Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - USG CORP | a50910969ex99_1.htm |
| 8-K - USG CORPORATION 8-K - USG CORP | a50910969.htm |
| EX-99.2 - EXHIBIT 99.2 - USG CORP | a50910969ex99_2.htm |
Exhibit 99.3
USG Corporation (the "Company") changed the composition of its reportable segments effective April 1, 2014. This Exhibit 99.3 to Form 8-K provides recast historical segment results for the three months ended March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, as well as for the twelve months ended December 31, 2013, reflecting the change in the composition of the Company's reportable segments. This information in no way revises or restates the Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income (Loss), Consolidated Balance Sheet, Consolidated Statement of Cash Flows, or Consolidated Statement of Stockholders’ Equity for the Company and consolidated subsidiaries for any period.
Changes to Segment
Effective April 1, 2014, the Company changed the composition of its reportable segments to reflect the change in management over its businesses in Mexico and Latin America and the contribution of the Company’s businesses in Asia-Pacific, India and Oman into its 50/50 joint venture with Boral Limited, USG Boral Building Products, or UBBP. Accordingly, the Company’s segments are now structured around its key products and business units: (1) Gypsum, (2) Ceilings, (3) Distribution and (4) UBBP. As a result of these changes, the Company’s Mexico and Latin America businesses have been combined, with their Gypsum results included within the Company’s Gypsum segment, previously referred to as North American Gypsum, and their Ceiling results included within the Company’s Ceilings segment, previously referred to as Worldwide Ceilings.
The above changes will be reflected in the Company's segment reporting beginning in the second quarter of fiscal year 2014, starting with the Form 10-Q for the three months ended June 30, 2014. In advance of the Form 10-Q filing, this document provides recast net sales and operating profit (loss) for the Gypsum, Ceilings and Distribution reportable segments for the three months ended March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, as well as for the twelve months ended December 31, 2013. For certain financial information regarding UBBP for the quarter ended March 31, 2014, see Note 2 to the financial statements in the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2014.
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USG CORPORATION |
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CORE BUSINESS RESULTS |
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(dollars in millions) |
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(Unaudited) |
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As previously reported: |
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Recast for Change in Segments: |
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Q1 |
Q2 |
Q3 |
Q4 |
FY |
Q1 |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
Q1 |
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Net Sales: |
Net Sales: |
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North American Gypsum: |
Gypsum: |
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| United States Gypsum Company | $ | 402 | $ | 446 | $ | 455 | $ | 455 | $ | 1,758 | $ | 431 | United States | $ | 405 | $ | 447 | $ | 456 | $ | 457 | $ | 1,765 | $ | 432 | |||||||||||||
| CGC Inc. (gypsum) | 78 | 90 | 90 | 90 | 348 |
76 |
Canada | 78 | 90 | 90 | 90 | 348 | 76 | |||||||||||||||||||||||||
| USG Mexico, S.A. de C.V. | 43 | 45 | 44 | 45 | 177 | 42 | Mexico / Latin America | 47 | 52 | 49 | 49 | 197 | 47 | |||||||||||||||||||||||||
| Other subsidiaries (1) | 14 | 23 | 19 | 33 | 89 | 21 | Other (1) | 14 | 23 | 19 | 33 | 89 | 21 | |||||||||||||||||||||||||
| Eliminations | (28 | ) | (31 | ) | (31 | ) | (33 | ) | (123 | ) | (26 | ) | Eliminations | (31 | ) | (35 | ) | (34 | ) | (37 | ) | (137 | ) | (31 | ) | |||||||||||||
| Total | 509 | 573 | 577 | 590 | 2,249 | 544 | Total | 513 | 577 | 580 | 592 | 2,262 | 545 | |||||||||||||||||||||||||
| Worldwide Ceilings: | Ceilings: | |||||||||||||||||||||||||||||||||||||
| USG Interiors, Inc. | 115 | 120 | 119 | 113 | 467 | 107 | United States | 116 | 121 | 120 | 114 | 471 | 108 | |||||||||||||||||||||||||
| USG International | 34 | 36 | 36 | 38 | 144 | 29 | USG International | 11 | 12 | 13 | 15 | 51 | 7 | |||||||||||||||||||||||||
| CGC Inc. (ceilings) | 16 | 16 | 15 | 14 | 61 | 13 | Canada | 16 | 16 | 15 | 14 | 61 | 13 | |||||||||||||||||||||||||
| Mexico / Latin America | 9 | 9 | 10 | 11 | 39 | 10 | ||||||||||||||||||||||||||||||||
| Eliminations | (12 | ) | (13 | ) | (11 | ) | (11 | ) | (47 | ) | (11 | ) | Eliminations | (14 | ) | (14 | ) | (12 | ) | (14 | ) | (54 | ) | (13 | ) | |||||||||||||
| Total | 153 | 159 | 159 | 154 | 625 | 138 | Total | 138 | 144 | 146 | 140 | 568 | 125 | |||||||||||||||||||||||||
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Building Products Distribution: |
Distribution: | |||||||||||||||||||||||||||||||||||||
| L&W Supply Corporation | 281 | 319 | 331 | 314 | 1,245 | 300 | L&W Supply | 281 | 319 | 331 | 314 | 1,245 | 300 | |||||||||||||||||||||||||
| Eliminations | (129 | ) | (135 | ) | (142 | ) | (143 | ) | (549 | ) | (132 | ) | Eliminations | (118 | ) | (124 | ) | (132 | ) | (131 | ) | (505 | ) | (120 | ) | |||||||||||||
| Total USG Corporation | $ | 814 | $ | 916 | $ | 925 | $ | 915 | $ | 3,570 | $ | 850 | Total USG Corporation | $ | 814 | $ | 916 | $ | 925 | $ | 915 | $ | 3,570 | $ | 850 | |||||||||||||
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Operating Profit (Loss): |
Operating Profit (Loss): |
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| North American Gypsum: | Gypsum: | |||||||||||||||||||||||||||||||||||||
| United States Gypsum Company | $ | 44 | $ | 54 | $ | 67 | $ | 51 | $ | 216 | $ | 48 | United States | $ | 44 | $ | 54 | $ | 66 | $ | 50 | $ | 214 | $ | 48 | |||||||||||||
| CGC Inc. (gypsum) | 1 | 5 | 5 | 6 | 17 | 3 | Canada | 1 | 5 | 5 | 6 | 17 | 3 | |||||||||||||||||||||||||
| USG Mexico, S.A. de C.V. | 5 | 6 | 5 | 6 | 22 | 4 | Mexico / Latin America | 5 | 6 | 5 | 5 | 21 | 4 | |||||||||||||||||||||||||
| Other subsidiaries (1) | (4 | ) | 3 | (1 | ) | 12 | 10 | 10 | Other (1) | (4 | ) | 3 | (1 | ) | 12 | 10 | 10 | |||||||||||||||||||||
| Eliminations | — | (1 | ) | — | — | (1 | ) | — |
Eliminations |
— |
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(1 |
) |
— |
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— |
(1 |
) |
— |
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| Total | 46 | 67 | 76 | 75 | 264 | 65 | Total |
46 |
67 | 75 |
73 |
261 |
65 | |||||||||||||||||||||||||
| Worldwide Ceilings: | Ceilings: | |||||||||||||||||||||||||||||||||||||
| USG Interiors, Inc. | 23 | 22 | 20 | 16 | 81 | 11 | United States | 24 | 21 | 20 | 16 | 81 | 11 | |||||||||||||||||||||||||
| USG International | 1 | 1 | (1 | ) | 1 | 2 | 1 | USG International | (1 | ) | — | (2 | ) | — | (3 | ) | — | |||||||||||||||||||||
| CGC Inc. (ceilings) | 3 | 3 | 3 | 2 | 11 | 2 | Canada | 3 | 3 | 3 | 2 | 11 | 2 | |||||||||||||||||||||||||
| Mexico / Latin America |
2 |
2 |
2 |
3 |
9 |
2 | ||||||||||||||||||||||||||||||||
| Total | 27 | 26 | 22 | 19 | 94 | 14 | Total |
28 |
26 |
23 |
21 |
98 |
15 | |||||||||||||||||||||||||
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Building Products Distribution: |
Distribution: |
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| L&W Supply Corporation | (2 | ) | 1 | 3 | 4 | 6 | 1 | L&W Supply | (2 | ) | 1 | 3 | 4 | 6 | 1 | |||||||||||||||||||||||
| Corporate | (18 | ) | (19 | ) | (25 | ) | (30 | ) | (92 | ) | (20 | ) | Corporate | (19 | ) | (19 | ) | (25 | ) | (30 | ) | (93 | ) | (21 | ) | |||||||||||||
| Eliminations | (4 | ) | (1 | ) | (1 | ) | (8 | ) | (14 | ) | 6 | Eliminations | (4 | ) | (1 | ) | (1 | ) | (8 | ) | (14 | ) | 6 | |||||||||||||||
| Total USG Corporation | $ | 49 | $ | 74 | $ | 75 | $ | 60 | $ | 258 | $ | 66 |
Total USG Corporation |
$ |
49 |
$ |
74 |
$ |
75 |
$ |
60 |
$ |
258 |
$ | 66 | |||||||||||||
| (1) Includes our mining operation in Little Narrows, Nova Scotia, Canada, and our shipping company. | ||||||||||||||||||||||||||||||||||||||