001-13255
|
43-1781797
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
575 Maryville Centre Drive, P.O. Box 66760, St. Louis, Missouri
|
63166-6760
|
(Address of principal executive offices)
|
(Zip Code)
|
(c) Exhibits:
|
|
Exhibit Number
|
Description
|
99.1
|
Press Release dated January 27, 2012
|
SOLUTIA INC.
|
|
(Registrant)
|
|
/s/ Paul J. Berra III
|
|
Senior Vice President, Legal and Governmental Affairs and General Counsel
|
Exhibit Number
|
Description
|
99.1
|
Press Release dated January 27, 2012
|
EXHIBIT 99.1
|
|
575 Maryville Centre Drive
St. Louis, Missouri 63141, USA
www.solutia.com
|
|
FOR IMMEDIATE RELEASE
|
NEWS
|
|
|
Media: Melissa Zona +1.314.674.5555
Investors: Susannah Livingston +1.314.674.8914
|
•
|
Net sales of $526 million; an 8% increase from the same period in 2010
|
•
|
Diluted Earnings per Share from continuing operations of $.45
|
•
|
Adjusted Earnings per Share (“Adjusted EPS”) from continuing operations of $.49, a 36% increase from the same period in 2010
|
•
|
Declared cash dividend
|
•
|
Completed strategic acquisition of Southwall Technologies Inc.
|
•
|
Net sales of $2,097 million; an 8% increase from the same period in 2010
|
•
|
Diluted earnings per share from continuing operations of $2.16
|
•
|
Adjusted EPS of $2.00, a 27% increase from the same period in 2010
|
•
|
Debt paydown of $127 million, reducing debt to $1,224 million
|
SOLUTIA INC.
|
||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS
|
||||||||||||||||
(Dollars in millions, except per share amounts)
|
||||||||||||||||
(Unaudited) | ||||||||||||||||
Twelve Months Ended December 31,
|
Three Months Ended December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Net Sales
|
$ | 2,097 | $ | 1,950 | $ | 526 | $ | 489 | ||||||||
Cost of goods sold
|
1,463 | 1,342 | 373 | 346 | ||||||||||||
Gross Profit
|
634 | 608 | 153 | 143 | ||||||||||||
Selling, general and administrative expenses
|
250 | 261 | 63 | 67 | ||||||||||||
Research and development expenses
|
24 | 18 | 7 | 5 | ||||||||||||
Other operating income, net
|
(44 | ) | (2 | ) | (1 | ) | (4 | ) | ||||||||
Operating income
|
404 | 331 | 84 | 75 | ||||||||||||
Interest expense
|
(101 | ) | (139 | ) | (23 | ) | (30 | ) | ||||||||
Other income (loss), net
|
(2 | ) | 19 | (1 | ) | 4 | ||||||||||
Loss on debt extinguishment or modification
|
(4 | ) | (89 | ) | - | - | ||||||||||
Income from Continuing Operations Before Income Tax
Expense
|
297 | 122 | 60 | 49 | ||||||||||||
Income tax expense
|
30 | 31 | 5 | 5 | ||||||||||||
Income for Continuing Operations
|
267 | 91 | 55 | 44 | ||||||||||||
Loss from Discontinued Operations, net of tax
|
- | (9 | ) | - | 4 | |||||||||||
Net Income
|
267 | 82 | 55 | 48 | ||||||||||||
Net Income attributable to noncontrolling interest
|
5 | 4 | 1 | 1 | ||||||||||||
Net Income attributable to Solutia
|
$ | 262 | $ | 78 | $ | 54 | $ | 47 | ||||||||
Basic Income (Loss) per Share attributable to Solutia:
|
||||||||||||||||
Income from Continuing Operations
|
$ | 2.19 | $ | 0.73 | $ | 0.45 | $ | 0.36 | ||||||||
Income (Loss) from Discontinued Operations
|
- | (0.08 | ) | - | 0.03 | |||||||||||
Net Income attributable to Solutia
|
$ | 2.19 | $ | 0.65 | $ | 0.45 | $ | 0.39 | ||||||||
Diluted Income (Loss) per Share attributable to Solutia:
|
||||||||||||||||
Income from Continuing Operations
|
$ | 2.16 | $ | 0.73 | $ | 0.45 | $ | 0.36 | ||||||||
Income (Loss) from Discontinued Operations
|
- | (0.08 | ) | - | 0.03 | |||||||||||
Net Income attributable to Solutia
|
$ | 2.16 | $ | 0.65 | $ | 0.45 | $ | 0.39 |
SOLUTIA INC.
|
||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||||||
(Dollars in millions, except per share amounts)
|
||||||||
(Unaudited) | ||||||||
December 31,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 113 | $ | 191 | ||||
Trade receivables, net of allowances of $6 in 2011and $4 in 2010
|
236 | 228 | ||||||
Miscellaneous receivables
|
75 | 75 | ||||||
Inventories
|
335 | 275 | ||||||
Prepaid expenses and other assets
|
27 | 27 | ||||||
Current assets of discontinued operations
|
1 | 5 | ||||||
Total Current Assets
|
787 | 801 | ||||||
Net Property, Plant and Equipment
|
945 | 911 | ||||||
Goodwill
|
783 | 740 | ||||||
Net Identified Intangible Assets
|
916 | 938 | ||||||
Other Assets
|
95 | 147 | ||||||
Total Assets
|
$ | 3,526 | $ | 3,537 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$ | 186 | $ | 173 | ||||
Accrued liabilities
|
227 | 235 | ||||||
Current liabilities of discontinued operations
|
8 | 15 | ||||||
Total Current Liabilities
|
421 | 423 | ||||||
Long-Term Debt
|
1,337 | 1,463 | ||||||
Postretirement Liabilities
|
308 | 308 | ||||||
Environmental Remediation Liabilities
|
227 | 244 | ||||||
Deferred Tax Liabilities
|
190 | 238 | ||||||
Non-current Liabilities of Discontinued Operations
|
18 | 25 | ||||||
Other Liabilities
|
98 | 97 | ||||||
Equity:
|
||||||||
Common stock at $0.01 par value; (500,000,000 shares authorized, 123,316,852 and
|
||||||||
122,655,811 shares issued in 2011 and 2010, respectively)
|
1 | 1 | ||||||
Additional contributed capital
|
1,651 | 1,634 | ||||||
Treasury shares, at cost (1,247,183 in 2011 and 772,686 in 2010)
|
(13 | ) | (6 | ) | ||||
Accumulated other comprehensive loss
|
(279 | ) | (194 | ) | ||||
Accumulated deficit
|
(441 | ) | (703 | ) | ||||
Total Shareholders’ Equity attributable to Solutia
|
919 | 732 | ||||||
Equity attributable to noncontrolling interest
|
8 | 7 | ||||||
Total Equity
|
927 | 739 | ||||||
Total Liabilities and Equity
|
$ | 3,526 | $ | 3,537 | ||||
SOLUTIA INC. | ||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
(Dollars in millions) | ||||||||
(Unaudited) | ||||||||
Year Ended December 31,
|
||||||||
2011
|
2010
|
|||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$ | 267 | $ | 82 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operations:
|
||||||||
Loss from discontinued operations, net of tax
|
- | 9 | ||||||
Depreciation and amortization
|
125 | 117 | ||||||
Pension contributions in excess of expense
|
(39 | ) | (57 | ) | ||||
Other postretirement benefit contributions in excess of expense
|
(9 | ) | (18 | ) | ||||
Amortization of debt issuance costs and discount
|
5 | 8 | ||||||
Deferred income taxes
|
(17 | ) | (7 | ) | ||||
Shared-based compensation expense
|
16 | 20 | ||||||
Other charges:
|
||||||||
Non-cash loss on deferred debt issuance cost and debt discount write-off
|
- | 80 | ||||||
Other (gains) charges, including restructuring expenses
|
(16 | ) | 27 | |||||
Changes in assets and liabilities, net of acquisitions and divestitures:
|
||||||||
Income taxes payable
|
- | (1 | ) | |||||
Trade receivables
|
(10 | ) | 42 | |||||
Inventories
|
(51 | ) | (22 | ) | ||||
Accounts payable
|
7 | (4 | ) | |||||
Environmental remediation liabilities
|
(17 | ) | (18 | ) | ||||
Other assets and liabilities
|
(29 | ) | 38 | |||||
Cash Provided by Operations—Continuing Operations
|
232 | 296 | ||||||
Cash Used in Operations—Discontinued Operations
|
(10 | ) | (22 | ) | ||||
Cash Provided by Operations
|
222 | 274 | ||||||
INVESTING ACTIVITIES:
|
||||||||
Property, plant and equipment purchases
|
(105 | ) | (66 | ) | ||||
Acquisition payments, net of cash acquired
|
(114 | ) | (371 | ) | ||||
Asset disposals and investment sales
|
60 | 8 | ||||||
Cash Used in Investing Activities—Continuing Operations
|
(159 | ) | (429 | ) | ||||
Cash Provided by Investing Activities—Discontinued Operations
|
1 | - | ||||||
Cash Used in Investing Activities
|
(158 | ) | (429 | ) | ||||
FINANCING ACTIVITIES:
|
||||||||
Proceeds from long-term debt obligations
|
- | 1,144 | ||||||
Payment of long-term debt obligations
|
(127 | ) | (958 | ) | ||||
Debt issuance costs
|
- | (27 | ) | |||||
Payment of short-term debt obligations
|
(4 | ) | (16 | ) | ||||
Purchase of treasury shares
|
(7 | ) | (4 | ) | ||||
Dividends attributable to noncontrolling interest
|
(4 | ) | (4 | ) | ||||
Other, net
|
(2 | ) | (8 | ) | ||||
Cash Provided by (Used in) Financing Activities
|
(144 | ) | 127 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
2 | (24 | ) | |||||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(78 | ) | (52 | ) | ||||
CASH AND CASH EQUIVALENTS:
|
||||||||
Beginning of period
|
191 | 243 | ||||||
End of period
|
$ | 113 | $ | 191 |
Consolidated and segment Net Sales, Segment Profit(1) and Adjusted EBITDA(2) three months ended December 2011 and 2010
|
||||||||||||||||||||||||
Three Months Ended December 31,
|
||||||||||||||||||||||||
From Continuing Operations
(in millions)
|
2011
|
Adjust-
ments(3)
|
2011 As
Adjusted
|
2010
|
Adjust-
ments(3)
|
2010 As
Adjusted
|
% change
|
|||||||||||||||||
Net Sales
|
||||||||||||||||||||||||
Advanced Interlayers
|
$ | 225 | $ | 225 | $ | 222 | $ | 222 | 1 | % | ||||||||||||||
Performance Films
|
62 | 62 | 54 | 54 | 15 | % | ||||||||||||||||||
Technical Specialties
|
239 | 239 | 213 | 213 | 12 | % | ||||||||||||||||||
Unallocated and Other
|
- | - | - | - | n/m | |||||||||||||||||||
Total
|
$ | 526 | $ | 526 | $ | 489 | $ | 489 | 8 | % | ||||||||||||||
Segment Profit(1) and Adjusted EBITDA(2)
|
||||||||||||||||||||||||
Advanced Interlayers
|
$ | 46 | $ | - | $ | 46 | $ | 49 | $ | 1 | $ | 50 | -8 | % | ||||||||||
Performance Films
|
5 | - | 5 | 6 | - | 6 | -17 | % | ||||||||||||||||
Technical Specialties
|
83 | - | 83 | 79 | (4 | ) | 75 | 11 | % | |||||||||||||||
Unallocated and Other
|
(21 | ) | 8 | (13 | ) | (23 | ) | 8 | (15 | ) | 13 | % | ||||||||||||
Total
|
$ | 113 | $ | 8 | $ | 121 | $ | 111 | $ | 5 | $ | 116 | 4 | % | ||||||||||
Consolidated and segment Net Sales, Segment Profit(1) and Adjusted EBITDA(2) twelve months ended December 2011 and 2010
|
||||||||||||||||||||||||
Twelve Months Ended December 31,
|
||||||||||||||||||||||||
From Continuing Operations
(in millions)
|
2011 |
Adjust-
ments(3)
|
2011 As
Adjusted
|
2010 |
Adjust-
ments(3)
|
2010 As
Adjusted
|
% change
|
|||||||||||||||||
Net Sales
|
||||||||||||||||||||||||
Advanced Interlayers
|
$ | 897 | $ | 897 | $ | 828 | $ | 828 | 8 | % | ||||||||||||||
Performance Films
|
298 | 298 | 252 | 252 | 18 | % | ||||||||||||||||||
Technical Specialties
|
902 | 902 | 860 | 860 | 5 | % | ||||||||||||||||||
Unallocated and Other
|
- | - | 10 | 10 | -100 | % | ||||||||||||||||||
Total
|
$ | 2,097 | $ | 2,097 | $ | 1,950 | $ | 1,950 | 8 | % | ||||||||||||||
Segment Profit(1) and Adjusted EBITDA(2)
|
||||||||||||||||||||||||
Advanced Interlayers
|
$ | 194 | $ | - | $ | 194 | $ | 188 | $ | 2 | $ | 190 | 2 | % | ||||||||||
Performance Films
|
53 | 2 | 55 | 46 | 2 | 48 | 15 | % | ||||||||||||||||
Technical Specialties
|
338 | (17 | ) | 321 | 316 | 8 | 324 | -1 | % | |||||||||||||||
Unallocated and Other
|
(63 | ) | 11 | (52 | ) | (87 | ) | 29 | (58 | ) | 10 | % | ||||||||||||
Total
|
$ | 522 | $ | (4 | ) | $ | 518 | $ | 463 | $ | 41 | $ | 504 | 3 | % |
(1)
|
Segment Profit is defined as income from continuing operations attributable to Solutia before interest expense, loss on debt extinguishment or modification, income taxes, depreciation and amortization. Foreign currency gains/losses are included in Unallocated and Other.
|
|||||||
(2)
|
Adjusted EBITDA is Segment Profit (as defined above), excluding Adjustments (as defined below).
|
|||||||
(3)
|
Adjustments include Events Affecting Comparability (see separate table), cost overhang associated with the shutdown of the Primary Accelerators business and non-cash share-based compensation expense.
|
Reconciliation of Net Income attributable to Solutia to Adjusted EBITDA
|
||||||||||||||||
Three Months
|
Three Months
|
Twelve Months
|
Twelve Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||
(in millions)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Net Income attributable to Solutia
|
$ | 54 | $ | 47 | $ | 262 | $ | 78 | ||||||||
Plus: (Income) Loss from Discontinued Operations
|
- | (4 | ) | - | 9 | |||||||||||
Income from Continuing Operations attributable to Solutia
|
$ | 54 | $ | 43 | $ | 262 | $ | 87 | ||||||||
Plus:
|
||||||||||||||||
Income tax expense
|
5 | 5 | 30 | 31 | ||||||||||||
Interest expense
|
23 | 30 | 101 | 139 | ||||||||||||
Loss on debt extinguishment or modification
|
- | - | 4 | 89 | ||||||||||||
Depreciation and amortization
|
31 | 33 | 125 | 117 | ||||||||||||
Subtotal
|
$ | 113 | $ | 111 | $ | 522 | $ | 463 | ||||||||
Plus:
|
||||||||||||||||
Events affecting comparability (1)
|
5 | - | (22 | ) | 18 | |||||||||||
Non-cash share-based compensation expense (2)
|
3 | 5 | 18 | 20 | ||||||||||||
Primary Accelerators cost overhang
|
- | - | - | 3 | ||||||||||||
Adjusted EBITDA
|
$ | 121 | $ | 116 | $ | 518 | $ | 504 |
(1) | See table of Summary of Events Affecting Comparability |
(2) | Non-cash share-based compensation expense for the twelve months ended December 31, 2011 includes a charge of $2 related to an executive officer separation agreement; see table of Summary of Events Affecting Comparability |
Reconciliation of Income from Continuing Operations attributable to Solutia to Adjusted Earnings and Calculation of Adjusted Earnings Per Share
|
||||||||||||||||
Three Months
|
Three Months
|
Twelve Months
|
Twelve Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||
(in millions, except per share amounts)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Income from Continuing Operations attributable to Solutia
|
$ | 54 | $ | 43 | $ | 262 | $ | 87 | ||||||||
Plus: Events affecting comparability, net of tax (1)
|
5 | - | (19 | ) | 101 | |||||||||||
Adjusted Earnings
|
$ | 59 | $ | 43 | $ | 243 | $ | 188 | ||||||||
Weighted average diluted shares outstanding
|
121.1 | 120.8 | 121.3 | 120.0 | ||||||||||||
Adjusted Earnings per Share
|
$ | 0.49 | $ | 0.36 | $ | 2.00 | $ | 1.57 |
(1) | See table of Summary of Events Affecting Comparability |
Summary of Events Affecting Comparability
|
||||||||||||||||
Three Months
|
Three Months
|
Twelve Months
|
Twelve Months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||
(in millions)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Plant closures, divestitures and other restructuring:
|
||||||||||||||||
Severance, pension settlement and other charges related to the relocation of our European regional headquarters
|
$ | 1 | $ | - | $ | 14 | $ | - | ||||||||
Severance costs on executive officer separation agreement
|
- | - | 3 | - | ||||||||||||
Severance, pension settlement and retraining costs related to the general corporate restructuring
|
- | 2 | - | 6 | ||||||||||||
Charges related to the closure of certain European other rubber chemicals manufacturing facilities
|
- | 1 | - | 10 | ||||||||||||
Loss related to the sale of the European Plastic Products business
|
- | - | - | 5 | ||||||||||||
Gain related to the sale of our remaining 2% ownership interest in Ascend Performance Materials Holdings, Inc.
|
- | - | (29 | ) | - | |||||||||||
Gain on certain other rubber chemicals divestitures
|
- | (5 | ) | (17 | ) | (5 | ) | |||||||||
Acquisition-related costs:
|
||||||||||||||||
Acquisition-related and start-up expenses on acquired businesses
|
4 | - | 7 | 8 | ||||||||||||
Other unusual (gains) / charges:
|
||||||||||||||||
Gain on settlement of tax indemnification case
|
- | - | (8 | ) | ||||||||||||
Settlement of a contractual dispute
|
- | 2 | - | 2 | ||||||||||||
Adjusted EBITDA Impact
|
$ | 5 | $ | - | $ | (22 | ) | $ | 18 | |||||||
Non-cash share-based compensation expense on executive officer separation agreement
|
- | - | 2 | - | ||||||||||||
Charges related to the modification, early extinguishment or repurchase of debt
|
- | - | 4 | 89 | ||||||||||||
Pre-tax Income Statement Impact
|
$ | 5 | $ | - | $ | (16 | ) | $ | 107 | |||||||
Income tax impact
|
- | - | (3 | ) | (6 | ) | ||||||||||
After-tax Income Statement Impact
|
$ | 5 | $ | - | $ | (19 | ) | $ | 101 |
$ Millions
|
Q4 2011 | Q4 2010 |
Y-o-Y Chg
|
2011 | 2010 |
Y-o-Y Chg
|
||||||||||||||||||
Net Sales
|
$ | 225 | $ | 222 | 1 | % | $ | 897 | $ | 828 | 8 | % | ||||||||||||
Adj. EBITDA (1)
|
$ | 46 | $ | 50 | -8 | % | $ | 194 | $ | 190 | 2 | % | ||||||||||||
Adj. EBITDA margin
|
20 | % | 23 | % | -13 | % | 22 | % | 23 | % | -4 | % |
Qtr Y-o-Y
|
2011 Y-o-Y | ||||||||||
Net Sales change
|
Volume/Mix
|
-4 | % | -1 | % | ||||||
Selling Price
|
4 | % | 3 | % | |||||||
Currency
|
1 | % | 3 | % | |||||||
Acquisitions
|
--- | 3 | % | ||||||||
Total
|
1 | % | 8 | % | |||||||
Adj. EBITDA (1) change
|
Volume/Mix (2)
|
$ | (6 | ) | $ | 8 | |||||
Selling Price
|
$ | 10 | $ | 23 | |||||||
Currency
|
--- | --- | |||||||||
Raw Material Prices
|
$ | (8 | ) | $ | (39 | ) | |||||
Mfg. Cost
|
--- | $ | 5 | ||||||||
SG&A/Other
|
--- | $ | 7 | ||||||||
Total
|
$ | (4 | ) | $ | 4 |
(1) | Non GAAP measure, see reconciliations |
(2) | Volume/Mix includes impact of acquisitions |
$ Millions
|
Q4 2011 | Q4 2010 |
Y-o-Y Chg
|
2011 | 2010 |
Y-o-Y Chg
|
||||||||||||||||||
Net Sales
|
$ | 62 | $ | 54 | 15 | % | $ | 298 | $ | 252 | 18 | % | ||||||||||||
Adj. EBITDA (1)
|
$ | 5 | $ | 6 | -17 | % | $ | 55 | $ | 48 | 15 | % | ||||||||||||
Adj. EBITDA margin
|
8 | % | 11 | % | -27 | % | 18 | % | 19 | % | -5 | % |
Qtr Y-o-Y
|
2011 Y-o-Y | ||||||||||
Net Sales change
|
Volume/Mix
|
9 | % | 8 | % | ||||||
Selling Price
|
2 | % | 1 | % | |||||||
Currency
|
--- | --- | |||||||||
Acquisitions
|
4 | % | 9 | % | |||||||
Total
|
15 | % | 18 | % | |||||||
Adj. EBITDA (1) change
|
Volume/Mix (2)
|
$ | 4 | $ | 16 | ||||||
Selling Price
|
$ | 1 | $ | 3 | |||||||
Currency
|
--- | --- | |||||||||
Raw Material Prices
|
$ | (1 | ) | $ | (2 | ) | |||||
Mfg. Cost
|
$ | (2 | ) | $ | (4 | ) | |||||
SG&A/Other
|
$ | (3 | ) | $ | (6 | ) | |||||
Total
|
$ | (1 | ) | $ | 7 | ||||||
Total
|
$ | 8 | $ | (3 | ) |
(1) | Non GAAP measure, see reconciliations |
(2) | Volume/Mix includes impact of acquisitions |
$ Millions
|
Q4 2011 | Q4 2010 |
Y-o-Y Chg
|
2011 | 2010 |
Y-o-Y Chg
|
||||||||||||||||||
Net Sales
|
$ | 239 | $ | 213 | 12 | % | $ | 902 | $ | 860 | 5 | % | ||||||||||||
Adj. EBITDA (1)
|
$ | 83 | $ | 75 | 11 | % | $ | 321 | $ | 324 | -1 | % | ||||||||||||
Adj. EBITDA margin
|
35 | % | 35 | % | --- | 36 | % | 38 | % | -5 | % |
Qtr Y-o-Y
|
2011 Y-o-Y | ||||||||||
Net Sales change
|
Volume/Mix
|
9 | % | 4 | % | ||||||
Selling Price
|
9 | % | 6 | % | |||||||
Currency
|
1 | % | 2 | % | |||||||
Divestitures
|
-7 | % | -7 | % | |||||||
Total
|
12 | % | 5 | % | |||||||
Adj. EBITDA (1) change
|
Volume/Mix
|
$ | 9 | $ | 16 | ||||||
Selling Price
|
$ | 18 | $ | 50 | |||||||
Currency
|
1 | 2 | |||||||||
Raw Material Prices
|
$ | (16 | ) | $ | (63 | ) | |||||
Mfg. Cost
|
$ | (1 | ) | $ | 2 | ||||||
SG&A/Other
|
$ | (2 | ) | $ | 1 | ||||||
Divestitures
|
$ | (1 | ) | $ | (11 | ) | |||||
Total
|
$ | 8 | $ | (3 | ) |
(1) | Non GAAP measure, see reconciliations |