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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002

OR

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-815

E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)

             Delaware

   51-0014090

(State or other Jurisdiction of

(I.R.S. Employer

 Incorporation or Organization)

Identification No.)


1007 Market Street, Wilmington, Delaware 19898
(Address of Principal Executive Offices)

(302) 774-1000
(Registrant's Telephone Number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

  X

No

  


993,479,958 shares (excludes 87,041,427 shares of treasury stock) of common stock, $0.30 par value, were outstanding at October 31, 2002.


1

Form 10-Q

 


E. I. DU PONT DE NEMOURS AND COMPANY

Table of Contents

 

Page(s)
   

Part I Financial Information

  
   

Item 1. Financial Statements

  

Consolidated Income Statement

3

Consolidated Statement of Cash Flows

4

Consolidated Balance Sheet

5

Notes to Financial Statements

6-21
   

Item 2. Management's Discussion and Analysis of Financial

 

Condition and Results of Operations

 		 

Forward-Looking Statements

22-23

Results of Operations:

 		 

Sales and Earnings

23-27

Segment Results

27-29

Outlook

29

Liquidity & Capital Resources

29-31

Other Items:

 		 

Acquisition of ChemFirst, Inc.

31

Pensions

32

Other Postretirement Benefits

32

New Accounting Standards

32

Accounting for Stock-Based Compensation

32

Purchased In-Process Research and Development

32

Sarbanes-Oxley Act of 2002

32-33
   

Item 4. Controls and Procedures

33
   

Part II Other Information

  
   

Item 1. Legal Proceedings

33-34

Item 6. Exhibits and Reports on Form 8-K

35
   

Signature

36
   

Certifications

37-38
   

Exhibit Index

39-40
   

 







2

Form 10-Q


Part I. Financial Information

Item 1.    FINANCIAL STATEMENTS

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
 

Three Months Ended

Nine Months Ended

CONSOLIDATED INCOME STATEMENT(a)

September 30

September 30

(Dollars in millions, except per share)

2002

  

2001

  

2002

  

2001
               

SALES(b)

$5,482

  

$5,641

  

$18,324

  

$19,497

Other Income(c)

255

  

135

  

337

  

521
               

Total

5,737

  

5,776

  

18,661

  

20,018
 

           

Cost of Goods Sold and Other Operating Charges(d)

3,851

  

3,958

  

12,204

  

13,059

Selling, General and Administrative Expenses

621

  

687

  

1,993

  

2,269

Depreciation

339

  

328

  

958

  

995

Amortization of Goodwill and Other Intangible Assets(e)

53

  

113

  

154

  

338

Research and Development Expense

322

  

441

  

928

  

1,288

Interest Expense(f)

79

  

148

  

279

  

492

Employee Separation Costs and Write-Down of Assets(g)

(23)

  

-

  

232

  

1,046

Gain on Sale of DuPont Pharmaceuticals(h)

-

  

-

  

(19)

-
               

Total

5,242

  

5,675

  

16,729

  

19,487
               

INCOME BEFORE INCOME TAXES AND

MINORITY INTERESTS

495

  

101

  

1,932

  

531

Provision for (Benefit from) Income Taxes(i)

5

(46)

368

87

Minority Interests in Earnings of Consolidated Subsidiaries

21

  

5

 

73

  

31
               

INCOME BEFORE CUMULATIVE EFFECT OF CHANGES

IN ACCOUNTING PRINCIPLES

469

  

142

  

1,491

 

413

Cumulative Effect of Changes in Accounting Principles,

Net of Income Taxes(j)

-

 

 

-

  

(2,944)

  

11
               

NET INCOME (LOSS)(b)

$ 469

  

$ 142

  

$(1,453)

 

$ 424
               

BASIC EARNINGS (LOSS) PER SHARE OF

COMMON STOCK(k)

              

Income before Cumulative Effect of Changes in

Accounting Principles

$ .47

  

$ .13

 

$ 1.49

 

$ .39

Cumulative Effect of Changes in Accounting Principles

-

  

-

(2.96)

.01
               

Net Income (Loss)

$ .47

 

$ .13

 

$(1.47)

  

$ .40

               

DILUTED EARNINGS (LOSS) PER SHARE OF

COMMON STOCK(k)

              

Income before Cumulative Effect of Changes in

Accounting Principles

$ .47

  

$ .13

  

$ 1.49

 

$ .39

Cumulative Effect of Changes in Accounting Principles

-

  

-

  

(2.95)

  

.01
               

Net Income (Loss)

$ .47

  

$ .13

  

$(1.46)

  

$ .40

               

DIVIDENDS PER SHARE OF COMMON STOCK

$ .35

  

$ .35

 

$ 1.05

 

$ 1.05


See Notes to Financial Statements.

3

Form 10-Q


 

Nine Months Ended

CONSOLIDATED STATEMENT OF CASH FLOWS(a)

September 30         

(Dollars in millions)

2002

2001

   

CASH PROVIDED BY (USED FOR) OPERATIONS:

    

Net Income (Loss)

$(1,453)

$ 424

Adjustments to Reconcile Net Income to Cash Provided by (Used for) Operations:

    

Cumulative Effect of Changes in Accounting Principles, Net of Tax(j)

2,944

(11)

Depreciation

958

995

Amortization of Goodwill and Other Intangible Assets(e)

154

338

Gain on Sale of DuPont Pharmaceuticals

(19)

-

Other Noncash Charges and Credits - Net

353

791

Change in Operating Assets and Liabilities - Net

(2,515)

(1,615)
     

Cash Provided by Operations

422

922 
     

INVESTMENT ACTIVITIES:

    

Purchases of Property, Plant and Equipment

(849)

(1,008)

Investment in Affiliates

(108)

(64)

Payments for Businesses Acquired (Net of Cash Acquired)

(339)

(48)

Proceeds from Sales of Assets

166

237

Net Cash Flows Related to Sale of DuPont Pharmaceuticals

(122)

-

Net Increase in Short-Term Financial Instruments

(237)

(468)

Miscellaneous - Net

13

(126) 
     

Cash Used for Investment Activities

(1,476)

(1,477)
     

FINANCING ACTIVITIES:

    

Dividends Paid to Stockholders

(1,052)

(1,101)

Net Increase in Borrowings

180

2,236

Acquisition of Treasury Stock

(470)

(268)

Proceeds from Exercise of Stock Options

35

155

Minority Interests

(36)

622  
     

Cash (Used for) Provided by Financing Activities

(1,343)

1,644 
     

Effect of Exchange Rate Changes on Cash

94

(185)
     

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

$(2,303)

$ 904
     

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

5,763

1,540 
     

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$ 3,460

$ 2,444

   



See Notes to Financial Statements.









4

Form 10-Q


CONSOLIDATED BALANCE SHEET(a)

September 30

December 31

(Dollars in millions, except per share)

2002

2001

ASSETS

 		   

CURRENT ASSETS

    

Cash and Cash Equivalents

$ 3,460

$ 5,763

Marketable Debt Securities

369

85

Accounts and Notes Receivable

4,813

3,903

Inventories(l)

4,099

4,215

Prepaid Expenses

244

217

Deferred Income Taxes

584

618

Total Current Assets

13,569

14,801

PROPERTY, PLANT AND EQUIPMENT, less accumulated depreciation

    

(September 30, 2002 - $20,574; December 31, 2001 - $20,491)

13,037

13,287

GOODWILL (e)

1,034

3,746

OTHER INTANGIBLE ASSETS(e)

2,983

3,151

INVESTMENT IN AFFILIATES

2,096

2,045

OTHER ASSETS

3,732

3,289

TOTAL

$36,451

$40,319

LIABILITIES AND STOCKHOLDERS' EQUITY

 		   

CURRENT LIABILITIES

    

Accounts Payable

$ 2,193

$ 2,219

Short-Term Borrowings and Capital Lease Obligations

2,270

1,464

Income Taxes

34

1,295

Other Accrued Liabilities

2,961

3,089

Total Current Liabilities

7,458

8,067

LONG-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS

4,810

5,350

OTHER LIABILITIES

7,419

7,336

DEFERRED INCOME TAXES

2,781

2,690

Total Liabilities

22,468

23,443

MINORITY INTERESTS

2,412

2,424

COMMITMENTS AND CONTINGENT LIABILITIES(m)

    

STOCKHOLDERS' EQUITY

    

Preferred Stock

237

237

Common Stock, $.30 par value; 1,800,000,000 shares authorized;

 		   

Issued at September 30, 2002 - 1,080,447,958;

   

December 31, 2001 - 1,088,994,789

324

327

Additional Paid-In Capital

7,355

7,371

Reinvested Earnings

10,619

13,517

Accumulated Other Comprehensive Loss(n)(o)

(237)

(273)

Common Stock Held in Treasury, at Cost (Shares: September 30, 2002

   

and December 31, 2001 - 87,041,427)

(6,727)

(6,727)

Total Stockholders' Equity

11,571

14,452

TOTAL

$36,451

$40,319

   

See Notes to Financial Statements.



5

Form 10-Q


NOTES TO FINANCIAL STATEMENTS
(Dollars in millions, except per share)

(a)

These statements are unaudited, but in the opinion of management, include all adjustments (consisting of normal

recurring adjustments) necessary to provide a fair presentation of the financial position, results of operations and cash flows for the dates and periods covered. Results for interim periods should not be considered indicative of results for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the registrant's Annual Report on Form 10-K for the year ended December 31, 2001. Certain reclassifications of prior years' data have been made to conform to current year classifications.

(b)

INDUSTRY SEGMENT INFORMATION(1)

(Dollars in Millions)

Three Months Ended

Nine Months Ended
 

September 30

September 30
 

2002

  

2001

  

2002

  

2001

SEGMENT SALES(2)

              

Agriculture & Nutrition

$ 608

  

$ 542

  

$ 3,769

 

$ 3,602

Coatings & Color Technologies

1,276

  

1,206

  

3,725

  

3,703

Electronic & Communication Technologies

645

  

614

  

1,905

  

2,122

Performance Materials

1,237

  

1,149

  

3,667

  

3,571

Pharmaceuticals

-

  

393

  

-

  

902

Safety & Protection

853

  

858

  

2,575

  

2,760

Textiles & Interiors

1,582

  

1,553

  

4,727

  

4,992

Other

6

  

39

  

16

  

106
               

Total Segment Sales

6,207

  

6,354

  

20,384

  

21,758
               

Elimination of Transfers

(97)

  

(111)

  

(284)

  

(384)

Elimination of Equity Affiliate Sales

(631)

  

(602)

  

(1,780)

  

(1,884)

Miscellaneous

3

  

-

  

4

  

7
               

CONSOLIDATED SALES

$5,482

  

$5,641

$18,324

  

$19,497
               

AFTER-TAX OPERATING INCOME (LOSS)(3)(4)

              

Agriculture & Nutrition(5)

$ (92)

  

$ (162)

  

$ 463

  

$ 135

Coatings & Color Technologies

170

  

112

  

391

  

322

Electronic & Communication Technologies(6)

67

  

51

  

169

  

241

Performance Materials(7)

180

  

58

  

391

  

170

Pharmaceuticals(8)

72

  

133

  

195

  

79

Safety & Protection

128

  

112

  

350

  

340

Textiles & Interiors(9)

61

  

10

  

28

  

(339)

Other(10)

(18)

  

(16)

  

(91)

  

(55)
               

Total Segment ATOI

568

  

298

  

1,896

  

893
               

Interest & Exchange Gains and Losses(11)

(5)

  

(72)

  

(194)

  

(257)

Corporate Expenses(12)

(83)

  

(76)

  

(180)

  

(215)

Corporate Minority Interest(13)

(11)

  

(8)

  

(31)

  

(8)
               

Income from Operations

469

142

1,491

413

Cumulative Effect of Changes in Accounting

Principles(14)

-

-

(2,944)

11

NET INCOME (LOSS)

$ 469

$ 142

$ (1,453)

$ 424



6

Form 10-Q


NOTES TO FINANCIAL STATEMENTS
(Dollars in millions, except per share)
(continued)


Footnotes To Note (b):

(1)

Segment data for 2001 has been reclassified to reflect the company's realignment of its businesses into five market- and technology-focused growth platforms, and the formation of a Textile & Interiors subsidiary. The Company retained its Pharmaceuticals segment. Certain other reclassifications of segment data have been made to reflect 2002 changes in organizational structure.
   

(2)

Includes pro rata share of equity affiliate sales and transfers. Excludes sales of intermediates by DuPont to joint ventures within the Textiles & Interiors segment.
   

(3)

Third quarter and year-to-date 2002 include a benefit of $17 resulting from changes in estimates related to prior year restructuring activities in the following segments: Agriculture & Nutrition - $7; Coatings & Color Technologies - $2; Electronic & Communication Technologies - $1; Performance Materials - $2; Safety & Protection - $3; Textiles & Interiors - $1; and Other - $1.
   

(4)

Year-to-date 2001 includes charges of $679 resulting from employee terminations, facility shutdowns, and asset impairments in the following segments: Agriculture & Nutrition - $80; Coatings & Color Technologies - $48; Electronic & Communication Technologies - $27; Performance Materials - $31; Safety & Protection - $34; Textiles & Interiors - $420; and Other - $39.
   

(5)

Year-to-date 2002 includes charges of $29 to write off inventory associated with discontinued specialty herbicide products and $25 associated with an expected loss on the pending sale of a European manufacturing facility.
   
 

Third quarter 2001 includes a charge of $35 to establish a reserve related to settlement of YieldGard® (MON 810 Bt) insect resistant corn litigation with Monsanto. Year-to-date 2001 also includes a charge of $83 resulting from the sale of acquired Pioneer inventories.
   

(6)

Year-to-date 2001 includes a gain of $34 resulting from the company's sale of stock that reduced its ownership interest in DuPont Photomasks.
   

(7)

Third quarter 2002 includes a gain of $51 resulting from the sale of the company's Clysar® shrink film business.
   

(8)

Year-to-date 2002 includes a benefit of $12 to reflect final settlement with Bristol-Myers Squibb in connection with the sale of DuPont Pharmaceuticals, which occurred on October 1, 2001.
   
 

Third quarter and year-to-date 2001 include a deferred tax benefit of $49 to recognize differences between the book basis and tax basis of the company's investment in DuPont Pharmaceuticals.
   

(9)

Year-to-date 2002 includes charges of $100 related to employee separation costs for approximately 2,000 employees, $43 related to facility shutdowns and $29 to withdraw from a polyester joint venture in China, partly offset by a gain of $19 resulting principally from a favorable litigation settlement associated with exiting a nylon joint venture in China.
   


7

Form 10-Q


NOTES TO FINANCIAL STATEMENTS
(Dollars in millions, except per share)
(continued)

Footnotes To Note (b): - (Cont'd)

(10)

Year-to-date 2002 includes a charge of $31 to establish a litigation reserve related to a previously divested business.
   

(11)

Year-to-date 2002 includes an exchange loss of $63 resulting from the mandatory conversion of the company's U.S. dollar-denominated trade receivables to Argentine pesos and moving from a preferential to a free-market exchange rate, and a charge of $17 associated with the early extinguishment of outstanding debentures.

   

(12)

Year-to-date 2002 includes a net $65 noncash tax benefit, principally due to agreement on certain prior year audit issues previously reserved for, partly offset by the establishment of a reserve for an additional tax contingency.

   

(13)

Represents a rate of return to minority interest investors who made capital contributions during 2001 to consolidated subsidiaries.
   

(14)

On January 1, 2002, the company adopted Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets." During the second quarter, the company completed its review of goodwill and recorded a cumulative effect adjustment to income of $2,944 effective January 1, 2002. This charge is attributable to goodwill impairments of $2,866 in the Agriculture & Nutrition segment and $78 in the Textiles & Interiors segment related to previous acquisitions.
   
 

The Company's adoption of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended, on January 1, 2001 resulted in a cumulative-effective-type adjustment to income of $11.

(c)

Other income for the three months ended September 30, 2002 includes a gain of $84 resulting from the sale of the company's Clysar® shrink film business. Year-to-date 2002 also includes an exchange loss of $63 resulting from the mandatory conversion of the company's U.S. dollar-denominated trade receivables to Argentine pesos and moving from a preferential to a free-market exchange rate.
   
 

Year-to-date 2001 includes a gain of $52 resulting from the company's sale of stock that reduced its ownership interest in DuPont Photomasks.

   

(d)

Third quarter 2001 includes a charge of $56 to establish a reserve related to settlement of YieldGard® (MON 810 Bt) insect resistant corn litigation with Monsanto.
   
 

Year-to-date 2002 includes charges of $47 to write off inventory associated with discontinued specialty herbicide products and $50 to establish a litigation reserve (see Note (m)) related to a previously divested business. Year-to-date 2001 includes charges of $56 to establish the litigation reserve described above and $133 resulting from the sale of acquired Pioneer inventories, which, in accordance with purchase accounting rules, were recorded at estimated fair market value on October 1, 1999.





8

Form 10-Q


NOTES TO FINANCIAL STATEMENTS
(Dollars in millions, except per share)
(continued)

(e)

On January 1, 2002, the company adopted SFAS No. 142, which requires that goodwill and indefinite-lived intangible assets no longer be amortized. In addition, an initial impairment test of goodwill and indefinite-lived assets as of January 1, 2002 needed to be performed. Thereafter, annual impairment tests must be performed. The company will perform these annual tests during the fourth quarter of each year. These tests must be performed more frequently if there are triggering events. If the initial test resulted in impairment, an adjustment was to be recorded in net income as a cumulative effect of a change in accounting principle (net of tax). Although a transitional impairment loss for goodwill could be measured in other than the first interim reporting period, it needed to be recognized in financial statements in the first interim period irrespective of the period in which measurement has been completed. Impairment losses after the initial adoption impairment are to be recorded as part of income from continuing operations.
   
 

During the second quarter of 2002, the company completed its initial review of goodwill and recorded a cumulative effect of a change in accounting principle of $2,944 effective January 1, 2002 to reduce the carrying value of its goodwill. As there was no tax benefit associated with this charge (goodwill arose in connection with the acquisition of stock versus a purchase of assets), both the pretax and after-tax amounts are the same. The details of this noncash charge are as follows:

Segment

Impairment Loss

Agriculture & Nutrition

$2,866

Textiles & Interiors

78

 

$2,944

 

A variety of fair valuation methods were used in measuring for impairment, including discounted net cash flow and comparable company multiples of revenues and EBITDA (earnings before interest, taxes, depreciation and amortization). The primary factors that resulted in the impairment charge in the Agriculture & Nutrition segment are the difficult economic environment in the agriculture sector, slower than expected development of and access to biotechnology traits and a slower than expected rate of acceptance by the public of new agricultural products based on biotechnology. While the original strategic intent of the Textiles & Interiors commercial flooring business has not changed, the realization of the economic benefits from the business has been limited by poor economic conditions, particularly in the commercial office sector, and lower than expected margins in the competitive distribution market. These factors contributed to goodwill impairment in the Textiles & Interiors segment. No impairment charge was appropriate for either of these businesses under the Financial Accounting Standard Board's previous impairment standard, which was based on undiscounted cash flows.
   











9

Form 10-Q


NOTES TO FINANCIAL STATEMENTS
(Dollars in millions, except per share)
(continued)
 

The changes in goodwill through the period ended September 30, 2002 were as follows:
   

Assembled

Goodwill

Cumulative

  
 

Balance as of

Workforce

Adjustments and

Effect of

Balance as of

Segment

Dec. 31, 2001

Reclassification

Acquisitions

Adoption

Sept. 30, 2002

         

Agriculture & Nutrition

$2,891

$55*

$164**

$(2,866)

$ 244

Coatings & Color

        

Technologies

711

-

-

-

711

Electronic & Communication

          

Technologies

40

-

-

-

40

Performance Materials

2

-

-

-

2

Pharmaceuticals

-

-

-

-

-

Safety & Protection

12

-

13

-

25

Textiles & Interiors

88

-

-

(78)

10

Other

2

-

-

-

2

         

TOTAL

$3,746

$55

$177

$(2,944)

$1,034

         

*

Reclassification of assembled workforce required upon adoption of SFAS No. 142 and consists of a gross asset of

$113, net of $24 in accumulated amortization and $34 in deferred taxes.
   

**

Primarily attributable to the preliminary allocation of goodwill related to the recent acquisition of Liqui-Box.
 

Amortization expense of $47 (pretax) and $42 (after-tax) was recorded in the third quarter of 2001, and $139 (pretax) and $126 (after-tax) was recorded during the nine months ended September 30, 2001 related to goodwill and indefinite-lived intangible assets that are no longer being amortized due to the adoption of SFAS No. 142. Segment detail related to these amounts (after-tax) is shown below for the three- and nine-month periods ended September 30, 2001:


Segment

Three Months
Ended
September 30, 2001

Nine Months
Ended
September 30, 2001

Agriculture & Nutrition

$27

$ 81

Coatings & Color Technologies

10

30

Electronic & Communication

Technologies

1

3

Performance Materials

1

1

Safety & Protection

-

-

Textiles & Interiors

2

7

Pharmaceuticals

1*

4*

_

 

$42

$126

*

Represents amortization prior to divestiture of DuPont Pharmaceuticals which occurred on October 1, 2001.





10

Form 10-Q


NOTES TO FINANCIAL STATEMENTS
(Dollars in millions, except per share)

(continued)


 

The following table provides a reconciliation of reported net income to adjusted net income and adjusted earnings per share amounts for the three- and nine-month periods ended September 30, 2002 and 2001 as if the nonamortization provisions of SFAS No. 142 had been applied as of January 1, 2001:

 

Three Months Ended September 30

Nine Months Ended

September 30

 

2002

2001

2002

2001

       

Reported net income (loss)

$469

$142

$(1,453)

$424

Add back: Goodwill amortization

-

36

-

106

Add back: Equity method goodwill amortization

-

2

-

6

Add back: Indefinite-lived intangible asset amortization

-

4

-

14

Adjusted net income (loss)

$469

$184

$(1,453)

$550

       

Basic Earnings Per Share

        

Reported net income (loss)

$ .47

$ .13

$ (1.47)

$ .40

Add back: Goodwill amortization

-

.03

-

.10

Add back: Equity method goodwill amortization

-

.01

-

.01

Add back: Indefinite-lived intangible asset amortization

-

-

-

.01

 

$ .47

$ .17

$ (1.47)

$ .52

       

Diluted Earnings Per Share

        

Reported net income (loss)

$ .47

$ .13

$ (1.46)

$ .40

Add back: Goodwill amortization

-

.03

-

.10

Add back: Equity method goodwill amortization

-

.01

-

.01

Add back: Indefinite-lived intangible asset amortization

-

-

-

.01

 

$ .47

$ .17

$ (1.46)

$ .52





















11

Form 10-Q


NOTES TO FINANCIAL STATEMENTS
(Dollars in millions, except per share)

(continued)


 

As additional information, the following table provides a reconciliation of reported net income to adjusted net income and adjusted earnings per share amounts for the years 1999 through 2001 as if the nonamortization provisions of SFAS No. 142 had been applied:

 

2001

2000

1999

     

Reported net income

$4,339

$2,314

$7,690

Add back: Goodwill amortization

140

141

88

Add back: Equity method goodwill amortization

7

8

11

Add back: Indefinite-lived intangible asset amortization

19

19

4

Adjusted net income

$4,505

$2,482

$7,793

     

Basic Earnings Per Share

  

 

Reported net income

$ 4.18

$ 2.21

$ 7.08

Add back: Goodwill amortization

0.13

0.13

0.09

Add back: Equity method goodwill amortization

0.01

0.01

0.01

Add back: Indefinite-lived intangible asset amortization

0.02

0.02

0.00

$ 4.34

$ 2.37

$ 7.18
       

Diluted Earnings Per Share

      

Reported net income

$ 4.16

$ 2.19

$ 6.99

Add back: Goodwill amortization

0.13

0.13

0.09

Add back: Equity method goodwill amortization

0.01

0.01

0.01

Add back: Indefinite-lived intangible asset amortization