SELECTED UNAUDITED QUARTERLY FINANCIAL DATA (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Quarterly Financial Information |
Ìý
|
| Summary of selected unaudited quarterly financial data |
ÌýÌýÌýÌýÌý
ÌýÌýÌýÌýÌýÌýÌýÌýA summary of selected unaudited quarterly financial data for the years ended DecemberÌý31, 2016 and 2015 is as follows (dollars in millions, except per share amounts):
ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
Three months ended
|
Ìý
|
|
Ìý
|
Ìý
|
MarchÌý31,
2016
|
Ìý
|
JuneÌý30,
2016
|
Ìý
|
SeptemberÌý30,
2016
|
Ìý
|
DecemberÌý31,
2016(1)
|
Ìý
|
|
Revenues
|
Ìý
|
$
|
2,355
|
Ìý
|
$
|
2,544
|
Ìý
|
$
|
2,363
|
Ìý
|
$
|
2,395
|
Ìý
|
|
Gross profit
|
Ìý
|
Ìý
|
416
|
Ìý
|
Ìý
|
457
|
Ìý
|
Ìý
|
398
|
Ìý
|
Ìý
|
407
|
Ìý
|
|
Restructuring, impairment and plant closing costs (credits)
|
Ìý
|
Ìý
|
13
|
Ìý
|
Ìý
|
29
|
Ìý
|
Ìý
|
45
|
Ìý
|
Ìý
|
(6
|
)
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
63
|
Ìý
|
Ìý
|
95
|
Ìý
|
Ìý
|
65
|
Ìý
|
Ìý
|
138
|
Ìý
|
|
Net income
|
Ìý
|
Ìý
|
62
|
Ìý
|
Ìý
|
94
|
Ìý
|
Ìý
|
64
|
Ìý
|
Ìý
|
137
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation
|
Ìý
|
Ìý
|
56
|
Ìý
|
Ìý
|
87
|
Ìý
|
Ìý
|
55
|
Ìý
|
Ìý
|
128
|
Ìý
|
|
Basic income per share(2):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.24
|
Ìý
|
Ìý
|
0.37
|
Ìý
|
Ìý
|
0.23
|
Ìý
|
Ìý
|
0.54
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.24
|
Ìý
|
Ìý
|
0.37
|
Ìý
|
Ìý
|
0.23
|
Ìý
|
Ìý
|
0.54
|
Ìý
|
|
Diluted income per share(2):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.24
|
Ìý
|
Ìý
|
0.36
|
Ìý
|
Ìý
|
0.23
|
Ìý
|
Ìý
|
0.53
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.24
|
Ìý
|
Ìý
|
0.36
|
Ìý
|
Ìý
|
0.23
|
Ìý
|
Ìý
|
0.53
|
Ìý
|
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
Three months ended
|
Ìý
|
|
Ìý
|
Ìý
|
MarchÌý31,
2015
|
Ìý
|
JuneÌý30,
2015
|
Ìý
|
SeptemberÌý30,
2015
|
Ìý
|
DecemberÌý31,
2015(3)
|
Ìý
|
|
Revenues
|
Ìý
|
$
|
2,589Ìý
|
Ìý
|
$
|
2,740Ìý
|
Ìý
|
$
|
2,638Ìý
|
Ìý
|
$
|
2,332Ìý
|
Ìý
|
|
Gross profit
|
Ìý
|
Ìý
|
450Ìý
|
Ìý
|
Ìý
|
549Ìý
|
Ìý
|
Ìý
|
473Ìý
|
Ìý
|
Ìý
|
376Ìý
|
Ìý
|
|
Restructuring, impairment and plant closing costs
|
Ìý
|
Ìý
|
93Ìý
|
Ìý
|
Ìý
|
114Ìý
|
Ìý
|
Ìý
|
14Ìý
|
Ìý
|
Ìý
|
81Ìý
|
Ìý
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
17Ìý
|
Ìý
|
Ìý
|
41Ìý
|
Ìý
|
Ìý
|
63Ìý
|
Ìý
|
Ìý
|
9Ìý
|
Ìý
|
|
Net income
|
Ìý
|
Ìý
|
15Ìý
|
Ìý
|
Ìý
|
39Ìý
|
Ìý
|
Ìý
|
63Ìý
|
Ìý
|
Ìý
|
9Ìý
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation
|
Ìý
|
Ìý
|
5Ìý
|
Ìý
|
Ìý
|
29Ìý
|
Ìý
|
Ìý
|
55Ìý
|
Ìý
|
Ìý
|
4Ìý
|
Ìý
|
|
Basic income per share(2):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.03Ìý
|
Ìý
|
Ìý
|
0.13Ìý
|
Ìý
|
Ìý
|
0.23Ìý
|
Ìý
|
Ìý
|
0.02Ìý
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.02Ìý
|
Ìý
|
Ìý
|
0.12Ìý
|
Ìý
|
Ìý
|
0.23Ìý
|
Ìý
|
Ìý
|
0.02Ìý
|
Ìý
|
|
Diluted income per share(2):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.03Ìý
|
Ìý
|
Ìý
|
0.13Ìý
|
Ìý
|
Ìý
|
0.22Ìý
|
Ìý
|
Ìý
|
0.02Ìý
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.02Ìý
|
Ìý
|
Ìý
|
0.12Ìý
|
Ìý
|
Ìý
|
0.22Ìý
|
Ìý
|
Ìý
|
0.02Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
|
(1)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
On DecemberÌý30, 2016, our Performance Products segment completed the sale of its European surfactants business to InnospecÌýInc. for $199Ìýmillion in cash plus our retention of trade receivables and payables for an enterprise value of $225Ìýmillion. For further information, see "NoteÌý3. Business Combinations and Dispositions—Sale of European Surfactants Manufacturing Facilities."
|
|
(2)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Basic and diluted income per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.
|
|
(3)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
During the three months ended DecemberÌý31, 2015, we declared a dividend from our non-U.S. operations to the U.S., which included bringing onshore certain U.S. foreign tax credits. The foreign tax credits brought onshore exceeded the amount needed to offset the cash tax impact of the dividend, as well as enough to allow us to carry $14Ìýmillion of foreign tax credits back to a prior year and claim a refund. During 2015, a number of our intercompany liabilities that were denominated in U.S. dollars were owed by entities whose tax currency was the euro. As a result of the depreciation in the euro opposite the U.S. dollar, these entities recorded a tax only foreign exchange loss. Most of the intercompany receivables associated with these same U.S. dollar denominated intercompany debts were held by entities with a tax currency of the U.S. dollar which, therefore, resulted in no taxable gain. This resulted in a $33Ìýmillion tax benefit ($58Ìýmillion, net of $25Ìýmillion of contingent liabilities and valuation allowances) in the fourth quarter of 2015.
|
Ìý
|
| ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International |
Ìý
|
| Quarterly Financial Information |
Ìý
|
| Summary of selected unaudited quarterly financial data |
ÌýÌýÌýÌýÌýÌýÌýÌýA summary of selected unaudited quarterly financial data for the years ended DecemberÌý31, 2016 and 2015 is as follows (dollars in millions, except per share amounts):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
Three months ended
|
Ìý
|
|
Ìý
|
Ìý
|
MarchÌý31,
2016
|
Ìý
|
JuneÌý30,
2016
|
Ìý
|
SeptemberÌý30,
2016
|
Ìý
|
DecemberÌý31,
2016(1)
|
Ìý
|
|
Revenues
|
Ìý
|
$
|
2,355
|
Ìý
|
$
|
2,544
|
Ìý
|
$
|
2,363
|
Ìý
|
$
|
2,395
|
Ìý
|
|
Gross profit
|
Ìý
|
Ìý
|
417
|
Ìý
|
Ìý
|
458
|
Ìý
|
Ìý
|
399
|
Ìý
|
Ìý
|
408
|
Ìý
|
|
Restructuring, impairment and plant closing costs (credits)
|
Ìý
|
Ìý
|
13
|
Ìý
|
Ìý
|
29
|
Ìý
|
Ìý
|
45
|
Ìý
|
Ìý
|
(6
|
)
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
63
|
Ìý
|
Ìý
|
94
|
Ìý
|
Ìý
|
64
|
Ìý
|
Ìý
|
137
|
Ìý
|
|
Net income
|
Ìý
|
Ìý
|
62
|
Ìý
|
Ìý
|
93
|
Ìý
|
Ìý
|
63
|
Ìý
|
Ìý
|
136
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International
|
Ìý
|
Ìý
|
56
|
Ìý
|
Ìý
|
86
|
Ìý
|
Ìý
|
54
|
Ìý
|
Ìý
|
127
|
Ìý
|
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
Three months ended
|
Ìý
|
|
Ìý
|
Ìý
|
MarchÌý31,
2015
|
Ìý
|
JuneÌý30,
2015
|
Ìý
|
SeptemberÌý30,
2015
|
Ìý
|
DecemberÌý31,
2015(3)
|
Ìý
|
|
Revenues
|
Ìý
|
$
|
2,589Ìý
|
Ìý
|
$
|
2,740Ìý
|
Ìý
|
$
|
2,638Ìý
|
Ìý
|
$
|
2,332Ìý
|
Ìý
|
|
Gross profit
|
Ìý
|
Ìý
|
452Ìý
|
Ìý
|
Ìý
|
549Ìý
|
Ìý
|
Ìý
|
474Ìý
|
Ìý
|
Ìý
|
377Ìý
|
Ìý
|
|
Restructuring, impairment and plant closing costs
|
Ìý
|
Ìý
|
93Ìý
|
Ìý
|
Ìý
|
114Ìý
|
Ìý
|
Ìý
|
14Ìý
|
Ìý
|
Ìý
|
81Ìý
|
Ìý
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
17Ìý
|
Ìý
|
Ìý
|
41Ìý
|
Ìý
|
Ìý
|
64Ìý
|
Ìý
|
Ìý
|
9Ìý
|
Ìý
|
|
Net income
|
Ìý
|
Ìý
|
15Ìý
|
Ìý
|
Ìý
|
39Ìý
|
Ìý
|
Ìý
|
64Ìý
|
Ìý
|
Ìý
|
9Ìý
|
Ìý
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International
|
Ìý
|
Ìý
|
5Ìý
|
Ìý
|
Ìý
|
29Ìý
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Ìý
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56Ìý
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4Ìý
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(1)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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On DecemberÌý30, 2016, our Performance Products segment completed the sale of its European surfactants business to InnospecÌýInc. for $199Ìýmillion in cash plus our retention of trade receivables and payables for an enterprise value of $225Ìýmillion. For further information, see "NoteÌý3. Business Combinations and Dispositions—Sale of European Surfactants Manufacturing Facilities."
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(2)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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Basic and diluted income per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.
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(3)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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During the three months ended DecemberÌý31, 2015, we declared a dividend from our non-U.S. operations to the U.S., which included bringing onshore certain U.S. foreign tax credits. The foreign tax credits brought onshore exceeded the amount needed to offset the cash tax impact of the dividend, as well as enough to allow us to carry $14Ìýmillion of foreign tax credits back to a prior year and claim a refund. During 2015, a number of our intercompany liabilities that were denominated in U.S. dollars were owed by entities whose tax currency was the euro. As a result of the depreciation in the euro opposite the U.S. dollar, these entities recorded a tax only foreign exchange loss. Most of the intercompany receivables associated with these same U.S. dollar denominated intercompany debts were held by entities with a tax currency of the U.S. dollar which, therefore, resulted in no taxable gain. This resulted in a $33Ìýmillion tax benefit ($58Ìýmillion, net of $25Ìýmillion of contingent liabilities and valuation allowances) in the fourth quarter of 2015.
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