EX-99.3 4 ex993isreconciliation12312.htm EXHIBIT 99.3 - IS RECONCILIATION Exhibit





Exhibit 99.3 Reconciliation of Adjusted income from continuing operations

(Dollar amounts in millions, except per share amounts)
Quarter Ended
 
December 31, 2017
 
September 30, 2017
 
December 31, 2016
Net income (loss)
130.5

 
109.8

 
42.2

Add (deduct):
 
 
 
 
 
Loss from discontinued operations
0.2

 
1.1

 
0.5

(Gain) loss on sale or impairment of long-lived assets, net
8.6

 
0.7

 
(9.4
)
Other operating credits and charges, net
3.5

 
(0.9
)
 
6

Interest expense outside of normal operations

 

 
0.3

Early debt extinguishment

 

 
4.1

Reported tax provision
21.2

 
46.4

 
6.7

Normalized tax provision at 35%
(57.4
)
 
(55.0
)
 
(17.6
)
Adjusted income (loss) from continuing operations
$
106.6

 
$
102.1

 
$
32.8

Diluted shares outstanding
146.6

 
146.5

 
145.5

Adjusted income (loss) from continuing operations per diluted share
$
0.73

 
$
0.70

 
$
0.23


 
Year Ended
(Dollar amounts in millions, except per share amounts)
December 31, 2017
 
December 31, 2016
Net income (loss)
$
389.8

 
$
149.8

Add (deduct):
 
 
 
Loss from discontinued operations
1.3

 
0.5

(Gain) loss on sale or impairment of long-lived assets, net
6.8

 
(8.4
)
Other operating credits and charges, net
8.0

 
17.4

Interest expense outside of normal operations

 
2.8

Early debt extinguishment

 
17.3

Reported tax provision
119.1

 
19.8

Normalized tax provision at 35%
(183.8
)
 
(69.7
)
Adjusted income (loss) from continuing operations
$
341.2

 
$
129.5

Diluted shares outstanding
146.4

 
145.3

Adjusted income (loss) from continuing operations per diluted share
$
2.33

 
$
0.89