Investor Presentaiton
Adjusted Net Income Reconciliation
Year Ended December 31,
($ in millions)
2018
2019
2020
Q3 2020
Q3 2021
Net income
$213.3
$252.6
$122.0
$82.5
$68.9
Less: Net income attributable to noncontrolling interests
6.2
3.6
0.4
(0.2)
Net income attributable to controlling interests
207.1
249.0
121.6
82.5
69.1
ABCDEFG
Debt extinguishment and refinancing related costs
9.5
0.2
34.4
Termination benefits and other employee related costs
81.7
35.2
74.9
35.7
9.6
Strategic review and retention costs
13.4
30.7
6.9
2.1
Offering and transactional costs
Divestiture and impairment charges
Pension special events
1.0
1.0
0.3
0.1
9.2
21.1
5.7
0.3
(0.8)
(0.9)
(0.4)
(0.7)
Accelerated depreciation
10.3
24.3
9.2
0.4
0.6
H
Indemnity loss (income)
4.3
(0.4)
0.3
0.3
(0.1)
I
Change in fair value of equity investments
0.5
J
Operational matter
(18.7)
K
Brazil indirect tax
L
Gain on sale of facility
(8.9)
M
Step-up depreciation and amortization
140.1
119.5
109.7
28.0
25.9
Total adjustments
247.4
213.4
264.8
71.0
18.9
N
Income tax provision impacts
42.0
38.0
71.4
13.8
(1.3)
Adjusted net income
$412.5
$424.4
$315.0
$139.7
$89.3
Diluted adjusted income per share
$1.70
$1.80
$1.33
$0.59
$0.39
Diluted weighted average shares outstanding
242.9
235.8
236.0
236.0
230.7
AXALTA COATING SYSTEMS
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