Transocean Ltd. Reports First Quarter 2013 Results
ZUG,
- First quarter 2013 revenues were
$2.197 billion , compared with$2.326 billion in the fourth quarter 2012; - Operating and maintenance expenses for the first quarter were
$1.375 billion , compared with$1.438 billion in the fourth quarter 2012; - First quarter 2013 net income attributable to controlling interest was
$321 million , which included$16 million of net unfavorable items. This compares with the fourth quarter 2012 net income attributable to controlling interest of$456 million , which included$126 million of net favorable items; - First quarter Annual Effective Tax Rate(1) from continuing operations was 19.2 percent, compared with 7.8 percent in the fourth quarter of 2012;
- First quarter 2013 net income attributable to controlling interest was
$0.88 per diluted share. After adjusting for net unfavorable items, adjusted earnings from continuing operations were$337 million , or$0.93 per diluted share; - Cash flows from operating activities were
$106 million in the first quarter, compared with$923 million in the fourth quarter 2012; - Revenue efficiency(2) was 88.0 percent in the first quarter, compared with 94.7 percent, in the fourth quarter of 2012. Ultra-deepwater revenue efficiency was 83.8 percent, compared with 95.5 percent in the prior quarter. The lower revenue efficiency was due to the replacement of original equipment manufacturer ("OEM") defective bolts in subsea well control equipment and other unrelated downtime, primarily on certain ultra-deepwater rigs.
- Total rig utilization(3) was 80 percent in the first quarter, compared with 79 percent in the fourth quarter of 2012; and
- Contract backlog was
$28.5 billion as of theApril 18, 2013 Fleet Status Report. SinceApril 18, 2013 , additional contracts totaling$199 million were secured.
After consideration of these net unfavorable items, first quarter 2013 adjusted earnings from continuing operations were
The first quarter results compare with net income attributable to controlling interest of
Operations Quarterly Review
Revenues for the three months ended
Operating and maintenance expenses decreased
General and administrative expenses were
Annual Effective Tax Rate
Other Items
Interest expense, net of amounts capitalized, was
Cash flows from operating activities were
Cost Reduction Initiatives
In the fourth quarter of 2012, the company commenced an organizational efficiency initiative to align its shore-based support infrastructure with the post-divestiture size, composition and geographic location of its fleet, representing an initial phase in the company's ongoing plan to improve operating margins. This restructuring is expected to result in a more efficient and focused organization that delivers the highest level of support to our rig operations without compromising safety or operational integrity.
Based on preliminary analysis, the company currently anticipates achieving annualized savings associated with this initial phase of our cost reduction initiative of approximately
Forward-Looking Statements
The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, changes in tax estimates, statements involving anticipated reduction in costs, timing of costs savings or expectations of the onshore organizational efficiency initiative and the offshore operations initiative, or the company's competitiveness. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors, including those discussed in the company's most recent Form 10-K for the year ended
This press release or referenced documents does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of
Conference Call Information
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A telephonic replay of the conference call should be available after
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Notes
(1) Annual Effective Tax Rate is defined as income tax expense from continuing operations excluding various discrete items (such as changes in estimates and tax on items excluded from income before income tax expense) divided by income from continuing operations before income tax expense excluding gains on sales and similar items pursuant to the accounting standards for income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."
(2) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. See the accompanying schedule entitled "Revenue Efficiency."
(3) Rig utilization is defined as the total number of operating days divided by the total number of available rig calendar days in the measurement period, expressed as a percentage. See the accompanying schedule entitled "Utilization."
(4) Effective Tax Rate is defined as income tax expense from continuing operations divided by income from continuing operations before income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis."
TRANSOCEAN LTD. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(In millions, except per share data) | |||||||||
(Unaudited) | |||||||||
Three months ended March 31, |
|||||||||
2013 | 2012 | ||||||||
Operating revenues | |||||||||
Contract drilling revenues | $ | 2,145 | $ | 2,014 | |||||
Other revenues | 52 | 96 | |||||||
2,197 | 2,110 | ||||||||
Costs and expenses | |||||||||
Operating and maintenance | 1,375 | 1,242 | |||||||
Depreciation | 275 | 285 | |||||||
General and administrative | 67 | 69 | |||||||
1,717 | 1,596 | ||||||||
Loss on impairment | - | (140 | ) | ||||||
Loss on disposal of assets, net | (7 | ) | (3 | ) | |||||
Operating income | 473 | 371 | |||||||
Other income (expense), net | |||||||||
Interest income | 17 | 15 | |||||||
Interest expense, net of amounts capitalized | (157 | ) | (180 | ) | |||||
Other, net | (1 | ) | (18 | ) | |||||
(141 | ) | (183 | ) | ||||||
Income from continuing operations before income tax expense | 332 | 188 | |||||||
Income tax expense | 19 | 34 | |||||||
Income from continuing operations | 313 | 154 | |||||||
Loss from discontinued operations, net of tax | - | (136 | ) | ||||||
Net income | 313 | 18 | |||||||
Net income (loss) attributable to noncontrolling interest | (8 | ) | 8 | ||||||
Net income attributable to controlling interest | $ | 321 | $ | 10 | |||||
Earnings (loss) per share-basic | |||||||||
Earnings from continuing operations | $ | 0.88 | $ | 0.42 | |||||
Loss from discontinued operations | - | (0.39 | ) | ||||||
Earnings per share | $ | 0.88 | $ | 0.03 | |||||
Earnings (loss) per share-diluted | |||||||||
Earnings from continuing operations | $ | 0.88 | $ | 0.42 | |||||
Loss from discontinued operations | - | (0.39 | ) | ||||||
Earnings per share | $ | 0.88 | $ | 0.03 | |||||
Weighted-average shares outstanding | |||||||||
Basic | 360 | 350 | |||||||
Diluted | 360 | 350 | |||||||
TRANSOCEAN LTD. AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In millions) | ||||||||||
(Unaudited) | ||||||||||
March 31, 2013 |
December 31, 2012 |
|||||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 3,689 | $ | 5,134 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $20 at March 31, 2013 and December 31, 2012 | 2,117 | 2,200 | ||||||||
Materials and supplies, net of allowance for obsolescence of $68 and $66 at March 31, 2013 and December 31, 2012, respectively | 648 | 610 | ||||||||
Assets held for sale | 128 | 179 | ||||||||
Deferred income taxes, net | 151 | 142 | ||||||||
Other current assets | 400 | 382 | ||||||||
Total current assets | 7,133 | 8,647 | ||||||||
Property and equipment | 27,404 | 26,967 | ||||||||
Property and equipment of consolidated variable interest entities | 1,071 | 1,092 | ||||||||
Less accumulated depreciation | 7,443 | 7,179 | ||||||||
Property and equipment, net | 21,032 | 20,880 | ||||||||
Goodwill | 2,987 | 2,987 | ||||||||
Other assets | 1,523 | 1,741 | ||||||||
Total assets | $ | 32,675 | $ | 34,255 | ||||||
Liabilities and equity | ||||||||||
Accounts payable | $ | 843 | $ | 1,047 | ||||||
Accrued income taxes | 111 | 116 | ||||||||
Debt due within one year | 236 | 1,339 | ||||||||
Debt of consolidated variable interest entities due within one year | 28 | 28 | ||||||||
Other current liabilities | 2,158 | 2,933 | ||||||||
Total current liabilities | 3,376 | 5,463 | ||||||||
Long-term debt | 10,804 | 10,929 | ||||||||
Long-term debt of consolidated variable interest entities | 163 | 163 | ||||||||
Deferred income taxes, net | 350 | 366 | ||||||||
Other long-term liabilities | 1,955 | 1,604 | ||||||||
Total long-term liabilities | 13,272 | 13,062 | ||||||||
Commitments and contingencies | ||||||||||
Shares, CHF 15.00 par value, 402,282,355 authorized, 167,617,649 conditionally authorized, 373,830,649 issued at March 31, 2013 and December 31, 2012; 360,340,164 and 359,505,251 outstanding at March 31, 2013 and December 31, 2012, respectively | 5,142 | 5,130 | ||||||||
Additional paid-in capital | 7,511 | 7,521 | ||||||||
Treasury shares, at cost, 2,863,267 held at March 31, 2013 and December 31, 2012 | (240 | ) | (240 | ) | ||||||
Retained earnings | 4,176 | 3,855 | ||||||||
Accumulated other comprehensive loss | (540 | ) | (521 | ) | ||||||
Total controlling interest shareholders' equity | 16,049 | 15,745 | ||||||||
Noncontrolling interest | (22 | ) | (15 | ) | ||||||
Total equity | 16,027 | 15,730 | ||||||||
Total liabilities and equity | $ | 32,675 | $ | 34,255 | ||||||
TRANSOCEAN LTD. AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
(In millions) | ||||||||||
(Unaudited) | ||||||||||
Three months ended March 31, |
||||||||||
2013 | 2012 | |||||||||
Cash flows from operating activities | ||||||||||
Net income | $ | 313 | $ | 18 | ||||||
Adjustments to reconcile to net cash provided by operating activities: | ||||||||||
Amortization of drilling contract intangibles | (9 | ) | (11 | ) | ||||||
Depreciation | 275 | 285 | ||||||||
Depreciation and amortization of assets in discontinued operations | - | 70 | ||||||||
Share-based compensation expense | 21 | 23 | ||||||||
Loss on impairment | - | 140 | ||||||||
Loss on impairment of assets in discontinued operations | - | 93 | ||||||||
Loss on disposal of assets, net | 7 | 3 | ||||||||
(Gain) loss on disposal of assets in discontinued operations, net | (15 | ) | 1 | |||||||
Amortization of debt issue costs, discounts and premiums, net | - | 18 | ||||||||
Deferred income taxes | (28 | ) | (17 | ) | ||||||
Other, net | 15 | 15 | ||||||||
Changes in deferred revenue, net | (6 | ) | (12 | ) | ||||||
Changes in deferred expenses, net | 17 | (49 | ) | |||||||
Changes in operating assets and liabilities | (484 | ) | (37 | ) | ||||||
Net cash provided by operating activities | 106 | 540 | ||||||||
Cash flows from investing activities | ||||||||||
Capital expenditures | (488 | ) | (238 | ) | ||||||
Capital expenditures for discontinued operations | - | (22 | ) | |||||||
Proceeds from disposal of assets, net | 1 | 7 | ||||||||
Proceeds from disposal of assets in discontinued operations, net | 63 | 34 | ||||||||
Other, net | 9 | 12 | ||||||||
Net cash used in investing activities | (415 | ) | (207 | ) | ||||||
Cash flows from financing activities | ||||||||||
Repayments of debt | (1,190 | ) | (147 | ) | ||||||
Proceeds from restricted cash investments | 128 | 108 | ||||||||
Deposits to restricted cash investments | (59 | ) | (42 | ) | ||||||
Distribution of qualifying additional paid-in capital | - | (278 | ) | |||||||
Other, net | (15 | ) | (9 | ) | ||||||
Net cash used in financing activities | (1,136 | ) | (368 | ) | ||||||
Net decrease in cash and cash equivalents | (1,445 | ) | (35 | ) | ||||||
Cash and cash equivalents at beginning of period | 5,134 | 4,017 | ||||||||
Cash and cash equivalents at end of period | $ | 3,689 | $ | 3,982 | ||||||
TRANSOCEAN LTD. AND SUBSIDIARIES | ||||||||||
FLEET OPERATING STATISTICS | ||||||||||
Operating Revenues (in millions) | ||||||||||
Three months ended | ||||||||||
March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
||||||||
Contract drilling revenues | ||||||||||
High-Specification Floaters: | ||||||||||
Ultra-Deepwater Floaters | $ | 1,047 | $ | 1,198 | $ | 1,092 | ||||
Deepwater Floaters | 254 | 275 | 242 | |||||||
Harsh Environment Floaters | 282 | 220 | 255 | |||||||
Total High-Specification Floaters | 1,583 | 1,693 | 1,589 | |||||||
Midwater Floaters | 429 | 464 | 347 | |||||||
High-Specification Jackups | 124 | 108 | 67 | |||||||
Contract intangible revenue | 9 | 10 | 11 | |||||||
Total contract drilling revenues | 2,145 | 2,275 | 2,014 | |||||||
Other revenues | ||||||||||
Client reimbursable revenues | 39 | 40 | 43 | |||||||
Integrated services and other | - | 3 | - | |||||||
Drilling management services - non US | 13 | 8 | 53 | |||||||
Total other revenues | 52 | 51 | 96 | |||||||
Total revenues | 2,197 | 2,326 | 2,110 | |||||||
Average Daily Revenue (1) | ||||||||||
Three months ended | ||||||||||
March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
||||||||
High-Specification Floaters: | ||||||||||
Ultra-Deepwater Floaters | $ | 457,800 | $ | 514,300 | $ | 478,100 | ||||
Deepwater Floaters | 327,600 | 337,100 | 302,500 | |||||||
Harsh Environment Floaters | 454,400 | 476,400 | 465,700 | |||||||
Total High-Specification Floaters | 429,900 | 469,300 | 437,500 | |||||||
Midwater Floaters | 291,800 | 280,300 | 255,100 | |||||||
High-Specification Jackups | 163,000 | 162,400 | 112,100 | |||||||
Total | 361,200 | 382,000 | 358,100 |
(1) | Average daily revenue is defined as contract drilling revenues earned per operating day. An operating day is defined as a calendar day during which a rig is contracted to earn a dayrate during the firm contract period after commencement of operations. |
TRANSOCEAN LTD. AND SUBSIDIARIES | |||||||
FLEET OPERATING STATISTICS (continued) | |||||||
Utilization (2) | |||||||
Three months ended | |||||||
March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
|||||
High-Specification Floaters: | |||||||
Ultra-Deepwater Floaters | 94% | 94% | 93% | ||||
Deepwater Floaters | 62% | 64% | 55% | ||||
Harsh Environment Floaters | 99% | 72% | 86% | ||||
Total High-Specification Floaters | 86% | 82% | 80% | ||||
Midwater Floaters | 65% | 72% | 60% | ||||
High-Specification Jackups | 92% | 81% | 83% | ||||
Total | 80% | 79% | 74% | ||||
(2) | Rig utilization is defined as the total number of operating days divided by the total number of available rig calendar days in the measurement period, expressed as a percentage. |
Revenue Efficiency(3) | |||||||||||||
Trailing Five Quarters and Historical Data | |||||||||||||
1Q 2013 | 4Q 2012 | 3Q 2012 | 2Q 2012 | 1Q 2012 | FY 2012 |
FY 2011 | |||||||
Ultra-Deepwater | 83.8% | 95.5% | 95.9% | 92.4% | 89.0% | 93.2% | 87.9% | ||||||
Deepwater | 86.4% | 90.9% | 96.1% | 94.5% | 83.1% | 91.4% | 90.7% | ||||||
Harsh Environment Floaters | 97.6% | 97.3% | 95.4% | 97.9% | 97.8% | 97.1% | 97.4% | ||||||
Midwater Floaters | 92.1% | 93.9% | 90.4% | 88.2% | 90.6% | 90.9% | 93.4% | ||||||
High Specification Jackups | 96.4% | 95.2% | 97.2% | 94.3% | 92.1% | 95.0% | 94.8% | ||||||
Total | 88.0% | 94.7% | 94.9% | 92.7% | 89.6% | 93.0% | 90.5% |
(3) | Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculation for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. |
TRANSOCEAN LTD. AND SUBSIDIARIES | ||||||||||||
SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS | ||||||||||||
(in millions) | ||||||||||||
Three months ended | ||||||||||||
March 31, 2013 |
December 31, 2012 |
March 31, 2012 |
||||||||||
Income from continuing operations before income taxes | $ | 332 | $ | 358 | $ | 188 | ||||||
Add back (subtract): | ||||||||||||
Litigation matters | 74 | - | - | |||||||||
Acquisition costs | - | - | 1 | |||||||||
Loss on impairment of goodwill and other assets | - | - | 140 | |||||||||
Loss on redeemed noncontrolling interest | - | - | 11 | |||||||||
Gain on retirement of debt | 1 | - | - | |||||||||
Adjusted income from continuing operations before income taxes | 407 | 358 | 340 | |||||||||
Income tax (benefit) expense from continuing operations | 19 | (74 | ) | 33 | ||||||||
Add back (subtract): | ||||||||||||
Litigation matters | 26 | - | - | |||||||||
Loss on impairment of goodwill and other assets | - | - | 6 | |||||||||
Changes in estimates (1) | 33 | 102 | 28 | |||||||||
Adjusted income tax expense from continuing operations (2) | $ | 78 | $ | 28 | $ | 67 | ||||||
Effective Tax Rate (3) | 5.7 | % | -20.7 | % | 17.6 | % | ||||||
Annual Effective Tax Rate (4) | 19.2 | % | 7.8 | % | 19.7 | % |
(1) | Our estimates change as we file tax returns, settle disputes with tax authorities or become aware of other events and include changes in (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities. |
(2) | The three months ended December 31, 2012 includes $(37) million of additional tax expense (benefit) reflecting the catch-up effect of an increase (decrease) in the annual effective tax rate from the previous quarter estimate. |
(3) | Effective Tax Rate is income tax expense divided by income before income taxes. |
(4) | Annual Effective Tax Rate is income tax expense excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes) divided by income before income taxes excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes and estimating the annual effective tax rate. |
Transocean Ltd. and Subsidiaries |
Non-GAAP Financial Measures and Reconciliations |
Adjusted Net Income and Diluted Earnings Per Share |
(in millions, except per share data) |
QTD | ||||||||||||||||||||||||||||||
03/31/13 | ||||||||||||||||||||||||||||||
Adjusted Net Income | ||||||||||||||||||||||||||||||
Net income attributable to controlling interest, as reported | $ | 321 | ||||||||||||||||||||||||||||
Add back (subtract): | ||||||||||||||||||||||||||||||
Litigation matters | 48 | |||||||||||||||||||||||||||||
Loss on retirement of debt | 1 | |||||||||||||||||||||||||||||
Gain on sale of discontinued operations | (15 | ) | ||||||||||||||||||||||||||||
Loss from discontinued operations | 15 | |||||||||||||||||||||||||||||
Discrete tax items and other, net | (33 | ) | ||||||||||||||||||||||||||||
Net income, as adjusted | $ | 337 | ||||||||||||||||||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||||||||
Diluted earnings per share, as reported | $ | 0.88 | ||||||||||||||||||||||||||||
Add back (subtract): | ||||||||||||||||||||||||||||||
Litigation matters | 0.15 | |||||||||||||||||||||||||||||
Loss on retirement of debt | - | |||||||||||||||||||||||||||||
Gain on sale of discontinued operations | (0.05 | ) | ||||||||||||||||||||||||||||
Loss from discontinued operations | 0.05 | |||||||||||||||||||||||||||||
Discrete tax items and other, net | (0.10 | ) | ||||||||||||||||||||||||||||
Diluted earnings per share, as adjusted | $ | 0.93 | ||||||||||||||||||||||||||||
YTD | QTD | YTD | QTD | YTD | QTD | QTD | ||||||||||||||||||||||||
12/31/12 | 12/31/12 | 09/30/12 | 09/30/12 | 06/30/12 | 06/30/12 | 03/31/12 | ||||||||||||||||||||||||
Adjusted Net Income | ||||||||||||||||||||||||||||||
Net income (loss) attributable to controlling interest, as reported | $ | (219 | ) | $ | 456 | $ | (675 | ) | $ | (381 | ) | $ | (294 | ) | $ | (304 | ) | $ | 10 | |||||||||||
Add back (subtract): | ||||||||||||||||||||||||||||||
Litigation matters | 756 | - | 756 | 6 | 750 | 750 | - | |||||||||||||||||||||||
Loss on impairment of goodwill and other assets | 135 | - | 135 | - | 135 | - | 135 | |||||||||||||||||||||||
Gain on disposal of assets, net | (48 | ) | - | (48 | ) | (48 | ) | - | - | - | ||||||||||||||||||||
Gain on retirement of debt | (2 | ) | - | (2 | ) | (2 | ) | - | - | - | ||||||||||||||||||||
Loss on redeemed noncontrolling interest | 25 | - | 25 | - | 25 | 14 | 11 | |||||||||||||||||||||||
Loss on impairment of discontinued operations | 961 | 2 | 959 | 881 | 78 | 12 | 66 | |||||||||||||||||||||||
(Gain) loss on sale of discontinued operations | (69 | ) | (1 | ) | (68 | ) | 2 | (70 | ) | (72 | ) | 2 | ||||||||||||||||||
(Gain) loss from discontinued operations | 135 | (26 | ) | 161 | 33 | 128 | 59 | 69 | ||||||||||||||||||||||
Discrete tax items and other, net | (255 | ) | (101 | ) | (154 | ) | 15 | (169 | ) | (141 | ) | (28 | ) | |||||||||||||||||
Net income, as adjusted | $ | 1,419 | $ | 330 | $ | 1,089 | $ | 506 | $ | 583 | $ | 318 | $ | 265 | ||||||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||||||||
Diluted earnings (loss) per share, as reported | $ | (0.62 | ) | $ | 1.26 | $ | (1.90 | ) | $ | (1.06 | ) | $ | (0.84 | ) | $ | (0.86 | ) | $ | 0.03 | |||||||||||
Add back (subtract): | ||||||||||||||||||||||||||||||
Litigation matters | 2.11 | - | 2.12 | 0.02 | 2.12 | 2.11 | - | |||||||||||||||||||||||
Loss on impairment of goodwill and other assets | 0.38 | - | 0.38 | - | 0.38 | - | 0.38 | |||||||||||||||||||||||
Gain on disposal of assets, net | (0.13 | ) | - | (0.13 | ) | (0.13 | ) | - | - | - | ||||||||||||||||||||
Gain on retirement of debt | (0.01 | ) | - | (0.01 | ) | (0.01 | ) | - | - | - | ||||||||||||||||||||
Loss on redeemed noncontrolling interest | 0.07 | - | 0.07 | - | 0.07 | 0.04 | 0.03 | |||||||||||||||||||||||
Loss on impairment of discontinued operations | 2.70 | - | 2.70 | 2.45 | 0.23 | 0.03 | 0.19 | |||||||||||||||||||||||
(Gain) loss on sale of discontinued operations | (0.19 | ) | - | (0.19 | ) | 0.01 | (0.20 | ) | (0.20 | ) | 0.01 | |||||||||||||||||||
(Gain) loss from discontinued operations | 0.38 | (0.07 | ) | 0.45 | 0.09 | 0.36 | 0.17 | 0.19 | ||||||||||||||||||||||
Discrete tax items and other, net | (0.73 | ) | (0.28 | ) | (0.44 | ) | 0.03 | (0.48 | ) | (0.40 | ) | (0.08 | ) | |||||||||||||||||
Diluted earnings per share, as adjusted | $ | 3.96 | $ | 0.91 | $ | 3.05 | $ | 1.40 | $ | 1.64 | $ | 0.89 | $ | 0.75 | ||||||||||||||||
Source: