DELAWARE | 1-7107 | 93-0609074 | ||
(State or other jurisdiction of incorporation or organization) | Commission File Number | (IRS Employer Identification No.) |
å | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
å | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
å | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
å | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description |
99.1 | |
99.2 | |
99.3 |
LOUISIANA-PACIFIC CORPORATION | ||
By: | /S/ REBECCA BARCKLEY | |
Rebecca Barckley | ||
Controller, Financial Reporting | ||
(Principal Accounting Officer) |
• | Net sales for the second quarter of $811 million were higher by 17 percent compared to the year ago quarter. |
• | Income from continuing operations was $163 million ($1.11 per diluted share). |
• | Non-GAAP adjusted income from continuing operations was $157 million ($1.08 per diluted share). |
• | Adjusted EBITDA from continuing operations for the second quarter was $242 million. |
• | Deployed approximately $39 million in cash to repurchase 1.4 million shares during the second quarter. |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net sales | $ | 810.8 | $ | 694.1 | $ | 1,502.1 | $ | 1,305.0 | |||||||
Cost of sales | 550.2 | 511.8 | 1,064.7 | 994.6 | |||||||||||
Gross profit | 260.6 | 182.3 | 437.4 | 310.4 | |||||||||||
Selling, general and administrative expenses | 50.1 | 47.2 | 100.7 | 95.9 | |||||||||||
Gain on sale or impairment of long lived assets, net | — | (3.1 | ) | (0.6 | ) | (2.5 | ) | ||||||||
Other operating credits and charges, net | (4.5 | ) | 2.0 | (4.9 | ) | 5.4 | |||||||||
Income from operations | 215.0 | 136.2 | 342.2 | 211.6 | |||||||||||
Non-operating income (expense): | |||||||||||||||
Interest expense, net of capitalized interest | (4.4 | ) | (4.9 | ) | (8.8 | ) | (9.9 | ) | |||||||
Investment income | 4.8 | 2.3 | 8.0 | 4.3 | |||||||||||
Other non-operating items | (0.7 | ) | (3.1 | ) | (2.1 | ) | (5.0 | ) | |||||||
Total non-operating income (expense) | (0.3 | ) | (5.7 | ) | (2.9 | ) | (10.6 | ) | |||||||
Income from continuing operations before taxes and equity in loss of unconsolidated affiliate | 214.7 | 130.5 | 339.3 | 201.0 | |||||||||||
Provision for income taxes | 51.2 | 36.0 | 80.9 | 51.5 | |||||||||||
Equity in loss of unconsolidated affiliate | 0.6 | — | 0.6 | — | |||||||||||
Income from continuing operations | 162.9 | 94.5 | 257.8 | 149.5 | |||||||||||
Loss from discontinued operations before taxes | (0.3 | ) | — | (5.6 | ) | — | |||||||||
Benefit for income taxes | (0.1 | ) | — | (1.4 | ) | — | |||||||||
Loss from discontinued operations | (0.2 | ) | — | (4.2 | ) | — | |||||||||
Net income | $ | 162.7 | $ | 94.5 | $ | 253.6 | $ | 149.5 | |||||||
Net income per share of common stock: | |||||||||||||||
Income from continuing operations | $ | 1.13 | $ | 0.65 | $ | 1.78 | $ | 1.04 | |||||||
Loss from discontinued operations | — | — | (0.03 | ) | — | ||||||||||
Net income per share - basic | $ | 1.13 | $ | 0.65 | $ | 1.75 | $ | 1.04 | |||||||
Diluted net income per share of common stock: | |||||||||||||||
Income from continuing operations | $ | 1.11 | $ | 0.65 | $ | 1.76 | $ | 1.02 | |||||||
Loss from discontinued operations | — | — | (0.03 | ) | — | ||||||||||
Net income per share - diluted | $ | 1.11 | $ | 0.65 | $ | 1.73 | $ | 1.02 | |||||||
Weighted average shares of stock outstanding - basic | 144.6 | 144.5 | 144.7 | 144.3 | |||||||||||
Weighted average shares of stock outstanding - diluted | 146.2 | 146.2 | 146.4 | 146.0 |
June 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 1,000.9 | $ | 928.0 | |||
Receivables, net of allowance for doubtful accounts of $0.9 million at June 30, 2018 and December 31, 2017 | 162.3 | 142.5 | |||||
Inventories | 286.4 | 259.1 | |||||
Prepaid expenses and other current assets | 13.0 | 7.8 | |||||
Current portion of notes receivable from asset sales | — | 22.2 | |||||
Total current assets | 1,462.6 | 1,359.6 | |||||
Timber and timberlands | 56.0 | 55.7 | |||||
Property, plant and equipment, net | 946.6 | 926.1 | |||||
Goodwill and other intangible assets | 26.4 | 26.7 | |||||
Investments in and advances to affiliates | 53.9 | 7.8 | |||||
Restricted cash | 13.3 | 13.3 | |||||
Other assets | 59.5 | 56.8 | |||||
Deferred tax asset | 2.5 | 2.5 | |||||
Total assets | $ | 2,620.8 | $ | 2,448.5 | |||
LIABILITIES AND EQUITY | |||||||
Current portion of long-term debt | $ | 27.3 | $ | 25.1 | |||
Accounts payable and accrued liabilities | 211.1 | 237.1 | |||||
Income taxes payable | 15.7 | 4.5 | |||||
Current portion of contingency reserves | 3.4 | 3.4 | |||||
Total current liabilities | 257.5 | 270.1 | |||||
Long-term debt, excluding current portion | 348.4 | 350.8 | |||||
Deferred income taxes | 58.9 | 33.4 | |||||
Contingency reserves, excluding current portion | 9.4 | 11.7 | |||||
Other long-term liabilities | 180.8 | 178.0 | |||||
Stockholders’ equity: | |||||||
Common stock | 153.4 | 153.4 | |||||
Additional paid-in capital | 457.5 | 470.6 | |||||
Retained earnings | 1,508.4 | 1,280.1 | |||||
Treasury stock | (206.2 | ) | (177.5 | ) | |||
Accumulated comprehensive loss | (147.3 | ) | (122.1 | ) | |||
Total stockholders’ equity | 1,765.8 | 1,604.5 | |||||
Total liabilities and stockholders’ equity | $ | 2,620.8 | $ | 2,448.5 |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net income | $ | 162.7 | $ | 94.5 | $ | 253.6 | $ | 149.5 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 30.1 | 29.6 | 61.1 | 60.2 | |||||||||||
Equity in (income) loss of unconsolidated affiliates, including dividends | (0.3 | ) | (0.4 | ) | (1.1 | ) | (1.0 | ) | |||||||
Gain on sale or impairment of long-lived assets, net | — | (3.1 | ) | (0.6 | ) | (2.5 | ) | ||||||||
Other operating credits and charges, net | (0.3 | ) | 2.0 | (0.7 | ) | 5.4 | |||||||||
Stock-based compensation related to stock plans | 2.6 | 1.9 | 4.8 | 6.0 | |||||||||||
Exchange loss on remeasurement | 0.1 | 1.5 | — | 1.7 | |||||||||||
Cash settlements of warranties, net of accruals | (0.6 | ) | (2.4 | ) | (1.5 | ) | (5.6 | ) | |||||||
Cash settlements of contingencies, net of accruals | (5.3 | ) | (0.3 | ) | (1.5 | ) | (0.3 | ) | |||||||
Pension contributions, net of expense | (2.1 | ) | (2.1 | ) | (0.5 | ) | (0.7 | ) | |||||||
Other adjustments, net | (1.2 | ) | (0.2 | ) | 0.7 | 0.2 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Increase in receivables | (16.2 | ) | (5.1 | ) | (45.4 | ) | (44.8 | ) | |||||||
(Increase) decrease in inventories | 40.6 | 37.8 | (13.4 | ) | 13.0 | ||||||||||
Increase in prepaid expenses | (4.0 | ) | (2.7 | ) | (5.2 | ) | (3.3 | ) | |||||||
Increase (decrease) in accounts payable and accrued liabilities | 18.5 | 14.6 | (19.5 | ) | (5.3 | ) | |||||||||
Increase (decrease) in income taxes | 12.7 | (24.8 | ) | 37.2 | (10.9 | ) | |||||||||
Net cash provided by operating activities | 237.3 | 140.8 | 268.0 | 161.6 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Property, plant and equipment additions | (44.4 | ) | (19.6 | ) | (87.6 | ) | (45.7 | ) | |||||||
Proceeds from sales of assets | 0.1 | 3.2 | 0.9 | 3.2 | |||||||||||
Investments in unconsolidated affiliate | (45.0 | ) | — | (45.0 | ) | — | |||||||||
Payment of long-term deposit | — | (32.0 | ) | — | (32.0 | ) | |||||||||
Receipt of proceeds from notes receivable from asset sales | 22.2 | — | 22.2 | — | |||||||||||
Other investing activities | (0.1 | ) | — | (0.3 | ) | 0.2 | |||||||||
Net cash used in investing activities | (67.2 | ) | (48.4 | ) | (109.8 | ) | (74.3 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Repayment of long-term debt | (0.2 | ) | (0.1 | ) | (0.3 | ) | (1.3 | ) | |||||||
Payment of cash dividends | (18.7 | ) | — | (37.6 | ) | — | |||||||||
Purchase of treasury stock | (38.9 | ) | — | (38.9 | ) | — | |||||||||
Sale of common stock, net of cash payments under equity plans | — | (0.8 | ) | 0.1 | (0.4 | ) | |||||||||
Taxes paid related to net share settlement of equity awards | (2.1 | ) | (0.1 | ) | (7.8 | ) | (4.8 | ) | |||||||
Other financing activities | — | — | 3.1 | — | |||||||||||
Net cash used in financing activities | (59.9 | ) | (1.0 | ) | (81.4 | ) | (6.5 | ) | |||||||
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (5.1 | ) | (0.8 | ) | (3.9 | ) | (0.1 | ) | |||||||
Net increase in cash, cash equivalents and restricted cash | 105.1 | 90.6 | 72.9 | 80.7 | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 909.1 | 662.6 | 941.3 | 672.5 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,014.2 | $ | 753.2 | $ | 1,014.2 | $ | 753.2 |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net sales: | |||||||||||||||
Siding | $ | 261.6 | $ | 231.0 | $ | 488.6 | $ | 445.0 | |||||||
OSB | 387.4 | 325.0 | 700.7 | 593.4 | |||||||||||
EWP | 109.1 | 94.2 | 209.8 | 176.3 | |||||||||||
South America | 45.3 | 38.7 | 87.7 | 76.5 | |||||||||||
Other | 7.4 | 7.1 | 15.3 | 15.8 | |||||||||||
Intersegment sales | — | (1.9 | ) | — | (2.0 | ) | |||||||||
$ | 810.8 | $ | 694.1 | $ | 1,502.1 | $ | 1,305.0 | ||||||||
Operating profit (loss): | |||||||||||||||
Siding | $ | 62.7 | $ | 49.0 | $ | 108.0 | $ | 89.7 | |||||||
OSB | 157.4 | 103.0 | 254.8 | 163.8 | |||||||||||
EWP | 8.6 | 5.3 | 11.4 | 6.1 | |||||||||||
South America | 9.6 | 5.5 | 18.5 | 10.6 | |||||||||||
Other | (0.8 | ) | (0.9 | ) | (1.7 | ) | (1.1 | ) | |||||||
Other operating credits and charges, net | 4.5 | (2.0 | ) | 4.9 | (5.4 | ) | |||||||||
Gain on sale or impairment of long-lived assets, net | — | 3.1 | 0.6 | 2.5 | |||||||||||
General corporate and other expenses, net | (27.6 | ) | (26.8 | ) | (54.9 | ) | (54.6 | ) | |||||||
Interest expense, net of capitalized interest | (4.4 | ) | (4.9 | ) | (8.8 | ) | (9.9 | ) | |||||||
Investment income | 4.8 | 2.3 | 8.0 | 4.3 | |||||||||||
Other non-operating items | (0.7 | ) | (3.1 | ) | (2.1 | ) | (5.0 | ) | |||||||
Income from continuing operations before taxes | 214.1 | 130.5 | 338.7 | 201.0 | |||||||||||
Provision for income taxes | 51.2 | 36.0 | 80.9 | 51.5 | |||||||||||
Income from continuing operations | $ | 162.9 | $ | 94.5 | $ | 257.8 | $ | 149.5 |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||
Housing starts1: | 2018 | 2017 | 2018 | 2017 | |||||||
Single Family | 257.9 | 237.3 | 452.7 | 418.7 | |||||||
Multi-Family | 94.9 | 89.8 | 188.6 | 175.6 | |||||||
352.8 | 327.1 | 641.3 | 594.3 |
1 Actual U.S. Housing starts data reported by U.S. Census Bureau |
Quarter Ended June 30, 2018 | Quarter Ended June 30, 2017 | ||||||||||||||||
Sales Volume | Siding | OSB | EWP | Total | Siding | OSB | EWP | Total | |||||||||
SmartSide® Strand siding (MMSF) | 308.6 | — | — | 308.6 | 269.4 | — | — | 269.4 | |||||||||
SmartSide® fiber siding (MMSF) | 57.7 | — | — | 57.7 | 65.8 | — | — | 65.8 | |||||||||
CanExel® siding (MMSF) | 12.1 | — | — | 12.1 | 14.7 | — | — | 14.7 | |||||||||
OSB - commodity (MMSF) | 34.4 | 662.6 | 13.9 | 710.9 | 76.7 | 684.9 | 14.9 | 776.5 | |||||||||
OSB - value added (MMSF) | 31.1 | 399.8 | 11.0 | 441.9 | — | 415.7 | 11.0 | 426.7 | |||||||||
LVL (MMCF) | — | — | 1.9 | 1.9 | — | — | 2.0 | 2.0 | |||||||||
LSL (MMCF) | — | — | 1.1 | 1.1 | — | — | 0.8 | 0.8 | |||||||||
I-joist (MMLF) | — | — | 21.7 | 21.7 | — | — | 23.2 | 23.2 | |||||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||||||||||
Sales Volume | Siding | OSB | EWP | Total | Siding | OSB | EWP | Total | |||||||||
SmartSide® Strand siding (MMSF) | 571.4 | — | — | 571.4 | 534.0 | — | — | 534.0 | |||||||||
SmartSide® fiber siding (MMSF) | 113.3 | — | — | 113.3 | 132.2 | — | — | 132.2 | |||||||||
CanExel® siding (MMSF) | 24.9 | — | — | 24.9 | 28.8 | — | — | 28.8 | |||||||||
OSB - commodity (MMSF) | 65.0 | 1,278.5 | 25.3 | 1,368.8 | 126.2 | 1,287.2 | 19.5 | 1,432.9 | |||||||||
OSB - value added (MMSF) | 57.6 | 783.2 | 20.7 | 861.5 | — | 805.2 | 20.0 | 825.2 | |||||||||
LVL (MMCF) | — | — | 3.8 | 3.8 | — | — | 3.8 | 3.8 | |||||||||
LSL (MMCF) | — | — | 2.0 | 2.0 | — | — | 1.6 | 1.6 | |||||||||
I-joist (MMLF) | — | — | 45.5 | 45.5 | — | — | 43.2 | 43.2 |
Quarter Ended June 30, 2018 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Income from continuing operations | $ | 62.7 | $ | 157.4 | $ | 8.6 | $ | 9.6 | $ | (0.8 | ) | $ | (74.6 | ) | $ | 162.9 | |||||||||||
Provision for income taxes | — | — | — | — | — | 51.2 | 51.2 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 4.4 | 4.4 | ||||||||||||||||||||
Depreciation and amortization | 8.4 | 13.6 | 4.3 | 2.3 | 0.7 | 0.8 | 30.1 | ||||||||||||||||||||
EBITDA from continuing operations | 71.1 | 171.0 | 12.9 | 11.9 | (0.1 | ) | (18.2 | ) | 248.6 | ||||||||||||||||||
Stock-based compensation expense | 0.3 | 0.1 | 0.1 | — | — | 1.5 | 2.0 | ||||||||||||||||||||
Investment income | — | — | — | — | — | (4.8 | ) | (4.8 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | (4.5 | ) | (4.5 | ) | ||||||||||||||||||
Other non-operating items | — | — | — | — | — | 0.7 | 0.7 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 71.4 | $ | 171.1 | $ | 13.0 | $ | 11.9 | $ | (0.1 | ) | $ | (25.3 | ) | $ | 242.0 | |||||||||||
Adjusted EBITDA Margin | 27.3 | % | 44.2 | % | 11.9 | % | 26.3 | % | (1.4 | )% | NA | 29.8 | % |
Quarter Ended June 30, 2017 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Income from continuing operations | $ | 49.0 | $ | 103.0 | $ | 5.3 | $ | 5.5 | $ | (0.9 | ) | $ | (67.4 | ) | $ | 94.5 | |||||||||||
Provision for income taxes | — | — | — | — | — | 36.0 | 36.0 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 4.9 | 4.9 | ||||||||||||||||||||
Depreciation and amortization | 7.5 | 14.9 | 3.7 | 2.2 | 0.5 | 0.8 | 29.6 | ||||||||||||||||||||
EBITDA from continuing operations | 56.5 | 117.9 | 9.0 | 7.7 | (0.4 | ) | (25.7 | ) | 165.0 | ||||||||||||||||||
Stock-based compensation expense | 0.2 | 0.2 | 0.1 | — | — | 1.4 | 1.9 | ||||||||||||||||||||
Gain on sale or impairment of long-lived assets, net | — | — | — | — | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||
Investment income | — | — | — | — | — | (2.3 | ) | (2.3 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 2.0 | 2.0 | ||||||||||||||||||||
Other non-operating items | — | — | — | — | — | 3.1 | 3.1 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 56.7 | $ | 118.1 | $ | 9.1 | $ | 7.7 | $ | (0.4 | ) | $ | (24.6 | ) | $ | 166.6 | |||||||||||
Adjusted EBITDA Margin | 24.5 | % | 36.3 | % | 9.7 | % | 19.9 | % | (5.6 | )% | NA | 24.0 | % |
Six Months Ended June 30, 2018 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Income from continuing operations | $ | 108.0 | $ | 254.8 | $ | 11.4 | $ | 18.5 | $ | (1.7 | ) | $ | (133.2 | ) | $ | 257.8 | |||||||||||
Provision for income taxes | — | — | — | — | — | 80.9 | 80.9 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 8.8 | 8.8 | ||||||||||||||||||||
Depreciation and amortization | 16.6 | 28.4 | 8.7 | 4.6 | 1.2 | 1.6 | 61.1 | ||||||||||||||||||||
EBITDA from continuing operations | 124.6 | 283.2 | 20.1 | 23.1 | (0.5 | ) | (41.9 | ) | 408.6 | ||||||||||||||||||
Stock-based compensation expense | 0.5 | 0.4 | 0.2 | — | — | 3.1 | 4.2 | ||||||||||||||||||||
Gain on sale or impairment of long-lived assets, net | — | — | — | — | — | (0.6 | ) | (0.6 | ) | ||||||||||||||||||
Investment income | — | — | — | — | — | (8.0 | ) | (8.0 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | (4.9 | ) | (4.9 | ) | ||||||||||||||||||
Other non-operating items | — | — | — | — | — | 2.1 | 2.1 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 125.1 | $ | 283.6 | $ | 20.3 | $ | 23.1 | $ | (0.5 | ) | $ | (50.2 | ) | $ | 401.4 | |||||||||||
Adjusted EBITDA Margin | 25.6 | % | 40.5 | % | 9.7 | % | 26.3 | % | (3.3 | )% | NA | 26.7 | % |
Six Months Ended June 30, 2017 (Dollar amounts in millions) | Siding | OSB | EWP | South America | Other | Corporate | Total | ||||||||||||||||||||
Income from continuing operations | $ | 89.7 | $ | 163.8 | $ | 6.1 | $ | 10.6 | $ | (1.1 | ) | $ | (119.6 | ) | $ | 149.5 | |||||||||||
Provision for income taxes | — | — | — | — | — | 51.5 | 51.5 | ||||||||||||||||||||
Interest expense, net of capitalized interest | — | — | — | — | — | 9.9 | 9.9 | ||||||||||||||||||||
Depreciation and amortization | 15.6 | 29.6 | 7.6 | 4.4 | 1.4 | 1.6 | 60.2 | ||||||||||||||||||||
EBITDA from continuing operations | 105.3 | 193.4 | 13.7 | 15.0 | 0.3 | (56.6 | ) | 271.1 | |||||||||||||||||||
Stock-based compensation expense | 0.4 | 0.4 | 0.1 | — | — | 5.1 | 6.0 | ||||||||||||||||||||
Gain on sale or impairment of long-lived assets, net | — | — | — | — | — | (2.5 | ) | (2.5 | ) | ||||||||||||||||||
Investment income | — | — | — | — | — | (4.3 | ) | (4.3 | ) | ||||||||||||||||||
Other operating credits and charges, net | — | — | — | — | — | 5.4 | 5.4 | ||||||||||||||||||||
Other non-operating items | — | — | — | — | — | 5.0 | 5.0 | ||||||||||||||||||||
Adjusted EBITDA from continuing operations | $ | 105.7 | $ | 193.8 | $ | 13.8 | $ | 15.0 | $ | 0.3 | $ | (47.9 | ) | $ | 280.7 | ||||||||||||
Adjusted EBITDA Margin | 23.8 | % | 32.7 | % | 7.8 | % | 19.6 | % | 1.9 | % | NA | 21.5 | % |
(Dollar amounts in millions, except per share amounts) | Quarter Ended | ||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | |||||||||
Net income | 162.7 | 90.9 | 94.5 | ||||||||
Add (deduct): | |||||||||||
Loss from discontinued operations | 0.2 | 4.0 | — | ||||||||
Gain on sale or impairment of long-lived assets, net | — | (0.6 | ) | (3.1 | ) | ||||||
Other operating credits and charges, net | (4.5 | ) | (0.4 | ) | 2.0 | ||||||
Reported tax provision | 51.2 | 29.7 | 36.0 | ||||||||
Normalized tax provision at 25% for 2018 and 35% for 2017 | (52.4 | ) | (30.9 | ) | (45.3 | ) | |||||
Adjusted income from continuing operations | $ | 157.2 | $ | 92.7 | $ | 84.1 | |||||
Diluted shares outstanding | 146.2 | 146.7 | 146.2 | ||||||||
Adjusted income from continuing operations per diluted share | $ | 1.08 | $ | 0.63 | $ | 0.58 |
(Dollar amounts in millions, except per share amounts) | Six Months Ended | ||||||
June 30, 2018 | June 30, 2017 | ||||||
Net income | 253.6 | 149.5 | |||||
Add (deduct): | |||||||
Loss from discontinued operations | 4.2 | — | |||||
Gain on sale or impairment of long-lived assets, net | (0.6 | ) | (2.5 | ) | |||
Other operating credits and charges, net | (4.9 | ) | 5.4 | ||||
Reported tax provision | 80.9 | 51.5 | |||||
Normalized tax provision at 25% for 2018 and 35% for 2017 | (83.3 | ) | (71.4 | ) | |||
Adjusted income from continuing operations | $ | 249.9 | $ | 132.5 | |||
Diluted shares outstanding | 146.4 | 146.0 | |||||
Adjusted income from continuing operations per diluted share | $ | 1.71 | $ | 0.91 |