|
|
|
|
|
|
|
|
|
|
|
Net Income for Earnings Per Share Calculations - Diluted
|
2017
|
2016
|
2015
|
In millions
|
|
|
|
Income from continuing operations, net of tax
|
$
|
1,669
|
|
$
|
4,404
|
|
$
|
7,783
|
|
Net income attributable to noncontrolling interests
|
(132
|
)
|
(86
|
)
|
(98
|
)
|
Preferred stock dividends 1, 3
|
—
|
|
(340
|
)
|
—
|
|
Net income attributable to participating securities 2
|
(13
|
)
|
(22
|
)
|
(51
|
)
|
Income from continuing operations attributable to common stockholders
|
$
|
1,524
|
|
$
|
3,956
|
|
$
|
7,634
|
|
Loss from discontinued operations, net of tax
|
(77
|
)
|
—
|
|
—
|
|
Net income attributable to common stockholders
|
$
|
1,447
|
|
$
|
3,956
|
|
$
|
7,634
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share Calculations - Diluted
|
2017
|
2016
|
2015
|
Dollars per share
|
|
|
|
Income from continuing operations attributable to common stockholders
|
$
|
0.95
|
|
$
|
3.52
|
|
$
|
6.15
|
|
Loss from discontinued operations, net of tax
|
(0.04
|
)
|
—
|
|
—
|
|
Net income attributable to common stockholders
|
$
|
0.91
|
|
$
|
3.52
|
|
$
|
6.15
|
|
|
|
|
|
|
|
|
|
Share Count Information
|
2017
|
2016
|
2015
|
Shares in millions
|
|
|
|
Weighted-average common shares - basic 4, 5
|
1,579.8
|
|
1,108.1
|
|
1,130.1
|
|
Plus dilutive effect of equity compensation plans 4
|
18.3
|
|
15.1
|
|
14.5
|
|
Plus dilutive effect of assumed conversion of preferred stock 1, 6
|
—
|
|
—
|
|
96.8
|
|
Weighted-average common shares - diluted 4
|
1,598.1
|
|
1,123.2
|
|
1,241.4
|
|
Stock options and deferred stock awards excluded from EPS calculations 7
|
1.4
|
|
1.9
|
|
4.6
|
|
|
|
1.
|
On December 30, 2016, Dow converted all shares of its Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") into shares of Dow's common stock. As a result of this conversion, no shares of Dow Preferred Stock are issued or outstanding. See Note 17 for additional information.
|
|
|
2.
|
Deferred stock awards are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares.
|
|
|
3.
|
Preferred Stock dividends were not added back in the calculation of diluted earnings per share for the period ended December 31, 2016, because the effect of an assumed conversion of Dow's Preferred Stock would have been antidilutive.
|
|
|
4.
|
As a result of the Merger, share amounts for the year ended December 31, 2017, reflect a weighted averaging effect of Dow shares outstanding prior to August 31, 2017 and DowDuPont shares outstanding on and after August 31, 2017.
|
|
|
5.
|
On December 30, 2016, Dow converted 4 million shares of Dow Preferred Stock into 96.8 million shares of Dow's common stock. As a result of this conversion, 0.5 million shares of Dow common stock are included in "Weighted-average common shares - basic" for the year ended December 31, 2016.
|
|
|
6.
|
The calculation of diluted earnings per share for the year ended December 31, 2016, excludes 96.3 million shares of Dow common stock because the effect of an assumed conversion of Dow Preferred Stock for the full period would have been antidilutive.
|
|
|
7.
|
These outstanding options to purchase shares of common stock and deferred stock awards were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
|
118
Table of Contents
NOTE 10 - INVENTORIES
The following table provides a breakdown of inventories:
|
|
|
|
|
|
|
|
Inventories at Dec 31
|
2017
|
2016
|
In millions
|
|
|
Finished goods
|
$
|
9,701
|
|
$
|
4,230
|
|
Work in process
|
4,512
|
|
1,510
|
|
Raw materials
|
1,267
|
|
853
|
|
Supplies
|
1,296
|
|
823
|
|
Total
|
$
|
16,776
|
|
$
|
7,416
|
|
Adjustment of inventories to a LIFO basis
|
216
|
|
(53
|
)
|
Total inventories
|
$
|
16,992
|
|
$
|
7,363
|
|
Total inventories increased $9,629 million from December 31, 2016 , primarily due to the Merger. See Note 3 for additional information.
NOTE 11 - PROPERTY
The following table provides a breakdown of property:
|
|
|
|
|
|
|
|
|
|
Property at Dec 31 1
|
Estimated Useful Lives (Years)
|
2017
|
2016
|
In millions
|
|
|
|
Land and land improvements
|
0-25
|
|
$
|
3,448
|
|
$
|
2,524
|
|
Buildings
|
1-50
|
|
8,667
|
|
5,935
|
|
Machinery and equipment
|
1-25
|
|
51,312
|
|
38,499
|
|
Other property
|
3-50
|
|
5,277
|
|
4,380
|
|
Construction in progress
|
—
|
|
4,600
|
|
6,100
|
|
Total property
|
|
$
|
73,304
|
|
$
|
57,438
|
|
|
|
1.
|
Prior year data has been updated to conform with the current year presentation.
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
2017
|
2016
|
2015
|
Depreciation expense
|
$
|
2,755
|
|
$
|
2,130
|
|
$
|
1,908
|
|
Capitalized interest
|
$
|
247
|
|
$
|
243
|
|
$
|
218
|
|
The increase in property is primarily due to the Merger. In connection with the Merger, the Company recorded $11,941 million of property representing the preliminary fair value at the Merger date. See Note 3 for further information on this transaction.
119
Table of Contents
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