||||||||||||||||||||||||
Other income (expense), net |
0.3 | (3.3 | ) | 0.3 | (9.2 | ) | (11.9 | ) | (3.8 | ) | (5.9 | ) | 1.4 | (1.1 | ) | (9.4 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Income (loss) from continuing operations before income tax provision (benefit) |
(8.5 | ) | 72.2 | 46.3 | 67.7 | 177.7 | (21.0 | ) | (21.1 | ) | (1,288.9 | ) | (551.6 | ) | (1,882.6 | ) | ||||||||||||||||||||||||
Income tax provision (benefit) |
(9.2 | ) | 17.9 | 11.2 | 64.1 | 84.0 | (10.9 | ) | 1.5 | (48.9 | ) | (206.4 | ) | (264.7 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Effective income tax rate |
108.2 | % | 24.8 | % | 24.2 | % | 94.7 | % | 47.3 | % | 51.9 | % | -7.1 | % | 3.8 | % | 37.4 | % | 14.1 | % | ||||||||||||||||||||
Net earnings (loss) from continuing operations |
0.7 | 54.3 | 35.1 | 3.6 | 93.7 | (10.1 | ) | (22.6 | ) | (1,240.0 | ) | (345.2 | ) | (1,617.9 | ) | |||||||||||||||||||||||||
Net earnings from discontinued operations |
2.0 | 2.0 | 2.5 | 24.0 | 30.5 | 4.1 | 9.0 | 7.6 | 186.9 | 207.6 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings (loss) available to common stockholders |
$ | 2.7 | $ | 56.3 | $ | 37.6 | $ | 27.6 | $ | 124.2 | $ | (6.0 | ) | $ | (13.6 | ) | $ | (1,232.4 | ) | $ | (158.3 | ) | $ | (1,410.3 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings (loss) per common share: |
||||||||||||||||||||||||||||||||||||||||
Basic : |
||||||||||||||||||||||||||||||||||||||||
Continuing operations |
$ | | $ | 0.28 | $ | 0.18 | $ | 0.02 | $ | 0.48 | $ | (0.05 | ) | $ | (0.12 | ) | $ | (6.42 | ) | $ | (1.79 | ) | $ | (8.39 | ) | |||||||||||||||
Discontinued operations |
0.01 | 0.01 | 0.01 | 0.12 | 0.16 | 0.02 | 0.05 | 0.04 | 0.97 | 1.08 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings (loss) per common share - basic |
$ | 0.01 | $ | 0.29 | $ | 0.19 | $ | 0.14 | $ | 0.64 | $ | (0.03 | ) | $ | (0.07 | ) | $ | (6.38 | ) | $ | (0.82 | ) | $ | (7.31 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diluted: |
||||||||||||||||||||||||||||||||||||||||
Continuing operations |
$ | | $ | 0.25 | $ | 0.17 | $ | 0.02 | $ | 0.44 | $ | (0.05 | ) | $ | (0.12 | ) | $ | (6.42 | ) | $ | (1.79 | ) | $ | (8.39 | ) | |||||||||||||||
Discontinued operations |
0.01 | 0.01 | 0.01 | 0.11 | 0.14 | 0.02 | 0.05 | 0.04 | 0.97 | 1.08 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings (loss) per common share - diluted |
$ | 0.01 | $ | 0.26 | $ | 0.18 | $ | 0.13 | $ | 0.58 | $ | (0.03 | ) | $ | (0.07 | ) | $ | (6.38 | ) | $ | (0.82 | ) | $ | (7.31 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Dividends per common share |
0.13 | 0.13 | 0.13 | $ | 0.13 | $ | 0.52 | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.52 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Weighted average number of common shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
Basic |
193.8 | 194.8 | 194.9 | 194.9 | 194.6 | 191.9 | 193.0 | 193.2 | 193.3 | 192.8 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diluted |
212.7 | 213.6 | 213.7 | 213.9 | 213.5 | 191.9 | 193.0 | 193.2 | 193.3 | 192.8 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | The supplementary information above has been revised to reflect the sale of the rigid medical packaging business in 2013. Results for the rigid medical packaging business were reclassified to discontinued operations in 2013 and 2012. |
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
REVISED NON-U.S. GAAP ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)
(unaudited)
(in millions, except per share data)
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year Ended |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Year Ended |
|||||||||||||||||||||||||||||||
Net sales |
$ | 1,828.9 | $ | 1,937.4 | $ | 1,912.0 | $ | 2,012.5 | $ | 7,690.8 | $ | 1,822.8 | $ | 1,901.9 | $ | 1,878.6 | $ | 1,955.9 | $ | 7,559.2 | ||||||||||||||||||||
Cost of sales |
1,215.2 | 1,274.8 | 1,261.4 | 1,344.5 | 5,095.9 | 1,199.7 | 1,276.6 | 1,240.5 | 1,301.8 | 5,018.6 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Gross profit |
613.7 | 662.6 | 650.6 | 668.0 | 2,594.9 | 623.1 | 625.3 | 638.1 | 654.1 | 2,540.6 | ||||||||||||||||||||||||||||||
As a % of total net sales |
33.6 | % | 34.2 | % | 34.0 | % | 33.2 | % | 33.7 | % | 34.2 | % | 32.9 | % | 34.0 | % | 33.4 | % | 33.6 | % | ||||||||||||||||||||
Selling, general and administrative expenses |
430.3 | 442.7 | 418.4 | 433.2 | 1,724.6 | 436.7 | 453.3 | 419.5 | 424.3 | 1,733.8 | ||||||||||||||||||||||||||||||
As a % of total net sales |
23.5 | % | 22.9 | % | 21.9 | % | 21.5 | % | 22.4 | % | 24.0 | % | 23.8 | % | 22.3 | % | 21.7 | % | 22.9 | % | ||||||||||||||||||||
Amortization expense of intangible assets acquired |
31.9 | 31.4 | 29.1 | 30.8 | 123.2 | 32.3 | 33.6 | 32.7 | 34.1 | 132.7 | ||||||||||||||||||||||||||||||
Impairment of goodwill and other intangible assets |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Stock appreciation rights expense |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Costs related to the acquisition and integration of Diversey |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Restructuring and other charges |
| | | | | | | | | | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Operating profit |
151.5 | 188.5 | 203.1 | 204.0 | 747.1 | 154.1 | 138.4 | 185.9 | 195.7 | 674.1 | ||||||||||||||||||||||||||||||
As a % of total net sales |
8.3 | % | 9.7 | % | 10.6 | % | 10.1 | % | 9.7 | % | 8.5 | % | 7.3 | % | 9.9 | % | 10.0 | % | 8.9 | % | ||||||||||||||||||||
Interest expense |
(90.8 | ) | (89.7 | ) | (88.9 | ) | (91.6 | ) | (361.0 | ) | (97.3 | ) | (97.3 | ) | (96.6 | ) | (93.5 | ) | (384.7 | ) | ||||||||||||||||||||
Impairments of equity method investment |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Foreign currency exchange losses related to Venezuelan subsidiaries |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Losses on debt redemption |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Other income (expense), net |
0.4 | (3.1 | ) | 0.7 | (9.3 | ) | (11.3 | ) | (3.9 | ) | (5.8 | ) | 1.7 | (1.7 | ) | (9.7 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Income from continuing operations before income tax provision |
61.1 | 95.7 | 114.9 | 103.1 | 374.8 | 52.9 | 35.3 | 91.0 | 100.5 | 279.7 | ||||||||||||||||||||||||||||||
Income tax provision |
11.2 | 21.8 | 25.4 | 18.9 | 77.3 | 11.4 | 9.5 | 28.7 | 21.8 | 71.4 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Effective income tax rate |
18.3 | % | 22.8 | % | 22.1 | % | 18.3 | % | 20.6 | % | 21.5 | % | 27.0 | % | 31.6 | % | 21.6 | % | 25.5 | % | ||||||||||||||||||||
Net earnings from continuing operations |
49.9 | 73.9 | 89.5 | 84.2 | 297.5 | 41.5 | 25.8 | 62.3 | 78.7 | 208.3 | ||||||||||||||||||||||||||||||
Net earnings from discontinued operations |
| | | | | | | | | | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings available to common stockholders |
$ | 49.9 | $ | 73.9 | $ | 89.5 | $ | 84.2 | $ | 297.5 | $ | 41.5 | $ | 25.8 | $ | 62.3 | $ | 78.7 | $ | 208.3 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings per common share: |
||||||||||||||||||||||||||||||||||||||||
Basic : |
||||||||||||||||||||||||||||||||||||||||
Continuing operations |
$ | 0.26 | $ | 0.38 | $ | 0.46 | $ | 0.43 | $ | 1.53 | $ | 0.22 | $ | 0.13 | $ | 0.32 | $ | 0.40 | $ | 1.07 | ||||||||||||||||||||
Discontinued operations |
| | | | | | | | | | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings per common share - basic |
$ | 0.26 | $ | 0.38 | $ | 0.46 | $ | 0.43 | $ | 1.53 | $ | 0.22 | $ | 0.13 | $ | 0.32 | $ | 0.40 | $ | 1.07 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diluted: |
||||||||||||||||||||||||||||||||||||||||
Continuing operations |
$ | 0.23 | $ | 0.35 | $ | 0.42 | $ | 0.39 | $ | 1.39 | $ | 0.20 | $ | 0.12 | $ | 0.29 | $ | 0.37 | $ | 0.98 | ||||||||||||||||||||
Discontinued operations |
| | | | | | | | | | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings per common share - diluted |
$ | 0.23 | $ | 0.35 | $ | 0.42 | $ | 0.39 | $ | 1.39 | $ | 0.20 | $ | 0.12 | $ | 0.29 | $ | 0.37 | $ | 0.98 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Dividends per common share |
$ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.52 | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.52 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Weighted average number of common shares outstanding: |
||||||||||||||||||||||||||||||||||||||||
Basic |
193.8 | 194.8 | 194.9 | 194.9 | 194.6 | 191.9 | 193.0 | 193.2 | 193.3 | 192.8 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diluted |
212.7 | 213.6 | 213.7 | 213.9 | 213.5 | 210.2 | 211.4 | 211.5 | 211.7 | 211.2 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Non-U.S. GAAP Adjusted EBITDA: |
||||||||||||||||||||||||||||||||||||||||
Non-U.S. GAAP adjusted operating profit |
151.5 | 188.5 | 203.1 | 204.0 | 747.1 | 154.1 | 138.4 | 185.9 | 195.7 | 674.1 | ||||||||||||||||||||||||||||||
Other income (expense), net |
0.4 | (3.1 | ) | 0.7 | (9.3 | ) | (11.3 | ) | (3.9 | ) | (5.8 | ) | 1.7 | (1.7 | ) | (9.7 | ) | |||||||||||||||||||||||
Depreciation and amortization |
79.5 | 81.8 | 72.7 | 73.5 | 307.5 | 83.6 | 80.2 | 81.2 | 72.1 | 317.1 | ||||||||||||||||||||||||||||||
Write down of non-strategic assets, included in depreciation and amortization |
| (5.0 | ) | | (0.3 | ) | (5.3 | ) | (5.4 | ) | (0.1 | ) | 0.3 | 4.4 | (0.8 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Non-U.S. GAAP adjusted EBITDA - continuing operations |
$ | 231.4 | $ | 262.2 | $ | 276.5 | $ | 267.9 | $ | 1,038.0 | $ | 228.4 | $ | 212.7 | $ | 269.1 | $ | 270.5 | $ | 980.7 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
As a % of total net sales |
12.7 | % | 13.5 | % | 14.5 | % | 13.3 | % | 13.5 | % | 12.5 | % | 11.2 | % | 14.3 | % | 13.8 | % | 13.0 | % |
(1) | The results included above are presented on a non-U.S. GAAP basis, adjusted for items the Company categorizes, as special items. See Use of Non-U.S. GAAP Financial Information included in this current report on Form 8-K. |
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
REVISED ITEMS TO RECONCILE U.S. GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TO NON-U.S. GAAP ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)
(unaudited)
(in millions, except per share data)
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | Year | First | Second | Third | Fourth | Year | |||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Ended | Quarter | Quarter | Quarter | Quarter | Ended | |||||||||||||||||||||||||||||||
Net sales |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||||||
Cost of sales |
1.5 | 3.5 | 0.7 | 1.7 | 7.4 | 7.8 | 2.6 | (0.2 | ) | 8.1 | 18.3 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Gross profit |
(1.5 | ) | (3.5 | ) | (0.7 | ) | (1.7 | ) | (7.4 | ) | (7.8 | ) | (2.6 | ) | 0.2 | (8.1 | ) | (18.3 | ) | |||||||||||||||||||||
As a % of total net sales |
-0.1 | % | -0.2 | % | 0.0 | % | -0.1 | % | -0.1 | % | -0.4 | % | -0.1 | % | 0.0 | % | -0.4 | % | -0.2 | % | ||||||||||||||||||||
Selling, general and administrative expenses |
4.4 | 7.2 | 7.6 | 5.4 | 24.6 | 5.5 | 11.2 | 4.4 | 1.8 | 22.9 | ||||||||||||||||||||||||||||||
As a % of total net sales |
0.2 | % | 0.4 | % | 0.4 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.6 | % | 0.2 | % | 0.1 | % | 0.3 | % | ||||||||||||||||||||
Amortization expense of intangible assets acquired |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Impairment of goodwill and other intangible assets |
| | | | | | | 1,334.3 | 558.0 | 1,892.3 | ||||||||||||||||||||||||||||||
Stock appreciation rights expense (income) |
18.0 | 0.1 | 8.7 | 11.3 | 38.1 | 11.8 | (9.1 | ) | 2.9 | 12.8 | 18.4 | |||||||||||||||||||||||||||||
Costs related to the acquisition and integration of Diversey |
0.4 | | 0.3 | 0.4 | 1.1 | 1.8 | 1.7 | 1.3 | 2.6 | 7.4 | ||||||||||||||||||||||||||||||
Restructuring and other charges |
(0.2 | ) | 11.9 | 49.5 | 12.6 | 73.8 | 47.0 | 26.3 | 36.8 | 32.4 | 142.5 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Operating loss |
(24.1 | ) | (22.7 | ) | (66.8 | ) | (31.4 | ) | (145.0 | ) | (73.9 | ) | (32.7 | ) | (1,379.5 | ) | (615.7 | ) | (2,101.8 | ) | ||||||||||||||||||||
As a % of total net sales |
-1.3 | % | -1.2 | % | -3.5 | % | -1.6 | % | -1.9 | % | -4.1 | % | -1.7 | % | -73.4 | % | -31.5 | % | -27.8 | % | ||||||||||||||||||||
Interest expense |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Impairments of equity method investment |
| | (2.1 | ) | | (2.1 | ) | | (23.5 | ) | | | (23.5 | ) | ||||||||||||||||||||||||||
Foreign currency exchange income (losses) related to Venezuelan subsidiaries |
(13.1 | ) | (0.5 | ) | 0.7 | (0.2 | ) | (13.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | |||||||||||||||||||||
Losses on debt redemption |
(32.3 | ) | (0.1 | ) | | (3.9 | ) | (36.3 | ) | | | | (36.9 | ) | (36.9 | ) | ||||||||||||||||||||||||
Other income (expense), net |
(0.1 | ) | (0.2 | ) | (0.4 | ) | 0.1 | (0.6 | ) | 0.1 | (0.1 | ) | (0.3 | ) | 0.6 | 0.3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Loss from continuing operations before income tax |
(69.6 | ) | (23.5 | ) | (68.6 | ) | (35.4 | ) | (197.1 | ) | (73.9 | ) | (56.4 | ) | (1,379.9 | ) | (652.1 | ) | (2,162.3 | ) | ||||||||||||||||||||
Income tax provision (benefit) |
(20.4 | ) | (3.9 | ) | (14.2 | ) | 45.2 | 6.7 | (22.3 | ) | (8.0 | ) | (77.6 | ) | (228.2 | ) | (336.1 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Effective income tax rate |
89.9 | % | 2.0 | % | 2.1 | % | 76.4 | % | 26.6 | % | 30.4 | % | -34.1 | % | -27.8 | % | 15.8 | % | -11.5 | % | ||||||||||||||||||||
Net loss from continuing operations |
(49.2 | ) | (19.6 | ) | (54.4 | ) | (80.6 | ) | (203.8 | ) | (51.6 | ) | (48.4 | ) | (1,302.3 | ) | (423.9 | ) | (1,826.2 | ) | ||||||||||||||||||||
Net earnings from discontinued operations |
2.0 | 2.0 | 2.5 | 24.0 | 30.5 | 4.1 | 9.0 | 7.6 | 186.9 | 207.6 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net loss available to common stockholders |
$ | (47.2 | ) | $ | (17.6 | ) | $ | (51.9 | ) | $ | (56.6 | ) | $ | (173.3 | ) | $ | (47.5 | ) | $ | (39.4 | ) | $ | (1,294.7 | ) | $ | (237.0 | ) | $ | (1,618.6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings (loss) per common share: |
||||||||||||||||||||||||||||||||||||||||
Basic : |
||||||||||||||||||||||||||||||||||||||||
Continuing operations |
$ | (0.25 | ) | $ | (0.10 | ) | $ | (0.28 | ) | $ | (0.41 | ) | $ | (1.05 | ) | $ | (0.27 | ) | $ | (0.25 | ) | $ | (6.74 | ) | $ | (2.19 | ) | $ | (9.46 | ) | ||||||||||
Discontinued operations |
0.01 | 0.01 | 0.01 | 0.12 | 0.16 | 0.02 | 0.05 | 0.04 | 0.97 | 1.08 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings (loss) per common share - basic |
$ | (0.24 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | (0.29 | ) | $ | (0.89 | ) | $ | (0.25 | ) | $ | (0.20 | ) | $ | (6.70 | ) | $ | (1.22 | ) | $ | (8.39 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diluted: |
||||||||||||||||||||||||||||||||||||||||
Continuing operations |
$ | (0.23 | ) | $ | (0.09 | ) | $ | (0.25 | ) | $ | (0.38 | ) | $ | (0.95 | ) | $ | (0.25 | ) | $ | (0.24 | ) | $ | (6.71 | ) | $ | (2.16 | ) | $ | (9.37 | ) | ||||||||||
Discontinued operations |
0.01 | 0.01 | 0.01 | 0.11 | 0.14 | 0.02 | 0.05 | 0.04 | 0.97 | 1.08 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net earnings (loss) per common share - diluted |
$ | (0.22 | ) | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.26 | ) | $ | (0.81 | ) | $ | (0.23 | ) | $ | (0.19 | ) | $ | (6.67 | ) | $ | (1.19 | ) | $ | (8.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Revised items to reconcile U.S. GAAP condensed consolidated statements of operations to Non-U.S. GAAP adjusted condensed consolidated statements of operations consist of unusual or special items. For 2013, special items primarily included restructuring and associated costs related to Earnings Quality Improvement Program (EQIP) and the Integration and Optimization Program (IOP), increase to the valuation allowance in connection with the deferred tax asset related to the Settlement agreement, loss on debt redemption, stock appreciation rights expense (SARs), write down of non-strategic assets and foreign currency exchange losses related to Venezuelan subsidiaries. For 2012, these items primarily included impairment of goodwill and other intangible assets, restructuring charges and loss on redemption. |