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DELAWARE
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001-32410
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98-0420726
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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Exhibit
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Number
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Description
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10.1
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Amendment No. 1, dated as of January 23, 2013 among Celanese Corporation, Celanese US Holdings LLC, Celanese Americas LLC, the lenders party thereto, and Deutsche Bank AG, New York Branch, as administrative agent and as collateral agent
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99.1
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Press Release dated April 2, 2013*
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99.2
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Celanese Corporation and Subsidiaries Consolidated Statements of Operations for the years ended December 31, 2012, 2011, 2010, 2009 and 2008 and for the three months ended December 31, 2012 and 2011, September 30, 2012 and 2011, June 30, 2012 and 2011 and March 31, 2012 and 2011 - As Previously Reported and As Adjusted (unaudited)*
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99.3
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Celanese Corporation and Subsidiaries Non-GAAP Financial Measures for the years ended December 31, 2012, 2011, 2010, 2009 and 2008 and for the three months ended December 31, 2012 and 2011, September 30, 2012 and 2011, June 30, 2012 and 2011 and March 31, 2012 and 2011 - As Previously Reported and As Adjusted (unaudited)*
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CELANESE CORPORATION
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||
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By:
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/s/ James R. Peacock III
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Name:
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James R. Peacock III
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Title:
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Vice President, Deputy General Counsel and Assistant Corporate Secretary
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Exhibit
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Number
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Description
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10.1
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Amendment No. 1, dated as of January 23, 2013 among Celanese Corporation, Celanese US Holdings LLC, Celanese Americas LLC, the lenders party thereto, and Deutsche Bank AG, New York Branch, as administrative agent and as collateral agent
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99.1
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Press Release dated April 2, 2013*
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99.2
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Celanese Corporation and Subsidiaries Consolidated Statements of Operations for the years ended December 31, 2012, 2011, 2010, 2009 and 2008 and for the three months ended December 31, 2012 and 2011, September 30, 2012 and 2011, June 30, 2012 and 2011 and March 31, 2012 and 2011 - As Previously Reported and As Adjusted (unaudited)*
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99.3
|
Celanese Corporation and Subsidiaries Non-GAAP Financial Measures for the years ended December 31, 2012, 2011, 2010, 2009 and 2008 and for the three months ended December 31, 2012 and 2011, September 30, 2012 and 2011, June 30, 2012 and 2011 and March 31, 2012 and 2011 - As Previously Reported and As Adjusted (unaudited)*
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CELANESE CORPORATION
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|||||
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By:
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/s/ Christopher Jensen
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Name: Christopher Jensen
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Title: Senior VP - Finance
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CELANESE US HOLDINGS LLC
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|||||
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|||
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By:
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/s/ Chuck B. Kyrish
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Name: Chuck B. Kyrish
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Title: Vice President and Treasurer
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CELANESE AMERICAS LLC
(
f/k/a Celanese Americas Corporation)
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|||||
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By:
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/s/ Chuck B. Kyrish
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Name: Chuck B. Kyrish
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Title: Vice President and Treasurer
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DEUTSCHE BANK AG, NEW YORK BRANCH, as Administrative Agent, Joint Lead Arranger, Joint Book Runner and as a Lender
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||
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By:
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/s/ Marcus M. Tarkington
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Name: Marcus M. Tarkington
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Title: Director
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By:
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/s/ Michael Getz
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Name: Michael Getz
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Title: Vice President
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Consenting as a
Lender
:
[INSERT NAME OF LENDER]
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By:
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[SECOND SIGNATURE BLOCK IF NEEDED]
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By:
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Celanese Corporation
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222 West Las Colinas Blvd.
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Suite 900N
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Irving, Texas 75039
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Contacts:
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Investor Relations
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Media - U.S.
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Media - Europe
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Jon Puckett
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Linda Beheler
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Jens Kurth
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Phone: +1 972 443 4965
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Phone: +1 972 443 4924
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Phone: +49(0)69 45009 1574
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Telefax: +1 972 443 8519
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Telefax: +1 972 443 8519
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Telefax: +49(0) 45009 58800
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Jon.Puckett@celanese.com
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Linda.Beheler@celanese.com
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J.Kurth@celanese.com
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•
|
Adjusted earnings per share is a measure used by management to measure performance. It is defined by the company as earnings (loss) from continuing operations, adjusted for other charges and other adjustments, and divided by the number of basic common shares, convertible preferred shares and dilutive restricted stock units and stock options calculated using the treasury method. We may provide guidance on an adjusted earnings per share basis and are unable to reconcile forecasted adjusted earnings per share to a U.S. GAAP financial measure without unreasonable effort because a forecast of other charges and other adjustments is not practical. We believe that the presentation of this non-U.S. GAAP measure provides useful information to management and investors regarding various financial and business trends relating to our financial condition and results of operations, and that when U.S. GAAP information is viewed in conjunction with non-U.S. GAAP information, investors are provided with a more meaningful understanding of our ongoing operating performance. Note: The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities, where applicable, and specifically excludes changes in uncertain tax positions, discrete items and other material items adjusted out of our U.S. GAAP earnings for adjusted earnings per share purposes, and changes in management's assessments regarding the ability to realize deferred tax assets. We analyze this rate quarterly and adjust if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the tax rate used for U.S. GAAP reporting in any given reporting period. It is not practical to reconcile our prospective adjusted tax rate to the actual U.S. GAAP tax rate in any given future period.
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|
Year Ended December 31, 2012
|
||||||||||||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
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|
|
per
share
|
||||||
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(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
609
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|
|
3.81
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|
|
(233
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)
|
|
(1.46
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)
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|
376
|
|
|
2.35
|
|
Deduct: Income tax (provision) benefit
|
(48
|
)
|
|
|
|
103
|
|
|
|
|
55
|
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
657
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|
|
|
|
(336
|
)
|
|
|
|
321
|
|
|
|
|||
Other charges and other adjustments
(1)
|
66
|
|
|
|
|
389
|
|
|
|
|
455
|
|
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|
|||
Refinancing and related expenses
|
8
|
|
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|
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—
|
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8
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|
|||
Adjusted earnings (loss) from continuing operations before tax
|
731
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53
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|
784
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|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(124
|
)
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|
(9
|
)
|
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|
|
(133
|
)
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|
|||
Noncontrolling interests
|
—
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|
|
—
|
|
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|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(3)
|
607
|
|
|
3.80
|
|
|
44
|
|
|
0.27
|
|
|
651
|
|
|
4.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(4)
|
||||||||||||||||
Weighted average shares outstanding
|
158.3
|
|
|
|
|
—
|
|
|
|
|
158.3
|
|
|
|
|||
Dilutive stock options
|
0.9
|
|
|
|
|
—
|
|
|
|
|
0.9
|
|
|
|
|||
Dilutive restricted stock units
|
0.6
|
|
|
|
|
—
|
|
|
|
|
0.6
|
|
|
|
|||
Total diluted shares
|
159.8
|
|
|
|
|
—
|
|
|
|
|
159.8
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate is 17% for the year ended December 31, 2012.
|
(3)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of 13.1% vs. expected plan asset returns of 8.06%.
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Year Ended December 31, 2012
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
6
|
|
|
|
Kelsterbach plant relocation
|
7
|
|
|
|
Plumbing actions
|
(5
|
)
|
|
|
Asset impairments
|
8
|
|
|
|
Commercial disputes
|
(2
|
)
|
|
|
Total
|
14
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Year Ended December 31, 2012
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
9
|
|
|
SG&A
|
Kelsterbach plant relocation
|
14
|
|
|
Cost of sales
|
Plant closures
|
21
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
1
|
|
|
(Gain) loss on disposition
|
Acetate production interruption costs
|
10
|
|
|
Cost of sales
|
InfraServ Hoechst debt restructuring
|
(22
|
)
|
|
Equity in net (earnings) loss of affiliates
|
Actuarial (gain) loss on pension and postretirement plans
|
389
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
19
|
|
|
Various
|
Total
|
441
|
|
|
|
Total other charges and other adjustments
|
455
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Year Ended December 31, 2012
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
6,418
|
|
|
—
|
|
|
6,418
|
|
Cost of sales
|
(5,226
|
)
|
|
(11
|
)
|
|
(5,237
|
)
|
Gross profit
|
1,192
|
|
|
(11
|
)
|
|
1,181
|
|
Selling, general and administrative expenses
|
(507
|
)
|
|
(323
|
)
|
|
(830
|
)
|
Amortization of intangible assets
|
(51
|
)
|
|
—
|
|
|
(51
|
)
|
Research and development expenses
|
(102
|
)
|
|
(2
|
)
|
|
(104
|
)
|
Other (charges) gains, net
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
Foreign exchange gain (loss), net
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Operating profit (loss)
|
511
|
|
|
(336
|
)
|
|
175
|
|
Equity in net earnings (loss) of affiliates
|
242
|
|
|
—
|
|
|
242
|
|
Interest expense
|
(185
|
)
|
|
—
|
|
|
(185
|
)
|
Refinancing expense
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Interest income
|
2
|
|
|
—
|
|
|
2
|
|
Dividend income - cost investments
|
85
|
|
|
—
|
|
|
85
|
|
Other income (expense), net
|
5
|
|
|
—
|
|
|
5
|
|
Earnings (loss) from continuing operations before tax
|
657
|
|
|
(336
|
)
|
|
321
|
|
Income tax (provision) benefit
|
(48
|
)
|
|
103
|
|
|
55
|
|
Earnings (loss) from continuing operations
|
609
|
|
|
(233
|
)
|
|
376
|
|
Earnings (loss) from operation of discontinued operations
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
2
|
|
|
—
|
|
|
2
|
|
Earnings (loss) from discontinued operations
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
Net earnings (loss)
|
605
|
|
|
(233
|
)
|
|
372
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
605
|
|
|
(233
|
)
|
|
372
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
605
|
|
|
(233
|
)
|
|
372
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
||
Earnings (loss) from continuing operations
|
609
|
|
|
(233
|
)
|
|
376
|
|
Earnings (loss) from discontinued operations
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
Net earnings (loss)
|
605
|
|
|
(233
|
)
|
|
372
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
3.84
|
|
|
(1.47
|
)
|
|
2.37
|
|
Discontinued operations
|
(0.02
|
)
|
|
—
|
|
|
(0.02
|
)
|
Net earnings (loss) - basic
|
3.82
|
|
|
(1.47
|
)
|
|
2.35
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
3.81
|
|
|
(1.46
|
)
|
|
2.35
|
|
Discontinued operations
|
(0.02
|
)
|
|
—
|
|
|
(0.02
|
)
|
Net earnings (loss) - diluted
|
3.79
|
|
|
(1.46
|
)
|
|
2.33
|
|
Weighted average shares - basic
|
158,359,914
|
|
|
—
|
|
|
158,359,914
|
|
Weighted average shares - diluted
|
159,830,786
|
|
|
—
|
|
|
159,830,786
|
|
|
Year Ended December 31, 2011
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
6,763
|
|
|
—
|
|
|
6,763
|
|
Cost of sales
|
(5,329
|
)
|
|
(17
|
)
|
|
(5,346
|
)
|
Gross profit
|
1,434
|
|
|
(17
|
)
|
|
1,417
|
|
Selling, general and administrative expenses
|
(536
|
)
|
|
(269
|
)
|
|
(805
|
)
|
Amortization of intangible assets
|
(62
|
)
|
|
—
|
|
|
(62
|
)
|
Research and development expenses
|
(96
|
)
|
|
(2
|
)
|
|
(98
|
)
|
Other (charges) gains, net
|
(48
|
)
|
|
—
|
|
|
(48
|
)
|
Foreign exchange gain (loss), net
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on disposition of businesses and assets, net
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Operating profit (loss)
|
690
|
|
|
(288
|
)
|
|
402
|
|
Equity in net earnings (loss) of affiliates
|
192
|
|
|
—
|
|
|
192
|
|
Interest expense
|
(221
|
)
|
|
—
|
|
|
(221
|
)
|
Refinancing expense
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Interest income
|
3
|
|
|
—
|
|
|
3
|
|
Dividend income - cost investments
|
80
|
|
|
—
|
|
|
80
|
|
Other income (expense), net
|
14
|
|
|
—
|
|
|
14
|
|
Earnings (loss) from continuing operations before tax
|
755
|
|
|
(288
|
)
|
|
467
|
|
Income tax (provision) benefit
|
(149
|
)
|
|
108
|
|
|
(41
|
)
|
Earnings (loss) from continuing operations
|
606
|
|
|
(180
|
)
|
|
426
|
|
Earnings (loss) from operation of discontinued operations
|
2
|
|
|
—
|
|
|
2
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Earnings (loss) from discontinued operations
|
1
|
|
|
—
|
|
|
1
|
|
Net earnings (loss)
|
607
|
|
|
(180
|
)
|
|
427
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
607
|
|
|
(180
|
)
|
|
427
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
607
|
|
|
(180
|
)
|
|
427
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
||
Earnings (loss) from continuing operations
|
606
|
|
|
(180
|
)
|
|
426
|
|
Earnings (loss) from discontinued operations
|
1
|
|
|
—
|
|
|
1
|
|
Net earnings (loss)
|
607
|
|
|
(180
|
)
|
|
427
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
3.88
|
|
|
(1.16
|
)
|
|
2.72
|
|
Discontinued operations
|
0.01
|
|
|
—
|
|
|
0.01
|
|
Net earnings (loss) - basic
|
3.89
|
|
|
(1.16
|
)
|
|
2.73
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
3.81
|
|
|
(1.13
|
)
|
|
2.68
|
|
Discontinued operations
|
0.01
|
|
|
—
|
|
|
0.01
|
|
Net earnings (loss) - diluted
|
3.82
|
|
|
(1.13
|
)
|
|
2.69
|
|
Weighted average shares - basic
|
156,226,526
|
|
|
—
|
|
|
156,226,526
|
|
Weighted average shares - diluted
|
158,970,283
|
|
|
—
|
|
|
158,970,283
|
|
|
Year Ended December 31, 2010
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
5,918
|
|
|
—
|
|
|
5,918
|
|
Cost of sales
|
(4,738
|
)
|
|
(12
|
)
|
|
(4,750
|
)
|
Gross profit
|
1,180
|
|
|
(12
|
)
|
|
1,168
|
|
Selling, general and administrative expenses
|
(505
|
)
|
|
(93
|
)
|
|
(598
|
)
|
Amortization of intangible assets
|
(61
|
)
|
|
—
|
|
|
(61
|
)
|
Research and development expenses
|
(70
|
)
|
|
—
|
|
|
(70
|
)
|
Other (charges) gains, net
|
(46
|
)
|
|
—
|
|
|
(46
|
)
|
Foreign exchange gain (loss), net
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
8
|
|
|
—
|
|
|
8
|
|
Operating profit (loss)
|
503
|
|
|
(105
|
)
|
|
398
|
|
Equity in net earnings (loss) of affiliates
|
168
|
|
|
—
|
|
|
168
|
|
Interest expense
|
(204
|
)
|
|
—
|
|
|
(204
|
)
|
Refinancing expense
|
(16
|
)
|
|
—
|
|
|
(16
|
)
|
Interest income
|
7
|
|
|
—
|
|
|
7
|
|
Dividend income - cost investments
|
73
|
|
|
—
|
|
|
73
|
|
Other income (expense), net
|
7
|
|
|
—
|
|
|
7
|
|
Earnings (loss) from continuing operations before tax
|
538
|
|
|
(105
|
)
|
|
433
|
|
Income tax (provision) benefit
|
(112
|
)
|
|
40
|
|
|
(72
|
)
|
Earnings (loss) from continuing operations
|
426
|
|
|
(65
|
)
|
|
361
|
|
Earnings (loss) from operation of discontinued operations
|
(80
|
)
|
|
—
|
|
|
(80
|
)
|
Gain (loss) on disposition of discontinued operations
|
2
|
|
|
—
|
|
|
2
|
|
Income tax (provision) benefit from discontinued operations
|
29
|
|
|
—
|
|
|
29
|
|
Earnings (loss) from discontinued operations
|
(49
|
)
|
|
—
|
|
|
(49
|
)
|
Net earnings (loss)
|
377
|
|
|
(65
|
)
|
|
312
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
377
|
|
|
(65
|
)
|
|
312
|
|
Cumulative preferred stock dividends
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Net earnings (loss) available to common stockholders
|
374
|
|
|
(65
|
)
|
|
309
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
||
Earnings (loss) from continuing operations
|
426
|
|
|
(65
|
)
|
|
361
|
|
Earnings (loss) from discontinued operations
|
(49
|
)
|
|
—
|
|
|
(49
|
)
|
Net earnings (loss)
|
377
|
|
|
(65
|
)
|
|
312
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
2.73
|
|
|
(0.42
|
)
|
|
2.31
|
|
Discontinued operations
|
(0.31
|
)
|
|
—
|
|
|
(0.31
|
)
|
Net earnings (loss) - basic
|
2.42
|
|
|
(0.42
|
)
|
|
2.00
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
2.69
|
|
|
(0.41
|
)
|
|
2.28
|
|
Discontinued operations
|
(0.31
|
)
|
|
—
|
|
|
(0.31
|
)
|
Net earnings (loss) - diluted
|
2.38
|
|
|
(0.41
|
)
|
|
1.97
|
|
Weighted average shares - basic
|
154,577,441
|
|
|
—
|
|
|
154,577,441
|
|
Weighted average shares - diluted
|
158,385,497
|
|
|
—
|
|
|
158,385,497
|
|
|
Year Ended December 31, 2009
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
5,082
|
|
|
—
|
|
|
5,082
|
|
Cost of sales
|
(4,079
|
)
|
|
(16
|
)
|
|
(4,095
|
)
|
Gross profit
|
1,003
|
|
|
(16
|
)
|
|
987
|
|
Selling, general and administrative expenses
|
(474
|
)
|
|
(127
|
)
|
|
(601
|
)
|
Amortization of intangible assets
|
(77
|
)
|
|
—
|
|
|
(77
|
)
|
Research and development expenses
|
(70
|
)
|
|
(3
|
)
|
|
(73
|
)
|
Other (charges) gains, net
|
(136
|
)
|
|
—
|
|
|
(136
|
)
|
Foreign exchange gain (loss), net
|
2
|
|
|
—
|
|
|
2
|
|
Gain (loss) on disposition of businesses and assets, net
|
42
|
|
|
—
|
|
|
42
|
|
Operating profit (loss)
|
290
|
|
|
(146
|
)
|
|
144
|
|
Equity in net earnings (loss) of affiliates
|
99
|
|
|
—
|
|
|
99
|
|
Interest expense
|
(207
|
)
|
|
—
|
|
|
(207
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
8
|
|
|
—
|
|
|
8
|
|
Dividend income - cost investments
|
57
|
|
|
—
|
|
|
57
|
|
Other income (expense), net
|
4
|
|
|
—
|
|
|
4
|
|
Earnings (loss) from continuing operations before tax
|
251
|
|
|
(146
|
)
|
|
105
|
|
Income tax (provision) benefit
|
243
|
|
|
51
|
|
|
294
|
|
Earnings (loss) from continuing operations
|
494
|
|
|
(95
|
)
|
|
399
|
|
Earnings (loss) from operation of discontinued operations
|
6
|
|
|
—
|
|
|
6
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Earnings (loss) from discontinued operations
|
4
|
|
|
—
|
|
|
4
|
|
Net earnings (loss)
|
498
|
|
|
(95
|
)
|
|
403
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
498
|
|
|
(95
|
)
|
|
403
|
|
Cumulative preferred stock dividends
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
Net earnings (loss) available to common stockholders
|
488
|
|
|
(95
|
)
|
|
393
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
||
Earnings (loss) from continuing operations
|
494
|
|
|
(95
|
)
|
|
399
|
|
Earnings (loss) from discontinued operations
|
4
|
|
|
—
|
|
|
4
|
|
Net earnings (loss)
|
498
|
|
|
(95
|
)
|
|
403
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
3.37
|
|
|
(0.66
|
)
|
|
2.71
|
|
Discontinued operations
|
0.03
|
|
|
—
|
|
|
0.03
|
|
Net earnings (loss) - basic
|
3.40
|
|
|
(0.66
|
)
|
|
2.74
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
3.14
|
|
|
(0.60
|
)
|
|
2.54
|
|
Discontinued operations
|
0.03
|
|
|
—
|
|
|
0.03
|
|
Net earnings (loss) - diluted
|
3.17
|
|
|
(0.60
|
)
|
|
2.57
|
|
Weighted average shares - basic
|
143,697,904
|
|
|
—
|
|
|
143,697,904
|
|
Weighted average shares - diluted
|
157,124,676
|
|
|
—
|
|
|
157,124,676
|
|
|
Year Ended December 31, 2008
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
6,823
|
|
|
—
|
|
|
6,823
|
|
Cost of sales
|
(5,567
|
)
|
|
(52
|
)
|
|
(5,619
|
)
|
Gross profit
|
1,256
|
|
|
(52
|
)
|
|
1,204
|
|
Selling, general and administrative expenses
|
(545
|
)
|
|
(486
|
)
|
|
(1,031
|
)
|
Amortization of intangible assets
|
(76
|
)
|
|
—
|
|
|
(76
|
)
|
Research and development expenses
|
(75
|
)
|
|
(9
|
)
|
|
(84
|
)
|
Other (charges) gains, net
|
(108
|
)
|
|
—
|
|
|
(108
|
)
|
Foreign exchange gain (loss), net
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
Operating profit (loss)
|
440
|
|
|
(547
|
)
|
|
(107
|
)
|
Equity in net earnings (loss) of affiliates
|
172
|
|
|
—
|
|
|
172
|
|
Interest expense
|
(261
|
)
|
|
—
|
|
|
(261
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
31
|
|
|
—
|
|
|
31
|
|
Dividend income - cost investments
|
48
|
|
|
—
|
|
|
48
|
|
Other income (expense), net
|
3
|
|
|
—
|
|
|
3
|
|
Earnings (loss) from continuing operations before tax
|
433
|
|
|
(547
|
)
|
|
(114
|
)
|
Income tax (provision) benefit
|
(63
|
)
|
|
5
|
|
|
(58
|
)
|
Earnings (loss) from continuing operations
|
370
|
|
|
(542
|
)
|
|
(172
|
)
|
Earnings (loss) from operation of discontinued operations
|
(120
|
)
|
|
—
|
|
|
(120
|
)
|
Gain (loss) on disposition of discontinued operations
|
6
|
|
|
—
|
|
|
6
|
|
Income tax (provision) benefit from discontinued operations
|
24
|
|
|
—
|
|
|
24
|
|
Earnings (loss) from discontinued operations
|
(90
|
)
|
|
—
|
|
|
(90
|
)
|
Net earnings (loss)
|
280
|
|
|
(542
|
)
|
|
(262
|
)
|
Net (earnings) loss attributable to noncontrolling interests
|
1
|
|
|
—
|
|
|
1
|
|
Net earnings (loss) attributable to Celanese Corporation
|
281
|
|
|
(542
|
)
|
|
(261
|
)
|
Cumulative preferred stock dividends
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
Net earnings (loss) available to common stockholders
|
271
|
|
|
(542
|
)
|
|
(271
|
)
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
||
Earnings (loss) from continuing operations
|
371
|
|
|
(542
|
)
|
|
(171
|
)
|
Earnings (loss) from discontinued operations
|
(90
|
)
|
|
—
|
|
|
(90
|
)
|
Net earnings (loss)
|
281
|
|
|
(542
|
)
|
|
(261
|
)
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
2.44
|
|
|
(3.66
|
)
|
|
(1.22
|
)
|
Discontinued operations
|
(0.61
|
)
|
|
—
|
|
|
(0.61
|
)
|
Net earnings (loss) - basic
|
1.83
|
|
|
(3.66
|
)
|
|
(1.83
|
)
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
2.27
|
|
|
(3.49
|
)
|
|
(1.22
|
)
|
Discontinued operations
|
(0.55
|
)
|
|
(0.06
|
)
|
|
(0.61
|
)
|
Net earnings (loss) - diluted
|
1.72
|
|
|
(3.55
|
)
|
|
(1.83
|
)
|
Weighted average shares - basic
|
148,355,615
|
|
|
—
|
|
|
148,355,615
|
|
Weighted average shares - diluted
|
163,477,215
|
|
|
(15,121,600
|
)
|
|
148,355,615
|
|
|
Three Months Ended December 31, 2012
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,501
|
|
|
—
|
|
|
1,501
|
|
Cost of sales
|
(1,234
|
)
|
|
(23
|
)
|
|
(1,257
|
)
|
Gross profit
|
267
|
|
|
(23
|
)
|
|
244
|
|
Selling, general and administrative expenses
|
(128
|
)
|
|
(348
|
)
|
|
(476
|
)
|
Amortization of intangible assets
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
Research and development expenses
|
(26
|
)
|
|
(5
|
)
|
|
(31
|
)
|
Other (charges) gains, net
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
Foreign exchange gain (loss), net
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on disposition of businesses and assets, net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Operating profit (loss)
|
86
|
|
|
(376
|
)
|
|
(290
|
)
|
Equity in net earnings (loss) of affiliates
|
79
|
|
|
—
|
|
|
79
|
|
Interest expense
|
(51
|
)
|
|
—
|
|
|
(51
|
)
|
Refinancing expense
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Interest income
|
1
|
|
|
—
|
|
|
1
|
|
Dividend income - cost investments
|
—
|
|
|
—
|
|
|
—
|
|
Other income (expense), net
|
1
|
|
|
—
|
|
|
1
|
|
Earnings (loss) from continuing operations before tax
|
113
|
|
|
(376
|
)
|
|
(263
|
)
|
Income tax (provision) benefit
|
(16
|
)
|
|
112
|
|
|
96
|
|
Earnings (loss) from continuing operations
|
97
|
|
|
(264
|
)
|
|
(167
|
)
|
Earnings (loss) from operation of discontinued operations
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
1
|
|
|
—
|
|
|
1
|
|
Earnings (loss) from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
95
|
|
|
(264
|
)
|
|
(169
|
)
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
95
|
|
|
(264
|
)
|
|
(169
|
)
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
95
|
|
|
(264
|
)
|
|
(169
|
)
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
||
Earnings (loss) from continuing operations
|
97
|
|
|
(264
|
)
|
|
(167
|
)
|
Earnings (loss) from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
95
|
|
|
(264
|
)
|
|
(169
|
)
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.61
|
|
|
(1.66
|
)
|
|
(1.05
|
)
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - basic
|
0.60
|
|
|
(1.66
|
)
|
|
(1.06
|
)
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.60
|
|
|
(1.65
|
)
|
|
(1.05
|
)
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - diluted
|
0.59
|
|
|
(1.65
|
)
|
|
(1.06
|
)
|
Weighted average shares - basic
|
159,519,584
|
|
|
—
|
|
|
159,519,584
|
|
Weighted average shares - diluted
|
160,278,761
|
|
|
(759,177
|
)
|
|
159,519,584
|
|
|
Three Months Ended September 30, 2012
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,609
|
|
|
—
|
|
|
1,609
|
|
Cost of sales
|
(1,285
|
)
|
|
4
|
|
|
(1,281
|
)
|
Gross profit
|
324
|
|
|
4
|
|
|
328
|
|
Selling, general and administrative expenses
|
(121
|
)
|
|
8
|
|
|
(113
|
)
|
Amortization of intangible assets
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
Research and development expenses
|
(24
|
)
|
|
1
|
|
|
(23
|
)
|
Other (charges) gains, net
|
2
|
|
|
—
|
|
|
2
|
|
Foreign exchange gain (loss), net
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Operating profit (loss)
|
163
|
|
|
13
|
|
|
176
|
|
Equity in net earnings (loss) of affiliates
|
50
|
|
|
—
|
|
|
50
|
|
Interest expense
|
(44
|
)
|
|
—
|
|
|
(44
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
Dividend income - cost investments
|
1
|
|
|
—
|
|
|
1
|
|
Other income (expense), net
|
3
|
|
|
—
|
|
|
3
|
|
Earnings (loss) from continuing operations before tax
|
173
|
|
|
13
|
|
|
186
|
|
Income tax (provision) benefit
|
(54
|
)
|
|
(3
|
)
|
|
(57
|
)
|
Earnings (loss) from continuing operations
|
119
|
|
|
10
|
|
|
129
|
|
Earnings (loss) from operation of discontinued operations
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
1
|
|
|
—
|
|
|
1
|
|
Earnings (loss) from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
117
|
|
|
10
|
|
|
127
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
117
|
|
|
10
|
|
|
127
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
117
|
|
|
10
|
|
|
127
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
119
|
|
|
10
|
|
|
129
|
|
Earnings (loss) from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
117
|
|
|
10
|
|
|
127
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.75
|
|
|
0.06
|
|
|
0.81
|
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - basic
|
0.74
|
|
|
0.06
|
|
|
0.80
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.74
|
|
|
0.06
|
|
|
0.80
|
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - diluted
|
0.73
|
|
|
0.06
|
|
|
0.79
|
|
Weighted average shares - basic
|
159,158,280
|
|
|
—
|
|
|
159,158,280
|
|
Weighted average shares - diluted
|
160,129,376
|
|
|
—
|
|
|
160,129,376
|
|
|
Three Months Ended June 30, 2012
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,675
|
|
|
—
|
|
|
1,675
|
|
Cost of sales
|
(1,344
|
)
|
|
4
|
|
|
(1,340
|
)
|
Gross profit
|
331
|
|
|
4
|
|
|
335
|
|
Selling, general and administrative expenses
|
(124
|
)
|
|
9
|
|
|
(115
|
)
|
Amortization of intangible assets
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
Research and development expenses
|
(26
|
)
|
|
1
|
|
|
(25
|
)
|
Other (charges) gains, net
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Foreign exchange gain (loss), net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
—
|
|
|
—
|
|
|
—
|
|
Operating profit (loss)
|
164
|
|
|
14
|
|
|
178
|
|
Equity in net earnings (loss) of affiliates
|
62
|
|
|
—
|
|
|
62
|
|
Interest expense
|
(45
|
)
|
|
—
|
|
|
(45
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
Dividend income - cost investments
|
84
|
|
|
—
|
|
|
84
|
|
Other income (expense), net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Earnings (loss) from continuing operations before tax
|
264
|
|
|
14
|
|
|
278
|
|
Income tax (provision) benefit
|
(54
|
)
|
|
(3
|
)
|
|
(57
|
)
|
Earnings (loss) from continuing operations
|
210
|
|
|
11
|
|
|
221
|
|
Earnings (loss) from operation of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Earnings (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss)
|
210
|
|
|
11
|
|
|
221
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
210
|
|
|
11
|
|
|
221
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
210
|
|
|
11
|
|
|
221
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
210
|
|
|
11
|
|
|
221
|
|
Earnings (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss)
|
210
|
|
|
11
|
|
|
221
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.33
|
|
|
0.07
|
|
|
1.40
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) - basic
|
1.33
|
|
|
0.07
|
|
|
1.40
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.31
|
|
|
0.07
|
|
|
1.38
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) - diluted
|
1.31
|
|
|
0.07
|
|
|
1.38
|
|
Weighted average shares - basic
|
158,163,378
|
|
|
—
|
|
|
158,163,378
|
|
Weighted average shares - diluted
|
159,778,255
|
|
|
—
|
|
|
159,778,255
|
|
|
Three Months Ended March 31, 2012
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,633
|
|
|
—
|
|
|
1,633
|
|
Cost of sales
|
(1,363
|
)
|
|
4
|
|
|
(1,359
|
)
|
Gross profit
|
270
|
|
|
4
|
|
|
274
|
|
Selling, general and administrative expenses
|
(134
|
)
|
|
8
|
|
|
(126
|
)
|
Amortization of intangible assets
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
Research and development expenses
|
(26
|
)
|
|
1
|
|
|
(25
|
)
|
Other (charges) gains, net
|
—
|
|
|
—
|
|
|
—
|
|
Foreign exchange gain (loss), net
|
1
|
|
|
—
|
|
|
1
|
|
Gain (loss) on disposition of businesses and assets, net
|
—
|
|
|
—
|
|
|
—
|
|
Operating profit (loss)
|
98
|
|
|
13
|
|
|
111
|
|
Equity in net earnings (loss) of affiliates
|
51
|
|
|
—
|
|
|
51
|
|
Interest expense
|
(45
|
)
|
|
—
|
|
|
(45
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
1
|
|
|
—
|
|
|
1
|
|
Dividend income - cost investments
|
—
|
|
|
—
|
|
|
—
|
|
Other income (expense), net
|
2
|
|
|
—
|
|
|
2
|
|
Earnings (loss) from continuing operations before tax
|
107
|
|
|
13
|
|
|
120
|
|
Income tax (provision) benefit
|
76
|
|
|
(3
|
)
|
|
73
|
|
Earnings (loss) from continuing operations
|
183
|
|
|
10
|
|
|
193
|
|
Earnings (loss) from operation of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Earnings (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss)
|
183
|
|
|
10
|
|
|
193
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
183
|
|
|
10
|
|
|
193
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
183
|
|
|
10
|
|
|
193
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
183
|
|
|
10
|
|
|
193
|
|
Earnings (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss)
|
183
|
|
|
10
|
|
|
193
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.17
|
|
|
0.06
|
|
|
1.23
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) - basic
|
1.17
|
|
|
0.06
|
|
|
1.23
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.15
|
|
|
0.06
|
|
|
1.21
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) - diluted
|
1.15
|
|
|
0.06
|
|
|
1.21
|
|
Weighted average shares - basic
|
156,576,896
|
|
|
—
|
|
|
156,576,896
|
|
Weighted average shares - diluted
|
159,115,232
|
|
|
—
|
|
|
159,115,232
|
|
|
Three Months Ended December 31, 2011
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,614
|
|
|
—
|
|
|
1,614
|
|
Cost of sales
|
(1,342
|
)
|
|
(23
|
)
|
|
(1,365
|
)
|
Gross profit
|
272
|
|
|
(23
|
)
|
|
249
|
|
Selling, general and administrative expenses
|
(128
|
)
|
|
(275
|
)
|
|
(403
|
)
|
Amortization of intangible assets
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
Research and development expenses
|
(24
|
)
|
|
(4
|
)
|
|
(28
|
)
|
Other (charges) gains, net
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
Foreign exchange gain (loss), net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Operating profit (loss)
|
97
|
|
|
(302
|
)
|
|
(205
|
)
|
Equity in net earnings (loss) of affiliates
|
46
|
|
|
—
|
|
|
46
|
|
Interest expense
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
1
|
|
|
—
|
|
|
1
|
|
Dividend income - cost investments
|
—
|
|
|
—
|
|
|
—
|
|
Other income (expense), net
|
5
|
|
|
—
|
|
|
5
|
|
Earnings (loss) from continuing operations before tax
|
94
|
|
|
(302
|
)
|
|
(208
|
)
|
Income tax (provision) benefit
|
2
|
|
|
112
|
|
|
114
|
|
Earnings (loss) from continuing operations
|
96
|
|
|
(190
|
)
|
|
(94
|
)
|
Earnings (loss) from operation of discontinued operations
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Earnings (loss) from discontinued operations
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Net earnings (loss)
|
95
|
|
|
(190
|
)
|
|
(95
|
)
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
95
|
|
|
(190
|
)
|
|
(95
|
)
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
95
|
|
|
(190
|
)
|
|
(95
|
)
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
||
Earnings (loss) from continuing operations
|
96
|
|
|
(190
|
)
|
|
(94
|
)
|
Earnings (loss) from discontinued operations
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Net earnings (loss)
|
95
|
|
|
(190
|
)
|
|
(95
|
)
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.62
|
|
|
(1.22
|
)
|
|
(0.60
|
)
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - basic
|
0.61
|
|
|
(1.22
|
)
|
|
(0.61
|
)
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.61
|
|
|
(1.21
|
)
|
|
(0.60
|
)
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - diluted
|
0.60
|
|
|
(1.21
|
)
|
|
(0.61
|
)
|
Weighted average shares - basic
|
156,401,899
|
|
|
—
|
|
|
156,401,899
|
|
Weighted average shares - diluted
|
158,923,443
|
|
|
(2,521,544
|
)
|
|
156,401,899
|
|
|
Three Months Ended September 30, 2011
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,807
|
|
|
—
|
|
|
1,807
|
|
Cost of sales
|
(1,406
|
)
|
|
2
|
|
|
(1,404
|
)
|
Gross profit
|
401
|
|
|
2
|
|
|
403
|
|
Selling, general and administrative expenses
|
(140
|
)
|
|
2
|
|
|
(138
|
)
|
Amortization of intangible assets
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
Research and development expenses
|
(24
|
)
|
|
1
|
|
|
(23
|
)
|
Other (charges) gains, net
|
(24
|
)
|
|
—
|
|
|
(24
|
)
|
Foreign exchange gain (loss), net
|
1
|
|
|
—
|
|
|
1
|
|
Gain (loss) on disposition of businesses and assets, net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Operating profit (loss)
|
196
|
|
|
5
|
|
|
201
|
|
Equity in net earnings (loss) of affiliates
|
57
|
|
|
—
|
|
|
57
|
|
Interest expense
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
1
|
|
|
—
|
|
|
1
|
|
Dividend income - cost investments
|
1
|
|
|
—
|
|
|
1
|
|
Other income (expense), net
|
—
|
|
|
—
|
|
|
—
|
|
Earnings (loss) from continuing operations before tax
|
201
|
|
|
5
|
|
|
206
|
|
Income tax (provision) benefit
|
(34
|
)
|
|
(1
|
)
|
|
(35
|
)
|
Earnings (loss) from continuing operations
|
167
|
|
|
4
|
|
|
171
|
|
Earnings (loss) from operation of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Earnings (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss)
|
167
|
|
|
4
|
|
|
171
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
167
|
|
|
4
|
|
|
171
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
167
|
|
|
4
|
|
|
171
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
167
|
|
|
4
|
|
|
171
|
|
Earnings (loss) from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss)
|
167
|
|
|
4
|
|
|
171
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.07
|
|
|
0.02
|
|
|
1.09
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) - basic
|
1.07
|
|
|
0.02
|
|
|
1.09
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.05
|
|
|
0.03
|
|
|
1.08
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) - diluted
|
1.05
|
|
|
0.03
|
|
|
1.08
|
|
Weighted average shares - basic
|
156,217,032
|
|
|
—
|
|
|
156,217,032
|
|
Weighted average shares - diluted
|
159,041,412
|
|
|
—
|
|
|
159,041,412
|
|
|
Three Months Ended June 30, 2011
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,753
|
|
|
—
|
|
|
1,753
|
|
Cost of sales
|
(1,343
|
)
|
|
1
|
|
|
(1,342
|
)
|
Gross profit
|
410
|
|
|
1
|
|
|
411
|
|
Selling, general and administrative expenses
|
(140
|
)
|
|
2
|
|
|
(138
|
)
|
Amortization of intangible assets
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
Research and development expenses
|
(25
|
)
|
|
1
|
|
|
(24
|
)
|
Other (charges) gains, net
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
Foreign exchange gain (loss), net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Gain (loss) on disposition of businesses and assets, net
|
—
|
|
|
—
|
|
|
—
|
|
Operating profit (loss)
|
209
|
|
|
4
|
|
|
213
|
|
Equity in net earnings (loss) of affiliates
|
46
|
|
|
—
|
|
|
46
|
|
Interest expense
|
(57
|
)
|
|
—
|
|
|
(57
|
)
|
Refinancing expense
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
Dividend income - cost investments
|
79
|
|
|
—
|
|
|
79
|
|
Other income (expense), net
|
6
|
|
|
—
|
|
|
6
|
|
Earnings (loss) from continuing operations before tax
|
280
|
|
|
4
|
|
|
284
|
|
Income tax (provision) benefit
|
(75
|
)
|
|
(1
|
)
|
|
(76
|
)
|
Earnings (loss) from continuing operations
|
205
|
|
|
3
|
|
|
208
|
|
Earnings (loss) from operation of discontinued operations
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
1
|
|
|
—
|
|
|
1
|
|
Earnings (loss) from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
203
|
|
|
3
|
|
|
206
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
203
|
|
|
3
|
|
|
206
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
203
|
|
|
3
|
|
|
206
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
205
|
|
|
3
|
|
|
208
|
|
Earnings (loss) from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Net earnings (loss)
|
203
|
|
|
3
|
|
|
206
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.31
|
|
|
0.02
|
|
|
1.33
|
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - basic
|
1.30
|
|
|
0.02
|
|
|
1.32
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
1.29
|
|
|
0.01
|
|
|
1.30
|
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
Net earnings (loss) - diluted
|
1.28
|
|
|
0.01
|
|
|
1.29
|
|
Weighted average shares - basic
|
156,301,518
|
|
|
—
|
|
|
156,301,518
|
|
Weighted average shares - diluted
|
159,230,197
|
|
|
—
|
|
|
159,230,197
|
|
|
Three Months Ended March 31, 2011
|
|||||||
|
As Previously Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions, except share and per share data)
|
|||||||
Net sales
|
1,589
|
|
|
—
|
|
|
1,589
|
|
Cost of sales
|
(1,238
|
)
|
|
3
|
|
|
(1,235
|
)
|
Gross profit
|
351
|
|
|
3
|
|
|
354
|
|
Selling, general and administrative expenses
|
(128
|
)
|
|
2
|
|
|
(126
|
)
|
Amortization of intangible assets
|
(16
|
)
|
|
—
|
|
|
(16
|
)
|
Research and development expenses
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
Other (charges) gains, net
|
3
|
|
|
—
|
|
|
3
|
|
Foreign exchange gain (loss), net
|
1
|
|
|
—
|
|
|
1
|
|
Gain (loss) on disposition of businesses and assets, net
|
—
|
|
|
—
|
|
|
—
|
|
Operating profit (loss)
|
188
|
|
|
5
|
|
|
193
|
|
Equity in net earnings (loss) of affiliates
|
43
|
|
|
—
|
|
|
43
|
|
Interest expense
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
1
|
|
|
—
|
|
|
1
|
|
Dividend income - cost investments
|
—
|
|
|
—
|
|
|
—
|
|
Other income (expense), net
|
3
|
|
|
—
|
|
|
3
|
|
Earnings (loss) from continuing operations before tax
|
180
|
|
|
5
|
|
|
185
|
|
Income tax (provision) benefit
|
(42
|
)
|
|
(2
|
)
|
|
(44
|
)
|
Earnings (loss) from continuing operations
|
138
|
|
|
3
|
|
|
141
|
|
Earnings (loss) from operation of discontinued operations
|
6
|
|
|
—
|
|
|
6
|
|
Gain (loss) on disposition of discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Income tax (provision) benefit from discontinued operations
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Earnings (loss) from discontinued operations
|
4
|
|
|
—
|
|
|
4
|
|
Net earnings (loss)
|
142
|
|
|
3
|
|
|
145
|
|
Net (earnings) loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) attributable to Celanese Corporation
|
142
|
|
|
3
|
|
|
145
|
|
Cumulative preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
Net earnings (loss) available to common stockholders
|
142
|
|
|
3
|
|
|
145
|
|
Amounts attributable to Celanese Corporation
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
138
|
|
|
3
|
|
|
141
|
|
Earnings (loss) from discontinued operations
|
4
|
|
|
—
|
|
|
4
|
|
Net earnings (loss)
|
142
|
|
|
3
|
|
|
145
|
|
Earnings (loss) per common share - basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.88
|
|
|
0.02
|
|
|
0.90
|
|
Discontinued operations
|
0.03
|
|
|
—
|
|
|
0.03
|
|
Net earnings (loss) - basic
|
0.91
|
|
|
0.02
|
|
|
0.93
|
|
Earnings (loss) per common share - diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
0.87
|
|
|
0.01
|
|
|
0.88
|
|
Discontinued operations
|
0.03
|
|
|
—
|
|
|
0.03
|
|
Net earnings (loss) - diluted
|
0.90
|
|
|
0.01
|
|
|
0.91
|
|
Weighted average shares - basic
|
155,981,137
|
|
|
—
|
|
|
155,981,137
|
|
Weighted average shares - diluted
|
158,681,565
|
|
|
—
|
|
|
158,681,565
|
|
•
|
Adjusted EBIT is defined by the company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense and taxes, and further adjusted for other charges and other adjustments. We believe that adjusted EBIT is more reflective of our operations as it provides transparency to investors and enhances period-to-period comparability of our operations and financial performance. Our management believes adjusted EBIT is an important measure of our operating performance because it allows management, investors and analysts to evaluate and assess our core operating results from period to period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for its planning and budgeting process to monitor and evaluate financial and operating results and for the company's incentive compensation plan. We may provide guidance on adjusted EBIT and are unable to reconcile forecasted adjusted EBIT to a U.S. GAAP financial measure because a forecast of other charges and other adjustments is not practical. Adjusted EBIT by business segment may also be referred to by management as segment income.
|
•
|
Operating EBITDA is defined by the company as net earnings (loss) less interest income plus loss (earnings) from discontinued operations, interest expense, taxes, and depreciation and amortization, and further adjusted for other charges and other adjustments. We believe that operating EBITDA is more reflective of our operations as it provides transparency to investors and enhances period-to-period comparability of our operations and financial performance. Our management believes operating EBITDA is an important measure of our operating performance because it allows management, investors and analysts to evaluate and assess our core operating results from period to period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that operating EBITDA has inherent limitations because of the excluded items. Operating EBITDA is one of the measures management uses for its planning and budgeting process to monitor and evaluate financial and operating results and for the company's incentive compensation plan. We may provide guidance on operating EBITDA and are unable to reconcile forecasted operating EBITDA to a U.S. GAAP financial measure because a forecast of other charges and other adjustments is not practical.
|
•
|
Adjusted earnings per share is a measure used by management to measure performance. It is defined by the company as earnings (loss) from continuing operations, adjusted for other charges and other adjustments, and divided by the number of basic common shares, convertible preferred shares and dilutive restricted stock units and stock options calculated using the treasury method. We may provide guidance on an adjusted earnings per share basis and are unable to reconcile forecasted adjusted earnings per share to a U.S. GAAP financial measure without unreasonable effort because a forecast of other charges and other adjustments is not practical. We believe that the presentation of this non-U.S. GAAP measure provides useful information to management and investors regarding various financial and business trends relating to our financial condition and results of operations, and that when U.S. GAAP information is viewed in conjunction with non-U.S. GAAP information, investors are provided with a more meaningful understanding of our ongoing operating performance. Note: The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities, where applicable, and specifically excludes changes in uncertain tax positions, discrete items and other material items adjusted out of our U.S. GAAP earnings for adjusted earnings per share purposes, and changes in management's assessments regarding the ability to realize deferred tax assets. We analyze this rate quarterly and adjust if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the tax rate used for U.S. GAAP reporting in any given reporting period. It is not practical to reconcile our prospective adjusted tax rate to the actual U.S. GAAP tax rate in any given future period.
|
|
Year Ended December 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
605
|
|
|
(233
|
)
|
|
372
|
|
(Earnings) loss from discontinued operations
|
4
|
|
|
—
|
|
|
4
|
|
Interest income
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Interest expense
|
185
|
|
|
—
|
|
|
185
|
|
Refinancing expense
|
3
|
|
|
—
|
|
|
3
|
|
Income tax provision (benefit)
|
48
|
|
|
(103
|
)
|
|
(55
|
)
|
Other charges (gains), net
(1)
|
14
|
|
|
—
|
|
|
14
|
|
Other adjustments
(1)
|
52
|
|
|
389
|
|
|
441
|
|
Adjusted EBIT
|
909
|
|
|
53
|
|
|
962
|
|
Depreciation and amortization expense
(2)
|
300
|
|
|
—
|
|
|
300
|
|
Operating EBITDA
|
1,209
|
|
|
53
|
|
|
1,262
|
|
|
Year Ended December 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
6
|
|
|
—
|
|
|
6
|
|
Industrial Specialties
|
2
|
|
|
—
|
|
|
2
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
8
|
|
|
—
|
|
|
8
|
|
Depreciation and amortization expense
(2)
|
300
|
|
|
—
|
|
|
300
|
|
Total depreciation and amortization expense
|
308
|
|
|
—
|
|
|
308
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Year Ended December 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
86
|
|
|
9
|
|
|
95
|
|
Consumer Specialties
|
244
|
|
|
7
|
|
|
251
|
|
Industrial Specialties
|
82
|
|
|
4
|
|
|
86
|
|
Acetyl Intermediates
|
263
|
|
|
6
|
|
|
269
|
|
Other Activities
(1)
|
(164
|
)
|
|
(362
|
)
|
|
(526
|
)
|
Total
|
511
|
|
|
(336
|
)
|
|
175
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
190
|
|
|
—
|
|
|
190
|
|
Consumer Specialties
|
90
|
|
|
—
|
|
|
90
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
13
|
|
|
—
|
|
|
13
|
|
Other Activities
(1)
|
39
|
|
|
—
|
|
|
39
|
|
Total
|
332
|
|
|
—
|
|
|
332
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
16
|
|
|
—
|
|
|
16
|
|
Consumer Specialties
|
34
|
|
|
—
|
|
|
34
|
|
Industrial Specialties
|
2
|
|
|
—
|
|
|
2
|
|
Acetyl Intermediates
|
5
|
|
|
—
|
|
|
5
|
|
Other Activities
(1)
|
9
|
|
|
389
|
|
|
398
|
|
Total
|
66
|
|
|
389
|
|
|
455
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
292
|
|
|
9
|
|
|
301
|
|
Consumer Specialties
|
368
|
|
|
7
|
|
|
375
|
|
Industrial Specialties
|
84
|
|
|
4
|
|
|
88
|
|
Acetyl Intermediates
|
281
|
|
|
6
|
|
|
287
|
|
Other Activities
(1)
|
(116
|
)
|
|
27
|
|
|
(89
|
)
|
Total
|
909
|
|
|
53
|
|
|
962
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
113
|
|
|
—
|
|
|
113
|
|
Consumer Specialties
|
39
|
|
|
—
|
|
|
39
|
|
Industrial Specialties
|
53
|
|
|
—
|
|
|
53
|
|
Acetyl Intermediates
|
80
|
|
|
—
|
|
|
80
|
|
Other Activities
(1)
|
15
|
|
|
—
|
|
|
15
|
|
Total
|
300
|
|
|
—
|
|
|
300
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
405
|
|
|
9
|
|
|
414
|
|
Consumer Specialties
|
407
|
|
|
7
|
|
|
414
|
|
Industrial Specialties
|
137
|
|
|
4
|
|
|
141
|
|
Acetyl Intermediates
|
361
|
|
|
6
|
|
|
367
|
|
Other Activities
(1)
|
(101
|
)
|
|
27
|
|
|
(74
|
)
|
Total
|
1,209
|
|
|
53
|
|
|
1,262
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Year Ended December 31, 2012
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
609
|
|
|
3.81
|
|
|
(233
|
)
|
|
(1.46
|
)
|
|
376
|
|
|
2.35
|
|
Deduct: Income tax (provision) benefit
|
(48
|
)
|
|
|
|
103
|
|
|
|
|
55
|
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
657
|
|
|
|
|
(336
|
)
|
|
|
|
321
|
|
|
|
|||
Other charges and other adjustments
(1)
|
66
|
|
|
|
|
389
|
|
|
|
|
455
|
|
|
|
|||
Refinancing and related expenses
|
8
|
|
|
|
|
—
|
|
|
|
|
8
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
731
|
|
|
|
|
53
|
|
|
|
|
784
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(124
|
)
|
|
|
|
(9
|
)
|
|
|
|
(133
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(3)
|
607
|
|
|
3.80
|
|
|
44
|
|
|
0.27
|
|
|
651
|
|
|
4.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(4)
|
||||||||||||||||
Weighted average shares outstanding
|
158.3
|
|
|
|
|
—
|
|
|
|
|
158.3
|
|
|
|
|||
Dilutive stock options
|
0.9
|
|
|
|
|
—
|
|
|
|
|
0.9
|
|
|
|
|||
Dilutive restricted stock units
|
0.6
|
|
|
|
|
—
|
|
|
|
|
0.6
|
|
|
|
|||
Total diluted shares
|
159.8
|
|
|
|
|
—
|
|
|
|
|
159.8
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate is 17% for the year ended December 31, 2012.
|
(3)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of 13.1% vs. expected plan asset returns of 8.06%.
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Year Ended
December 31, 2012
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
6
|
|
|
|
Kelsterbach plant relocation
|
7
|
|
|
|
Plumbing actions
|
(5
|
)
|
|
|
Asset impairments
|
8
|
|
|
|
Commercial disputes
|
(2
|
)
|
|
|
Total
|
14
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Year Ended
December 31, 2012
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
9
|
|
|
SG&A
|
Kelsterbach plant relocation
|
14
|
|
|
Cost of sales
|
Plant closures
|
21
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
1
|
|
|
(Gain) loss on disposition
|
Acetate production interruption costs
|
10
|
|
|
Cost of sales
|
InfraServ Hoechst debt restructuring
|
(22
|
)
|
|
Equity in net (earnings) loss of affiliates
|
Actuarial (gain) loss on pension and postretirement plans
|
389
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
19
|
|
|
Various
|
Total
|
441
|
|
|
|
Total other charges and other adjustments
|
455
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Year Ended December 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
607
|
|
|
(180
|
)
|
|
427
|
|
(Earnings) loss from discontinued operations
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Interest income
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Interest expense
|
221
|
|
|
—
|
|
|
221
|
|
Refinancing expense
|
3
|
|
|
—
|
|
|
3
|
|
Income tax provision (benefit)
|
149
|
|
|
(108
|
)
|
|
41
|
|
Other charges (gains), net
(1)
|
48
|
|
|
—
|
|
|
48
|
|
Other adjustments
(1)
|
51
|
|
|
306
|
|
|
357
|
|
Adjusted EBIT
|
1,075
|
|
|
18
|
|
|
1,093
|
|
Depreciation and amortization expense
(2)
|
287
|
|
|
—
|
|
|
287
|
|
Operating EBITDA
|
1,362
|
|
|
18
|
|
|
1,380
|
|
|
Year Ended December 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
3
|
|
|
—
|
|
|
3
|
|
Consumer Specialties
|
8
|
|
|
—
|
|
|
8
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
11
|
|
|
—
|
|
|
11
|
|
Depreciation and amortization expense
(2)
|
287
|
|
|
—
|
|
|
287
|
|
Total depreciation and amortization expense
|
298
|
|
|
—
|
|
|
298
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Year Ended December 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
76
|
|
|
3
|
|
|
79
|
|
Consumer Specialties
|
227
|
|
|
2
|
|
|
229
|
|
Industrial Specialties
|
100
|
|
|
2
|
|
|
102
|
|
Acetyl Intermediates
|
459
|
|
|
(1
|
)
|
|
458
|
|
Other Activities
(1)
|
(172
|
)
|
|
(294
|
)
|
|
(466
|
)
|
Total
|
690
|
|
|
(288
|
)
|
|
402
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
163
|
|
|
—
|
|
|
163
|
|
Consumer Specialties
|
80
|
|
|
—
|
|
|
80
|
|
Industrial Specialties
|
2
|
|
|
—
|
|
|
2
|
|
Acetyl Intermediates
|
10
|
|
|
—
|
|
|
10
|
|
Other Activities
(1)
|
31
|
|
|
—
|
|
|
31
|
|
Total
|
286
|
|
|
—
|
|
|
286
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
60
|
|
|
—
|
|
|
60
|
|
Consumer Specialties
|
23
|
|
|
—
|
|
|
23
|
|
Industrial Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Acetyl Intermediates
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Other Activities
(1)
|
18
|
|
|
306
|
|
|
324
|
|
Total
|
99
|
|
|
306
|
|
|
405
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
299
|
|
|
3
|
|
|
302
|
|
Consumer Specialties
|
330
|
|
|
2
|
|
|
332
|
|
Industrial Specialties
|
103
|
|
|
2
|
|
|
105
|
|
Acetyl Intermediates
|
466
|
|
|
(1
|
)
|
|
465
|
|
Other Activities
(1)
|
(123
|
)
|
|
12
|
|
|
(111
|
)
|
Total
|
1,075
|
|
|
18
|
|
|
1,093
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
97
|
|
|
—
|
|
|
97
|
|
Consumer Specialties
|
36
|
|
|
—
|
|
|
36
|
|
Industrial Specialties
|
45
|
|
|
—
|
|
|
45
|
|
Acetyl Intermediates
|
96
|
|
|
—
|
|
|
96
|
|
Other Activities
(1)
|
13
|
|
|
—
|
|
|
13
|
|
Total
|
287
|
|
|
—
|
|
|
287
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
396
|
|
|
3
|
|
|
399
|
|
Consumer Specialties
|
366
|
|
|
2
|
|
|
368
|
|
Industrial Specialties
|
148
|
|
|
2
|
|
|
150
|
|
Acetyl Intermediates
|
562
|
|
|
(1
|
)
|
|
561
|
|
Other Activities
(1)
|
(110
|
)
|
|
12
|
|
|
(98
|
)
|
Total
|
1,362
|
|
|
18
|
|
|
1,380
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Year Ended December 31, 2011
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
606
|
|
|
3.81
|
|
|
(180
|
)
|
|
(1.13
|
)
|
|
426
|
|
|
2.68
|
|
Deduct: Income tax (provision) benefit
|
(149
|
)
|
|
|
|
108
|
|
|
|
|
(41
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
755
|
|
|
|
|
(288
|
)
|
|
|
|
467
|
|
|
|
|||
Other charges and other adjustments
(1)
|
99
|
|
|
|
|
306
|
|
|
|
|
405
|
|
|
|
|||
Refinancing and related expenses
|
3
|
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
857
|
|
|
|
|
18
|
|
|
|
|
875
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(146
|
)
|
|
|
|
(12
|
)
|
|
|
|
(158
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(3)
|
711
|
|
|
4.47
|
|
|
6
|
|
|
0.04
|
|
|
717
|
|
|
4.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(4)
|
||||||||||||||||
Weighted average shares outstanding
|
156.2
|
|
|
|
|
—
|
|
|
|
|
156.2
|
|
|
|
|||
Dilutive stock options
|
1.9
|
|
|
|
|
—
|
|
|
|
|
1.9
|
|
|
|
|||
Dilutive restricted stock units
|
0.8
|
|
|
|
|
—
|
|
|
|
|
0.8
|
|
|
|
|||
Total diluted shares
|
158.9
|
|
|
|
|
—
|
|
|
|
|
158.9
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate for the year ended December 31, 2011 is 17% As previously reported and 18% As adjusted.
|
(3)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of 7.6% vs. expected plan asset returns of 8.06%.
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Year Ended
December 31, 2011
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
22
|
|
|
|
Kelsterbach plant relocation
|
47
|
|
|
|
Plumbing actions
|
(6
|
)
|
|
|
Asset impairments
|
1
|
|
|
|
Commercial disputes
|
(15
|
)
|
|
|
Other
|
(1
|
)
|
|
|
Total
|
48
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Year Ended
December 31, 2011
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
8
|
|
|
SG&A
|
Kelsterbach plant relocation
|
8
|
|
|
Cost of sales
|
Plant closures
|
18
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
(1
|
)
|
|
(Gain) loss on disposition
|
Write-off of other productive assets
|
(1
|
)
|
|
Cost of sales
|
Commercial disputes
|
8
|
|
|
Cost of sales / SG&A
|
Actuarial (gain) loss on pension and postretirement plans
|
306
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
11
|
|
|
Cost of sales
|
Total
|
357
|
|
|
|
Total other charges and other adjustments
|
405
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Year Ended December 31, 2010
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
377
|
|
|
(65
|
)
|
|
312
|
|
(Earnings) loss from discontinued operations
|
49
|
|
|
—
|
|
|
49
|
|
Interest income
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
Interest expense
|
204
|
|
|
—
|
|
|
204
|
|
Refinancing expense
|
16
|
|
|
—
|
|
|
16
|
|
Income tax provision (benefit)
|
112
|
|
|
(40
|
)
|
|
72
|
|
Other charges (gains), net
(1)
|
46
|
|
|
—
|
|
|
46
|
|
Other adjustments
(1)
|
67
|
|
|
84
|
|
|
151
|
|
Adjusted EBIT
|
864
|
|
|
(21
|
)
|
|
843
|
|
Depreciation and amortization expense
(2)
|
258
|
|
|
—
|
|
|
258
|
|
Operating EBITDA
|
1,122
|
|
|
(21
|
)
|
|
1,101
|
|
|
Year Ended December 31, 2010
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
4
|
|
|
—
|
|
|
4
|
|
Consumer Specialties
|
5
|
|
|
—
|
|
|
5
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
20
|
|
|
—
|
|
|
20
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
29
|
|
|
—
|
|
|
29
|
|
Depreciation and amortization expense
(2)
|
258
|
|
|
—
|
|
|
258
|
|
Total depreciation and amortization expense
|
287
|
|
|
—
|
|
|
287
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Year Ended December 31, 2010
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
186
|
|
|
(4
|
)
|
|
182
|
|
Consumer Specialties
|
164
|
|
|
(1
|
)
|
|
163
|
|
Industrial Specialties
|
89
|
|
|
—
|
|
|
89
|
|
Acetyl Intermediates
|
243
|
|
|
(6
|
)
|
|
237
|
|
Other Activities
(1)
|
(179
|
)
|
|
(94
|
)
|
|
(273
|
)
|
Total
|
503
|
|
|
(105
|
)
|
|
398
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
143
|
|
|
—
|
|
|
143
|
|
Consumer Specialties
|
73
|
|
|
—
|
|
|
73
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
9
|
|
|
—
|
|
|
9
|
|
Other Activities
(1)
|
23
|
|
|
—
|
|
|
23
|
|
Total
|
248
|
|
|
—
|
|
|
248
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
(38
|
)
|
|
—
|
|
|
(38
|
)
|
Consumer Specialties
|
97
|
|
|
—
|
|
|
97
|
|
Industrial Specialties
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
Acetyl Intermediates
|
62
|
|
|
—
|
|
|
62
|
|
Other Activities
(1)
|
11
|
|
|
84
|
|
|
95
|
|
Total
|
113
|
|
|
84
|
|
|
197
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
291
|
|
|
(4
|
)
|
|
287
|
|
Consumer Specialties
|
334
|
|
|
(1
|
)
|
|
333
|
|
Industrial Specialties
|
70
|
|
|
—
|
|
|
70
|
|
Acetyl Intermediates
|
314
|
|
|
(6
|
)
|
|
308
|
|
Other Activities
(1)
|
(145
|
)
|
|
(10
|
)
|
|
(155
|
)
|
Total
|
864
|
|
|
(21
|
)
|
|
843
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
72
|
|
|
—
|
|
|
72
|
|
Consumer Specialties
|
37
|
|
|
—
|
|
|
37
|
|
Industrial Specialties
|
41
|
|
|
—
|
|
|
41
|
|
Acetyl Intermediates
|
97
|
|
|
—
|
|
|
97
|
|
Other Activities
(1)
|
11
|
|
|
—
|
|
|
11
|
|
Total
|
258
|
|
|
—
|
|
|
258
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
363
|
|
|
(4
|
)
|
|
359
|
|
Consumer Specialties
|
371
|
|
|
(1
|
)
|
|
370
|
|
Industrial Specialties
|
111
|
|
|
—
|
|
|
111
|
|
Acetyl Intermediates
|
411
|
|
|
(6
|
)
|
|
405
|
|
Other Activities
(1)
|
(134
|
)
|
|
(10
|
)
|
|
(144
|
)
|
Total
|
1,122
|
|
|
(21
|
)
|
|
1,101
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Year Ended December 31, 2010
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
426
|
|
|
2.69
|
|
|
(65
|
)
|
|
(0.41
|
)
|
|
361
|
|
|
2.28
|
|
Deduct: Income tax (provision) benefit
|
(112
|
)
|
|
|
|
40
|
|
|
|
|
(72
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
538
|
|
|
|
|
(105
|
)
|
|
|
|
433
|
|
|
|
|||
Other charges and other adjustments
(1)
|
113
|
|
|
|
|
84
|
|
|
|
|
197
|
|
|
|
|||
Refinancing and related expenses
|
16
|
|
|
|
|
—
|
|
|
|
|
16
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
667
|
|
|
|
|
(21
|
)
|
|
|
|
646
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(133
|
)
|
|
|
|
(3
|
)
|
|
|
|
(136
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(3)
|
534
|
|
|
3.37
|
|
|
(24
|
)
|
|
(0.15
|
)
|
|
510
|
|
|
3.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(4)
|
||||||||||||||||
Weighted average shares outstanding
|
154.6
|
|
|
|
|
—
|
|
|
|
|
154.6
|
|
|
|
|||
Assumed conversion of preferred stock
|
1.6
|
|
|
|
|
—
|
|
|
|
|
1.6
|
|
|
|
|||
Dilutive stock options
|
1.8
|
|
|
|
|
—
|
|
|
|
|
1.8
|
|
|
|
|||
Dilutive restricted stock units
|
0.4
|
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
|||
Total diluted shares
|
158.4
|
|
|
|
|
—
|
|
|
|
|
158.4
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate for the year ended December 31, 2010 is 20% As previously reported and 21% As adjusted.
|
(3)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of 15.1% vs. expected plan asset returns of 8.06%.
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Year Ended
December 31, 2010
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
32
|
|
|
|
Kelsterbach plant relocation
|
26
|
|
|
|
Plumbing actions
|
(59
|
)
|
|
|
Insurance recoveries
|
(18
|
)
|
|
|
Asset impairments
|
74
|
|
|
|
Plant/office closures
|
4
|
|
|
|
Commercial disputes
|
(13
|
)
|
|
|
Total
|
46
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Year Ended
December 31, 2010
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
16
|
|
|
Cost of sales / SG&A
|
Kelsterbach plant relocation
|
(13
|
)
|
|
Cost of sales
|
Plant closures
|
17
|
|
|
Cost of sales / SG&A
|
Contract termination
|
22
|
|
|
Cost of sales
|
(Gain) loss on disposition of assets
|
(10
|
)
|
|
(Gain) loss on disposition
|
Write-off of other productive assets
|
18
|
|
|
Cost of sales
|
Actuarial (gain) loss on pension and postretirement plans
|
84
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
17
|
|
|
Various
|
Total
|
151
|
|
|
|
Total other charges and other adjustments
|
197
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Year Ended December 31, 2009
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
498
|
|
|
(95
|
)
|
|
403
|
|
(Earnings) loss from discontinued operations
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
Interest income
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
Interest expense
|
207
|
|
|
—
|
|
|
207
|
|
Income tax provision (benefit)
|
(243
|
)
|
|
(51
|
)
|
|
(294
|
)
|
Other charges (gains), net
(1)
|
136
|
|
|
—
|
|
|
136
|
|
Other adjustments
(1)
|
(19
|
)
|
|
104
|
|
|
85
|
|
Adjusted EBIT
|
567
|
|
|
(42
|
)
|
|
525
|
|
Depreciation and amortization expense
(2)
|
290
|
|
|
—
|
|
|
290
|
|
Operating EBITDA
|
857
|
|
|
(42
|
)
|
|
815
|
|
|
Year Ended December 31, 2009
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
1
|
|
|
—
|
|
|
1
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
5
|
|
|
—
|
|
|
5
|
|
Acetyl Intermediates
|
12
|
|
|
—
|
|
|
12
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
18
|
|
|
—
|
|
|
18
|
|
Depreciation and amortization expense
(2)
|
290
|
|
|
—
|
|
|
290
|
|
Total depreciation and amortization expense
|
308
|
|
|
—
|
|
|
308
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Year Ended December 31, 2009
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
38
|
|
|
(2
|
)
|
|
36
|
|
Consumer Specialties
|
231
|
|
|
(1
|
)
|
|
230
|
|
Industrial Specialties
|
89
|
|
|
—
|
|
|
89
|
|
Acetyl Intermediates
|
92
|
|
|
(4
|
)
|
|
88
|
|
Other Activities
(1)
|
(160
|
)
|
|
(139
|
)
|
|
(299
|
)
|
Total
|
290
|
|
|
(146
|
)
|
|
144
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
76
|
|
|
—
|
|
|
76
|
|
Consumer Specialties
|
57
|
|
|
—
|
|
|
57
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
9
|
|
|
—
|
|
|
9
|
|
Other Activities
(1)
|
18
|
|
|
—
|
|
|
18
|
|
Total
|
160
|
|
|
—
|
|
|
160
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
10
|
|
|
—
|
|
|
10
|
|
Industrial Specialties
|
(26
|
)
|
|
—
|
|
|
(26
|
)
|
Acetyl Intermediates
|
103
|
|
|
—
|
|
|
103
|
|
Other Activities
(1)
|
30
|
|
|
104
|
|
|
134
|
|
Total
|
117
|
|
|
104
|
|
|
221
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
114
|
|
|
(2
|
)
|
|
112
|
|
Consumer Specialties
|
298
|
|
|
(1
|
)
|
|
297
|
|
Industrial Specialties
|
63
|
|
|
—
|
|
|
63
|
|
Acetyl Intermediates
|
204
|
|
|
(4
|
)
|
|
200
|
|
Other Activities
(1)
|
(112
|
)
|
|
(35
|
)
|
|
(147
|
)
|
Total
|
567
|
|
|
(42
|
)
|
|
525
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
72
|
|
|
—
|
|
|
72
|
|
Consumer Specialties
|
50
|
|
|
—
|
|
|
50
|
|
Industrial Specialties
|
46
|
|
|
—
|
|
|
46
|
|
Acetyl Intermediates
|
111
|
|
|
—
|
|
|
111
|
|
Other Activities
(1)
|
11
|
|
|
—
|
|
|
11
|
|
Total
|
290
|
|
|
—
|
|
|
290
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
186
|
|
|
(2
|
)
|
|
184
|
|
Consumer Specialties
|
348
|
|
|
(1
|
)
|
|
347
|
|
Industrial Specialties
|
109
|
|
|
—
|
|
|
109
|
|
Acetyl Intermediates
|
315
|
|
|
(4
|
)
|
|
311
|
|
Other Activities
(1)
|
(101
|
)
|
|
(35
|
)
|
|
(136
|
)
|
Total
|
857
|
|
|
(42
|
)
|
|
815
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Year Ended December 31, 2009
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
494
|
|
|
3.14
|
|
|
(95
|
)
|
|
(0.60
|
)
|
|
399
|
|
|
2.54
|
|
Deduct: Income tax (provision) benefit
|
243
|
|
|
|
|
51
|
|
|
|
|
294
|
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
251
|
|
|
|
|
(146
|
)
|
|
|
|
105
|
|
|
|
|||
Other charges and other adjustments
(1)
|
117
|
|
|
|
|
104
|
|
|
|
|
221
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
368
|
|
|
|
|
(42
|
)
|
|
|
|
326
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(93
|
)
|
|
|
|
15
|
|
|
|
|
(78
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(3)
|
275
|
|
|
1.75
|
|
|
(27
|
)
|
|
(0.17
|
)
|
|
248
|
|
|
1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(4)
|
||||||||||||||||
Weighted average shares outstanding
|
143.7
|
|
|
|
|
—
|
|
|
|
|
143.7
|
|
|
|
|||
Assumed conversion of preferred stock
|
12.1
|
|
|
|
|
—
|
|
|
|
|
12.1
|
|
|
|
|||
Dilutive stock options
|
1.1
|
|
|
|
|
—
|
|
|
|
|
1.1
|
|
|
|
|||
Dilutive restricted stock units
|
0.2
|
|
|
|
|
—
|
|
|
|
|
0.2
|
|
|
|
|||
Total diluted shares
|
157.1
|
|
|
|
|
—
|
|
|
|
|
157.1
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The average adjusted effective tax rate for the year ended December 31, 2009 is 25% As previously reported and 24% As adjusted.
|
(3)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of 17.9% vs. expected plan asset returns of 7.94%.
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Year Ended
December 31, 2009
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
105
|
|
|
|
Kelsterbach plant relocation
|
16
|
|
|
|
Plumbing actions
|
(10
|
)
|
|
|
Insurance recoveries
|
(6
|
)
|
|
|
Asset impairments
|
14
|
|
|
|
Plant/office closures
|
17
|
|
|
|
Total
|
136
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Year Ended
December 31, 2009
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
7
|
|
|
SG&A
|
Plant closures
|
25
|
|
|
Cost of sales
|
(Gain) on sale of PVOH business
|
(34
|
)
|
|
(Gain) loss on disposition
|
Actuarial (gain) loss on pension and postretirement plans
|
104
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
(17
|
)
|
|
Various
|
Total
|
85
|
|
|
|
Total other charges and other adjustments
|
221
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Year Ended December 31, 2008
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
280
|
|
|
(542
|
)
|
|
(262
|
)
|
(Earnings) loss from discontinued operations
|
90
|
|
|
—
|
|
|
90
|
|
Interest income
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
Interest expense
|
261
|
|
|
—
|
|
|
261
|
|
Income tax provision (benefit)
|
63
|
|
|
(5
|
)
|
|
58
|
|
Other charges (gains), net
(1)
|
108
|
|
|
—
|
|
|
108
|
|
Other adjustments
(1)
|
63
|
|
|
551
|
|
|
614
|
|
Adjusted EBIT
|
834
|
|
|
4
|
|
|
838
|
|
Depreciation and amortization expense
(2)
|
329
|
|
|
—
|
|
|
329
|
|
Operating EBITDA
|
1,163
|
|
|
4
|
|
|
1,167
|
|
|
Year Ended December 31, 2008
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
5
|
|
|
—
|
|
|
5
|
|
Acetyl Intermediates
|
16
|
|
|
—
|
|
|
16
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
21
|
|
|
—
|
|
|
21
|
|
Depreciation and amortization expense
(2)
|
329
|
|
|
—
|
|
|
329
|
|
Total depreciation and amortization expense
|
350
|
|
|
—
|
|
|
350
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Year Ended December 31, 2008
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
37
|
|
|
(5
|
)
|
|
32
|
|
Consumer Specialties
|
190
|
|
|
(1
|
)
|
|
189
|
|
Industrial Specialties
|
47
|
|
|
(2
|
)
|
|
45
|
|
Acetyl Intermediates
|
304
|
|
|
(4
|
)
|
|
300
|
|
Other Activities
(1)
|
(138
|
)
|
|
(535
|
)
|
|
(673
|
)
|
Total
|
440
|
|
|
(547
|
)
|
|
(107
|
)
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
153
|
|
|
—
|
|
|
153
|
|
Consumer Specialties
|
47
|
|
|
—
|
|
|
47
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
8
|
|
|
—
|
|
|
8
|
|
Other Activities
(1)
|
15
|
|
|
—
|
|
|
15
|
|
Total
|
223
|
|
|
—
|
|
|
223
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
25
|
|
|
—
|
|
|
25
|
|
Consumer Specialties
|
3
|
|
|
—
|
|
|
3
|
|
Industrial Specialties
|
13
|
|
|
—
|
|
|
13
|
|
Acetyl Intermediates
|
108
|
|
|
—
|
|
|
108
|
|
Other Activities
(1)
|
22
|
|
|
551
|
|
|
573
|
|
Total
|
171
|
|
|
551
|
|
|
722
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
215
|
|
|
(5
|
)
|
|
210
|
|
Consumer Specialties
|
240
|
|
|
(1
|
)
|
|
239
|
|
Industrial Specialties
|
60
|
|
|
(2
|
)
|
|
58
|
|
Acetyl Intermediates
|
420
|
|
|
(4
|
)
|
|
416
|
|
Other Activities
(1)
|
(101
|
)
|
|
16
|
|
|
(85
|
)
|
Total
|
834
|
|
|
4
|
|
|
838
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
76
|
|
|
—
|
|
|
76
|
|
Consumer Specialties
|
53
|
|
|
—
|
|
|
53
|
|
Industrial Specialties
|
57
|
|
|
—
|
|
|
57
|
|
Acetyl Intermediates
|
134
|
|
|
—
|
|
|
134
|
|
Other Activities
(1)
|
9
|
|
|
—
|
|
|
9
|
|
Total
|
329
|
|
|
—
|
|
|
329
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
291
|
|
|
(5
|
)
|
|
286
|
|
Consumer Specialties
|
293
|
|
|
(1
|
)
|
|
292
|
|
Industrial Specialties
|
117
|
|
|
(2
|
)
|
|
115
|
|
Acetyl Intermediates
|
554
|
|
|
(4
|
)
|
|
550
|
|
Other Activities
(1)
|
(92
|
)
|
|
16
|
|
|
(76
|
)
|
Total
|
1,163
|
|
|
4
|
|
|
1,167
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Year Ended December 31, 2008
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
370
|
|
|
2.27
|
|
|
(542
|
)
|
|
(3.49
|
)
|
|
(172
|
)
|
|
(1.22
|
)
|
Deduct: Income tax (provision) benefit
|
(63
|
)
|
|
|
|
5
|
|
|
|
|
(58
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
433
|
|
|
|
|
(547
|
)
|
|
|
|
(114
|
)
|
|
|
|||
Other charges and other adjustments
(1)
|
171
|
|
|
|
|
551
|
|
|
|
|
722
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
604
|
|
|
|
|
4
|
|
|
|
|
608
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(157
|
)
|
|
|
|
(1
|
)
|
|
|
|
(158
|
)
|
|
|
|||
Noncontrolling interests
|
1
|
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(4)
|
448
|
|
|
2.74
|
|
(3)
|
3
|
|
|
0.02
|
|
|
451
|
|
|
2.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(5)
|
||||||||||||||||
Weighted average shares outstanding
|
148.4
|
|
|
|
|
—
|
|
|
|
|
148.4
|
|
|
|
|||
Assumed conversion of preferred stock
|
12.0
|
|
|
|
|
—
|
|
|
|
|
12.0
|
|
|
|
|||
Dilutive stock options
|
2.6
|
|
|
|
|
—
|
|
|
|
|
2.6
|
|
|
|
|||
Dilutive restricted stock units
|
0.5
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|||
Total diluted shares
|
163.5
|
|
|
|
|
—
|
|
|
|
|
163.5
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate is 26% for the year ended December 31, 2008.
|
(3)
|
Reported for the first time since retrospectively applying the equity method of accounting to the Company's investment in National Methanol Company (“Ibn Sina”). See the Company's Form 10-K for the year ended December 31, 2010 for more information.
|
(4)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of (18.2)% vs. expected plan asset returns of 8.05%.
|
(5)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Year Ended
December 31, 2008
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
21
|
|
|
|
Kelsterbach plant relocation
|
12
|
|
|
|
Insurance recoveries
|
(38
|
)
|
|
|
Asset impairments
|
115
|
|
|
|
Plant/office closures
|
7
|
|
|
|
Commercial disputes
|
(8
|
)
|
|
|
Other
|
(1
|
)
|
|
|
Total
|
108
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Year Ended
December 31, 2008
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
33
|
|
|
SG&A
|
Kelsterbach plant relocation
|
(4
|
)
|
|
Cost of sales
|
Plant closures
|
23
|
|
|
Cost of sales
|
Ethylene pipeline exit costs
|
(2
|
)
|
|
Other (income) expense, net
|
Actuarial (gain) loss on pension and postretirement plans
|
551
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
13
|
|
|
Various
|
Total
|
614
|
|
|
|
Total other charges and other adjustments
|
722
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended December 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
95
|
|
|
(264
|
)
|
|
(169
|
)
|
(Earnings) loss from discontinued operations
|
2
|
|
|
—
|
|
|
2
|
|
Interest income
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Interest expense
|
51
|
|
|
—
|
|
|
51
|
|
Refinancing expense
|
3
|
|
|
—
|
|
|
3
|
|
Income tax provision (benefit)
|
16
|
|
|
(112
|
)
|
|
(96
|
)
|
Other charges (gains), net
(1)
|
13
|
|
|
—
|
|
|
13
|
|
Other adjustments
(1)
|
(4
|
)
|
|
389
|
|
|
385
|
|
Adjusted EBIT
|
175
|
|
|
13
|
|
|
188
|
|
Depreciation and amortization expense
(2)
|
79
|
|
|
—
|
|
|
79
|
|
Operating EBITDA
|
254
|
|
|
13
|
|
|
267
|
|
|
Three Months Ended December 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
2
|
|
|
—
|
|
|
2
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
2
|
|
|
—
|
|
|
2
|
|
Depreciation and amortization expense
(2)
|
79
|
|
|
—
|
|
|
79
|
|
Total depreciation and amortization expense
|
81
|
|
|
—
|
|
|
81
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended December 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
1
|
|
|
3
|
|
|
4
|
|
Consumer Specialties
|
60
|
|
|
2
|
|
|
62
|
|
Industrial Specialties
|
6
|
|
|
—
|
|
|
6
|
|
Acetyl Intermediates
|
64
|
|
|
2
|
|
|
66
|
|
Other Activities
(1)
|
(45
|
)
|
|
(383
|
)
|
|
(428
|
)
|
Total
|
86
|
|
|
(376
|
)
|
|
(290
|
)
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
47
|
|
|
—
|
|
|
47
|
|
Consumer Specialties
|
5
|
|
|
—
|
|
|
5
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
8
|
|
|
—
|
|
|
8
|
|
Other Activities
(1)
|
20
|
|
|
—
|
|
|
20
|
|
Total
|
80
|
|
|
—
|
|
|
80
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
11
|
|
|
—
|
|
|
11
|
|
Consumer Specialties
|
11
|
|
|
—
|
|
|
11
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
Other Activities
(1)
|
(8
|
)
|
|
389
|
|
|
381
|
|
Total
|
9
|
|
|
389
|
|
|
398
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
59
|
|
|
3
|
|
|
62
|
|
Consumer Specialties
|
76
|
|
|
2
|
|
|
78
|
|
Industrial Specialties
|
6
|
|
|
—
|
|
|
6
|
|
Acetyl Intermediates
|
67
|
|
|
2
|
|
|
69
|
|
Other Activities
(1)
|
(33
|
)
|
|
6
|
|
|
(27
|
)
|
Total
|
175
|
|
|
13
|
|
|
188
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
29
|
|
|
—
|
|
|
29
|
|
Consumer Specialties
|
10
|
|
|
—
|
|
|
10
|
|
Industrial Specialties
|
14
|
|
|
—
|
|
|
14
|
|
Acetyl Intermediates
|
21
|
|
|
—
|
|
|
21
|
|
Other Activities
(1)
|
5
|
|
|
—
|
|
|
5
|
|
Total
|
79
|
|
|
—
|
|
|
79
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
88
|
|
|
3
|
|
|
91
|
|
Consumer Specialties
|
86
|
|
|
2
|
|
|
88
|
|
Industrial Specialties
|
20
|
|
|
—
|
|
|
20
|
|
Acetyl Intermediates
|
88
|
|
|
2
|
|
|
90
|
|
Other Activities
(1)
|
(28
|
)
|
|
6
|
|
|
(22
|
)
|
Total
|
254
|
|
|
13
|
|
|
267
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended December 31, 2012
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
97
|
|
|
0.60
|
|
|
(264
|
)
|
|
(1.65
|
)
|
|
(167
|
)
|
|
(1.05
|
)
|
Deduct: Income tax (provision) benefit
|
(16
|
)
|
|
|
|
112
|
|
|
|
|
96
|
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
113
|
|
|
|
|
(376
|
)
|
|
|
|
(263
|
)
|
|
|
|||
Other charges and other adjustments
(1)
|
9
|
|
|
|
|
389
|
|
|
|
|
398
|
|
|
|
|||
Refinancing and related expenses
|
8
|
|
|
|
|
—
|
|
|
|
|
8
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
130
|
|
|
|
|
13
|
|
|
|
|
143
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(22
|
)
|
|
|
|
(2
|
)
|
|
|
|
(24
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(3)
|
108
|
|
|
0.67
|
|
|
11
|
|
|
0.07
|
|
|
119
|
|
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(4)
|
||||||||||||||||
Weighted average shares outstanding
|
159.5
|
|
|
|
|
—
|
|
|
|
|
159.5
|
|
|
|
|||
Dilutive stock options
|
0.2
|
|
|
|
|
—
|
|
|
|
|
0.2
|
|
|
|
|||
Dilutive restricted stock units
|
0.5
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|||
Total diluted shares
|
160.2
|
|
|
|
|
—
|
|
|
|
|
160.2
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate is 17% for the three months ended December 31, 2012.
|
(3)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of 13.1% vs. expected plan asset returns of 8.06%.
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
December 31, 2012
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
4
|
|
|
|
Kelsterbach plant relocation
|
2
|
|
|
|
Plumbing actions
|
(1
|
)
|
|
|
Asset impairments
|
8
|
|
|
|
Total
|
13
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
December 31, 2012
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
1
|
|
|
SG&A
|
Kelsterbach plant relocation
|
10
|
|
|
Cost of sales
|
Plant closures
|
5
|
|
|
Cost of sales / SG&A
|
InfraServ Hoechst debt restructuring
|
(22
|
)
|
|
Equity in net (earnings) loss of affiliates
|
Actuarial loss on pension and postretirement plans
|
389
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
2
|
|
|
Cost of sales
|
Total
|
385
|
|
|
|
Total other charges and other adjustments
|
398
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended September 30, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
117
|
|
|
10
|
|
|
127
|
|
(Earnings) loss from discontinued operations
|
2
|
|
|
—
|
|
|
2
|
|
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
Interest expense
|
44
|
|
|
—
|
|
|
44
|
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Income tax provision (benefit)
|
54
|
|
|
3
|
|
|
57
|
|
Other charges (gains), net
(1)
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Other adjustments
(1)
|
8
|
|
|
—
|
|
|
8
|
|
Adjusted EBIT
|
223
|
|
|
13
|
|
|
236
|
|
Depreciation and amortization expense
(2)
|
75
|
|
|
—
|
|
|
75
|
|
Operating EBITDA
|
298
|
|
|
13
|
|
|
311
|
|
|
Three Months Ended September 30, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
3
|
|
|
—
|
|
|
3
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
3
|
|
|
—
|
|
|
3
|
|
Depreciation and amortization expense
(2)
|
75
|
|
|
—
|
|
|
75
|
|
Total depreciation and amortization expense
|
78
|
|
|
—
|
|
|
78
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended September 30, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
43
|
|
|
1
|
|
|
44
|
|
Consumer Specialties
|
70
|
|
|
2
|
|
|
72
|
|
Industrial Specialties
|
23
|
|
|
2
|
|
|
25
|
|
Acetyl Intermediates
|
62
|
|
|
1
|
|
|
63
|
|
Other Activities
(1)
|
(35
|
)
|
|
7
|
|
|
(28
|
)
|
Total
|
163
|
|
|
13
|
|
|
176
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
45
|
|
|
—
|
|
|
45
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
2
|
|
|
—
|
|
|
2
|
|
Other Activities
(1)
|
7
|
|
|
—
|
|
|
7
|
|
Total
|
54
|
|
|
—
|
|
|
54
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
Consumer Specialties
|
7
|
|
|
—
|
|
|
7
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
7
|
|
|
—
|
|
|
7
|
|
Other Activities
(1)
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
6
|
|
|
—
|
|
|
6
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
80
|
|
|
1
|
|
|
81
|
|
Consumer Specialties
|
77
|
|
|
2
|
|
|
79
|
|
Industrial Specialties
|
23
|
|
|
2
|
|
|
25
|
|
Acetyl Intermediates
|
71
|
|
|
1
|
|
|
72
|
|
Other Activities
(1)
|
(28
|
)
|
|
7
|
|
|
(21
|
)
|
Total
|
223
|
|
|
13
|
|
|
236
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
29
|
|
|
—
|
|
|
29
|
|
Consumer Specialties
|
10
|
|
|
—
|
|
|
10
|
|
Industrial Specialties
|
13
|
|
|
—
|
|
|
13
|
|
Acetyl Intermediates
|
20
|
|
|
—
|
|
|
20
|
|
Other Activities
(1)
|
3
|
|
|
—
|
|
|
3
|
|
Total
|
75
|
|
|
—
|
|
|
75
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
109
|
|
|
1
|
|
|
110
|
|
Consumer Specialties
|
87
|
|
|
2
|
|
|
89
|
|
Industrial Specialties
|
36
|
|
|
2
|
|
|
38
|
|
Acetyl Intermediates
|
91
|
|
|
1
|
|
|
92
|
|
Other Activities
(1)
|
(25
|
)
|
|
7
|
|
|
(18
|
)
|
Total
|
298
|
|
|
13
|
|
|
311
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended September 30, 2012
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
119
|
|
|
0.74
|
|
|
10
|
|
|
0.06
|
|
|
129
|
|
|
0.80
|
|
Deduct: Income tax (provision) benefit
|
(54
|
)
|
|
|
|
(3
|
)
|
|
|
|
(57
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
173
|
|
|
|
|
13
|
|
|
|
|
186
|
|
|
|
|||
Other charges and other adjustments
(1)
|
6
|
|
|
|
|
—
|
|
|
|
|
6
|
|
|
|
|||
Refinancing and related expenses
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
179
|
|
|
|
|
13
|
|
|
|
|
192
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(30
|
)
|
|
|
|
(3
|
)
|
|
|
|
(33
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
|
149
|
|
|
0.93
|
|
|
10
|
|
|
0.06
|
|
|
159
|
|
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(3)
|
||||||||||||||||
Weighted average shares outstanding
|
159.1
|
|
|
|
|
—
|
|
|
|
|
159.1
|
|
|
|
|||
Dilutive stock options
|
0.3
|
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|||
Dilutive restricted stock units
|
0.7
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
|
|||
Total diluted shares
|
160.1
|
|
|
|
|
—
|
|
|
|
|
160.1
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate is 17% for the three months ended September 30, 2012.
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
September 30, 2012
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
1
|
|
|
|
Kelsterbach plant relocation
|
3
|
|
|
|
Plumbing actions
|
(4
|
)
|
|
|
Commercial disputes
|
(2
|
)
|
|
|
Total
|
(2
|
)
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
September 30, 2012
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Kelsterbach plant relocation
|
(7
|
)
|
|
Cost of sales
|
Plant closures
|
10
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
1
|
|
|
(Gain) loss on disposition
|
Other
|
4
|
|
|
Various
|
Total
|
8
|
|
|
|
Total other charges and other adjustments
|
6
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended June 30, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
210
|
|
|
11
|
|
|
221
|
|
(Earnings) loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
Interest expense
|
45
|
|
|
—
|
|
|
45
|
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Income tax provision (benefit)
|
54
|
|
|
3
|
|
|
57
|
|
Other charges (gains), net
(1)
|
3
|
|
|
—
|
|
|
3
|
|
Other adjustments
(1)
|
16
|
|
|
—
|
|
|
16
|
|
Adjusted EBIT
|
328
|
|
|
14
|
|
|
342
|
|
Depreciation and amortization expense
(2)
|
74
|
|
|
—
|
|
|
74
|
|
Operating EBITDA
|
402
|
|
|
14
|
|
|
416
|
|
|
Three Months Ended June 30, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
1
|
|
|
—
|
|
|
1
|
|
Depreciation and amortization expense
(2)
|
74
|
|
|
—
|
|
|
74
|
|
Total depreciation and amortization expense
|
75
|
|
|
—
|
|
|
75
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended June 30, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
21
|
|
|
2
|
|
|
23
|
|
Consumer Specialties
|
75
|
|
|
2
|
|
|
77
|
|
Industrial Specialties
|
34
|
|
|
1
|
|
|
35
|
|
Acetyl Intermediates
|
77
|
|
|
1
|
|
|
78
|
|
Other Activities
(1)
|
(43
|
)
|
|
8
|
|
|
(35
|
)
|
Total
|
164
|
|
|
14
|
|
|
178
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
55
|
|
|
—
|
|
|
55
|
|
Consumer Specialties
|
84
|
|
|
—
|
|
|
84
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
2
|
|
|
—
|
|
|
2
|
|
Other Activities
(1)
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
145
|
|
|
—
|
|
|
145
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
10
|
|
|
—
|
|
|
10
|
|
Consumer Specialties
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
1
|
|
|
—
|
|
|
1
|
|
Other Activities
(1)
|
9
|
|
|
—
|
|
|
9
|
|
Total
|
19
|
|
|
—
|
|
|
19
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
86
|
|
|
2
|
|
|
88
|
|
Consumer Specialties
|
158
|
|
|
2
|
|
|
160
|
|
Industrial Specialties
|
34
|
|
|
1
|
|
|
35
|
|
Acetyl Intermediates
|
80
|
|
|
1
|
|
|
81
|
|
Other Activities
(1)
|
(30
|
)
|
|
8
|
|
|
(22
|
)
|
Total
|
328
|
|
|
14
|
|
|
342
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
28
|
|
|
—
|
|
|
28
|
|
Consumer Specialties
|
10
|
|
|
—
|
|
|
10
|
|
Industrial Specialties
|
13
|
|
|
—
|
|
|
13
|
|
Acetyl Intermediates
|
19
|
|
|
—
|
|
|
19
|
|
Other Activities
(1)
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
74
|
|
|
—
|
|
|
74
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
114
|
|
|
2
|
|
|
116
|
|
Consumer Specialties
|
168
|
|
|
2
|
|
|
170
|
|
Industrial Specialties
|
47
|
|
|
1
|
|
|
48
|
|
Acetyl Intermediates
|
99
|
|
|
1
|
|
|
100
|
|
Other Activities
(1)
|
(26
|
)
|
|
8
|
|
|
(18
|
)
|
Total
|
402
|
|
|
14
|
|
|
416
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended June 30, 2012
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
210
|
|
|
1.31
|
|
|
11
|
|
|
0.07
|
|
|
221
|
|
|
1.38
|
|
Deduct: Income tax (provision) benefit
|
(54
|
)
|
|
|
|
(3
|
)
|
|
|
|
(57
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
264
|
|
|
|
|
14
|
|
|
|
|
278
|
|
|
|
|||
Other charges and other adjustments
(1)
|
19
|
|
|
|
|
—
|
|
|
|
|
19
|
|
|
|
|||
Refinancing and related expenses
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
283
|
|
|
|
|
14
|
|
|
|
|
297
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(48
|
)
|
|
|
|
(2
|
)
|
|
|
|
(50
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
|
235
|
|
|
1.47
|
|
|
12
|
|
|
0.08
|
|
|
247
|
|
|
1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(3)
|
||||||||||||||||
Weighted average shares outstanding
|
158.2
|
|
|
|
|
—
|
|
|
|
|
158.2
|
|
|
|
|||
Dilutive stock options
|
1.0
|
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
|
|||
Dilutive restricted stock units
|
0.6
|
|
|
|
|
—
|
|
|
|
|
0.6
|
|
|
|
|||
Total diluted shares
|
159.8
|
|
|
|
|
—
|
|
|
|
|
159.8
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate is 17% for the three months ended June 30, 2012.
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
June 30, 2012
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
1
|
|
|
|
Kelsterbach plant relocation
|
2
|
|
|
|
Total
|
3
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
June 30, 2012
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
3
|
|
|
SG&A
|
Kelsterbach plant relocation
|
8
|
|
|
Cost of sales
|
Plant closures
|
2
|
|
|
Cost of sales
|
Other
|
3
|
|
|
Various
|
Total
|
16
|
|
|
|
Total other charges and other adjustments
|
19
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended March 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
183
|
|
|
10
|
|
|
193
|
|
(Earnings) loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Interest expense
|
45
|
|
|
—
|
|
|
45
|
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Income tax provision (benefit)
|
(76
|
)
|
|
3
|
|
|
(73
|
)
|
Other charges (gains), net
(1)
|
—
|
|
|
—
|
|
|
—
|
|
Other adjustments
(1)
|
32
|
|
|
—
|
|
|
32
|
|
Adjusted EBIT
|
183
|
|
|
13
|
|
|
196
|
|
Depreciation and amortization expense
(2)
|
72
|
|
|
—
|
|
|
72
|
|
Operating EBITDA
|
255
|
|
|
13
|
|
|
268
|
|
|
Three Months Ended March 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
2
|
|
|
—
|
|
|
2
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
2
|
|
|
—
|
|
|
2
|
|
Depreciation and amortization expense
(2)
|
72
|
|
|
—
|
|
|
72
|
|
Total depreciation and amortization expense
|
74
|
|
|
—
|
|
|
74
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended March 31, 2012
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
21
|
|
|
3
|
|
|
24
|
|
Consumer Specialties
|
39
|
|
|
1
|
|
|
40
|
|
Industrial Specialties
|
19
|
|
|
1
|
|
|
20
|
|
Acetyl Intermediates
|
60
|
|
|
2
|
|
|
62
|
|
Other Activities
(1)
|
(41
|
)
|
|
6
|
|
|
(35
|
)
|
Total
|
98
|
|
|
13
|
|
|
111
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
43
|
|
|
—
|
|
|
43
|
|
Consumer Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
1
|
|
|
—
|
|
|
1
|
|
Other Activities
(1)
|
8
|
|
|
—
|
|
|
8
|
|
Total
|
53
|
|
|
—
|
|
|
53
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
3
|
|
|
—
|
|
|
3
|
|
Consumer Specialties
|
17
|
|
|
—
|
|
|
17
|
|
Industrial Specialties
|
2
|
|
|
—
|
|
|
2
|
|
Acetyl Intermediates
|
2
|
|
|
—
|
|
|
2
|
|
Other Activities
(1)
|
8
|
|
|
—
|
|
|
8
|
|
Total
|
32
|
|
|
—
|
|
|
32
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
67
|
|
|
3
|
|
|
70
|
|
Consumer Specialties
|
57
|
|
|
1
|
|
|
58
|
|
Industrial Specialties
|
21
|
|
|
1
|
|
|
22
|
|
Acetyl Intermediates
|
63
|
|
|
2
|
|
|
65
|
|
Other Activities
(1)
|
(25
|
)
|
|
6
|
|
|
(19
|
)
|
Total
|
183
|
|
|
13
|
|
|
196
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
27
|
|
|
—
|
|
|
27
|
|
Consumer Specialties
|
9
|
|
|
—
|
|
|
9
|
|
Industrial Specialties
|
13
|
|
|
—
|
|
|
13
|
|
Acetyl Intermediates
|
20
|
|
|
—
|
|
|
20
|
|
Other Activities
(1)
|
3
|
|
|
—
|
|
|
3
|
|
Total
|
72
|
|
|
—
|
|
|
72
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
94
|
|
|
3
|
|
|
97
|
|
Consumer Specialties
|
66
|
|
|
1
|
|
|
67
|
|
Industrial Specialties
|
34
|
|
|
1
|
|
|
35
|
|
Acetyl Intermediates
|
83
|
|
|
2
|
|
|
85
|
|
Other Activities
(1)
|
(22
|
)
|
|
6
|
|
|
(16
|
)
|
Total
|
255
|
|
|
13
|
|
|
268
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended March 31, 2012
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
183
|
|
|
1.15
|
|
|
10
|
|
|
0.06
|
|
|
193
|
|
|
1.21
|
|
Deduct: Income tax (provision) benefit
|
76
|
|
|
|
|
(3
|
)
|
|
|
|
73
|
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
107
|
|
|
|
|
13
|
|
|
|
|
120
|
|
|
|
|||
Other charges and other adjustments
(1)
|
32
|
|
|
|
|
—
|
|
|
|
|
32
|
|
|
|
|||
Refinancing and related expenses
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
139
|
|
|
|
|
13
|
|
|
|
|
152
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(24
|
)
|
|
|
|
(2
|
)
|
|
|
|
(26
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
|
115
|
|
|
0.72
|
|
|
11
|
|
|
0.07
|
|
|
126
|
|
|
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(3)
|
||||||||||||||||
Weighted average shares outstanding
|
156.5
|
|
|
|
|
—
|
|
|
|
|
156.5
|
|
|
|
|||
Dilutive stock options
|
1.9
|
|
|
|
|
—
|
|
|
|
|
1.9
|
|
|
|
|||
Dilutive restricted stock units
|
0.7
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
|
|||
Total diluted shares
|
159.1
|
|
|
|
|
—
|
|
|
|
|
159.1
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate is 17% for the three months ended March 31, 2012.
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
March 31, 2012
|
|
|
|
|
(In $ millions)
|
|
|
|
Total
|
—
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
March 31, 2012
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
5
|
|
|
SG&A
|
Kelsterbach plant relocation
|
3
|
|
|
Cost of sales
|
Plant closures
|
4
|
|
|
Cost of sales / SG&A
|
Acetate production interruption costs
|
10
|
|
|
Cost of sales
|
Other
|
10
|
|
|
Various
|
Total
|
32
|
|
|
|
Total other charges and other adjustments
|
32
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended December 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
95
|
|
|
(190
|
)
|
|
(95
|
)
|
(Earnings) loss from discontinued operations
|
1
|
|
|
—
|
|
|
1
|
|
Interest income
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Interest expense
|
55
|
|
|
—
|
|
|
55
|
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Income tax provision (benefit)
|
(2
|
)
|
|
(112
|
)
|
|
(114
|
)
|
Other charges (gains), net
(1)
|
9
|
|
|
—
|
|
|
9
|
|
Other adjustments
(1)
|
10
|
|
|
306
|
|
|
316
|
|
Adjusted EBIT
|
167
|
|
|
4
|
|
|
171
|
|
Depreciation and amortization expense
(2)
|
76
|
|
|
—
|
|
|
76
|
|
Operating EBITDA
|
243
|
|
|
4
|
|
|
247
|
|
|
Three Months Ended December 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
1
|
|
|
—
|
|
|
1
|
|
Depreciation and amortization expense
(2)
|
76
|
|
|
—
|
|
|
76
|
|
Total depreciation and amortization expense
|
77
|
|
|
—
|
|
|
77
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended December 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
Consumer Specialties
|
59
|
|
|
(1
|
)
|
|
58
|
|
Industrial Specialties
|
17
|
|
|
—
|
|
|
17
|
|
Acetyl Intermediates
|
67
|
|
|
(3
|
)
|
|
64
|
|
Other Activities
(1)
|
(43
|
)
|
|
(297
|
)
|
|
(340
|
)
|
Total
|
97
|
|
|
(302
|
)
|
|
(205
|
)
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
36
|
|
|
—
|
|
|
36
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Acetyl Intermediates
|
3
|
|
|
—
|
|
|
3
|
|
Other Activities
(1)
|
11
|
|
|
—
|
|
|
11
|
|
Total
|
51
|
|
|
—
|
|
|
51
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
8
|
|
|
—
|
|
|
8
|
|
Consumer Specialties
|
5
|
|
|
—
|
|
|
5
|
|
Industrial Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Acetyl Intermediates
|
4
|
|
|
—
|
|
|
4
|
|
Other Activities
(1)
|
1
|
|
|
306
|
|
|
307
|
|
Total
|
19
|
|
|
306
|
|
|
325
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
41
|
|
|
(1
|
)
|
|
40
|
|
Consumer Specialties
|
64
|
|
|
(1
|
)
|
|
63
|
|
Industrial Specialties
|
19
|
|
|
—
|
|
|
19
|
|
Acetyl Intermediates
|
74
|
|
|
(3
|
)
|
|
71
|
|
Other Activities
(1)
|
(31
|
)
|
|
9
|
|
|
(22
|
)
|
Total
|
167
|
|
|
4
|
|
|
171
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
32
|
|
|
—
|
|
|
32
|
|
Consumer Specialties
|
9
|
|
|
—
|
|
|
9
|
|
Industrial Specialties
|
11
|
|
|
—
|
|
|
11
|
|
Acetyl Intermediates
|
21
|
|
|
—
|
|
|
21
|
|
Other Activities
(1)
|
3
|
|
|
—
|
|
|
3
|
|
Total
|
76
|
|
|
—
|
|
|
76
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
73
|
|
|
(1
|
)
|
|
72
|
|
Consumer Specialties
|
73
|
|
|
(1
|
)
|
|
72
|
|
Industrial Specialties
|
30
|
|
|
—
|
|
|
30
|
|
Acetyl Intermediates
|
95
|
|
|
(3
|
)
|
|
92
|
|
Other Activities
(1)
|
(28
|
)
|
|
9
|
|
|
(19
|
)
|
Total
|
243
|
|
|
4
|
|
|
247
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended December 31, 2011
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
96
|
|
|
0.61
|
|
|
(190
|
)
|
|
(1.21
|
)
|
|
(94
|
)
|
|
(0.60
|
)
|
Deduct: Income tax (provision) benefit
|
2
|
|
|
|
|
112
|
|
|
|
|
114
|
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
94
|
|
|
|
|
(302
|
)
|
|
|
|
(208
|
)
|
|
|
|||
Other charges and other adjustments
(1)
|
19
|
|
|
|
|
306
|
|
|
|
|
325
|
|
|
|
|||
Refinancing and related expenses
|
(2
|
)
|
|
|
|
—
|
|
|
|
|
(2
|
)
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
111
|
|
|
|
|
4
|
|
|
|
|
115
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(19
|
)
|
|
|
|
(2
|
)
|
|
|
|
(21
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
(3)
|
92
|
|
|
0.58
|
|
|
2
|
|
|
0.01
|
|
|
94
|
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(4)
|
||||||||||||||||
Weighted average shares outstanding
|
156.4
|
|
|
|
|
—
|
|
|
|
|
156.4
|
|
|
|
|||
Dilutive stock options
|
1.8
|
|
|
|
|
—
|
|
|
|
|
1.8
|
|
|
|
|||
Dilutive restricted stock units
|
0.7
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
|
|||
Total diluted shares
|
158.9
|
|
|
|
|
—
|
|
|
|
|
158.9
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate for the three months ended December 31, 2011 is 17% As previously reported and 18% As adjusted.
|
(3)
|
The As adjusted amount excludes the immediate recognition of actuarial gains and losses and the impact of actual plan asset returns of 7.6% vs. expected plan asset returns of 8.06%.
|
(4)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
December 31, 2011
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
4
|
|
|
|
Kelsterbach plant relocation
|
4
|
|
|
|
Asset impairments
|
1
|
|
|
|
Total
|
9
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
December 31, 2011
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
1
|
|
|
SG&A
|
Kelsterbach plant relocation
|
1
|
|
|
Cost of sales
|
Plant closures
|
3
|
|
|
Cost of sales / SG&A
|
Commercial disputes
|
1
|
|
|
SG&A
|
Actuarial (gain) loss on pension and postretirement plans
|
306
|
|
|
Cost of sales / SG&A / R&D
|
Other
|
4
|
|
|
Cost of sales
|
Total
|
316
|
|
|
|
Total other charges and other adjustments
|
325
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended September 30, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
167
|
|
|
4
|
|
|
171
|
|
(Earnings) loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
Interest income
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Interest expense
|
54
|
|
|
—
|
|
|
54
|
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Income tax provision (benefit)
|
34
|
|
|
1
|
|
|
35
|
|
Other charges (gains), net
(1)
|
24
|
|
|
—
|
|
|
24
|
|
Other adjustments
(1)
|
19
|
|
|
—
|
|
|
19
|
|
Adjusted EBIT
|
297
|
|
|
5
|
|
|
302
|
|
Depreciation and amortization expense
(2)
|
77
|
|
|
—
|
|
|
77
|
|
Operating EBITDA
|
374
|
|
|
5
|
|
|
379
|
|
|
Three Months Ended September 30, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
—
|
|
|
—
|
|
|
—
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
—
|
|
|
—
|
|
|
—
|
|
Depreciation and amortization expense
(2)
|
77
|
|
|
—
|
|
|
77
|
|
Total depreciation and amortization expense
|
77
|
|
|
—
|
|
|
77
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended September 30, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
14
|
|
|
2
|
|
|
16
|
|
Consumer Specialties
|
66
|
|
|
1
|
|
|
67
|
|
Industrial Specialties
|
30
|
|
|
1
|
|
|
31
|
|
Acetyl Intermediates
|
128
|
|
|
1
|
|
|
129
|
|
Other Activities
(1)
|
(42
|
)
|
|
—
|
|
|
(42
|
)
|
Total
|
196
|
|
|
5
|
|
|
201
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
53
|
|
|
—
|
|
|
53
|
|
Consumer Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Industrial Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Acetyl Intermediates
|
3
|
|
|
—
|
|
|
3
|
|
Other Activities
(1)
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
58
|
|
|
—
|
|
|
58
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
18
|
|
|
—
|
|
|
18
|
|
Consumer Specialties
|
3
|
|
|
—
|
|
|
3
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
12
|
|
|
—
|
|
|
12
|
|
Other Activities
(1)
|
10
|
|
|
—
|
|
|
10
|
|
Total
|
43
|
|
|
—
|
|
|
43
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
85
|
|
|
2
|
|
|
87
|
|
Consumer Specialties
|
69
|
|
|
1
|
|
|
70
|
|
Industrial Specialties
|
31
|
|
|
1
|
|
|
32
|
|
Acetyl Intermediates
|
143
|
|
|
1
|
|
|
144
|
|
Other Activities
(1)
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
Total
|
297
|
|
|
5
|
|
|
302
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
27
|
|
|
—
|
|
|
27
|
|
Consumer Specialties
|
9
|
|
|
—
|
|
|
9
|
|
Industrial Specialties
|
12
|
|
|
—
|
|
|
12
|
|
Acetyl Intermediates
|
25
|
|
|
—
|
|
|
25
|
|
Other Activities
(1)
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
77
|
|
|
—
|
|
|
77
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
112
|
|
|
2
|
|
|
114
|
|
Consumer Specialties
|
78
|
|
|
1
|
|
|
79
|
|
Industrial Specialties
|
43
|
|
|
1
|
|
|
44
|
|
Acetyl Intermediates
|
168
|
|
|
1
|
|
|
169
|
|
Other Activities
(1)
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
Total
|
374
|
|
|
5
|
|
|
379
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended September 30, 2011
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
167
|
|
|
1.05
|
|
|
4
|
|
|
0.03
|
|
|
171
|
|
|
1.08
|
|
Deduct: Income tax (provision) benefit
|
(34
|
)
|
|
|
|
(1
|
)
|
|
|
|
(35
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
201
|
|
|
|
|
5
|
|
|
|
|
206
|
|
|
|
|||
Other charges and other adjustments
(1)
|
43
|
|
|
|
|
—
|
|
|
|
|
43
|
|
|
|
|||
Refinancing and related expenses
|
(1
|
)
|
|
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
243
|
|
|
|
|
5
|
|
|
|
|
248
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(41
|
)
|
|
|
|
(4
|
)
|
|
|
|
(45
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
|
202
|
|
|
1.27
|
|
|
1
|
|
|
0.01
|
|
|
203
|
|
|
1.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(3)
|
||||||||||||||||
Weighted average shares outstanding
|
156.2
|
|
|
|
|
—
|
|
|
|
|
156.2
|
|
|
|
|||
Dilutive stock options
|
1.9
|
|
|
|
|
—
|
|
|
|
|
1.9
|
|
|
|
|||
Dilutive restricted stock units
|
0.9
|
|
|
|
|
—
|
|
|
|
|
0.9
|
|
|
|
|||
Total diluted shares
|
159.0
|
|
|
|
|
—
|
|
|
|
|
159.0
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate for the three months ended September 30, 2011 is 17% as previously reported and 18% as adjusted.
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
September 30, 2011
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
5
|
|
|
|
Kelsterbach plant relocation
|
14
|
|
|
|
Plumbing actions
|
(2
|
)
|
|
|
Commercial disputes
|
7
|
|
|
|
Total
|
24
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
September 30, 2011
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
2
|
|
|
SG&A
|
Kelsterbach plant relocation
|
5
|
|
|
Cost of sales
|
Plant closures
|
2
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
(1
|
)
|
|
(Gain) loss on disposition
|
Commercial disputes
|
7
|
|
|
Cost of sales
|
Other
|
4
|
|
|
Cost of sales
|
Total
|
19
|
|
|
|
Total other charges and other adjustments
|
43
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended June 30, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
203
|
|
|
3
|
|
|
206
|
|
(Earnings) loss from discontinued operations
|
2
|
|
|
—
|
|
|
2
|
|
Interest income
|
—
|
|
|
—
|
|
|
—
|
|
Interest expense
|
57
|
|
|
—
|
|
|
57
|
|
Refinancing expense
|
3
|
|
|
—
|
|
|
3
|
|
Income tax provision (benefit)
|
75
|
|
|
1
|
|
|
76
|
|
Other charges (gains), net
(1)
|
18
|
|
|
—
|
|
|
18
|
|
Other adjustments
(1)
|
15
|
|
|
—
|
|
|
15
|
|
Adjusted EBIT
|
373
|
|
|
4
|
|
|
377
|
|
Depreciation and amortization expense
(2)
|
68
|
|
|
—
|
|
|
68
|
|
Operating EBITDA
|
441
|
|
|
4
|
|
|
445
|
|
|
Three Months Ended June 30, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
1
|
|
|
—
|
|
|
1
|
|
Consumer Specialties
|
3
|
|
|
—
|
|
|
3
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
4
|
|
|
—
|
|
|
4
|
|
Depreciation and amortization expense
(2)
|
68
|
|
|
—
|
|
|
68
|
|
Total depreciation and amortization expense
|
72
|
|
|
—
|
|
|
72
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended June 30, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
27
|
|
|
—
|
|
|
27
|
|
Consumer Specialties
|
48
|
|
|
1
|
|
|
49
|
|
Industrial Specialties
|
28
|
|
|
—
|
|
|
28
|
|
Acetyl Intermediates
|
152
|
|
|
1
|
|
|
153
|
|
Other Activities
(1)
|
(46
|
)
|
|
2
|
|
|
(44
|
)
|
Total
|
209
|
|
|
4
|
|
|
213
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
39
|
|
|
—
|
|
|
39
|
|
Consumer Specialties
|
79
|
|
|
—
|
|
|
79
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
2
|
|
|
—
|
|
|
2
|
|
Other Activities
(1)
|
11
|
|
|
—
|
|
|
11
|
|
Total
|
131
|
|
|
—
|
|
|
131
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
22
|
|
|
—
|
|
|
22
|
|
Consumer Specialties
|
10
|
|
|
—
|
|
|
10
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
Other Activities
(1)
|
3
|
|
|
—
|
|
|
3
|
|
Total
|
33
|
|
|
—
|
|
|
33
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
88
|
|
|
—
|
|
|
88
|
|
Consumer Specialties
|
137
|
|
|
1
|
|
|
138
|
|
Industrial Specialties
|
28
|
|
|
—
|
|
|
28
|
|
Acetyl Intermediates
|
152
|
|
|
1
|
|
|
153
|
|
Other Activities
(1)
|
(32
|
)
|
|
2
|
|
|
(30
|
)
|
Total
|
373
|
|
|
4
|
|
|
377
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
19
|
|
|
—
|
|
|
19
|
|
Consumer Specialties
|
10
|
|
|
—
|
|
|
10
|
|
Industrial Specialties
|
12
|
|
|
—
|
|
|
12
|
|
Acetyl Intermediates
|
25
|
|
|
—
|
|
|
25
|
|
Other Activities
(1)
|
2
|
|
|
—
|
|
|
2
|
|
Total
|
68
|
|
|
—
|
|
|
68
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
107
|
|
|
—
|
|
|
107
|
|
Consumer Specialties
|
147
|
|
|
1
|
|
|
148
|
|
Industrial Specialties
|
40
|
|
|
—
|
|
|
40
|
|
Acetyl Intermediates
|
177
|
|
|
1
|
|
|
178
|
|
Other Activities
(1)
|
(30
|
)
|
|
2
|
|
|
(28
|
)
|
Total
|
441
|
|
|
4
|
|
|
445
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended June 30, 2011
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
205
|
|
|
1.29
|
|
|
3
|
|
|
0.01
|
|
|
208
|
|
|
1.30
|
|
Deduct: Income tax (provision) benefit
|
(75
|
)
|
|
|
|
(1
|
)
|
|
|
|
(76
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
280
|
|
|
|
|
4
|
|
|
|
|
284
|
|
|
|
|||
Other charges and other adjustments
(1)
|
33
|
|
|
|
|
—
|
|
|
|
|
33
|
|
|
|
|||
Refinancing and related expenses
|
6
|
|
|
|
|
—
|
|
|
|
|
6
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
319
|
|
|
|
|
4
|
|
|
|
|
323
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(54
|
)
|
|
|
|
(4
|
)
|
|
|
|
(58
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
|
265
|
|
|
1.66
|
|
|
—
|
|
|
—
|
|
|
265
|
|
|
1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(3)
|
||||||||||||||||
Weighted average shares outstanding
|
156.3
|
|
|
|
|
—
|
|
|
|
|
156.3
|
|
|
|
|||
Dilutive stock options
|
2.0
|
|
|
|
|
—
|
|
|
|
|
2.0
|
|
|
|
|||
Dilutive restricted stock units
|
0.9
|
|
|
|
|
—
|
|
|
|
|
0.9
|
|
|
|
|||
Total diluted shares
|
159.2
|
|
|
|
|
—
|
|
|
|
|
159.2
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate for the three months ended June 30, 2011 is 17% as previously reported and 18% as adjusted.
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
June 30, 2011
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
9
|
|
|
|
Kelsterbach plant relocation
|
16
|
|
|
|
Plumbing actions
|
(4
|
)
|
|
|
Commercial disputes
|
(2
|
)
|
|
|
Other
|
(1
|
)
|
|
|
Total
|
18
|
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
June 30, 2011
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
2
|
|
|
SG&A
|
Kelsterbach plant relocation
|
5
|
|
|
Cost of sales
|
Plant closures
|
7
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
(1
|
)
|
|
(Gain) loss on disposition
|
Write-off of other productive assets
|
(1
|
)
|
|
Cost of sales
|
Other
|
3
|
|
|
Cost of sales
|
Total
|
15
|
|
|
|
Total other charges and other adjustments
|
33
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|
|
Three Months Ended March 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Net earnings (loss)
|
142
|
|
|
3
|
|
|
145
|
|
(Earnings) loss from discontinued operations
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
Interest income
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Interest expense
|
55
|
|
|
—
|
|
|
55
|
|
Refinancing expense
|
—
|
|
|
—
|
|
|
—
|
|
Income tax provision (benefit)
|
42
|
|
|
2
|
|
|
44
|
|
Other charges (gains), net
(1)
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
Other adjustments
(1)
|
7
|
|
|
—
|
|
|
7
|
|
Adjusted EBIT
|
238
|
|
|
5
|
|
|
243
|
|
Depreciation and amortization expense
(2)
|
66
|
|
|
—
|
|
|
66
|
|
Operating EBITDA
|
304
|
|
|
5
|
|
|
309
|
|
|
Three Months Ended March 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Advanced Engineered Materials
|
2
|
|
|
—
|
|
|
2
|
|
Consumer Specialties
|
4
|
|
|
—
|
|
|
4
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
—
|
|
|
—
|
|
|
—
|
|
Other Activities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
Accelerated depreciation and amortization expense
|
6
|
|
|
—
|
|
|
6
|
|
Depreciation and amortization expense
(2)
|
66
|
|
|
—
|
|
|
66
|
|
Total depreciation and amortization expense
|
72
|
|
|
—
|
|
|
72
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Other adjustments above.
|
(3)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
|
Three Months Ended March 31, 2011
|
|||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
|||
|
(In $ millions)
|
|||||||
Operating Profit (Loss)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
38
|
|
|
2
|
|
|
40
|
|
Consumer Specialties
|
54
|
|
|
1
|
|
|
55
|
|
Industrial Specialties
|
25
|
|
|
1
|
|
|
26
|
|
Acetyl Intermediates
|
112
|
|
|
—
|
|
|
112
|
|
Other Activities
(1)
|
(41
|
)
|
|
1
|
|
|
(40
|
)
|
Total
|
188
|
|
|
5
|
|
|
193
|
|
Equity Earnings, Cost - Dividend Income and Other Income (Expense)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
35
|
|
|
—
|
|
|
35
|
|
Consumer Specialties
|
1
|
|
|
—
|
|
|
1
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
2
|
|
|
—
|
|
|
2
|
|
Other Activities
(1)
|
8
|
|
|
—
|
|
|
8
|
|
Total
|
46
|
|
|
—
|
|
|
46
|
|
Other Charges and Other Adjustments
(2)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
12
|
|
|
—
|
|
|
12
|
|
Consumer Specialties
|
5
|
|
|
—
|
|
|
5
|
|
Industrial Specialties
|
—
|
|
|
—
|
|
|
—
|
|
Acetyl Intermediates
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
Other Activities
(1)
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
4
|
|
|
—
|
|
|
4
|
|
Adjusted EBIT
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
85
|
|
|
2
|
|
|
87
|
|
Consumer Specialties
|
60
|
|
|
1
|
|
|
61
|
|
Industrial Specialties
|
25
|
|
|
1
|
|
|
26
|
|
Acetyl Intermediates
|
97
|
|
|
—
|
|
|
97
|
|
Other Activities
(1)
|
(29
|
)
|
|
1
|
|
|
(28
|
)
|
Total
|
238
|
|
|
5
|
|
|
243
|
|
|
|
|
|
|
|
|||
Depreciation and Amortization Expense
(3)
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
19
|
|
|
—
|
|
|
19
|
|
Consumer Specialties
|
8
|
|
|
—
|
|
|
8
|
|
Industrial Specialties
|
10
|
|
|
—
|
|
|
10
|
|
Acetyl Intermediates
|
25
|
|
|
—
|
|
|
25
|
|
Other Activities
(1)
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
66
|
|
|
—
|
|
|
66
|
|
Operating EBITDA
|
|
|
|
|
|
|||
Advanced Engineered Materials
|
104
|
|
|
2
|
|
|
106
|
|
Consumer Specialties
|
68
|
|
|
1
|
|
|
69
|
|
Industrial Specialties
|
35
|
|
|
1
|
|
|
36
|
|
Acetyl Intermediates
|
122
|
|
|
—
|
|
|
122
|
|
Other Activities
(1)
|
(25
|
)
|
|
1
|
|
|
(24
|
)
|
Total
|
304
|
|
|
5
|
|
|
309
|
|
(1)
|
Other Activities includes corporate selling, general and administrative expenses and the results from captive insurance companies.
|
(2)
|
See Other charges and Other adjustments reconciliation for details.
|
(3)
|
Excludes accelerated depreciation and amortization expense included in Other charges and Other adjustments above.
|
|
Three Months Ended March 31, 2011
|
||||||||||||||||
|
As Previously
Reported
|
|
Effect of Change
|
|
As Adjusted
|
||||||||||||
|
|
|
per
share
|
|
|
|
per
share
|
|
|
|
per
share
|
||||||
|
(In $ millions, except per share data)
|
||||||||||||||||
Earnings (loss) from continuing operations
|
138
|
|
|
0.87
|
|
|
3
|
|
|
0.01
|
|
|
141
|
|
|
0.88
|
|
Deduct: Income tax (provision) benefit
|
(42
|
)
|
|
|
|
(2
|
)
|
|
|
|
(44
|
)
|
|
|
|||
Earnings (loss) from continuing operations before tax
|
180
|
|
|
|
|
5
|
|
|
|
|
185
|
|
|
|
|||
Other charges and other adjustments
(1)
|
4
|
|
|
|
|
—
|
|
|
|
|
4
|
|
|
|
|||
Refinancing and related expenses
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations before tax
|
184
|
|
|
|
|
5
|
|
|
|
|
189
|
|
|
|
|||
Income tax (provision) benefit on adjusted earnings
(2)
|
(31
|
)
|
|
|
|
(3
|
)
|
|
|
|
(34
|
)
|
|
|
|||
Noncontrolling interests
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|||
Adjusted earnings (loss) from continuing operations
|
153
|
|
|
0.96
|
|
|
2
|
|
|
0.02
|
|
|
155
|
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted shares (in millions)
(3)
|
||||||||||||||||
Weighted average shares outstanding
|
156.0
|
|
|
|
|
—
|
|
|
|
|
156.0
|
|
|
|
|||
Dilutive stock options
|
2.0
|
|
|
|
|
—
|
|
|
|
|
2.0
|
|
|
|
|||
Dilutive restricted stock units
|
0.7
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
|
|||
Total diluted shares
|
158.7
|
|
|
|
|
—
|
|
|
|
|
158.7
|
|
|
|
(1)
|
See Other charges and Other adjustments reconciliation for details.
|
(2)
|
The adjusted effective tax rate for the three months ended March 31, 2011 is 17% as previously reported and 18% as adjusted.
|
(3)
|
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
|
Other Charges (Gains), Net:
|
Three Months Ended
March 31, 2011
|
|
|
|
|
(In $ millions)
|
|
|
|
Employee termination benefits
|
4
|
|
|
|
Kelsterbach plant relocation
|
13
|
|
|
|
Commercial disputes
|
(20
|
)
|
|
|
Total
|
(3
|
)
|
|
|
|
|
|
|
|
Other Adjustments:
(
1)
|
Three Months Ended
March 31, 2011
|
|
Income Statement Classification
|
|
|
(In $ millions)
|
|
|
|
Business optimization
|
3
|
|
|
SG&A
|
Kelsterbach plant relocation
|
(3
|
)
|
|
Cost of sales
|
Plant closures
|
6
|
|
|
Cost of sales / SG&A
|
(Gain) loss on disposition of assets
|
1
|
|
|
(Gain) loss on disposition
|
Total
|
7
|
|
|
|
Total other charges and other adjustments
|
4
|
|
|
|
(1)
|
These items are included in net earnings but not included in Other charges (gains), net.
|