Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||
Date of Report (Date of earliest event reported): July 22, 2014 | |||||||
PEABODY ENERGY CORPORATION | |||||||
(Exact name of registrant as specified in its charter) | |||||||
Delaware | 1-16463 | 13-4004153 | |||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||
701 Market Street, St. Louis, Missouri | 63101-1826 | ||||||
(Address of principal executive offices) | (Zip Code) | ||||||
Registrant's telephone number, including area code: (314) 342-3400 | |||||||
N/A | |||||||
(Former name or former address, if changed since last report.) | |||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||||
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description of Exhibit |
99.1 | Press Release of Peabody Energy Corporation dated July 22, 2014. |
PEABODY ENERGY CORPORATION | |
July 22, 2014 | By: /s/ Michael C. Crews |
Name: Michael C. Crews | |
Title: Executive Vice President and Chief Financial Officer | |
Exhibit No. | Description |
99.1 | Press Release of Peabody Energy Corporation dated July 22, 2014. |
News Release | |
CONTACT: Vic Svec (314) 342-7768 |
• | Second quarter revenues of $1.76 billion lead to Adjusted EBITDA of $213 million |
• | Diluted Loss Per Share from Continuing Operations and Adjusted Diluted Loss Per Share both total $(0.28) |
• | North Goonyella and Metropolitan longwalls successfully commissioned |
• | Sustainable cost improvements continue across the platform; capital efficiency initiatives lead to reduced capital spending targets of $210 to $250 million |
• | Global coal market share increases to 30 percent of energy consumption; greatest contribution to energy mix since 1970 |
Quarter Ended | Six Months Ended | |||||||||||||||
Jun. | Jun. | Jun. | Jun. | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diluted EPS - (Loss) Income from Continuing Operations (1) | $ | (0.28 | ) | $ | 0.39 | $ | (0.46 | ) | $ | 0.33 | ||||||
Asset Impairment, Net of Income Taxes | — | 0.08 | — | 0.08 | ||||||||||||
Remeasurement Benefit Related to Foreign Income Tax Accounts | — | (0.14 | ) | (0.01 | ) | (0.13 | ) | |||||||||
Adjusted Diluted EPS (2) | $ | (0.28 | ) | $ | 0.33 | $ | (0.47 | ) | $ | 0.28 | ||||||
(1) | Reflects (loss) income from continuing operations, net of income taxes less net income (loss) attributable to noncontrolling interests. |
(2) | Represents a non-GAAP financial measure defined at the end of this release and illustrated in the Reconciliation of Non-GAAP Financial Measures table after this release. |
• | The third quarter metallurgical coal price benchmark for high-quality low-vol hard coking coal settled at $120 per tonne ($108 per short ton) with benchmark low-vol PCI at $100 per tonne ($91 per short ton), in line with second quarter settlements; |
• | China's coal generation rose 5 percent through June and economic expansion increased as the government's stimulus measures gained traction. Metallurgical coal imports declined 17 percent in the first five months of the year as steel production growth has been muted. Accelerating economic growth and additional targeted stimulus are expected to translate into improved steel production and metallurgical coal import demand in the second half of the year; |
• | India’s coal generation rose 12 percent and metallurgical coal imports increased 26 percent through June. Coal stockpiles are at extremely low levels of only one week at nearly half of the country’s coal plants as a result of reduced hydro generation, domestic production shortages and a 6 percent decline in thermal coal imports. The new prime minister has stated his intention to emphasize economic growth and increase coal imports as pro-development policies are implemented; |
• | Japan’s coal generation increased 9 percent through May as coal holds a compelling economic advantage over imported natural gas and nuclear generation remains shuttered. Coal’s share of Japan’s total electricity generation has increased from 27 percent in 2011 to approximately 35 percent year-to-date through May; |
• | European coal demand remains mixed as steel production rose 4 percent through May on improving demand, while coal generation declined 12 percent through June on mild temperatures and higher renewable generation. Germany is targeting the addition of 5.5 gigawatts of coal-fueled generation by the end of 2015; and |
• | Global seaborne markets have remained oversupplied, although production cutbacks are expected to take further hold in the second half of the year. Through June, Australian thermal and metallurgical coal exports rose 8 percent and 12 percent, respectively, offsetting a modest decline in Indonesian thermal coal exports and a 16 percent reduction in U.S. exports. China’s domestic coal production is down 2 percent through June as marginal cost production is rationalized and smaller mines are closed or consolidated. Recently announced seaborne metallurgical coal cutbacks total nearly 20 million tonnes, and the third quarter price settlement is expected to place additional pressure on seaborne suppliers. |
• | Coal generation increased 6 percent through June, while natural gas generation declined 2 percent as utilities continue to switch from gas to coal. Coal generation accounted for 41 percent of electricity generation in the U.S. through June, and 2014 coal demand is expected to rise 30 to 40 million tons over 2013 levels; |
• | Southern Powder River Basin inventories are at 49 days of supply, a nearly 30 percent improvement over the prior year on rising coal demand and stable shipments; and |
• | Transportation concerns have impacted the Southern Powder River Basin, leading to greater coal conservation measures at certain utilities. Rail performance continues to fall short of expectations, resulting in an estimated 15 million tons of lower shipments through the first six months of 2014. |
• | Against a backdrop of widespread unpopularity, political change and soaring electricity costs, Australia repealed its carbon tax in a major policy reversal. The repeal is expected to lead to lower electricity rates, improved Australian competitiveness and reduced costs for business. Australia was one of many countries around the world that is reevaluating its carbon policy. |
• | The U.S. Environmental Protection Agency has proposed carbon dioxide rules that would require states to reduce emissions from existing electric generating plants. Should the rules be finalized in their current form, third parties have projected the potential for negative impacts to generation, consumer electricity rates, jobs and economic development. Significant opposition to the proposed rules has emerged from states, congressional delegations, labor unions, businesses, citizen groups and others. Peabody believes the proposed rules |
• | Optimizing the benefits from the fully commissioned longwall top coal caving system at the North Goonyella Mine, including greater automation of underground equipment and increased yields; |
• | Capitalizing on increased productivity from the new longwall at the Metropolitan Mine. Longwall performance has exceeded planned production targets and has reached available mine capacity since installation in April; |
• | Maximizing the benefits of the recent owner-operator conversions and completing the owner-operator transition at the Moorvale Mine in the third quarter; and |
• | Advancing the reserve development at the Gateway North Mine in Illinois to replace production from the existing operation in 2015. Slope construction is underway and ahead of targeted schedule. |
• | New total sales targets of 245 to 260 million tons, including U.S. sales of 185 to 190 million tons and Australian sales of 35 to 37 million tons; |
• | U.S. costs per ton 1 to 3 percent below 2013 levels on cost containment efforts, with U.S. revenues per ton 4 to 7 percent below 2013 levels due to price re-openers; |
• | Australian costs in the low-to-mid $70 per ton range; and |
• | Full-year depreciation, depletion and amortization approximately 5 to 10 percent below 2013 levels. |
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended Jun. 30, 2014 and 2013 | |||||||||||||||||
(In Millions, Except Per Share Data) | |||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||
Jun. | Jun. | Jun. | Jun. | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Tons Sold | 61.7 | 60.8 | 123.0 | 118.0 | |||||||||||||
Revenues | $ | 1,758.0 | $ | 1,725.3 | $ | 3,384.8 | $ | 3,473.3 | |||||||||
Operating Costs and Expenses (1) | 1,467.6 | 1,437.2 | 2,862.4 | 2,826.6 | |||||||||||||
Depreciation, Depletion and Amortization | 163.1 | 185.7 | 320.3 | 356.4 | |||||||||||||
Asset Retirement Obligation Expenses | 15.9 | 18.3 | 31.5 | 37.3 | |||||||||||||
Selling and Administrative Expenses | 59.2 | 64.0 | 118.7 | 129.1 | |||||||||||||
Other Operating (Income) Loss: | |||||||||||||||||
Net Gain on Disposal or Exchange of Assets | (2.2 | ) | (43.2 | ) | (12.0 | ) | (45.8 | ) | |||||||||
Asset Impairment | — | 21.5 | — | 21.5 | |||||||||||||
Loss from Equity Affiliates: | |||||||||||||||||
Results of Operations | 20.3 | 13.0 | 25.7 | 29.0 | |||||||||||||
Amortization of Basis Difference | 1.3 | 2.4 | 2.5 | 4.0 | |||||||||||||
Loss from Equity Affiliates | 21.6 | 15.4 | 28.2 | 33.0 | |||||||||||||
Operating Profit | 32.8 | 26.4 | 35.7 | 115.2 | |||||||||||||
Interest Income | (4.4 | ) | (1.1 | ) | (8.0 | ) | (7.0 | ) | |||||||||
Interest Expense | 105.2 | 110.8 | 208.5 | 212.1 | |||||||||||||
Loss from Continuing Operations Before Income Taxes | (68.0 | ) | (83.3 | ) | (164.8 | ) | (89.9 | ) | |||||||||
Income Tax Provision (Benefit): | |||||||||||||||||
Provision (Benefit) | 5.3 | (147.6 | ) | (45.8 | ) | (145.5 | ) | ||||||||||
Remeasurement Benefit Related to Foreign Income Tax Accounts | (1.3 | ) | (37.1 | ) | (2.7 | ) | (35.5 | ) | |||||||||
Income Tax Provision (Benefit) | 4.0 | (184.7 | ) | (48.5 | ) | (181.0 | ) | ||||||||||
(Loss) Income from Continuing Operations, Net of Income Taxes | (72.0 | ) | 101.4 | (116.3 | ) | 91.1 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Income Taxes | 0.8 | (14.3 | ) | 1.0 | (23.4 | ) | |||||||||||
Net (Loss) Income | (71.2 | ) | 87.1 | (115.3 | ) | 67.7 | |||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2.1 | (3.2 | ) | 6.5 | 0.8 | ||||||||||||
Net (Loss) Income Attributable to Common Stockholders | $ | (73.3 | ) | $ | 90.3 | $ | (121.8 | ) | $ | 66.9 | |||||||
Adjusted EBITDA | $ | 213.1 | $ | 254.3 | $ | 390.0 | $ | 534.4 | |||||||||
Diluted EPS - (Loss) Income from Continuing Operations (2)(3) | $ | (0.28 | ) | $ | 0.39 | $ | (0.46 | ) | $ | 0.33 | |||||||
Diluted EPS - Net (Loss) Income Attributable to Common Stockholders (2) | $ | (0.27 | ) | $ | 0.33 | $ | (0.46 | ) | $ | 0.25 | |||||||
Adjusted Diluted EPS (2) | $ | (0.28 | ) | $ | 0.33 | $ | (0.47 | ) | $ | 0.28 | |||||||
(1) | Excludes items shown separately. | ||||||||||||||||
(2) | Weighted average diluted shares outstanding were 268.0 million and 267.5 million for the quarters ended Jun. 30, 2014 and 2013, respectively, and 267.9 million and 267.4 million for the six months ended Jun. 30, 2014 and 2013, respectively. | ||||||||||||||||
(3) | Reflects (loss) income from continuing operations, net of income taxes, less net income (loss) attributable to noncontrolling interests. | ||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the Securities and Exchange Commission. | |||||||||||||||||
Supplemental Financial Data (Unaudited) | ||||||||||||||||||
For the Quarters and Six Months Ended Jun. 30, 2014 and 2013 | ||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||
Jun. | Jun. | Jun. | Jun. | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Revenue Summary (In Millions) | ||||||||||||||||||
U.S. Mining Operations | $ | 1,031.2 | $ | 970.9 | $ | 2,016.2 | $ | 1,947.7 | ||||||||||
Australian Mining Operations | 707.4 | 744.8 | 1,319.2 | 1,482.8 | ||||||||||||||
Trading and Brokerage Operations | 10.3 | (3.4 | ) | 31.3 | 22.5 | |||||||||||||
Other | 9.1 | 13.0 | 18.1 | 20.3 | ||||||||||||||
Total | $ | 1,758.0 | $ | 1,725.3 | $ | 3,384.8 | $ | 3,473.3 | ||||||||||
Tons Sold (In Millions) | ||||||||||||||||||
Midwestern U.S. Mining Operations | 6.2 | 6.5 | 12.4 | 13.0 | ||||||||||||||
Western U.S. Mining Operations | 40.1 | 37.6 | 81.6 | 75.2 | ||||||||||||||
Australian Mining Operations (1) | 9.7 | 8.6 | 17.9 | 16.9 | ||||||||||||||
Trading and Brokerage Operations | 5.7 | 8.1 | 11.1 | 12.9 | ||||||||||||||
Total | 61.7 | 60.8 | 123.0 | 118.0 | ||||||||||||||
Revenues per Ton - Mining Operations | ||||||||||||||||||
Midwestern U.S. | $ | 49.09 | $ | 51.09 | $ | 49.03 | $ | 51.13 | ||||||||||
Western U.S. (2) | 18.12 | 17.04 | 17.26 | 17.04 | ||||||||||||||
Total - U.S. (2) | 22.27 | 22.03 | 21.44 | 22.08 | ||||||||||||||
Australia | 73.16 | 86.44 | 73.77 | 87.84 | ||||||||||||||
Operating Costs per Ton - Mining Operations (3) | ||||||||||||||||||
Midwestern U.S. | $ | 37.83 | $ | 34.55 | $ | 37.04 | $ | 34.33 | ||||||||||
Western U.S. (2) | 12.59 | 12.92 | 12.41 | 12.84 | ||||||||||||||
Total - U.S. (2) | 15.97 | 16.09 | 15.65 | 16.02 | ||||||||||||||
Australia | 72.30 | 73.39 | 73.20 | 75.23 | ||||||||||||||
Gross Margin per Ton - Mining Operations (3) | ||||||||||||||||||
Midwestern U.S. | $ | 11.26 | $ | 16.54 | $ | 11.99 | $ | 16.80 | ||||||||||
Western U.S. (2) | 5.53 | 4.12 | 4.85 | 4.20 | ||||||||||||||
Total - U.S. (2) | 6.30 | 5.94 | 5.79 | 6.06 | ||||||||||||||
Australia | 0.86 | 13.05 | 0.57 | 12.61 | ||||||||||||||
Other Supplemental Financial Data (In Millions) | ||||||||||||||||||
Adjusted EBITDA - U.S. Mining Operations | $ | 291.9 | $ | 261.7 | $ | 544.5 | $ | 534.5 | ||||||||||
Adjusted EBITDA - Australian Mining Operations | 12.2 | 112.5 | 14.0 | 212.9 | ||||||||||||||
Adjusted EBITDA - Trading and Brokerage: | ||||||||||||||||||
Trading and Brokerage Operations | 6.3 | (20.4 | ) | 20.0 | (4.4 | ) | ||||||||||||
Litigation and Arbitration Charges | — | (20.6 | ) | (15.6 | ) | (20.6 | ) | |||||||||||
Total Trading and Brokerage | 6.3 | (41.0 | ) | 4.4 | (25.0 | ) | ||||||||||||
Adjusted EBITDA - Resource Management (4) | 1.7 | 42.4 | 11.2 | 44.5 | ||||||||||||||
Selling and Administrative Expenses | (59.2 | ) | (64.0 | ) | (118.7 | ) | (129.1 | ) | ||||||||||
Other Operating Costs, Net (5) | (39.8 | ) | (57.3 | ) | (65.4 | ) | (103.4 | ) | ||||||||||
Adjusted EBITDA | 213.1 | 254.3 | 390.0 | 534.4 | ||||||||||||||
Depreciation, Depletion and Amortization | (163.1 | ) | (185.7 | ) | (320.3 | ) | (356.4 | ) | ||||||||||
Asset Retirement Obligation Expenses | (15.9 | ) | (18.3 | ) | (31.5 | ) | (37.3 | ) | ||||||||||
Asset Impairment | — | (21.5 | ) | — | (21.5 | ) | ||||||||||||
Amortization of Basis Difference Related to Equity Affiliates | (1.3 | ) | (2.4 | ) | (2.5 | ) | (4.0 | ) | ||||||||||
Operating Profit | 32.8 | 26.4 | 35.7 | 115.2 | ||||||||||||||
Operating Cash Flows | 21.2 | 59.7 | 75.3 | 331.4 | ||||||||||||||
Acquisitions of Property, Plant and Equipment | 40.3 | 92.5 | 64.7 | 166.5 | ||||||||||||||
(1) | Metallurgical coal tons sold totaled 4.8 million and 4.1 million for the quarters ended Jun. 30, 2014 and 2013, respectively, and 8.0 million and 7.7 million for the six months ended Jun. 30, 2014 and 2013, respectively. | |||||||||||||||||
(2) | The finalization of pricing under a customer sales agreement resulted in additional Western U.S. revenues per ton, operating costs per ton, and gross margin per ton of $1.08, $0.21, and $0.87, respectively, for the quarter ended Jun. 30, 2014, and $0.41, $0.08, and $0.33, respectively, for the six months ended Jun. 30, 2014. The impact on Total - U.S. revenues per ton, operating costs per ton, and gross margin per ton was $0.93, $0.17, and $0.76, respectively, for the quarter ended Jun. 30, 2014, and $0.36, $0.07, and $0.29, respectively, for the six months ended Jun. 30, 2014. | |||||||||||||||||
(3) | Includes revenue-based production taxes and royalties; excludes depreciation, depletion and amortization; asset retirement obligation expenses; selling and administrative expenses; asset impairment; and certain other costs related to post-mining activities. | |||||||||||||||||
(4) | Includes certain asset sales, property management costs and revenues, and coal royalty expense. | |||||||||||||||||
(5) | Includes loss from equity affiliates and costs associated with post-mining activities. | |||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the Securities and Exchange Commission. |
Condensed Consolidated Balance Sheets | ||||||||
As of Jun. 30, 2014 and Dec. 31, 2013 | ||||||||
(Dollars In Millions) | ||||||||
(Unaudited) | ||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||
Cash and Cash Equivalents | $ | 498.4 | $ | 444.0 | ||||
Accounts Receivable, Net | 447.1 | 557.9 | ||||||
Inventories | 548.4 | 506.7 | ||||||
Deferred Income Taxes | 67.2 | 66.4 | ||||||
Other Current Assets | 316.7 | 417.7 | ||||||
Total Current Assets | 1,877.8 | 1,992.7 | ||||||
Property, Plant, Equipment and Mine Development, Net | 10,700.5 | 11,082.5 | ||||||
Deferred Income Taxes | 82.1 | 7.8 | ||||||
Investments and Other Assets | 1,031.8 | 1,050.4 | ||||||
Total Assets | $ | 13,692.2 | $ | 14,133.4 | ||||
Current Maturities of Long-Term Debt | $ | 20.8 | $ | 31.7 | ||||
Accounts Payable and Accrued Expenses | 1,462.0 | 1,737.7 | ||||||
Other Current Liabilities | 21.9 | 6.1 | ||||||
Total Current Liabilities | 1,504.7 | 1,775.5 | ||||||
Long-Term Debt, Less Current Maturities | 5,973.2 | 5,970.7 | ||||||
Deferred Income Taxes | 59.5 | 40.9 | ||||||
Other Noncurrent Liabilities | 2,150.4 | 2,398.4 | ||||||
Total Liabilities | 9,687.8 | 10,185.5 | ||||||
Stockholders' Equity | 4,004.4 | 3,947.9 | ||||||
Total Liabilities and Stockholders' Equity | $ | 13,692.2 | $ | 14,133.4 | ||||
This information is intended to be reviewed in conjunction with the company's filings with the Securities and Exchange Commission. | ||||||||
Reconciliation of Non-GAAP Financial Measures (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended Jun. 30, 2014 and 2013 | |||||||||||||||||
(Dollars In Millions, Except Per Share Data) | Quarter Ended | Six Months Ended | |||||||||||||||
Jun. | Jun. | Jun. | Jun. | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Adjusted EBITDA | $ | 213.1 | $ | 254.3 | $ | 390.0 | $ | 534.4 | |||||||||
Depreciation, Depletion and Amortization | 163.1 | 185.7 | 320.3 | 356.4 | |||||||||||||
Asset Retirement Obligation Expenses | 15.9 | 18.3 | 31.5 | 37.3 | |||||||||||||
Amortization of Basis Difference Related to Equity Affiliates | 1.3 | 2.4 | 2.5 | 4.0 | |||||||||||||
Interest Income | (4.4 | ) | (1.1 | ) | (8.0 | ) | (7.0 | ) | |||||||||
Interest Expense | 105.2 | 110.8 | 208.5 | 212.1 | |||||||||||||
Income Tax Provision (Benefit) Before Remeasurement of Foreign Income Tax Accounts | 5.3 | (147.6 | ) | (45.8 | ) | (145.5 | ) | ||||||||||
Adjusted (Loss) Income from Continuing Operations (1) | (73.3 | ) | 85.8 | (119.0 | ) | 77.1 | |||||||||||
Asset Impairment, Net of Income Taxes | — | 21.5 | — | 21.5 | |||||||||||||
Remeasurement Benefit Related to Foreign Income Tax Accounts | (1.3 | ) | (37.1 | ) | (2.7 | ) | (35.5 | ) | |||||||||
(Loss) Income from Continuing Operations, Net of Income Taxes | $ | (72.0 | ) | $ | 101.4 | $ | (116.3 | ) | $ | 91.1 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interests | $ | 2.1 | $ | (3.2 | ) | $ | 6.5 | $ | 0.8 | ||||||||
Diluted EPS - (Loss) Income from Continuing Operations (2) | $ | (0.28 | ) | $ | 0.39 | $ | (0.46 | ) | $ | 0.33 | |||||||
Asset Impairment, Net of Income Taxes | — | 0.08 | — | 0.08 | |||||||||||||
Remeasurement Benefit Related to Foreign Income Tax Accounts | — | (0.14 | ) | (0.01 | ) | (0.13 | ) | ||||||||||
Adjusted Diluted EPS | $ | (0.28 | ) | $ | 0.33 | $ | (0.47 | ) | $ | 0.28 | |||||||
Targeted Results for the Quarter Ending Sept. 30, 2014 (Unaudited) | |||||||||||||||||
(Dollars In Millions, Except Per Share Data) | Quarter Ending | ||||||||||||||||
Sept. 30, 2014 | |||||||||||||||||
Targeted Results | |||||||||||||||||
Low | High | ||||||||||||||||
Adjusted EBITDA | $ | 140 | $ | 190 | |||||||||||||
Depreciation, Depletion and Amortization | 160 | 170 | |||||||||||||||
Asset Retirement Obligation Expenses | 21 | 19 | |||||||||||||||
Interest Income | (2 | ) | (3 | ) | |||||||||||||
Interest Expense | 105 | 103 | |||||||||||||||
Income Tax Provision Before Remeasurement of Foreign Income Tax Accounts | — | 5 | |||||||||||||||
Adjusted Loss from Continuing Operations (1) | (144 | ) | (104 | ) | |||||||||||||
Remeasurement Expense Related to Foreign Income Tax Accounts | — | — | |||||||||||||||
Loss from Continuing Operations, Net of Income Taxes | $ | (144 | ) | $ | (104 | ) | |||||||||||
Net (Loss) Income Attributable to Noncontrolling Interests | $ | (2 | ) | $ | 2 | ||||||||||||
Diluted EPS - Loss from Continuing Operations (2) | $ | (0.53 | ) | $ | (0.40 | ) | |||||||||||
Remeasurement Expense Related to Foreign Income Tax Accounts | — | — | |||||||||||||||
Adjusted Diluted EPS | $ | (0.53 | ) | $ | (0.40 | ) | |||||||||||
(1) | In order to arrive at the numerator used to calculate Adjusted Diluted EPS, it is necessary to deduct net income (loss) attributable to noncontrolling interests from this amount. | ||||||||||||||||
(2) | Reflects (loss) income from continuing operations, net of income taxes, less net income (loss) attributable to noncontrolling interests. | ||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the Securities and Exchange Commission. |